Robert GaccioneDirector of Commercial Lending
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Are you a self-employed borrower? Do you own your own business, and have maybe struggled to obtain financing? If you’ve experienced difficulty trying to do so, it might be best to try and benefit from a non-qualified mortgage (non-QM) loan. What is a non-QM loan? A non-QM loan is any home loan that doesn’t meet the regular standards of a qualified mortgage. But, keep in mind that not every lender will offer this. NJ Lenders Corp. is, in fact, a non-QM lender, and they have more flexibility in the underwriting process to work with any borrower that other lenders might label as risky. Who exactly can benefit from a non-QM loan? Self-employed borrowers Real estate investors Foreign nationals Prime borrowers Near or non-prime borrowers Borrowers with significant assets The non-QM loan program will target credit-worthy borrowers who are self-employed, have non-traditional incomes, have assets and no income, or have had difficulty qualifying for a traditional mortgage. It can be used for rate-and-term refinances, cash-out refinances, or a new home purchase for owner-occupied, second homes, or investment homes. Expected growth for non-QM loans in 2019 One of the bright spots for the mortgage industry in 2019 is the expected increase of non-QM loans. According to the Origination Solutions Survey from Altisource Portfolio Solutions , non-QM lending could see a surge of 400% in 2019, and was deemed one of the most promising market opportunities by more than 200 “decision makers” in the mortgage origination business. The program is designed to help show alternate methods of income ...
For a lot of New Jersey home buyers, the down payment can be the biggest hurdle to buying a home. But it might only be a perceived hurdle. The truth is there are several mortgage programs available in New Jersey that offer low down-payment requirements. Additionally, borrowers might be able to obtain gift money from a family member or borrower from a 401k. Those are just some of the ways you could buy a home in New Jersey with little to no money down. Buying a Home With Little Money Down, Using FHA House prices across New Jersey have risen steadily over the last few years. According to the real estate information service Zillow, the median home value for the state rose 5% over the last 12 months alone (ending in October 2017). As a result, many home buyers in New Jersey are seeking ways to reduce their upfront, out-of-pocket expenses when buying a house. Some prefer to buy a house in New Jersey with little to no money down. Here’s how you might accomplish that goal. Despite common misconceptions, you don’t necessarily need a down payment of 20% or more when buying a house in New Jersey. There are mortgage loans available that offer a much lower upfront investment. The FHA loan program is one of those financing strategies that offers a low down payment. The Department of Housing and Urban Development (HUD), which manages this particular mortgage program, allows borrowers to make a down payment as low as 3.5% of the purchase price or appraised value. Even better, HUD allows FHA home buyers to obtain gift money from a third-party donor, such as a family member, a close friend, or even an employer. These funds can ...
Are you a Generation Zer? Have you thought about purchasing a home, but thought it wasn’t possible? A recent 2019 Homebuyer Insights Report showed that nearly 60% of 18-to-23-year-olds would like to buy a home within the next five years. It also reported that another 52% of Gen Zers have already started to save up to purchase a home. So, if you’ve thought about it, or maybe deemed that you couldn’t do it, think again, as we provide you with saving tips to buy that home sooner than you think. Tip #1: Find The Right Savings Account For You If you’re looking into a savings account, it is super important that you’re choosing the right one for what you’re trying to achieve. If you are in the beginning stages of saving, it might be best to get an account that doesn’t require a minimum balance, that way you can start to earn interest immediately, regardless of how much you have saved in the bank. Try to open an account with a high interest rate, and then you can earn more on the funds you save. Tip #2: Have Portions Of Your Paychecks Automated Into Your Savings If you’re receiving a paycheck on a weekly or bi-weekly basis, it’s a great idea to have a portion of that check go straight to your savings account. If you’re not comfortable doing that for every check you receive, you could also see if it’s possible to have auto-transfers from checking-to-savings at least once or twice a month. If you’re not sure how to go about this, there are so many apps out there today that can help you with auto savings. Using an app can also help you to see where you’re spending your money, and ...
Home buyers in New Jersey tend to have a lot of questions about the mortgage application, processing and closing process. In particular, many buyers want to know about the mortgage documents that are needed in New Jersey. The list of required documents can vary based on the type of home loan you are using and other factors. With that being said, there are certain mortgage documents that are required for most home-buying scenarios. They are explained below. Mortgage Application and Closing Documents in New Jersey When you apply for a mortgage loan in New Jersey, you will be asked for a variety of documents relating to your finances. Here are some of the “usual items” that are required during the mortgage application, underwriting, and closing process in New Jersey. Bank statements for the last few months, for accounts the borrower holds. If more than one person will be named on the mortgage loan, they will each have to provide banking documents. Tax returns for the last year or two. These documents can be sent straight to the mortgage company from the IRS. The home buyer typically completes IRS form 4506-T (Request for Transcript of Tax Return), which enables this to happen. Recent pay stubs showing year-to-date earnings. Name and contact information for the borrower’s employer, and possibly previous employers as well. Most recent statements for any outstanding loans or lines of credit. When applicable: marriage licenses, child support documentation, divorce settlements, bankruptcies or judgments. In some cases, New Jersey mortgage applicants are asked for explanations of recent credit ...
Since 1991, NJ Lenders Corp. has been originating first and second mortgage loans in several states and has offered competitive mortgage rates and fees, while providing a level of service that exceeds client’s expectations. The company and their loan officers have been nationally recognized throughout the years by several different publications, and they have worked hard to achieve and maintain a prestigious reputation as one of the best mortgage companies in the game. What makes them one of the best New Jersey Mortgage Lenders you might ask? Let’s take a look… Great Reviews Make Us The Best Mortgage Company NJ Lenders doesn’t have to toot their own horn when their customers can do it for them! On several different platforms, their past clients have given them an overwhelming amount of positive reviews. The company has a 5-star rating on the popular website, Zillow, with over 2,300 reviews, and they also have a 5-star rating on Google with over 300 reviews. However, the website SocialSurvey is where the company stands out the most with almost 5,500 reviews and a 4.92-star rating. Not only has the company been recognized by SocialSurvey , but with over 30,000 loan officers in the running, six NJ Lenders loan officers made the SocialSurvey 2018 Top Performers List for Customer Satisfaction. It’s no wonder that 70% of the company’s loans are derived from previous customer referrals. Awards Makes Us The Best Mortgage Company Not only have our loan officers made SocialSurvey’s 2018 Top Performers List, but they’ve also been recognized by some of the nation’s top publications. One of the ...