If your husband and you both have poor credit due to unforeseen circumstances but have a perfect rental history for 1500 month can you still be approved for 100 financing in New Jersey?

You don't say what your credit scores are so I will tell you this-- if your scores are 560 and above, your credit scores are low because of past due payments, you don't owe any outstanding balances on accounts that have been charged off (as they will have to be paid off at the closing)--you can get an approval.

You will need closing cost money as sellers won't be able to pay it all.

You need to find a mortgage loan broker--call the state licensing dept and get names of companies in good standing. Talk to several people-meet with them--don't just go with the first good talker unless he/she out talks the others. He/she needs to work with several lenders with a variety of programs. Get everything in writing--fill in all blanks. Do not give your social security numbers to anyone until you are ready to have your credit pulled.

Have all your paperwork ready--bank statements (last 2 months-no nfs showing), any assets that you can show like savings, life insurance money, 401K with some kind of liquid balances, gift letter from a very close relative and a cry letter* and copies of last 12 rent checks,(front and back)or the last 12 bank statements showing that the same amt $1500 was paid about the same time every month or a verification of rent letter signed by a management office. (It can not be a letter written by the landlord as a lender will not accept one).

Cry letter--should explain why you went past due, how you were able to fix the problem and how you really want to buy this house.

Good Luck!!