FHA Loans For New Jersey


The Federal Housing Administration (FHA) is a division of the U.S. Department of Housing and Urban Development (HUD) that provides insurance policies to guarantee 100% of the payment of a loan in the event of default. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. FHA insurance protects the lender.

Many first time home buyers in New Jersey find that an FHA loan is the best mortgage for them.

FHA mortgage loans provide advantages not available through conventional loans:

  • Low Closing Costs
  • Low Down Payment: FHA loans for New Jersey require a minimum down payment of 3.5% of the purchase price. For a $200,000 home minimum down payment is $7,000.
    Much lower minimum credit score requirement: FHA guidelines now allow for a minimum credit score of 500. Available on 1-4 unit properties.
  • Easy credit qualifying
  • Financial Help For Seniors: Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
  • Energy-Efficient Mortgage: You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
  • Financing For Mobile Homes And Factory-Built Housing: FHA has two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.
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