MORTGAGE-WORLD.com is an online mortgage company specializing in helping borrowers get pre-approved for a mortgage to purchase a home.
We have over 20 years experience in the mortgage industry and we are licensed in New Jersey, Connecticut and Florida.
The first step to getting pre-approved for a mortgage in New Jersey is to speak with a loan officer. A loan officer will determine if your credit score, debt-to-income ratio and assets will qualify for a mortgage.
A minimum credit score of 500 is required to qualify for a mortgage. If everything looks ok, you will be issued a pre-approval letter so you can make an offer on a home. The pre-approval process takes less than 10 minutes.
For a quicker response, call 888-958-5382
Property Type:
- Single Family
- 2 Unit
- 3 Unit
- 4 Unit
- PUD
- Coop
- Condo
- Condotel
- Townhouse
- Second Home
- Manufactured/mobile home
- Investment
Reasons to Purchase:
- No landlord
- Build equity
- Pride of ownership
- First time homebuyer
- Property tax deduction
- Need a bigger house
- Interest deduction
- Downsizing
HOW TO GET PRE-APPROVED FOR A MORTGAGE IN NEW JERSEY
There are multiple options to get Pre-Approved for a Mortgage
FHA
- 580 credit score or higher – 3.5% down payment
- 500-579 credit score – 10% down payment
Conventional
- 620 credit score or higher – 5% down payment.
- If you haven’t owned a home in the last 3 years, you can qualify as a first time home buyer with 3% down payment.
VA
- 500 credit score or higher – 0% down payment (100% financing) with no monthly or upfront mortgage insurance.
- The borrower must have their certificate of eligibility in order to qualify.
USDA
- 500 credit score or higher – 0% down payment (100% financing) with no monthly or upfront mortgage insurance.
- The property must be USDA eligible and must meet the income requirements in the area.
Non-QM (Qualified Mortgage)
- We have a wide variety of Non-QM programs. Each program has different credit score requirements depending on your situation. We have non-QM programs that can go down to 550 credit scores.
Income Documentation Requirements
If you’re employed by a company, 30 days paystubs and 2 years W2s are required. For self-employed borrowers, 2 years tax returns are required.
If you’re applying for a Non-QM mortgage, alternative income documents are required such as 12 months bank statements, profit and loss only, verification of employment (VOE) only, 1099 only, one year tax returns and even no income documentation at all.
To get pre-approved for a mortgage is a crucial step in your home-buying journey. It provides you with financial clarity, enhances your buying power, and offers protection from interest rate changes. To ensure a smooth process, take the time to prepare your finances and avoid common mistakes.
For a quicker response, call 888-958-5382
Mortgage-World
