Loan Products

Discover the right loan for you – at NewTech Mortgage, it's more than a loan, it's your key to a new chapter in homeownership.​

FHA Loan

An FHA (Federal Housing Administration) Loan is a government-insured mortgage designed to comply with state mortgage laws and offered through FHA-approved lenders.

FHA Loans offer flexibility with credit score requirements, making them an excellent option for those with limited savings for a substantial down payment. With the ability to finance as little as 3.5%* down, this mortgage becomes an affordable choice, particularly for first-time homebuyers.

*FHA Payment Example: If you purchased a $350,000 home with a 3.5% down payment, resulting in a loan amount of $337,750, on a 30-year fixed-rate loan at 6.0% (6.10% APR), and a $157/month private mortgage insurance payment, you would make 360 monthly payments of $2,204.00. This payment does not include taxes and insurance, which will lead to a higher total payment.

FHA Loan Eligibility
Applying for an FHA Loan is open to all, including DACA recipients.

To qualify, meet the following loan requirements:

FHA Loan Down Payment Requirements

For those with a FICO® credit score of 580 or higher, a down payment as low as 3.5% is achievable. Additionally, FHA-insured mortgages allow full down payment funding through down payment gifts.

FHA Loan Debt-to-Income Ratio (DTI) Requirements

Manage your finances effectively by maintaining a debt-to-income ratio (DTI) lower than 45%. Your DTI is calculated by dividing total recurring monthly debts by your monthly pre-tax income, expressed as a percentage.

Mortgage Insurance Premium (MIP) for the FHA Loan

An FHA Loan in New Jersey requires a Mortgage Insurance Premium (MIP). This premium, contributing to the government’s insurance fund, includes an upfront payment of 1.75% of the home’s purchase price and an ongoing annual premium of 0.45% to 1.05% of your loan amount, added to your monthly payment. FHA mortgage insurance is non-cancellable.

Properties Eligible for an FHA Loan

An FHA Loan can finance only primary residences, including single-family homes, two to four-unit multifamily homes, condos, and specific manufactured homes. The property must undergo appraisal, and the loan amount must adhere to FHA Loan limits for the area.

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

Start your loan application and secure preapproval here.

For immediate support and answers to your questions, contact us here.

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