I'm hearing from many different sources that it's very hard to get a mortgage at this time. For certain senairos this is true. For home buyers that want to put a small downpayment (3%), are willing to verify their income and have credit scores as low as 580 there is financing available. If you are a first time home buyer or have not owned a property in 3 years here are some great programs run by the NJ Housing Agency. Gateway is an approved lender for the following programs.
State of NJ Smart Start Program: A NJ Grant can be given of 4% to be put towards your down payment. For 1st time buyers only. If you have not owned a home in 3 years you may qualify. 30 Year Fixed Rate 6.875% 7% APR "NO POINTS"
State of NJ First Time Home Buyer: If this is your 1st home or you have not owned a home in 3 years you may qualify. 30 Year Fixed Rate 6.125% 6.25% APR "NO POINTS" 3% Down Payment
State of NJ Police & Fireman Program: You have to be a Policeman, Fireman or an EMT Worker (Emergency Medical Technician) that belong to the pension fund for at least 1 year. 30 Year Fixed Rate 5.05% "NO POINTS" 5% Down Payment
State of NJ Home Plus Program: Homeowners are allowed to finance up to $15,000 towards home repairs and improvements.
(Income limits and purchase price restrictions apply for all New Jersey Programs)
OTHER PROGRAMS AVAILABLE THROUGH GATEWAY NOT ASSOCIATED WITH THE HOUSING AUTHORITY
FHA Loan: * Low credit scores are excepted * 3% Down Payment * Low closing costs
VA Loan: The Veterans Administration will insure loans up to 100% financing. No down payment, no closing costs and no pre paid expenses need to be paid by buyer. 30 Year Fixed Rate 6.375% "NO POINTS" Zero down payment.
Teachers / School Staff / Administrators: Gateway will waive mortgage company fees.
So let your clients know that there is financing available. The interest rates and fees adjust so they are subject to change without notice.
Bruce Rosinski, VP/Branch Manager,
Gateway Funding, Brick New Jersey
Cell: 732-773-0207 (Available 7 Days)