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First Time Home Buyer Loans in New Jersey

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Mortgage and Lending with 3rd Generation Home Loans

First Time Home Buyer Loans in New Jersey can vary depending on many things involved in your New Jersey Real Estate Transaction. Some of the many factors that effect what type mortgage makes the most sense for your situation are your credit score, down payment, your income, and how long you are going to be in the home for. You can should contact a New Jersey Mortgage Banker to discuss which type of loan works best for you.

FHA loans are very popular among First TimeHome Buyers in New Jersey. The minimal down payment is only 3.5%. FHA loan are usually a little easier to qualify when it comes to you credit score, and income as well. A 640 credit score is usually the minimum credit score needed. You can sometime qualify with a lower credit score then 640, but that is usually the score needed to qualify. FHA loans are available on almost all single family homes, on most 2-4 family homes, and also on FHA approved condo complexes.

VA loans and USDA loans are in demand namely because it is possible to buy a home with no money down. They do however have more restrictions on who they are available for then FHA loans. VA loans are for veterans or the US Military and the requirements can be found at www.va.org USDA eligibility varies by geographically area, and in Northern New Jersey are only available in Sussex County. All three of these are government loans, and might require mortgage insurance.

First Time Home Buyer Loans in New Jersey also include your standard conventional mortgages. If you put down 20 percent you can avoid mortgage insurance (which you might have to pay in other types of loans.) You can also buy a home with less the 20 percent down a use a conventional mortgage as well. In this type of loan your might have to PMI. These loans can be less expensive then government loans, but are usually harder to qualify for.

Most of the above programs you can usually find as a fixed loan product or an ARM (Adjustable Rate Mortgage) ARM loans the rates adjust after the preset fixed term is up. They can work if you are sure, you are only going to be in a home a certain amount of years. However be careful, because after the rate adjust you aren't guaranteed to be able refinance into a fix rate loan.

You contact me today with any question you have about First Time Home Buyer Loans in New Jersey


Sean McKeown 3rd Generation Home Loans

(201)403-7167

277 Fairfield Road,

Fairfield New Jersey 07004

NMLS 199874#

email me



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Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Feb 26, 2013 02:08 PM