LOAN TYPES
Meeting Your Financing Needs
Federal Housing Administration Loan (FHA)
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
Conventional Loan
​A conventional loan is a mortgage loan that's not backed by a government agency. These loans come in all shapes and sizes, and while they don't provide some of the benefits as FHA, VA and USDA loans, conventional loans remain the most common type of mortgage loan.
VA Loan
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
USDA Loans
USDA home loans are mortgages
issued by the U.S. Department of
Agriculture. This loan product is perfect
for income-qualified buyers in rural and
some suburban areas who want a low
or zero down payment.
Jumbo Loan
Jumbo home loans are mortgages
above a certain dollar amount. Jumbo
loan limits vary by county and are
adjusted periodically. This loan product
is best for buyers of expensive homes
and owners who want to refinance
jumbo-size mortgages.
Renovation Loan
Renovation loans are available for
homes that are in need of some TLC.
These products allow borrowers to
receive a loan that, not only covers the
cost of acquiring the property, but also
the cost of repairs.
Adjustable Rate Loan
Adjustable rate mortgages consist of
an initial rate that is fixed for a number
of years, then adjusts periodically.
This loan is best during a market
where interest rates are anticipated
to become lower in the future or for
borrowers who don't plan on having
the mortgage for a long time
2-1 Buydown Loan
A 2-1 buydown program is a type of financing offer to reduce your interest rates for the first two years of a mortgage. If you opt for a 2-1 buydown, that means as a buyer, your interest rate is reduced by 2% the first year and 1% the second year.
By the third year of the mortgage term, the interest rate goes back to the original interest rate on the loan. But with a 2-1 buydown, buyers have reduced payments for the first two years.
NJFMHA
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Under the NJHMFA Down Payment Assistance Program, qualified borrowers can receive up to $10,000 in assistance funds. The assistance funds can be put toward the closing costs or down payment, and they come in the form of a zero-interest, second mortgage with no monthly payments.
BANK STATEMENT LOANS
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A bank statement mortgage allows eligible self-employed borrowers to use bank statements to help verify income instead of tax returns. A lender will use these statements to analyze income to prove the ability to repay a loan.
ITIN LOANS
ITIN Loans are a unique kind of loan for individuals that may not have the traditional documentation needed to obtain mortgage loans. ITIN Loans can be a suitable option for individuals who do not have a Social Security Number.