New Jersey Home Loans

Popular mortgage options in New Jersey

Some of our home loan options include:

• Fixed Rate Loans – eLEND offers conventional fixed rate mortgages including 30, 20, 15, and 10 year fixed options.
• Adjustable Rate Mortgages –The FHA 5/1 ARM can be worth exploring in areas where home prices are high and you need a very low interest rate for the first few years of homeownership.
• Jumbo Loans – These are a good option if you’re looking to buy a home in a high market value area of NJ. Jumbo financing is needed when you require a loan higher than current conforming loan limits. PLEASE NOTE: THIS PROGRAM HAS BEEN TEMPORARILY SUSPENDED
• Low and Zero-Down Mortgages – You may qualify for a government backed mortgage program that could get you into your New Jersey home with little to no money down. If you are a military veteran or prefer to live just outside the Garden State’s major urban areas, a VA or USDA loan may help you purchase with no down payment. eLEND also offers New Jersey FHA loans which often have 3.5% down options.
• Refinancing options are also available!

Mobile, manufactured and modular homes in New Jersey

Mobile and manufactured homes are becoming an increasingly popular and affordable housing option for individuals and families in The Garden State. There are more floor plans available today than ever, and many manufactured, mobile and modular homes offer most all the luxuries of stick-built homes.

If you’ve been considering purchasing a mobile home, manufactured home or modular home in NJ, you may have discovered it’s not that easy to find a lender. Now you’ve found one! eLEND offers a variety of home financing for these home types.

Mobile homes and manufactured homes eligibilty

Eligible Property Types

To be eligible for our mobile and manufactured home loan programs, including singlewides and doublewides, some of the requirements that must be met include the following:

• The home must be a minimum of 400 square feet.
• The home must have been built after June 15, 1976, and in conformance with the Federal Manufactured Home Construction and Safety Standards (there will be a certification label to signify this).
• The home must be on a permanent foundation and cannot be located in a mobile home park.
• The loan must also cover the land that the manufactured home sits on. If it does not, and the mobile home is on land you do not own, we can still help you! Our personal property loans are *powered by MHL. Talk to one of our home loan specialists today!

Looking to refinance instead? Learn more about refinancing a manufactured home or refinancing a mobile home with eLEND!

How can an FHA loan help you?

eLEND is proud to offer a wide variety of home financing options, including loans backed by the Federal Housing Administration (FHA). If you yearn to live near the beaches of Wildwood or crave the culture of Hoboken, let eLEND help you realize your dream of New Jersey homeownership with an FHA loan. These loans can be made on single family homes, some owner occupied multifamily properties, and even manufactured homes.

eLEND is one of the nation’s leading FHA lenders and we can help you determine if you qualify for all the advantages of this program.

• An FHA loan can be ideal for first-time New Jersey homebuyers or individuals with less than perfect credit. Since this type of mortgage is backed by the federal government, lenders such as eLEND can offer down payments as low as 3.5 percent.
• If you are looking to cash out some of the equity in your NJ home, the loan-to-value limits of FHA loans may be appealing.
• If you want to invest in a multi-family property, an FHA mortgage may work for you, provided you live full-time in one of the units.
• Already have a FHA loan on your New Jersey home? You may be able to lower your interest rate with a streamline refinance without many of the expenses of a conventional refinance.

How do I qualify for an FHA loan?

Qualification requirements vary depending on which type of FHA loan you are applying for. However, your loan approval will be based on several factors including:

• Credit score and credit history.
• The amount of income you earn.
• The amount of your other debts.
• How much equity you will have in the property.
• If the home will be used as your primary residence.
• The amount you’re trying to borrow (loan amounts are restricted to the FHA loan limits which vary by county and are based on the cost of real estate in that area).

If you haven’t been able to qualify for a conventional loan because of a past bankruptcy or foreclosure, you may still be able to take advantage of an FHA Loan. To learn more, reach out to an eLEND home loan specialist by calling (800) 634-8616.

USDA home financing in the state of New Jersey

No matter where you’d like to live in New Jersey, it’s worth asking an eLEND consultant about a home mortgage backed by the US Department of Agriculture (USDA). The USDA Rural Housing Loan program was created to help more homebuyers purchase homes in rural areas, and you might be surprised at how many NJ cities fall under the USDA’s acceptable guidelines!

Plus, there are many advantages to a USDA housing loan. The primary benefit is that qualified buyers can purchase a home with zero money down.

With a guaranteed loan, borrowers may be able to finance some closing costs or use funds to make repairs and improvements to their homes. A guaranteed loan can even assist with the refinancing of eligible loans. Income guidelines vary among New Jersey cities and towns, but some people find them more flexible than they expected.

Who qualifies for a USDA loan?

As a USDA mortgage applicant, both you and the property must meet certain requirements. For instance, the home you purchase must be used as your primary residence, and you must have an acceptable credit history, credit score and you must meet certain income guidelines. The property must be located in a rural development eligible area.

In addition to the USDA Rural Housing Loan, eLEND offers a other low and no money down programs in New Jersey, including NJ FHA loans and zero money down VA loans. And, we have a number of conventional home loan options!