Still Closing Mortgage Loans in New Jersey below 620 Credit Scores
New Jersey first time home buyers still have an advantage these days. If you are buying your first home and are buying in New Jersey, practically every "typical" loan has a minimum FICO score requirement of 620. But there are options for financing a home with credit scores below 620, namely first time home buyer options.
These financing programs not only allow for credit scores below 620 but also allow a down-payment assistance option of up to 4% of the loan amount. As an example, a $100,000 loan amount would allow a $4,000 assistance option, which can be used for closing costs AND/OR down payment requirements. Up until the end of June 2010, there are also additional mortgage options, such as the tax prefund program.
If you are a first time buyer in New Jersey, you owe it to yourself to check out all of your financing, down payment assistance, and grant-type options.
For additional information or to be pre-approved, contact Steve.
Buyers can also check out: Understanding Seller Concessions | Seller Paid Closing Costs | Seller Contributions | Seller Assist
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
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