New Jersey FHA Loan Limits for 2024

The New Jersey FHA loan limits in 2024 have been updated and the limits may vary by county with the potential to change next year. For this year, the limits for a single family residence in Arizona range starts at $498,257. We will keep you updated on any changes as they occur.

Reach out to us for a rate quote in your area and to see whether you qualify. We have helped thousands of New Jersey residents this year to get a low rate FHA home loan.

New Jersey FHA Mortgage Benefits 

  • FHA mortgages allow for low credit scores.
  • FHA mortgages require very low down payments.
  • FHA mortgages never have pre-payment penalties
  • FHA mortgages help borrowers to find their dream home and are often the choice for first time home buyers.

CLICK TO GET A New Jersey FHA RATE QUOTE

New Jersey FHA Loan Requirements

  • FHA Employment Requirements– You must have a full two year work history to qualify. If you are self employed, you would need to have owned your business for two years.
  • Residency Requirements – The home you plan to purchase must be occupied as your primary residence. Multi family buildings up to 4 units are eligible as long as you occupy one of those units are your own residence. Investment properties are not allowed.
  • FHA Income Documentation – You must show recent pay stubs, tax returns for the past two years, and bank statements for the past two months. If you are self employed, you will need to also document your income.
  • FHA Mortgage Down Payment Requirement – The minimum down payment requirement for an FHA mortgage in 2018 is 3.5% with a credit score of 580 or higher. Read more about FHA DOWN PAYMENT INFORMATION
  • FHA Credit Score Requirement – You can qualify for an New Jersey FHA mortgage with a credit score of 580 or more. You may also get qualified with a credit score as low as 500, but you will likely have to put as down as much as 10%.
  • FHA Mortgage Insurance (MIP) – You will be required to have an FHA mortgage insurance premium (MIP).  You may read more about what this insurance will cost at our full FHA mortgage page.

Click to connect to a New Jersey FHA loan specialist to see if you qualify and to get a rate quote

                                                                    2024 New Jersey FHA Loan Limits

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New Jersey FHA Streamline Refinance Loan Information

FHA Loan Frequently Asked Questions – FHA FAQ

Q: How long do you have to live in the house with an FHA loan?

A: The guidelines indicated that you must occupy the home for 12 months after closing.

Q: Does the FHA loan have to be for a primary residence?

A: Yes, FHA loans are only for a primary residence.

Q: What is the New Jersey FHA down payment requirement?

A: You will need to put down 3.5% for an FHA loan. More if your credit scores are extremely low.

Q: Do FHA loans require mortgage insurance?

A: Yes, if you are putting down less than 20%, you will need to pay monthly MI (Mortgage Insurance)

Q: Is an FHA loan only for first time home buyers?

A: No, anyone can apply for an FHA loan as long as you meet all of the criteria.

Q: Can veterans apply for an FHA loan?

A: Yes, but they will need to submit a DD form 212 with your application. We believe the best program for veterans is the VA Loan.

Q: What are the FHA mortgage loan fees? 

A: The fees are regulated but we recommend that you contact an FHA lender here to outline all of the fees that may pertain to you.

Q: Can I get an FHA loan with a 500 credit score?

A: There are some lenders who will work with scores that low, but you will need a larger down payment.

Q: What is the FHA Loan limit in my area?

A: We recommend that you discuss this with one of our lenders or click the link above where you can research the limits in your area.

Q: Can I get an FHA loan with bad credit?

A: Yes, you can but the down payment requirement may be higher as well as the interest rate.

Q: Can I get an FHA loan on more than one property?

A: Typically no but there are some circumstances where it would be allowed. Contact one of our FHA Lenders to find out more.

Q: Are gift funds permitted to be used towards the down payment?

A: Yes, a gift can come from a relative, close friend, your employer, a charity, or a government agency.

We are able to help you to find an FHA loan with the best FHA lenders in the following states: Alabama, Alaska, New Jersey, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.