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An FHA loan is a federally insured loan made by the Federal Housing Administration, which has been insuring mortgages since 1934.  FHA loans are very good options for borrowers in Northern New Jersey.

1. Easier qualifying! Those with less-than-perfect credit are more easily approved for a loan through FHA programs because the federal government insures them.
2. Low closing costs! Using an FHA-approved lender means lower closing costs than a conventional mortgage in most cases.
3. Low down payment! FHA loans usually require just a three and a half percent down payment. This down payment can also be gifted to the borrower, which makes home ownership more obtainable for the first-time home buyer.
4. Lower overall costs! An FHA loan can have a better interest rate, which cuts down on the overall cost of the loan.  Which could save thousands of dollars over the life of the loan!
5. Higher loan limits! Up to a maximum amount of $729,750 for a single family home in Bergen County.  Check out the New Jersey FHA Mortgage Loan Limits.

Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

I hope you have enjoyed this blog.

Until next time,

Tony

P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County at 201-943-6800 with any questions you have.

P.P.S. CLICK HERE to check out our FREE Credit Repair Program.