Mortgage Expert John Veenstra: Mortgage for the Average Buyer

13 Jul 2018 | 12:15

There are two 30 Year Fixed Rate Mortgages that have been made available as community lending mortgages that offer underwriting flexibilities to qualified borrowers who meet specific income criteria.
Theses mortgages allow the average Buyer to take advantage of the following:
1. Purchase with down payments as little as 3%
That can be your own money or a Gift from a Relative
2. With credit score down to 680, get the same rate as someone with an 800 credit score
3. With credit score down to 620, mortgage rate is only slightly higher than the best rate
4. Can buy 2 and 3 and 4 Family with 5% down
Need a credit score of 700 as a minimum for less than 20% down payment
With 20% or more down payment, this can be done with a credit score down to 620
Normally, less than 20% down payment cannot be done at any credit score
What is the catch?
Your Qualifying Income cannot exceed a certain amount that is set by property location:
The Income Limit in 12 New Jersey Counties is $94,600
If your income exceeds that due to a spouse income or second job, we can leave that out
Some property locations do not have any income limit
If your income exceeds the INCOME LIMIT, tell me the property address and I can check to see if that property can be purchased with NO INCOME LIMIT.
You never know where that will be. Last week there was a property in Wharton, NJ, that had NO INCOME LIMIT.
These mortgages are eligible for PURCHASES and LIMITED CASH-OUT REFINANCES
It costs you nothing except a little time to discuss what you might qualify to purchase.
Contact me day or evenings or weekends.

John Veenstra
Mortgage Loan Officer, NMLS #178140
41 Grand Avenue, River Edge, NJ 07661
201-833-0123 Ext 278
Cell: 973-809-8786