Michael Byrne

As a New Jersey Mortgage Banker, we have many programs to offer a consumer. They include and are not limited to: FHA Mortgages, VA Loans, Fannie Mae Loans, Adjustable Rate Mortgages, USDA RD Loans, Jumbo Mortgage Loans, and Stated Income Loans. We will review briefly each type of loan listed above to go over the programs we offer as a New Jersey Mortgage Banker. We offer additional mortgage programs as a broker as well, giving us the ability to offer the best of both worlds. For a direct quote on any particular program, please contact me or feel free to call me directly at 908 531 6170. Here is a synopsis of several of our different loan programs:

FHA Mortgages: as a New Jersey Mortgage Banker, a large portion of our loans is through FHA and we have FHA Approved underwriters on staff. We offer the traditional 203B, 3.5% down FHA Purchase Money loan as well as the FHA renovation loans known as the 203k or Streamline K loans as well. Here is a recent blog I wrote about the FHA Adjustable Rate Program. The fixed rate program is super as well.

VA Mortgages: 100% financing for qualified veterans is a great loan program for veteran first-time homebuyers and seasoned homebuyers alike. With VA approved underwriters on staff, we offer in-house underwriting for VA Loans. Here is a recent blog I wrote with some basic information regarding the VA Mortgage Program.

USDA RD Loans: even in New Jersey, there are plenty of areas qualified for the moderate income rural development 100% financing program. As a New Jersey Mortgage Banker, we underwrite and fund these loans ourselves. Here is some info on the USDA program and eligible areas in NJ. The most important part to remember about the USDA program is you must qualify income-wise and the property location must fall within an approved area.

Jumbo Mortgage Loans: We offer several different true Jumbo Mortgage programs on a brokered basis. Although many parts of NJ have benefitted from the "super-conforming" loan limits, some areas still have relatively low loan limits. The Princeton area comes to mind, for one. We have true jumbo loans available for those above the fannie mae loan limits. Here is a recent blog about our jumbo programs in NJ.

Stated Income Mortgage Loans: We do not offer the traditional "liar's loan", but rather have on a brokered basis access to Stated Income Mortgage Loans for the self-employed borrowers for which this program was originally intended. This blog has more information about our stated income brokered product.

For more information on the loans we offer as a New Jersey Mortgage Banker, use my contact form or call me at 908 531 6170.

Current VA Mortgage Rates have down as of late, making it easier for veterans to purchase a home with little to no money down. With the tightening of the credit markets, 100% financing is becoming increasingly scarce. There is good news for Veterans of the Armed Services and National Guard. Typically 100% financing is still available to a minimum of $417,000 for Veterans. For a customized quote for Current VA Mortgage Rates, please fill out this contact form for a free quote .

Current VA Mortgage Rates for 100% financing for qualified Veterans can be obtained at very low interest rates currently. Rates may vary and this is not a commitment to lend. It is important to note that Current VA Mortgage Rates can vary day-to-day and by client, so to get an exact quote, please fill out this contact form for a free no-obligation quote.

One of the great things about the VA loan program is that there are limitations on the "junk" fees allowed by the way to be passed on to the borrower. One item of note is that the VA does not regulate Current VA Mortgage Rates or discount points on this program. It is important to compare the pricing on the loan, as well as charges by third party providers.

VA loans tend to have fewer "junk fees". Here is a basic list of allowable and non-allowable closing costs for VA Loans*:

VA Allowable Closing Costs

-Discount Points

-Title exam fee, including tax and assessment search

-Flood Cert.

-EXACT amount charged for appraisal and credit report

-Attorney or Settlement agent fee

-Title insurance policy

-Pest inspection (must be paid for by seller unless veteran agrees in writing to pay for it)

-interim interest

-First Year Hazard Insurance Premium(and flood insurance if applicable)

- Tax and insurance escrows

Non Allowable VA Closing Costs

-Tax service fee

-Application fee

-Document Preparation fee*

-Underwriting fee*

Once again, the VA loan program is a great way to provide financing for Veterans, with low Current VA Mortgage Rates. One other benefit is that there is no monthly mortgage insurance fee, but rather one time financed MIP. A 4% seller concession is allowed for VA loans, which can allow a buyer to get into a home with little to no out of pocket expense. I remember one closing where the Veteran received a check at closing for reimbursement of his initial deposit.

Here is a quick glance at typical VA Funding fees:

PA Stated Income Mortgage: Despite the contraction of the secondary markets, there are still PA Stated Income Mortgage (w/ full asset verification) programs available (currently in NJ, CT, and certain counties of NY and PA only) to Pennsylvanians who qualify for this type of financing in the vein of which it was originally intended: allowing for self-employed consumers who cannot prove their actual true income via their tax returns. We offer this program on a brokered basis and the terms, rates, and guidelines are subject to change without notice, just like everything else in this world we live in today. Mortgage Brokers: This program is offered by my company direct to consumers only and not by my company on a wholesale level.

The PA Stated Income Mortgage is available in only the following Pennsylvania Counties: Bucks, Chester, Delaware, Lehigh and Montgomery Counties only. Other programs are available in other Counties, but not this particular loan program.

The basic parameters of the PA Stated Income Mortgage loan are as follows: 70% Loan to Value (30% down) for purchases and refinances up to $750,000 for recommended credit scores of 700 and above. This program is not so much credit score driven, as the whole credit picture is taken into consideration. A high credit score lacking the necessary credit tradelines and credit depth may not be seen as favorable. 55% Loan to Value (45% down) with loan amounts up to 1,000,000.

This program, once again, is designed for the borrower who truly cannot document their true earnings, thus the name PA Stated Income Mortgage. Assets are documented and are expected to be consistent with the income stated. By self-employed, a consumer is expected to show a corporate type structure, rather than simply some Schedule C income on a tax return to count as self-employed. This is not a traditional "liar's loan". Expect the appraisal and appraisal review to be on the conservative side, but not unreasonable.

Basic rates for this PA Stated Income Mortgage program are competitive: 4.75%-6.375% range for short term ARM financing (3/1, 5/1, 7/1, and 10/1) to 15, 20 and 30 Year Fixed rates, typically with 0-1 discount pt. Rates can vary by loan amount, loan-to-value, and State, and are subject to change without notice. This is not to be construed as a commitment to lend. For more information about this product and other available programs, please contact me directly at 908 531 6170.

NJ Stated Income Mortgage: Despite the contraction of the secondary markets, there are still NJ Stated Income Mortgage (w/ full asset verification) programs available (currently in NJ, CT, and certain counties of NY only) to those who qualify for this type of financing in the vein of which it was originally intended: allowing for self-employed consumers who cannot prove their actual true income via their tax returns. We offer this program on a brokered basis and the terms, rates, and guidelines are subject to change without notice, just like everything else in this world we live in today. Mortgage Brokers: This program is offered by my company direct to consumers only and not by my company on a wholesale level.

The basic parameters of the NJ Stated Income Mortgage loan are as follows: 70% Loan to Value (30% down) for purchases and refinances up to $750,000 for recommended credit scores of 700 and above. The particular Fannie Mae loan limit is NOT taken into consideration for this loan program. This program is not so much credit score driven, as the whole credit picture is taken into consideration. A high credit score lacking the necessary credit tradelines and credit depth may not be seen as favorable. 55% Loan to Value (45% down) with loan amounts up to 1,000,000.

This program, once again, is designed for the borrower who truly cannot document their true earnings, thus the name NJ Stated Income Mortgage. Assets are documented and are expected to be consistent with the income stated. By self-employed, a consumer is expected to show a corporate type structure, rather than simply some Schedule C income on a tax return to count as self-employed. This is not a traditional "liar's loan". Expect the appraisal and appraisal review to be on the conservative side, but not unreasonable.

Basic rates for this NJ Stated Income Mortgage program are competitive: 4.625%-6.375% range for short term ARM financing (3/1, 5/1, 7/1, and 10/1) to 15, 20 and 30 Year Fixed rates, typically with 0-1 discount pt. Rates can vary by loan amount, loan-to-value, and State, and are subject to change without notice. This is not a commitment to lend and is intended for information purposes only. For more information about this product and other available programs, please contact me, Michael Byrne, directly at 908 531 6170. I will avail myself to answer any and all questions regarding this or any other loan program which may best fit your needs.

CT Stated Income Mortgage: Despite the contraction of the secondary markets, there are still CT Stated Income Mortgage (w/ full asset verification) programs available (currently in NJ, CT, and certain counties of NY only) to those who qualify for this type of financing in the vein of which it was originally intended: allowing for self-employed consumers who cannot prove their actual true income via their tax returns. We offer this program on a brokered basis and the terms, rates, and guidelines are subject to change without notice, just like everything else in this world we live in today. Mortgage Brokers: This program is offered by my company direct to consumers only and not by my company on a wholesale level.

This CT Stated Income Mortgage program is available in all Counties of Connecticut, and for loan amounts listed regardless of the Fannie Mae loan limits in that particular County.

Basic rates for this CT Stated Income Mortgage program are competitive: 4.75%-6.375% range for short term ARM financing (3/1, 5/1, 7/1, and 10/1) to 15, 20 and 30 Year Fixed rates, typically with 0-1 discount pt. Rates can vary by loan amount, loan-to-value, and State, and are subject to change without notice. For more information about this product and other available programs, please contact Michael Byrne directly at 908 531 6170.

The basic parameters of the CT Stated Income Mortgage loan are as follows: 70% Loan to Value (30% down) for purchases and refinances up to $750,000 for recommended credit scores of 700 and above. This program is not so much credit score driven, as the whole credit picture is taken into consideration. A high credit score lacking the necessary credit tradelines and credit depth may not be seen as favorable. 55% Loan to Value (45% down) with loan amounts up to 1,000,000.

This program, once again, is designed for the borrower who truly cannot document their true earnings, thus the name CT Stated Income Mortgage. Assets are documented and are expected to be consistent with the income stated. By self-employed, a consumer is expected to show a corporate type structure, rather than simply some Schedule C income on a tax return to count as self-employed. Verification of self-employment is required and may vary in method from loan to loan. This is not a traditional "liar's loan". Expect the appraisal and appraisal review to be on the conservative side, but not unreasonable.