When people start to consider buying a home—especially their first home—they inevitably come to a big question: Will I even qualify for a New Jersey mortgage?

If you’re wondering if you can get a mortgage for your New Jersey home, we strongly suggest you reach out to us immediately. Since SunQuest Funding specializes in New Jersey home loans, a no-obligation conversation with one of our experienced Loan Officers will help you determine if you qualify.

However, if you’re not ready to call us just yet, read on for some more information. At the bare minimum, there are a few things you need to qualify for a mortgage, generally speaking:

• Steady Employment History. You have worked at the same job, or in the same industry, for at least two years. For the purpose of qualifying for a NJ mortgage, time spent in college or vocational school count towards employment history.

• Cash Reserves. For 60 days minimum, and in a verifiable depository account (e.g. bank, credit union, brokerage account, etc.), you must have enough money for the down payment and closing costs. In addition, some mortgage programs allow a gift from a family member.
• Solid Credit History. Generally, you must have a history of paying your bills on time. You should not have unpaid collection accounts or consistent delinquencies on your credit report.

Of course, there is much more involved in getting a mortgage, and we here at SunQuest specialize in working with individuals on their unique circumstances; however, here are at least some basics for you to think about as you get started on this next phase of your life.

In addition, if you have all of the above pretty well taken care of, we might be able to get you a pre-approval on a mortgage.