FHA Loans in Bergen County
Get approved with just 3.5% down and credit scores as low as 580. FHA loans make homeownership accessible with flexible requirements and high loan limits.
Why Choose an FHA Loan?
Low Down Payment - Only 3.5%
On a $400,000 home in Bergen County, you only need $14,000 down (vs. $80,000 for conventional 20%). This makes homeownership accessible years sooner. You can use gift funds, down payment assistance, or your own savings.
Flexible Credit Requirements
Credit scores as low as 580 qualify for 3.5% down. Scores 500-579 can qualify with 10% down. Recent bankruptcy (2 years) or foreclosure (3 years) is acceptable with FHA. We work with all credit situations and can help you improve your score if needed.
High Bergen County Loan Limits
Borrow up to $929,200 in Bergen County with FHA (2025 limit). This covers most Bergen County homes including Hackensack, Fort Lee, Paramus, and Teaneck. Multi-family properties can go even higher (up to $1.78M for 4-units).
Gift Funds & Down Payment Assistance
100% of your down payment can be a gift from family. You can also use HomeFundIt (crowdfunded down payment assistance) or local NJ programs. Seller can contribute up to 6% toward closing costs. Multiple paths to homeownership!
Higher Debt-to-Income Ratios Allowed
FHA allows debt-to-income (DTI) ratios up to 50% vs. 43% for conventional. This means you can qualify for FHA even with student loans, car payments, or credit card debt. We calculate your DTI and maximize your buying power.
Assumable by Future Buyers
When you sell, buyers can assume your FHA loan (with lender approval). If rates rise, your low FHA rate becomes a selling point. This can help your home sell faster and for more money in a rising rate environment.
Current FHA Rates
Rates updated daily. Your rate may vary based on credit score, down payment, and other factors. Does not include taxes, insurance, or MI.
FHA Loan Requirements
| Requirement | FHA Standard |
|---|---|
| Minimum Credit Score | 580 (3.5% down) or 500 (10% down) |
| Down Payment | 3.5% minimum (580+ score), 10% (500-579 score) |
| Debt-to-Income Ratio | Up to 50% (higher with compensating factors) |
| Loan Limit (Bergen County) | $929,200 (single-family, 2025) |
| Mortgage Insurance | 1.75% upfront + 0.55%-1.05% annual (monthly) |
| Bankruptcy Waiting Period | 2 years from discharge |
| Foreclosure Waiting Period | 3 years from completion |
| Property Types | 1-4 unit primary residence, condos (FHA approved) |
| Seller Concessions | Up to 6% of purchase price |
| Gift Funds | 100% of down payment allowed |
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FHA Loan FAQs
What credit score do I need for an FHA loan?▼
FHA loans accept credit scores as low as 580 with 3.5% down payment. If your credit score is between 500-579, you can still qualify but will need 10% down. Most lenders prefer 620+ for best terms, but CMG Home Loans works with all qualifying credit scores. We can help you improve your credit if needed.
What are FHA loan limits in Bergen County, NJ?▼
For 2025, FHA loan limits in Bergen County are $929,200 for single-family homes. This high limit makes FHA loans viable even for expensive Bergen County real estate. For multi-family properties: 2-unit limit is $1,189,650, 3-unit is $1,437,450, and 4-unit is $1,786,850.
How much is FHA mortgage insurance?▼
FHA requires two types of mortgage insurance: (1) Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the loan amount, which can be financed into your loan, and (2) Annual mortgage insurance premium (MIP) of 0.55% - 1.05% depending on loan-to-value ratio, paid monthly. For a $400,000 loan with 3.5% down, expect about $312/month in MIP plus $7,000 upfront (can be financed).
Can I use gift funds for my FHA down payment?▼
Yes! FHA loans allow 100% of your down payment and closing costs to come from gift funds from family members. You can also use down payment assistance programs like HomeFundIt. The donor must provide a gift letter stating the funds are a gift and not a loan that needs to be repaid.
Can I remove FHA mortgage insurance?▼
FHA mortgage insurance rules depend on when you got your loan and your down payment. For loans after June 2013 with less than 10% down, MIP lasts the life of the loan. With 10%+ down, MIP can be removed after 11 years. The only way to remove it earlier is to refinance into a conventional loan once you have 20% equity.
Ready to Get Pre-Approved for an FHA Loan?
Get approved in 24-48 hours with just 3.5% down. We make FHA loans simple.
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