Finance

Guide To Your FHA Loan NJ Approval!

Make it easier to apply and get the FHA loan NJ approved.

The FHA loan NJ is known to be one of the most chosen loans by home buyers and existing home owners. It comes with relatively easier standards for approval and one gets all the necessary finances for any project. FHA is not the body that will offer you the loan. It is the department that approves your loan. There are certain guidelines when you are looking for a loan. This authority will check if you fit the bill and then agree to fund you. It is up to the home owner whether he or she wants to clear the down payment and get a home or renovate the existing one.

Here is how to get the FHA loan NJ approved for sure:

  • The first thing that you need to show to the authority is your steady income. So, you will have to show strong working or employment records of past 2 years.
  • Any loan applicant for the FHA loan NJ will need to have a social security number. Without the social number, you cannot think of even applying for the loan let alone getting it approved.
  • You should be a legal resident of USA. This means you will have to come up with proofs to be show that you have been residing in US legally for any given period of time.
  • Do not assume that you can come up with forged records as they will be verified strictly. And, if they do not match or come out as fraud, you will be not only denied loan but action will be taken against it.
  • You should be of the legal age to be authorized to sign the document for applying for the FHA loan NJ.
  • You should have a minimum of at least 3.5% of the purchase price as your down payment to apply for the loan. It can be arranged by any means. Whether you borrow from your friend or apply for other loan.
  • You can apply for a loan from your employer up to 6% to arrange the money for the down payment to get your FHA loan approved.
  • When you are calculating your mortgage payment which includes PITI, it should be lesser than 31% of your monthly gross income.
  • You need to check your total monthly debt. Make sure you count all your mortgage, credit cards, auto, student loans, etc. The sum total should not exceed 43% of your monthly income.

These are the most basic guidelines to get the loan approved.

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