Top 5 FHA Lenders in New Jersey 2019
If you’re looking for home financing options in New Jersey, you might have your hands full-- as there are quite a lot of choices on the table. Right now, the Garden State has around 8.9 million residents, putting it right behind Michigan as the country’s 11th most populous state. Right now, mortgage rates are still low, and that means this could be a great time to purchase a home in New Jersey. Home values in New Jersey increased by a vast 5.7% percent between December 2017 and December 2018, and are predicted to increase by another 7.0% in the upcoming 12 months. That makes it one of the hottest housing markets in the country.
With the New Jersey housing market so hot, smart home buyers are doing whatever they can obtain low-cost home financing. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in New Jersey and how they can help guide you on your quest to home ownership.
2019 New Jersey FHA Lender Best Picks
Best for First Time Home Buyers: Guaranteed Rate
Best Online Experience: Quicken Loans
Best Local Lender: AnnieMac Home Mortgage
Best Face-to-Face Experience: N.J. Lenders Corp.
Best Overall Performance: U.S. Bank
#1 New Jersey FHA Lender: AnnieMac Home Mortgage
AnnieMac Home Mortgage, headquartered in Mount Laurel, N.J., provides FHA, VA, Fannie Mae, and Freddie Mac loans throughout the nation. AnnieMac Home Mortgage is a mid-sized lender, with around 200 direct employees, but over 1,000 affiliate workers around the U.S. And, while AnnieMac Home Mortgage is relatively new, having been founded only in 2010, it has one of the highest ratings on Zillow, which could make it an attractive choice for both first-time and experienced FHA loan borrowers in New Jersey.
#2 New Jersey FHA Lender: Quicken Loans
If you’ve looked at any other of our top FHA lender lists, you shouldn’t be surprised to find Quicken Loans. Quicken Loans is now the biggest home finance lender in the U.S.-- and with its high volume of business comes ultra-low rates and a highly streamlined online application process. In fact, many believe that Quicken Loans has the easiest mortgage application on the internet, as it allows potential borrowers to upload all their important documentation with just a few clicks.
While Quicken Loans may be an emerging mortgage behemoth, it’s not the right choice for everyone. If you’re a more traditional type of borrower, or you have a lot of concerns about getting a mortgage, you might want to choose a lender with more local offices. That way, you can meet and speak with a mortgage broker in person-- face-to-face, which is something you usually can’t do if you’re getting a loan from Quicken. Despite that, the company is known for its responsive employees-- so if you’re alright with communicating digitally or over the phone, you might not mind the lack of in-person interaction.
#3 New Jersey FHA Lender: Guaranteed Rate
Just like Quicken Loans, Guaranteed Rate shows up a lot on our lists of best FHA lenders-- probably due to the combination of its easy online mortgage application and its emphasis on in-person interaction. Unlike Quicken Loans, Guaranteed Rate has over 300 locations around the U.S., where you can speak to a real, in-person mortgage broker and have all your questions answered. As of our most recent count, Guaranteed Rate has an incredible 15 locations throughout the state of New Jersey, which makes it a great choice for anyone who wants to get an FHA loan without speaking to a robot.
#4 New Jersey FHA Lender: N.J. Lenders Corp.
Another New Jersey-based lender, N.J. Lenders Corp., has offices in seven states including New Jersey, New York, Connecticut, Pennsylvania, Virginia, Maryland, and Florida. Since the company was founded back in 1991, they’ve closed more than $25 billion in mortgage loans. While they’re a growing company, N.J. Lenders Corp. prides itself on experience employees and highly satisfied customers. In fact, according to the company, the average mortgage loan originator at N.J. Lenders Corp. has more than 10 years of finance and banking experience, and more than 70% of their business comes from referrals.
Like many other mortgage companies, the N.J. Lenders Corp. website allows potential borrowers to fill out an application online. However, due to strict state laws in New York, New York-based borrowers cannot yet apply online, at least until the company’s website receives full approval from the New York Department of Financial Services.
#5 New Jersey FHA Lender: U.S. Bank
U.S. Bank is one of the largest banks in the country, with over 3,000 locations in the U.S. and more than 10 locations in New Jersey. It’s prominence as a national lender could be why it’s one of the most popular places to get FHA loans in the State of New Jersey, as people who already bank there may be more inclined to get a loan from a company that they already trust. And, while no big banks are totally free from reputational problems (Wells-Fargo, anyone?), U.S. Bank has emerged from the last two decades relatively unscathed (minus a small mix-up last year involving some payday lenders).
Shop Around Before You Get a New Jersey FHA Loan
Though we definitely think you should check out our top picks for the best FHA lenders in New Jersey, you should still do your own homework and look for lenders on your own. No one’s financial situation is the same, and sometimes the best mortgages can be found in the strangest places. So, whether this is your first home or your fifth, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and rates that best suit your individual needs.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!