New Jersey FHA loans
If you are a first time home buyer in New Jersey, have less than perfect credit, or need a low down payment for your home loan, FHA mortgage loan may be exactly what you need.
FHA mortgage loans are insured by the Federal Housing Administration (FHA) against default. This provides the mortgage lender with more security when funding a mortgage loan that has a low down payment or a borrower that has had a few credit issues in the past. With relaxed requirements, FHA eligibility is generally easier to get than a conventional mortgage.
FHA Home Loans in New Jersey
FHA home loans only cover single and multi-family properties. New Jersey is a state with generally higher home prices than a conforming conventional loan which is $417,500, and therefore offers mortgage loans up to $729,750 in many New Jersey counties for single family homes. For multi-family properties, NJ FHA loans can be for as much as $934,200 for a duplex, $1,129,250 for a tri-plex and $1,403,400 for a four-plex. With a low down payment minimum of 3.5% and generally low rates, getting an New Jersey FHA mortgage is and has been ideal for getting many people into their dream homes that otherwise would not have been able to purchase a home.
FHA Mortgage Lenders in NJ
Cornerstone Mortgage Group is proud to be a New Jersey FHA mortgage lender. If you are interested in finding out the current NJ FHA mortgage rates, please feel free to contact us to provide you with a quick and accurate quote on what an FHA mortgage can offer your unique situation. As local NJ mortgage lenders, we have several home loan programs available to fit each individuals unique needs, and can help you into the mortgage loan, and home, of your dreams.