FHA Loans in Fairview, New Jersey
FHA loans are one of the most popular mortgage options for homebuyers in Fairview, offering low down payments, flexible credit requirements, and competitive interest rates. Backed by the Federal Housing Administration, these loans make homeownership accessible to more people.
Key Benefits of FHA Loans in Fairview
Low down payment: As little as 3.5% down
Lower credit score requirements (580+ for 3.5% down)
Higher debt-to-income ratios accepted (up to 50% in some cases)
Gift funds allowed for down payment and closing costs
Competitive interest rates
Assumable loans (can transfer to future buyer)
Streamline refinance option for current FHA borrowers
Requirements & Qualifications
- 1
Minimum credit score of 580 for 3.5% down (500 for 10% down)
- 2
Steady employment history (typically 2 years)
- 3
Debt-to-income ratio typically below 43-50%
- 4
Property must meet FHA appraisal standards
- 5
Upfront mortgage insurance premium (1.75% of loan amount)
- 6
Annual mortgage insurance premium (0.45-1.05% depending on loan terms)
- 7
Property must be your primary residence
Frequently Asked Questions
What is the FHA loan limit in Fairview?
For 2025, the FHA loan limit for Bergen County (including Fairview) is $766,550 for a single-family home. This is the maximum amount you can borrow with an FHA loan. For loans above this amount, you'll need a jumbo or conventional loan.
How much is FHA mortgage insurance?
FHA loans require two types of mortgage insurance: (1) An upfront premium of 1.75% of the loan amount (can be rolled into the loan), and (2) Annual premiums of 0.45% to 1.05% of the loan balance, depending on your down payment and loan term. This is paid monthly as part of your mortgage payment.
Can I use an FHA loan to buy a condo in Fairview?
Yes, but the condo complex must be FHA-approved. Many condos in Fairview are on the FHA approved list, but it's important to verify before making an offer. We can help you check if a specific condo is FHA-eligible.
What credit score do I need for an FHA loan in Fairview?
The minimum credit score for an FHA loan is 580 for a 3.5% down payment, or 500 for a 10% down payment. However, many lenders prefer scores of 620+ for the best rates and approval odds. We work with borrowers across the credit spectrum.
Ready to Get Started in Fairview?
Let's discuss your fha loans options and create a personalized plan for your Fairview home.