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New Jersey FHA Loans
Buying a Home using a FHA Loan


The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

Minimal Down Payment and Closing Costs

  • Downpayment less than 3% of Sales Price
  • 100% Financing options available*
  • Gift for downpayment and closing costs allowed.
  • No reserves or required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

  • No minimum FICO score or credit score requirments.
  • FHA will allow a home purchase two years after a Bankruptcy.
  • FHA will allow a home purchase three years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

  • Higher Debt Ratio's than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

 
 
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