New Jersey (NJ) FHA Home Loans
New Jersey FHA loans are home loans insured by the FHA (Federal Housing Administration) which give New Jersey borrowers the opportunity to secure NJ home loans, when they don’t quality for other conventional loans. For example, future New Jersey homeowners with little credit history or poor credit history are sometimes able to qualify for New Jersey FHA loans. Refinancing with FHA Loans in New Jersey FHA also offers a refinancing option for New Jersey homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent. New Jersey FHA Loans for First Time Homeowners NJ FHA loans are ideal for first-time New Jersey homeowners due to low down-payment requirements and flexible qualifying guidelines.
NJ FHA Loan Requirements
- No income limit
- New Jersey borrower credit score flexibility
- 3.5 percent down payment on New Jersey Purchase Loans
- Bankruptcy: NJ FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: New Jersey FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
New Jersey (NJ) FHA Loan Limits
FHA loan limits in New Jersey vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in New Jersey), etc. Please contact Home Point Financial’s New Jersey FHA loan experts for details on loan limits for FHA loans in New Jersey (NJ). Contact Home Point Financial to learn more about FHA Loans in Newark, Jersey City, Paterson, Gibbsboro, Hainesport, Manasquan, Toms River and throughout New Jersey.
