New Jersey Mortgage Brokers and Loan
As one of the premier mortgage brokers in the state, 7th Level Mortgage is proud to call New Jersey home. While we serve many states on the East Coast, our company got started right here in New Jersey. Our Cherry Hill office is strategically centrally located to provide clients across all of the states we service, including those within the New Jersey borders.
If you want to work with one of the best mortgage lenders operating in the great state of New Jersey, call the experts at 7th Level Mortgage to discuss your mortgage loan options. We specialize in securing our clients the best type of mortgage loan to meet their unique circumstances and we are skilled in working with FHA loans, USDA loans, and VA loans, among others. So if you are looking for the best mortgage loan terms or you would like to refinance your existing mortgage to obtain a better rate for your New Jersey home, call 7th Level Mortgage today.
In addition to knowing that you will receive the best home mortgage rates available, 7th Level Mortgage’s stellar reputation among former and current New Jersey requirements means that you will have a partner you can trust who will walk with you every step of the way during your home buying process. We can assist clients with any type of mortgage loan they are seeking in the state of FL, including VA mortgage loans, FHA loans, or USDA loans. Stop by our Cherry Hill office today or give us a call to learn more about how we can help you get into the New Jersey home of your dreams under the best mortgage terms and rates available!
VA Loans in New Jersey
As one of the best mortgage lenders in NJ, 7th Level Mortgage can help you secure your VA mortgage loan if you are a qualifying current or past member of our nation’s armed forces. As a mortgage loan backed by the Veteran’s Administration, military members can secure a VA entitlement amount – usually up to 25% of the loan amount – that the VA will agree to pay in the event that the borrower forecloses. This extra assurance for the lender ensures that our nation’s current and former military members have access to loans that will fit their needs when shopping for a home in New Jersey.
Similar to some other types of loan programs, there is a maximum loan amount for VA mortgage loans, although this number varies across the different areas of New Jersey. The range for the state though, is between $510,400 and $765,600. VA mortgage loans have a wide range of additional benefits for prospective qualifying buyers in New Jersey, including:
- No down payment required when the sales price doesn’t exceed the appraised value.
- No primary mortgage insurance premium requirement.
- Closing costs must be within limits outlined by VA rules and can be paid by the property’s seller.
- No penalty fee for early pay-off of the loan.
Moreover, in some circumstances, the VA can even provide assistance if the mortgage holder has difficulty making payments. VA mortgage loans are a great option for anyone who qualifies. If you would like to learn more about obtaining a VA loan in New Jersey, contact one of our experts today!
FHA Loans in New Jersey
Federal Housing Administration, or FHA-insured mortgage loans, are incredibly popular among New Jersey home buyers, and particularly for first-time homebuyers – though they are not limited to that group. The guidelines for FHA loans in New Jersey are similar to other national guidelines, and include the following requirements:
- A minimum down payment of 3.5% of the purchase price or appraised value.
- A minimum credit score of 580.
- A manageable level of debt, ideally no higher than 43% (though this level may be as high as 56% for some FHA loans depending upon the circumstances.
- The maximum purchasing price in 2020 for FHA loans varies by county in New Jersey and ranges from $331,760 to $765,600 for a single-family home.
FHA loans are ideal for New Jersey residents because the loan requirements in the state still allow for approval even when if you have a challenging credit history, your income is not incredibly high, and you don’t have the down payment. Down payment funds can be gifted from a relative with FHA loans, a practice that is restricted with many other loan types. 7th Level Mortgage is one of the best mortgage companies in NJ – contact our staff today to learn more about how we can help you secure an FHA mortgage loan.
USDA Loans in New Jersey
USDA Rural Development home mortgage loans are available to help low to moderate-income households and first-time homebuyers purchase homes in rural areas in New Jersey. These home loans are similar to VA mortgage loans, in that they typically do not require a down payment. If you are considering purchasing a home, it is worth exploring the USDA-eligible areas to see if your desired property would qualify for this type of loan.
In addition to requiring now down payment, USDA home loans offer many additional benefits, including the following:
- No maximum loan amount, however, an individual or family’s maximum loan amount would be based upon their repayment ability at different loan amounts.
- The loan can include closing costs and/or repair costs.
- The loan value can be up to 102% of the appraisal value.
- In addition to existing homes, new construction purchases are also allowed.
- There is no penalty for prepayment.
- Gifts may be used for closing costs or down payment assistance.
USDA mortgage loans in New Jersey does require falling within income limits. For residents or prospective residents of the state of New Jersey, these income limits may be as high as $123,350. To find out more about the possibility of securing a USDA mortgage loan for your New Jersey residence, please contact one of our specialists today, or feel free to visit our Cherry Hill office.