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  Garden State Mortgage
Garden State Mortgage
in Home Loans from Garden State Mortgage Corp · NMLS ID #1707560
Unaffiliated

Garden State Mortgage

Unaffiliated
in Home Loans from Garden State Mortgage Corp · NMLS ID #1707560
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Highlights
Loan Amount Up to $3,000,000
Loan Term (Years) 5 - 30 years
Credit Score Range Starting at 600
No Origination Fee N/A

Garden State Mortgage Review

Garden State Mortgage is offered by Garden State Mortgage Corp (NMLS #1707560), a direct lender founded in 2011 and based in Saddle Brook, NJ. Garden State Mortgage is available in 6 states across the USA.

Key Takeaways
  • 5 different mortgage programs offered. Garden State Mortgage offers FHA, FHA 203k, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, Garden State Mortgage Corp does not offer financing for manufactured homes.
  • Standard interest rates types. Garden State Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Garden State Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Garden State Mortgage.
  • Maximum DTI ratio. Garden State Mortgage has a maximum debt-to-income ratio of 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.
Garden State Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 6 states.
Garden State Mortgage FAQ

How much can you borrow via Garden State Mortgage Corp?

Garden State Mortgage allows borrowers to apply for loan amounts of up to $3,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Garden State Mortgage?

Garden State Mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Garden State Mortgage Corp offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

What is the estimated funding time?

Garden State Mortgage will typically approve (or deny) a mortgage application within 1 hour and fund mortgages within 30 and days of approval.

Do they charge mortgage origination fees?

Yes, Garden State Mortgage may charge a loan origination fee starting at $295

What mortgage programs are available?

Besides conventional mortgages, Garden State Mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • FHA 203k: An FHA mortgage you can also use to finance home improvements.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Garden State Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Garden State Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Garden State Mortgage is (201) 351-5870.

What is the support contact email?

The support contact email for this business credit card is info@gsmlending.com.

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Contact

Hours of Operation

  • Sunday 9:00am - 10:00pm
  • Monday 8:00am - 11:00pm
  • Tuesday 8:00am - 11:00pm
  • Wednesday 8:00am - 11:00pm
  • Thursday 8:00am - 11:00pm
  • Friday 8:00am - 11:00pm
  • Saturday 9:00am - 10:00pm

About Garden State Mortgage

Availability

  Available in 6 states
  • Connecticut
  • Florida
  • New Hampshire
  • New Jersey
  • Pennsylvania
  • Rhode Island

Feature Breakdown

Origination Fee ($) Starting at $295
Credit Score Range 600 -
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Minimum Age 18
Minimum Down Payment Starting at 3.5%
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Recent Pay Stubs
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
Investment
Primary Residence
Approval Speed 1 hour
Funding Time Range Starting at 30 days
Mortgage Features Cash-Out Refinance
Loan Amount Up to $3,000,000
Loan Term 5 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • FHA 203k
  • USDA
  • VA
  • Jumbo

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