New Jersey FHA buy a house

New Jersey FHA buy a house

There are several different types of programs that you may qualify for. Each program has a different down payment requirement:

• FHA minimum down payment 3.5% with above 580 credit score 10% down payment with below 580 credit score
  
• VA zero down payment with minimum credit score of 500
• Fannie Mae minimum down payment 5.0% with above 620 credit score
• Freddie Mac minimum down payment 5.0% with above 620 credit score
• USDA zero down payment with minimum credit score of 580
• Portfolio minimum down payment 15.0% with above 720 credit score

FHA requires a minimum down-payment of 3.50% for borrowers with a minimum credit score of 580. FHA requires a minimum down-payment of 10.0% for borrowers with credit scores below 580.

FHA loans have been helping people become homeowners since 1934. The FHA insures the loan, so you can get a better deal.

* Low down-payments

* Low closing costs

* Easy credit qualifying

New Jersey FHA buy a house

Borrowers with credit scores above 580 may use their own funds, a gift from a family member, rent credit or borrowed. If you will be using your own funds for the down-payment you will have to provide two recent months statements showing the funds in your account.

If the down-payment will be a gift a signed gift letter will be needed from the giver. Ability to give the gift will also be needed. A statement from the giver's account will be needed showing the funds available. Any and all gift funds must be documented with canceled checks or wire transfer.

If your credit scores are below 580 FHA requires a minimum down-payment of 10%.

Minimum credit score for FHA loans is 500

January 20, 2010 - FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

The FHA has taken the following step:

Update the combination of credit score and down payments for new borrowers. New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 credit score will be required to put down at least 10%.

• New Jersey FHA buy a house
• HUD homes for sale $100 down payment

FHA loans are continuing to support the nation's housing market recovery.

Apply Now!

Call us 201.644.0099

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

We look forward to working with you.

We look forward to working with you.