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Don't
know which type of New Jersey Mortgage Loan is best for you?
Find out below.
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Conventional Fixed Rate Loan
Conventional fixed rate loans require a
minimum of 5% down and a fairly good recent credit history. Down
payments must be
from your own funds. The interest rate remains the same for the term of the loan. |
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Conventional Adjustable Rate Loan
Conventional adjustable
rate loans also require a
minimum of 5% down and a fairly good recent credit history. The interest rate
remains fixed for the first 1, 3, 5, 7 or 10 years. The rate will adjust with the
market after the initial fixed rate period according to the terms established when you
close. A low initial rate may help you qualify for a larger loan. |
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FHA
Loan & VA Loan
Government loans often allow slightly
less-than-perfect credit records. They are not restricted to first time home
buyers. If you've had a bankruptcy discharged and good credit since, you may qualify
after two years. Gift down payments are permitted.
Government loans allow a higher debt ratio than conventional loans.
FHA loans require only 3% down and can be fixed or adjustable rate loans.
VA loans have a zero down payment and are fixed rate only. |
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Non-Conforming Loan
Non-conforming loans often allow imperfect
credit and higher debt than conventional loans. Some loans can be approved or modified through a service with
limited documentation of income, debt, employment and assets. These loans offer
substantially higher interest rates, but may allow you to buy a home when your credit is
poor or you are self-employed. Most, but not all, require substantial
down payments. |
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