Parsippany NJ Mortgage: In our current economic environment, financing remains available to qualified borrowers to purchase a house and to do rate, term and cash-out refinancing. The catch is that the definition of a “qualified borrower” has changed over time. Here are some tips (as well as questions to ask a prospective Parsippany NJ Mortgagelender regarding their loan parameters) to help you qualify for a loan as well as documentation required to close on a Parsippany NJ Mortgage loan in a timely fashion:
Review your credit rating. Parsippany NJ Mortgage loans now often want a minimum 620 (For FHA and VA loans), 680, 700, or even a 720, or higher credit score. You can ask your mortgage loan officer to review your credit report with you or go to a free credit report service to review a copy of your credit report. You will want to check your credit for errors and any late payments, high balances, or loans for which you have co-signed (like student loans). See more information on how credit reporting works, or consult with your loan officer. Ask your lender what their credit score policy is for your particular loan.
Check your home’s value. Nothing is more disappointing than someone’s home not appraising for enough to qualify for a refinance or purchase. Zillow is a great tool to start, and you also may want to consult a Parsippany NJreal estate professional if you are refinancing to gauge the market trends in your area. Local papers often list recent sales prices and addresses as well. I strongly urge anyone buying a home to use a buyer’s agent to represent them for their purchase. Review with your lender what the maximum loan to value is for your particular loan program. All lenders will scrutinize an appraisal, and many lenders require a review appraisal or a second full appraisal for large loans.
Check your income. Many Parsippany NJ Mortgage lenders may not include bonus income at all, or may require a low loan-to value (usually under 75%) to include bonus income. If you are self employed or have a small side business, review your actual claimed income or loss. Lenders now check with the IRS for what your total claimed income is prior to closing a loan, via a form 4506. If you have W-2 income but substantial business losses, this could present an issue. Check with your lender beforehand and present 2 years worth of SIGNED tax returns. Presenting a signed return verifies that it is indeed what you filed with the IRS.
Review your asset “reserves.” While some Parsippany NJ Mortgage lenders do not even verify asset reserves for jumbo loans, most want to see some money left over in savings after closing. Usually, a l
ender wants to see PITI reserves, or a certain number of months total mortgage payments in savings. These reserves can be in the form of an IRA, 401k, stocks, checking, savings, etc. Lenders want to see 2 months of ALL PAGES of asset accounts. Accounts such as an IRA or 401k are usually counted as 60-70% of their face value towards reserves due to withdrawal and tax penalties/liabilities, if applicable. Many lenders require 6-24 months or more PITI reserves, depending on the loan’s size. FHA and VA loans are less strict with asset reserves.
Decide what type of loan you want. 40, 30, 20, and 15-year fixed loans have different rates and payments. If you plan on staying in your home less than 10 years, you may want to entertain an adjustable rate mortgage for a lower interest rate. An interest-only loan may be attractive if you plan on making lump sum payments, or simply want to make minimal payments. Interest-Only and Adjustable Rate Mortgages are not for everyone, as we have learned over the last few years. Be sure to check the margin, index, and caps on an adjustable rate loan. Get ARM details in writing from your lender.
Have your documentation ready. Your Parsippany NJ Mortgage lender isn’t singling you out if they ask (in addition to income/asset information) for a recent phone bill with your address and phone number, a copy of a legible drivers license, homeowners insurance declaration page, credit inquiry letter, and even a credit explanation letter. This is standard now for documenting a loan file.
Ask about special programs: as a Parsippany NJ Mortgagelender, we can offer our Union Plus Mortgage program to eligible buyers, as well as a host of first time buyer programs.
Michael Byrne
Mortgage Specialist
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Okay, so this post ushers in the 5th installment of a series entitled 'Developing a Social Media Strategy.'
Fortunately, effective blogging is not rocket science. The path towards developing a 'Killer Blog' simply requires an understanding of the basic components of a successful blog, and your commitment to consistently invest the necessary time and effort.


growth on your business as your readers subscribe and recommend your blog to others. Soon you'll be receiving contacts from potential new clients worldwide and the more often you write, the easier it will come to you.
and when you are finished your 'rough draft', you can go back and make revisions or corrections.
ough to meet the guest speaker!'

'On the Move'~ Write a post outlining the steps/things a home buyer/seller should be aware of or do leading up to moving day and on moving day itself. You could include 'making special provisions for pets', companies to notify of your move, etc. 


Write a post outlining the annual festivals your area is known for.
when they decide to sell their property, starting at the point of pre-listing and taking them through to closing day.
Write a post about insurance issues in your area and things that buyer's/seller's should be aware of when considering selling/buying (since these may affect whether or not the property will be insurable by a new owner). These could include things like concerns over galvanized plumbing, aluminum wiring, wet basements, etc. 
Conforming Jumbo Mortgages: with Fannie/Freddie
With much of New Jersey, Connecticut, and New York's five boroughs and surrounding areas having a much higher loan limit for the Conforming Jumbo Mortgage program, I know I have found the right home here at Chase. For anyone considering purchasing or refinancing with a conforming jumbo mortgage, feel free to
of 1 Million or more. Keep in mind that these loan programs are designed for excellent credit scores, full documentation loans, and asset reserves will be required. Expect the appraisal to be scrutinized closely as well. Co-Op programs are available only in specific geographic regions and require prior approval of that Co-Op Complex. Condo's will also have to be on our approved list.
Cash-out refinances for 1-2 unit properties and 3-4 unit property purchase and no cash-out refinance money programs are available as well for Super Jumbo Mortgage Loans at reduced loan to values. Credit restrictions and guidelines are a bit tighter on these property types.
Co Op Mortgage: One reason that Co Op Mortgage loans are a struggle to get financing for is because of the shareholder structure of owning within a Cooperative: technically (as I understand it) one owns shares of the Cooperative as a whole. This differs from traditional single family financing. However, I am pleased to announce that in the Northeast Region, Chase Home Loans offers Co Op Mortgage Loans on qualified properties in New York and New Jersey. Eligible Counties in New York are: the Five Boroughs plus Nassau, Suffolk, Westchester and Rockland Counties. In New Jersey, eligible Counties on a case by case basis are: Bergen, Hudson, Essex, Union, and Middlesex Counties.
initial consultation and no obligation. I have 19 years experience in the mortgage field and can make the necessary requests if needed to get your Super Jumbo Loans done. If I can't find a way to get your loan done, I will give you my honest insight as to how and when you can get your loan done.