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New Jersey
Types of Mortgages: Jumbo, Reverse, and FHA Mortgages
Gateway Funding, a mortgage lender based in the New Jersey (NJ) area understands that every customer's financial situation is unique and therefore requires a mortgage program to suit that situation. We want you to know that you have options, and we are here to explain those options, weigh the pros and cons of each, and tailor a mortgage program that reflects your situation.
Listed below are three different kinds of New Jersey mortgage options that may be right for you.
Jumbo Mortgage
A jumbo mortgage is a mortgage with a loan amount that exceeds the conforming loan limits set annually by the Office of Federal Housing Enterprise Oversight (OFHEO). Jumbo mortgages in New Jersey are specially designed for borrowers who wish to buy a high-priced home. Because the loan amount exceeds the OFHEO loan limits, they are not qualified to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Reverse Mortgage
A New Jersey reverse mortgage is a type of mortgage that allows elderly homeowners to borrow money against the value of their home. Repayment of the reverse mortgage is not required until the borrower dies or the home is sold.
The advantage of a reverse mortgage is that the borrower's credit does not matter, since the borrower does not need to make any payments. A reverse mortgage in New Jersey allows a person to stay in their home when economic circumstances may otherwise force them to move.
New Jersey FHA Mortgage
New Jersey FHA mortgages are popular among low- to moderate-income borrowers. FHA loans allow an individual to borrow up to 97% of the value of the home. If you cannot afford to make a large down payment on a new home, a New Jersey FHA mortgage may be ideal for you.
Whether you are buying a luxurious New Jersey home, making plans for retirement, or buying your first home, you have options. If you think a NJ jumbo, reverse or FHA mortgage may be right for you, give us a call at 1-877-936-2677, or simply fill out our convenient online application form.
Locations in New Jersey and
surrounding areas:
750 Broad Street
Shrewsbury, NJ 07702
Marlton Executive Park II
701 Route 73 South, Suite 420
Marlton NJ 08053
33 Witherspoon Street
Princeton, NJ 08542
16 Squadron Blvd, Suite 103
New City, NY 10956
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