New Jersey (NJ) USDA Loans
Home Point Financial is pleased to announce that we now have New Jersey USDA financing. USDA Loans in New Jersey are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to some New Jersey residents.
USDA Requirements
There are a number of requirements to qualify for New Jersey USDA Loans:
- Monthly New Jersey housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- New Jersey borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- New Jersey property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
New Jersey USDA Mortgage Rates
NJ USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, New Jersey property being financed, etc. In general, NJ USDA rates are better than average compared to other options for qualifying individuals.
Apply Today
Apply now or contact the New Jersey USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in New Jersey, eligibility and more.
