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FHA mortgage loans are an excellent source of financing in the State of New Jersey, North Jersey and South Jersey alike. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at 888-713-0202 or via e-mail at robin@notelender.com. In New Jersey, 2-4 Family Home Purchase can be done through FHA with a 3% down payment and up to a 6% seller concession. Buyers looking to purchase 3 or 4 unit properties will need to have 3 months mortgage payments in reserves after closing. New Jersey has many FHA Community Reinvestment Act(CRA) money loans available for low-to-moderate income buyers. These loans may also be available to borrowers buying in low-to-moderate income areas, regardless of income. Check with your mortgage professional about these programs to see if you qualify. FHA lending in New Jersey allows consumers to qualify for financing with non-traditional credit. If you can show 1 year of timely payment from 4 sources such as rent, phone, cable, electric, or any other monthly bill, you may be able to qualify for FHA Lending in New Jersey. FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
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