When you decide to purchase a home, the right mortgage program makes all the difference. Mortgage-World.com helps buyers in NJ, CT, and FL purchase a home using FHA, Conventional, Bank Statement, DSCR, No Income Verification, and 20+ other loan programs. See requirements, compare programs, and apply free.
Licensed in NJ · CT · FL · NMLS #1630225
Purchase a Home — Programs, Requirements & How to Get Started
Whether you are a first-time buyer, a seasoned investor, or self-employed with complicated income, there is a purchase loan designed for your situation. We work with multiple loan programs across NJ, CT, and FL and shop your file to find the program that actually fits — not just the one that is easiest to sell. Here is everything you need to know before you buy.
Why Your Purchase Loan Matters as Much as the Home Itself
Most people spend months looking at homes and about 30 minutes choosing a mortgage. That is backwards. The loan you choose determines your down payment, your monthly payment, your rate, and whether you even get approved in the first place. Getting the right purchase loan before you start shopping puts you in a position of strength — you know exactly what you can afford, your offer carries weight, and you are not scrambling when the right home shows up.
At Mortgage-World.com, we have been placing purchase loans in NJ, CT, and FL since 2017. We are an licensed broker, not a bank, which means we shop your file to multiple loan programs and find the program that works for your actual situation — not just the standard W-2 path. Whether you are buying a single-family home, a 2-4 unit investment property, or a condo in a brand-new development, we have a program for it.
Good to know: Being pre-qualified is different from being pre-approved. Pre-qualification gives you a fast estimate. Pre-approval means a lender has actually reviewed your income, credit, and assets. Sellers in competitive NJ and FL markets expect pre-approval letters — not just a verbal estimate. We provide both, and we can usually turn around a pre-approval in 24–48 hours.
Purchase Loan Requirements
What You Need to Purchase a Home in 2026
Requirements vary by loan type, but here is a practical overview of what most purchase programs ask for. Your exact numbers depend on which program fits your file.
Requirement
Typical Range
What It Means
Credit Score
500 – 620+
FHA allows as low as 500 with 10% down. Conventional loans typically start at 620. Non-QM programs serve a wider range depending on assets and LTV.
Down Payment
0% – 20%+
VA and USDA allow 0% down. FHA starts at 3.5%. Conventional 1% down programs exist for qualifying buyers. Non-QM purchases typically start at 10–20% down.
Debt-to-Income Ratio
Up to 56%
FHA allows DTI up to 56% with strong compensating factors. Conventional is tighter. DSCR loans for investment properties skip personal DTI entirely.
Employment / Income Docs
Varies by program
W-2 employees use pay stubs and tax returns. Self-employed borrowers can use bank statements or P&L. Investors can use rental income via DSCR. Assets can substitute for income on some programs.
Property Types
SFR – 4 Unit
Single family, condos, 2–4 unit, townhomes, condotels, and investment properties all qualify under different programs. Some loans are property-specific.
Loan Amount
Up to $2.5M+
Conforming limits top out around $806,500 in NJ for 2026. Jumbo and Non-QM programs cover purchase prices well above that.
Actual terms depend on credit score, property type, occupancy, and loan amount, and are confirmed once your file is reviewed.
Not sure how your credit score, income, or down payment lines up? Call 888.958.5382 or apply online and we will pull your numbers and tell you honestly what you qualify for and what it will cost.
Buying a home starts with matching your file to the right program — NMLS #1630225 | Start your application
All Purchase Programs
Every Purchase Loan Program We Offer
We work with multiple loan programs across NJ, CT, and FL. Below is every purchase loan category available through Mortgage-World.com, with a brief note on what each one is built for.
FHA. Minimum 3.5% down, credit scores as low as 500. The most forgiving purchase program for buyers with lower credit or limited savings.
FHA 203k. Purchase plus renovation financing in a single loan. Ideal when the right home needs work before move-in.
Conventional. Best pricing for buyers with 620+ credit and stable W-2 income. Lower long-term cost when you qualify.
Self-Employed. Uses business bank deposits instead of tax returns for income qualification. Ideal for business owners whose write-offs hurt their reported income.
Bank Statement. 12 or 24 months of bank statements in place of W-2s or tax returns. One of our most popular Non-QM programs, and a strong fit for self-employed buyers whose tax returns understate their real income.
0% Down Payment. Available through VA, USDA, and select down payment assistance programs for eligible buyers.
Non-QM. For buyers who fall just outside conventional guidelines — recent credit events, high DTI, or non-traditional income. Full doc starts at a 550 credit score and alt doc at 600.
HomeStyle Renovation. Conventional purchase plus renovation through Fannie Mae. Similar to FHA 203k but with conventional guidelines and pricing.
Conventional 1% Down. Select lenders offer 1% down for qualifying buyers with higher credit scores, with lender-paid assistance making up the difference.
First-Time Home Buyer. Programs with lower down payments, reduced MI, or grant assistance specifically for buyers purchasing their first home.
FHA Construction to Perm. Finance the land, construction, and permanent mortgage in one closing. Great for buyers building from scratch.
Conforming High Balance. For loan amounts above the standard conforming limit in higher-cost counties while keeping conventional guidelines.
No Income Verification. Income and employment are not required or verified. Qualification is based on credit score and assets, making it a fit for retirees and high-net-worth buyers.
Medical Profession Loans. Special loans designed for borrower in the medical field. No down payment required and no monthly mortgage insurance.
Home Possible & HomeReady. Freddie Mac and Fannie Mae programs with lower down payments and reduced MI for moderate-income buyers.
Construction. New construction financing for buyers working with a builder, with draws released in stages as the home is completed.
Commercial. For buyers purchasing mixed-use, office, or small commercial properties that do not fit residential guidelines.
DSCR / Investor. Qualification based on the rental property’s income covering its mortgage payment — your personal income is not in the picture. There is no minimum credit score at up to 55% LTV.
Jumbo. Purchase loans above conforming limits for higher-priced properties in NJ, CT, and FL, up to $2.5M and beyond.
USDA. Zero down payment for eligible rural areas. Income and property location must meet USDA guidelines.
VA. Zero down for eligible veterans and active-duty service members. No mortgage insurance, competitive rates, strong seller incentives.
Who Can Purchase
Which Type of Buyer Are You?
We work with every type of buyer. Here is who we see most often and which programs tend to fit best.
1. First-Time Home Buyers
You have been renting and are ready to stop paying someone else’s mortgage. FHA, HomeReady, and down payment assistance programs are built for this. We walk you through every step, including what documents to gather before you even start looking.
2. Move-Up Buyers
You own a home and need to buy the next one — possibly before selling. Conventional, jumbo, and bridge financing all apply. We structure the purchase so you are not stuck waiting for a closing that may or may not happen on time.
3. Self-Employed Buyers
You run a business, your accountant minimizes taxable income, and your tax returns show less than what you actually earn. Bank statement loans and self-employed programs look at your actual deposits rather than your Schedule C. We do a lot of these.
4. Real Estate Investors
You are buying a rental property, a 2–4 unit building, or an investment in an LLC. DSCR loans, Non-QM investor programs, and portfolio loans let you purchase without your personal DTI being the bottleneck. We work with a lot of NJ and FL investors.
5. Buyers With Credit Challenges
A past bankruptcy, foreclosure, or late payment history does not automatically disqualify you. FHA allows purchases as soon as 2 years after bankruptcy discharge. Non-QM programs can go even shorter. We look at your whole picture, not just a number.
Explore your options from an independent source: For an overview of every type of purchase mortgage available to homebuyers — government-backed and conventional — the Consumer Financial Protection Bureau offers a straightforward loan options guide. We are happy to walk through how each option applies to your specific purchase situation.
Related Resources
Related Mortgage Pages
A home purchase can use any of these programs. Here is what to compare.
Find out exactly what you qualify for — free, no obligation.
What Clients Say
Real Reviews From Our NJ, CT & FL Clients
Here’s what a few of our clients said about working with Mortgage-World.com.
★★★★★
“Chris Luis is the BEST mortgage broker on this planet! If you’re looking to buy a home, definitely give him a call. Chris will go above and beyond to try to help you!”
— Tanya W.
★★★★★
“I had an opportunity to work with Chris when I did my refinancing. I would highly recommend his services to anyone. He was efficient, helpful and very prompt in responding.”
— Aurora T.
★★★★★
“Julia Luis has been very professional and has been very helpful during the process! Anyone looking for someone to assist them in their future adventures needs to have her on your side! Thank you for being there for me!!”
It depends on the program. FHA allows a minimum of 500 (with 10% down) or 580 (with 3.5% down). Conventional loans typically start at 620. Non-QM purchase programs can work with lower credit depending on down payment and reserves. The number alone rarely tells the whole story — we look at your full picture.
How much do I need to put down to purchase a home?
VA and USDA allow 0% down for eligible buyers. FHA starts at 3.5%. Conventional programs range from 1% to 20% depending on the loan type and your credit score. Non-QM and investor programs typically require 10–20% down. Down payment assistance programs can cover part or all of your required down payment in some cases.
Can I purchase a home if I am self-employed?
Absolutely. Bank statement loans, self-employed programs, and asset-based qualifying programs are built specifically for this situation. Instead of tax returns, we look at your actual bank deposits over 12 or 24 months to establish your qualifying income. This is one of the most common purchase scenarios we work with.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is a fast, unofficial estimate of what you might qualify for based on self-reported information. Pre-approval means a lender has actually reviewed your documents — credit, income, assets — and issued a conditional commitment. Sellers and their agents in NJ and FL markets take pre-approval letters much more seriously than pre-qual letters.
Can I purchase an investment property with a low down payment?
Yes, though the minimums are higher than for primary residences. Conventional loans for investment properties typically require 15–25% down. DSCR loans usually start at 20% down. FHA allows you to purchase a 2–4 unit property with as little as 3.5% down if you occupy one of the units.
How long does it take to close on a purchase?
Most purchase loans close in 21–45 days depending on the program and how quickly you provide documentation. FHA and conventional can move faster when files are clean. Non-QM and investor loans can sometimes be structured to close in 15–30 days with the right lender. We tell you up front what to expect for your specific loan.
Ready to Purchase a Home? Let’s Find the Right Loan
Whether you are buying your first home, a second home, or an investment property, we will match you to the program that fits your actual situation. No pressure, no obligation — just an honest review of your options.
Written By: Chris Luis — Broker/Owner, Mortgage-World.com — NMLS #1630225
I have been helping buyers purchase a home in NJ, CT, and FL since 2002. From first-time buyers using FHA to self-employed borrowers using bank statements to investors using DSCR — I have seen every situation. My job is to match you to the right program, explain it clearly, and get you to closing. Mortgage-World.com has operated as an independent, licensed mortgage broker since 2017, and we built our process around getting every kind of buyer to the closing table without surprises. Call or apply online and let’s look at your numbers.
Ready to purchase a home? Free review, no obligation — find out which program fits your situation. Apply Free — No Obligation
