The USDA Rural Housing program is an excellent way to purchase a home when you have limited funds. While we do not typically think of NJ as being a rural area there still are significant parts of the state that are eligible for financing.
Below is the map of NJ showing the eligible areas. The lighter colors are eligible while the darker colors indicate the ineligible areas.
Since my office is located in Ocean County I wanted to zoom in on the map a bit so you can see that huge portions of Ocean County are in eligible areas:
In addition to geographical restrictions the USDA also has income limits. A small family in Ocean and Monmouth counties the Household income limit is $140,600/yr for family of 5 or more that number is increased.
The benefits of a USDA loan are not just the zero down payment, it is also a low market rate that is similar to FHA or VA loans and their isn't any PMI, just a low Guarantee fee that is significantly less than most PMI or MIP.
If you are a first time buyer in NJ you can also use the NJHMFA program and use the grant to cover your closing costs.
a lack of savings is a big barrier to homeownership and the USDA is one of the was to get into a home when you do not have enough savings in the bank.
If you are looking to purchase or refinance a home in NJ, please give me a call, I can also help you in all 50 states, CMG is licensed throughout the country.
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.RobertRauf.com
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
RRauf@CMGhomeloans.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! CMG Home Loans is located at 222 Commons Way Toms River, NJ 08755. NMLS #1820. Visit www.RobertRauf.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,
Comments(5)