Consumption and Real Estate
I want to buy a home in new jersey. A mortgage guy told me I can buy a home in new jersey and use fha for a ho?
Question : I want to buy a home in new jersey. A mortgage guy told me I can buy a home in new jersey and use fha for a ho?
oops. here’s the rest of my question.
use fha for a house that costs 450,000. But someone else said the maximum is 417,000. Does anybody know the facts? I am buying a home to live in. Not a investment.
Correction. I referred to the cost of the home. I meant to say “mortgage.” I know the mortgage amount will be less than the purchase cost. I was told by somebody that the “mortgage” cannot be more than $ 417,000.
new jersey mortgage
Best answer:
Answer by Mortgage Guru
Hi, Pat. It looks like your question got cut off. Depending on the size of loan and assuming you qualify, you should be able to use an FHA loan to purchase a primary residence in NJ.
If you want to email me the rest of your question, I’ll happily respond.
If you are buying a home in New Jersey, yes, the FHA mortgage can be higher than $ 417k. For FHA, the maximum loan amount varies by county and state and the number of units in the property. You cannot use FHA for an investment property.
The minimum down payment as of now is 3.5%. Can’t imagine why you were given bad information.
See the table here for a summary of maximum loan amounts in New Jersey: http://tr.im/NEX4
You might want to seek a different mortgage person. Not a good sign to start the process with such bad advice on a really important issue.