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Mortgages in Gloucester County, NJ

Whether you’re a first-time buyer or looking to refinance, understanding your mortgage choices is key to making a smart investment. At 1st Colonial Community Bank, we provide tailored mortgage solutions, from conventional loans to FHA, VA to USDA-backed options. We also work with various local and state down payment assistance programs. Let’s explore the best mortgage options available to help you finance your home in Gloucester County.

Mortgage Considerations in Gloucester County

There are several options for mortgages from conventional loans from 1st Colonial Bank to those backed by the federal government.

Conventional Home Mortgages

Conventional mortgages are the most common type of mortgage loan. There’s less paperwork and more flexible terms than you would find with government-backed loans, and the lending approvals are made right here in South Jersey.

They’re available for those with good credit scores and can be obtained with a down payment as little as 3% of the purchase price, although a down payment of at least 20% is considered ideal. A 20% down payment allows you to forgo private mortgage insurance (PMI), which increases the cost of your mortgage.

FHA Home Loans

FHA loans provide low down payments for those with less-than-perfect credit. The home you buy must be your primary residence. FHA loan maximums vary by location and the type of property you wish to buy. You can check the FHA’s mortgage limits online.

VA Home Loans

Mortgages backed by the Veterans Administration can help make buying a home more affordable for active-duty troops and military veterans of our Armed Forces, including the National Guard and reserves. Surviving spouses of those who died in service may also be eligible.

You can start by obtaining a Certificate of Eligibility (COE) from the U.S. Department of Veterans Affairs. VA mortgages are popular because they’re available with no down payment and no need for private mortgage insurance.

USDA Loans

USDA home loans, backed by the U.S. Department of Agriculture, also known as rural development loans, are available in certain areas, which you can verify through the USDA’s website. The maximum income limit for these mortgages is 115% of the median income where the home is purchased.

Our Affordable Mortgage Programs

At 1st Colonial Community Bank, we offer an Affordable Mortgage program that can help those in low to moderate-income areas buy a home. They’re available for those with credit scores as low as 620 and do not require private mortgage insurance. They can be combined with other down payment assistance programs.

Gloucester County’s Homebuyer Down Payment Assistance Program*

For those looking to buy a home in Gloucester County, its Down Payment Assistance Program* helps low- and moderate-income families become homeowners. It’s intended for those who have steady incomes but don’t have enough to cover a down payment and closing costs.

It’s available to those whose income does not exceed 80% of the median income for Gloucester County, adjusted for their family size at the time of purchase. A minimum 3% personal financial investment is required.

*Subject to funds availability.

Why Choose 1st Colonial for Your Gloucester County Mortgage?

We have experience with local lending and understand the unique challenges that homebuyers in Gloucester County face. That’s why we offer personalized service and competitive mortgage options tailored to the tri-state area. We can guide you through the entire home loan process, from prequalification to closing. Contact us to speak with a lender or get pre-qualified today.