A FHA Mortgage in Wayne New Jersey is a very popular mortgage. A FHA Mortgage in Wayne New Jersey is especially popular among first time home buyers. Of course you do not have be buying a home in Wayne to get a FHA mortgage for your next home purchase. You should contact a New Jersey Mortgage Banker to discuss what type of mortgage works best for you and your situation.
FHA Mortgage in Wayne New Jersey is very popular, because of few different reasons. First off the low down payment requirement. Only a 3.5% percent down payment is needed for FHA Mortgage. This means if you wanted an FHA Mortgage in Wayne on a home your were buying for $250,000 the minimal down payment you would need would be $8,750. The down payment can also be a gift from a family member. FHA guidelines are a lot more liberal with down payment gift funds then other types of mortgages. I would discuss with your New Jersey Mortgage Banker, before you actually have any money gifted to you. He can tell you the best way to complete the transaction. Also, the seller can actually pay for your closing costs as well. For the seller to pay for your closing costs, this has to be written in the contract you write up when you put in offfer on a home. Your Real Estate Agent should know how to do this.
FHA Mortgages also do not necessarily require a great credit score. Most people can qualify with a 640 Mid Credit Score. Some can qualify with a lower score and some situations require a higher credit score then 640, but 640 is a good number to work with as most FHA loans require it.
You can also usually qualify for a loan amount with less income with an FHA loan, the most other other loans. This would of course depend on your employment status, and job history.
FHA has gone through a lof of changes over the last few years, and is going through some more changes now. The reason for these changes is improve the stability of the government agency responsible for insuring FHA loans so that they are available in the future so the low and moderate income borrowers can buy homes in the future. The video below explains some of these changes. Please contact me directly, and I will explain all of the changes as well answer any questions you might have.
Sean McKeown 3rd Generation Home Loans
(201)403-7167
www.newjerseymortgageminute.com
277 Fairfield Road,
Fairfield New Jersey 07004
NMLS 199874#
Comments(0)