First Time Home Loans In Bergen County New Jersey vary depending on your situation. What type of mortgage you should apply for will depend on a lot of things. Your credit score, down payment, your income, and how long you are planning to live in the home are a few of the most common factors to take into consideration when applying for one of the First Time Home Loans In Bergen County. You should contact a New Jersey Mortgage Banker to see what loan works best for you.
If you are putting down 20 percent or more of the purchase price, then in most cases a 30 year fixes standard Conventional Mortgage would be your best option. If this type of loan your rate would be fixed for the full 30 years, you would not have to pay monthly mortgage insurance. Your credit score will effect what mortgage rate your qualify for. You would usually need at least a 620 minimum credit score to qualify, and to secure the best rate a 720 or 740 credit score might be required by your mortgage lender.
If you are not putting 20 percent down you can there are still plenty of First Time Home Loans In Bergen County available. You might even be able to still qualify for a standard conventional loan, but you would probably have to pay private mortgage insurance (PMI.) Your credit score will be a big factor in determining your mortgage rate. You would usually need at least a 620 credit score, but to qualify for the best current mortgage rate a credit of 720 or more.
There are also government mortgages available. They included FHA, USDA, and VA home loans. FHA loan is currently the most common of the First Time Home Loans In Bergen County. Some of the advantages of an FHA loan is that you can buy the home with a down payment of only 3.5 percent, and you credit score does not effect your mortgage rate as much as it does on a standard conventional loan.
With a USDA and VA loan you can quite possibly by a loan with no money down. They are more restrictive on who qualifies for a loan. USDA loans are only eligible financing in certain areas. You can to see if a home is eligible by checking the USDA eligibility map. VA loans are for veterans of the United State Military. You do not necessarily have to be the one who was in the military to qualify.
You can call me directly to help you determine what type of the First Time Home Loans in Bergen County works best for your situation. Your can also apply here for a free pre-approval.
Sean McKeown Branch Manager
3rd Generation Home Loans
(201)403-7167
277 Fairfeild Road, Fairfield NJ 07004
NMLS # 199874
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