FHA and Investor Specialist

NJ jumbo mortgage loans are getting a little easier to obtain these days.  The easing of the secondary market has been a long time coming.  Some counties have reaped the benefits of the Fannie Mae loan limits being raised, with many areas in NJ offering "conforming jumbo" loans up to $729,750.  However, many counties such as Mercer, Atlantic, Burlington, Cape May, Camden, and other Counties in NJ still have conforming jumbo loan limits in the 400 range.  The good news is that are great programs still available for those who either have a loan amount over $729,750 in "high cost" areas or those who fall just above the county loan limit in the non "high cost" areas. At First Interstate Financial, we act as both a broker and lender to insure we have access to the best loan programs available.

NJ jumbo mortgage loans are available currently with an 80% loan to value up to a 1 million dollar loan amount for fully documented loans, with strong credit, and asset reserves.  This means on a purchase transaction, if you can put 20% down we may be able to arrange financing for a jumbo loan.  Cash-out refinances and rate reduction refinances also are available to an 80% Loan-to-Value, based on an appraised value.  Loan amounts greater than 1 million dollars are also available.  Please contact me directly for quotes and terms.

 There are different terms available for NJ jumbo mortgage loans, such as the traditional 30, 20 and 15 Year Fixed terms as well as adjustable rates such as a 5/1, 7/1, and 10/1 Adjustable Rate Mortgage (ARM) program.  There are also interest-only options available for these NJ jumbo mortgage loans, for those that prefer that option.  I have found that many consumers prefer an interest-only option when paying down their loan in an accelerated manner, as the payment re-amortizes monthly.

Also available for NJ jumbo mortgage loans is a stated income program designed solely for self-employed borrowers. Terms are constantly changing, so contact me directly for terms.

For a free no-obligation consultation, please contact Michael Byrne below.

Michael Byrne

First Interstate Financial Corp.

800-999-2489 x7972

908 531 6170 Cell