It is commonly known that FHA loans are more readily available to those with less than perfect credit than conventional loans. So why would FHA lend those with a blemish or two on their credit history “jumbo” amounts of money? Well, the answer has little to do with the borrower’s credit score and everything to do with the prevailing home prices in the area of the purchase. The government has come to realize that in certain areas of the country, Bergen County New Jersey being one, that many homes cannot be purchased for the previous maximum FHA loan amount of $362,790. That is why in March 2008, FHA temporarily increased their maximum loan amount to $729,750. Although a temporary provision, it has already been extended through 2010.
Click on the link below to find the FHA loan limit in your area. For information on Jumbo Loans and why they are so Good for New Jersey Market go to FHA Jumbo Loans – Good for Bergen County and the Northern New Jersey Market.
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,
201-943-6800
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 (NJ) office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to check out our FREE Credit Repair Program.
