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Conventional Loan

Conventional Mortgages are widely favored among homebuyers and come with various terms, including the commonly chosen 15-year and 30-year options. Unlike government-backed FHA or VA Loans, Conventional Loans have more stringent credit requirements. While some Conventional Loans allow for down payments as low as 3%* of the home’s purchase price, a down payment below 20% requires the inclusion of Private Mortgage Insurance (PMI) in your payments for a specific period.

Eligibility for Conventional Mortgages
Anyone can apply for a Conventional Mortgage, whether you are upgrading to a larger home, downsizing, purchasing a vacation property, or buying your first home. However, all applicants must meet specific loan requirements, including:

Down Payment Requirements
Contrary to the misconception that a 20% down payment is mandatory for Conventional Mortgages, there are low down payment options available. Qualified buyers in New Jersey can make down payments as little as 5%** or even 3%* in some cases, reducing the upfront financial commitment.

Debt-to-Income Ratio (DTI) Requirements
Lenders evaluate your financial management through the Debt-to-Income Ratio (DTI). While the highest allowable DTI ratio for government-backed loans is 50%, New Jersey Conventional Loans typically have a range of 43% to 45%. Your DTI is calculated by dividing your total recurring monthly debts by your monthly pre-tax income, expressed as a percentage.

Private Mortgage Insurance (PMI)
If you finance your New Jersey home with a Conventional Mortgage and contribute less than 20% towards the down payment, PMI will be required for a certain period. Unlike some government loans with lifelong mortgage insurance requirements, PMI in New Jersey can be canceled once you reach 20% equity.

Eligible Properties
One of the advantages of Conventional Mortgages in New Jersey is their flexibility to finance various property types, including primary residences, second homes, rental properties, and investment properties. Unlike many other loans, which often restrict financing to primary residences, Conventional Mortgages offer broader options.

Here’s What You Will Need To get started with your Application:

Click here to apply for your conventional mortgage.

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