NJ & NY Mortgage Move Up Homebuyer
Rates are at a all time historic low, so buying your next home doesn't need to be a difficult task. Golden Mortgage can help you make it a hassle free experience. Home buyers can get pre-approved for free, before shopping for your new home. Gain the advantage and get more bargaining power.
Our exclusive mortgage programs allow you to purchase a home with minimal downpayment. Some programs with as little as 3% down program. We have helped homebuyers over the past 16 years, just like you, buy their home. If you put a down payment less than 20% of the purchase price, you may need to pay Private Mortgage Insurance (PMI). Alternatively, there is a Lender Paid Mortgage Program which eliminates PMI. The 30 year fixed FHA program has a minimum 3.5% down payment, requiring a minimum mid credit score 580+. FHA also has a 550+ credit score with a minimum of 10% down payment. Both programs do not allow mortgage lates in the last 12 months. Credit issues are okay. 10% down payment programs 1 day out of bankruptcy or foreclosure, if you qualify.
Jumbo Loans (up to $3 million)
We have fixed and adjustable rate loans available up to 85% to $1 million loan amounts. Large down payment required for loans in excess of $1 million.
Important steps for a homebuyer mortgage approval:
Get your financial house in order is the key prior to housing hunting or preparing to get a mortgage.
- Credit score - depends on how you pay your bills and the ratio of outstanding credit versus your total credit limit. Pay on time and try to use only 50% of your credit limit.
- Income and Employment - determines the maximum housing payment can you afford
- Asset verification - source of your downpayment and reserves for the past 60 days. Large deposits other than payroll must be sourced and explained
- You should be in the same line of work for at least two (2) years. Recent college graduates can use their college transcript to fulfill the two (2) year employment history gap
- Your housing payment (principal, interest, taxes and homeowner insurance-PITI) should not exceed 32-36% of your gross monthly income. Total debt (PITI including minimum monthly credit card and installment loans) should not exceed 43% of gross monthly income
- Exceptions can be made for compensating factors, such has high credit score, large downpayment and liquid reserves remaining after closing on your mortgage loan
- Postpone purchase of large ticket items until after closing on home (to keep your monthly expenses low for underwriting ratio)
- If you don't have credit history, we need three alternative credit sources such as rental/mortgage, telephone or utility bills for a twelve month period.
- Do not co-sign for loans or credit. Underwriting considers co-signed debt as your debt
Get started on your mortgage Pre-Approval or call us today toll-free at 800-327-0123.