FHA mortgage loans are an excellent source of financing in the State of New Jersey, North Jersey and South Jersey alike. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at 414-303-1215 or via e-mail at msearing@mayfairmortgage.com.

In New Jersey, 2-4 Family Home Purchase can be done through FHA with a 3% down payment and up to a 6% seller concession. Buyers looking to purchase 3 or 4 unit properties will need to have 3 months mortgage payments in reserves after closing.

New Jersey has many FHA Community Reinvestment Act(CRA) money loans available for low-to-moderate income buyers. These loans may also be available to borrowers buying in low-to-moderate income areas, regardless of income. Check with your mortgage professional about these programs to see if you qualify.

FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.

 

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