NMHL Mortgage Lending
Mortgage Lender in Paterson, NJ
Local expertise and competitive rates for Paterson homebuyers.
Paterson Housing Market Overview
Explore mortgage options in Paterson, NJ with NMHL. Our local expertise helps you navigate the Paterson real estate market with competitive rates and personalized service.
See What You Qualify For
Takes about 5 minutes. No obligation. No credit check until you are ready.
Your Local Mortgage Partner
We understand the local market dynamics that affect your home purchase. Our team provides personalized loan options based on local property values and regulations.
Available Loan Programs in Paterson
Explore mortgage options tailored to Paterson homebuyers
First Time Home Buyer Mortgages
Special loan programs helping newcomers purchase their first home with favorable terms and support.
Learn MoreRefi-Shield
Learn MoreAdjustable-Rate Mortgage (ARM)
Financial flexibility and optimal rates with an Adjustable-Rate Mortgage – Your key to a dynamic homeownership journey
Learn MoreHigh-Value Appraisal Program
Learn MoreInterest Only Mortgages
Interest-only mortgages allow borrowers to pay only the interest for a set period, reducing initial monthly payments.
Learn MoreHome Equity Loans
Access the equity in your home with a fixed-rate home equity loan. Get a lump sum with predictable monthly payments for ...
Learn MoreFHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and th...
Learn MoreFixed-Rate Mortgage
Lock in your interest rate for the life of the loan with a fixed-rate mortgage. Predictable monthly payments make budget...
Learn MoreBridge Loans
Bridge the gap between buying your new home and selling your current one. Short-term financing that gives you the flexib...
Learn MoreVA Loans
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the De...
Learn MoreConventional Loans
Conventional loans are not backed by government agencies and typically offer the most flexibility for qualified borrower...
Learn MoreITIN Loans
Purchase a home using your Individual Taxpayer Identification Number (ITIN) without a Social Security Number. NMHL is co...
Learn MoreJumbo Loans
Jumbo loans exceed conforming loan limits and are designed for luxury properties and homes in high-cost areas. With comp...
Learn MoreDSCR Investment Loans
Debt Service Coverage Ratio (DSCR) loans qualify based on rental income rather than personal income. Perfect for real es...
Learn MoreBank Statement Loans
Bank statement loans are designed for self-employed borrowers and business owners who have difficulty documenting income...
Learn MoreReverse Mortgages
For homeowners 62 and older, reverse mortgages allow you to access your home equity without monthly payments. Stay in yo...
Learn MoreUSDA Mortgages
USDA Rural Development loans help moderate-income buyers purchase homes in eligible rural and suburban areas. With no do...
Learn MoreHeloc
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Exploring Paterson's Neighborhoods
Paterson's diverse neighborhoods offer a range of housing options, from historic districts like the Old Great Falls Historic District to modern developments in the Downtown area. The city's neighborhoods, such as Riverside, Eastside, and South Paterson, each have their unique character and charm. NMHL's local expertise can help you navigate these neighborhoods and identify the best mortgage options for your chosen area.
- Riverside: Known for its waterfront parks and scenic views
- Eastside: Features a mix of historic homes and modern apartments
- South Paterson: A hub for cultural diversity and community activity
NMHL's mortgage experts can help you explore financing options for homes in Paterson's various neighborhoods.
First-Time Homebuyer Programs in New Jersey
New Jersey offers several programs to support first-time homebuyers, including the NJHMFA's First-Time Homebuyer Program. This program provides up to $10,000 in down payment assistance and competitive interest rates. NMHL can help you determine your eligibility and guide you through the application process. Additionally, our mortgage experts can provide information on other local and state-level initiatives that may be available to you.
Contact NMHL to learn more about first-time homebuyer programs and how to access them.
Mortgage Options for Underserved Borrowers
At NMHL, we understand that non-traditional income, bad credit, or other financial challenges shouldn't prevent you from achieving homeownership. Our specialized mortgage programs cater to borrowers with unique needs, including self-employed individuals, veterans, and those recovering from financial hardship. We offer alternative income documentation, bank statement loans, and other non-traditional mortgage options to help you secure the financing you need.
NMHL is committed to helping underserved borrowers in Paterson achieve their homeownership goals.
Understanding Paterson's Housing Market
Paterson's housing market is characterized by a mix of older and newer homes, with a median home price of around $240,000. The city's proximity to New York City and its own cultural attractions make it an attractive option for both first-time homebuyers and investors. NMHL's local market expertise can help you navigate the complexities of Paterson's real estate market and identify opportunities that fit your budget and goals.
Stay informed about Paterson's housing market trends with NMHL's expert analysis and guidance.
Frequently Asked Questions
The average effective property tax rate in Paterson is approximately 2.21%, which is higher than the statewide average. Homeowners in Paterson can expect to pay around $4,800 per year in property taxes on a median-valued home. NMHL can help you factor these costs into your mortgage planning and explore options for reducing your tax burden.
Paterson is served by the Paterson Public Schools district, which has undergone significant improvements in recent years. While school district quality can impact home values, NMHL's mortgage experts can help you navigate the local market and identify opportunities that fit your budget and family needs. We can also provide guidance on how to factor school district ratings into your homebuying decision.
New Jersey offers several down payment assistance programs, including the New Jersey Housing and Mortgage Finance Agency's (NJHMFA) Down Payment Assistance Program. This program provides up to $10,000 in assistance for down payment and closing costs. NMHL can help you determine your eligibility and guide you through the application process.
While bad credit can make it more challenging to secure a mortgage, NMHL offers specialized loan programs for borrowers with less-than-perfect credit. We consider factors beyond credit scores, such as income stability and debt-to-income ratio, to provide more inclusive mortgage options. Contact us to discuss your situation and explore available alternatives.
NMHL offers mortgage options tailored to self-employed borrowers, including alternative income documentation and bank statement loans. Our underwriters understand the unique financial situations of self-employed individuals and can help you navigate the mortgage process. We can also provide guidance on how to strengthen your mortgage application.
Getting pre-approved for a mortgage with NMHL is a straightforward process. Simply contact us to schedule a consultation, and we'll review your financial situation and credit profile. We'll then provide a pre-approval letter stating the approved loan amount and interest rate, giving you confidence when making an offer on a Paterson home.
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Ready to Buy in Paterson?
Let NMHL help you navigate the Paterson housing market with expert guidance and competitive rates.