Home Purchase

Whether you are a NJ or NY first time home buyer or have already bought a property a few years ago, browsing real estate listings on the internet is a breeze.  However, before you proceed to book an appointment or attend an open house, or purchase a home,  it's advisable to figure out how much house you can realistically afford. 0% down payment program subject to Area Median Income and property specific.

How To Win At Multiple Bids NJ NY Real Estate Market

In order to succeed in today's competitive seller's market, there are several things you should keep in mind.  Firstly, it's essential to ensure that your credit score is in good standing.  Additionally, it's important to work with an experienced agent who can provide valuable guidance throughout the buying process.  Getting pre-approved for a mortgage is also crucial, as it will allow you to demonstrate your financial strength to sellers.  Understanding the pricing dynamics of your local market is also important, as is putting yourself in a strong financial position for a home purchase.  Finally, in a competitive market, it may be necessary to limit or eliminate any contingencies in your purchase contract.  It's worth noting that with conforming loan balances, you can often purchase a home with a down payment as low as 3%, while jumbo loans of up to $6 million..  For borrowers with income documentation or credit issues there are portfolio mortgage programs may be available for borrowers who recently experienced bankruptcy or foreclosure provided thy meet the necessary credit, income and down payment requirements. 

Review of the Mortgage Process
1) Initial Meeting

We will assess your purchase needs based on your credit, income, down payment to provide you a customized loan playbook to prepare for your home loan application.

2) Mortgage Qualification / Pre-Approval

Your eligibility for a mortgage is determined by several factors, including your credit score, credit history, income, assets and employment history.  Lenders base mortgage interest rates based on the borrower risk profile, with those having th best credit and higher down payments receiving the lower interest rates.  Borrowers who have experienced recent credit issues may need to provide larger down payments and accept a higher interest rate to compensate of the higher risk of possible default on a home purchase.  However, compensating factors like job stability and high asset balances after closing may offset this credit risk. 

Pre Approval Video

As a general rule, your total housing payment (principal, interest, tax, insurance, home owner association fee) PITIA should not exceed 36% of your monthly gross income, while your total monthly debt (PITIA plus minimum monthly credit card and installment loans) should not xceed 43% of your gross monthly income.  However, depending on the presence of compensating factor, we have programs that may allow borrowers up to a maximum of 50% debt ratio of gross monthly income.  

Researching loan options and finding the right choice for your unique situation is essential.  Our expert Mortgage Advisors are trained to assist you.  Alternatively, you can use mortgage calculators to determine what you can afford, whether you should rent or buy and determine an estimated monthly payment.

3) Gather Supporting Documentation

You will need to gather all relevant financial documents and store them in a dedicated mortgage folder.  Alternatively, you can choose to go paperless and provide us with authorization to electronically verify your income, assets and tax returns,  We offer an alternative DocLess option. 

  • Paystubs covering the most recent 30 days
  • W2 for 2 years
  • 1040 Federal tax returns for 2 years
  • Recently employed or job change requires offer letter
  • Asset statements for 2 months, all pages
  • Photo identification from State or Federal Agency
  • Foreign National work visa (if applicable) Social Security Card
4) Fast Pre-Approval

Our team assists you in assessing your loan options based on price and timing of your purchase.  Obtaining a pre-approval letter can often enhance your desirability as a buyer and improve the chances of closing your purchase on tine, enabling you to take advantage of mortgage interest rates. 

5) Get A Rate Quote

To obtain a personalized rate quote, please complete the online Inquiry Form and we will get in touch with you.  We offer both free mortgage pre-approval and pre-qualification services.  Or schedule a visit with us at our Bridgewater NJ office for your mortgage needs.  With the current state of real estate in the NJ and NY metropolitan area, now is the time to purchase a home.  Our extensive range of mortgage loan programs ensures that we have options to meet your specific requirements. Her are some example of our mortgage loan programs.

  • First time home buyer 
  • Move Up home buyer and second home purchase
  • Jumbo mortgage loans up to $6 million
  • Veterans (VA 100% financing) loans
  • FHA (96.5% financing) loans
  • Conforming (97% financing)
  • Investor (1-30 unit) financing
  • Self Employed Bank Statement loan 85% financing (no tax return) 
  • Self Employed P&L Only (CPA prepared P&L, no tax return)
  • Portfolio Mortgage Loan (less than perfect credit) Bankruptcy, Foreclosure, Deed In Lieu (downpayment financing based on fico score)
New Application Technology

No copying bank statements or paystubs.  Apply with our new, secure hassle-free mortgage technology.

Golden Mortgage Corporation has been helping mortgage purchase and refinance client properties for 24 years. Our mortgage loan programs cater to a diverse range of buyer and home owners.  Excellent credit to those seeking a second chance at home ownership.  We are committed to treating all our customers with respect and ai to earn your business by providing exceptional rates and service with a smile.

To discuss your mortgage options, please call us at our toll-fee number 877-539-1697 or apply online.