FHA/203K LOANS

Whether you are seeking a standard New Jersey FHA mortgage or an FHA 203k loan, call the professionals that can answer all your questions. Sunquest Funding. It's the only call you'll have to make. Sunquest Funding's number one priority is making sure that you obtain the best deal possible for your New Jersey FHA mortgage or FHA 203k. When you work with Sunquest, you are working with a company who understands and responds to your needs. The FHA Loan specialists at Sunquest realize that every person is different with unique situations that must be addressed. Consequently, just like people, no two FHA loans or FHA 203k loans are identical in structure.

If you're looking to finance a home in New Jersey, FHA mortgage opportunities should be considered, if you qualify. An FHA mortgage loan provides eligible current or new homeowners the chance to put down as little as 3% on a new home.

What is an FHA mortgage?

The FHA (Federal Housing Authority) was created by the Federal Government under the national housing act of 1934 to improve housing standards and conditions and to provide affordable housing financing for qualified borrowers. Today, through their FHA mortgage loan and FHA 203k loan programs, millions of people are enjoying home ownership. The FHA insures 100% of an FHA mortgage, thereby eliminating the lender's risk. In New Jersey, FHA mortgage stipulations are the same as across the country. The borrower pays an upfront insurance premium that is approximately 1.5% of the FHA mortgage or 203k loan amount. It is possible for this premium to be financed directly in the loan amount. The borrower also pays a monthly premium of .5% of the FHA mortgage loan amount divided by 12 months. FHA mortgages and FHA 203k loans require down payments of 3%.

In New Jersey, FHA mortgage options are a very popular route for the first time homebuyer to take, but it is not a program that is developed or reserved specifically for first time homebuyers. Today, the FHA also plays a critical role in financing for minority borrowers, borrowers who have troubled credit history and borrowers who have little money to put down on a home. Also, buyers are not limited to purchasing only their first home under FHA mortgages or 203k loans. A buyer can buy a third or fourth home with an FHA mortgage or an FHA 203k plan. The only stipulation is that you may only have one FHA loan at a time.

Borrowers are required to show proof of sufficient income to demonstrate the ability to pay the FHA mortgage loan. In an attempt to make the buying process available to more people, the FHA has relaxed guidelines that include: bankruptcies that were discharged at least 2 years ago, the use of alternative credit (utilities, cable TV, auto or medical insurance premiums, child care, school tuition, consumer store accounts) in lieu of traditional credit, and higher debt to income ratios. Also, interest rates for FHA mortgages and 203k current loan rates are extremely competitive with conventional rates.

Home | About Sunquest Funding | Contact Us | Resources | Site Map | Mortage Information
Home Purchase Basics | Jumbo Loans | FHA/203K | Refinance | Apply for a Mortgage | Pre-Qualify
Get Pre-Approved | Apply for a Loan | Printed Mortgage Application Kit | Spanish Application

Equal housing lender State Licensing, Rate Disclosures, Site Disclaimers

Copyright © 2003, Sunquest Funding, LLC. All Rights Reserved.