USDA Vs. FHA Pro and Con comparison in Hanover, Morris County, NJ

For 2025, the USDA loan limit in the city of Hanover, located in the county of Morris, NJ, amounts to $776,600, whereas for a single-family home, the FHA limit is $1,089,300.

Utilize the Lendersa® USDA loan calculator to compare the top USDA and FHA rates today and identify the necessary income, credit, reserves, and documents for qualification. The advanced mortgage calculator lets you view USDA, FHA, Conforming, and VA options side by side, helping you choose the program in best suited to your financial situation.

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2025 Loan Limits and Downpayment Requirements in Hanover, Morris, NJ

Loan Type Loan Limit Down Payment
USDA $776,600 0%
FHA $1,089,300 3.5%
Conventional Conforming $1,089,300 3%

Exploring USDA and FHA Loan Options in Hanover, NJ

Lendersa® aims to secure the most favorable USDA or FHA loan for you, quickly and without hassle. Begin with one of three strategies to find compatible lenders and USDA loan programs.

Results of Lendersa USDA loan requests and matching

Understanding the USDA Loan in NJ

A USDA home loan is a government-backed loan from the Department of Agriculture, also known as the USDA rural development loan or USDA mortgage, available strictly in rural areas. Unlike FHA loans requiring a minimum 3.5% down payment, a USDA mortgage requires no down payment.

Enter your location to find out if it qualifies for USDA rural housing loan?



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