Mortgage ? re down payments... My husband and I have struggled these last three years to pay off all our credit card debt and put some money away to buy a house. We have 6K in the bank, debt is way down, so we called a realtor, and she totally burst my bubble. She told us that what we have probably will just barely cover closing costs, and (in NJ) we need at least 3-5 % of a down payment, or we might not get approved. Fortunately my husband has great scores, (just had a lot of debt) and I have good scores, so that wont be a problem. Are there any first time buyer programs that dont require a down payment? I know it would be smart to have one, but we dont want to wait on the house (have a little one on the way and we feel its a better investment to buy rather than rent at this point. ANy help and opinions, experiences, welcome! Thanks
Re: Mortgage ? re down payments... There are so many 0 down programs available.. it sounds like your realtor isnt as knowledgeable as you need for a first time home buyer.. Kev
Re: Mortgage ? re down payments... Your local newspaper may know what agency sells the MOST property...(PUBLIC KNOWLEDGE)... Try them... THERE ARE ALSO $1,000,000 CLUBS...ASK FOR A LIST OF QUALIFYING AGENTS.
Re: Mortgage ? re down payments... Mary, The previous posters are correct. There are a lot of ways for 1st time buyers to get a home with a zero or minimal downpayment. I'm certain NJ would have a first time home buyers program. Many states have floated municpal bond issues over the years to finance these programs. I think you need to find a realtor or mortgage broker that will sit down and spend some time with you and explain your options. Another thought. At www.themotleyfool.com there is a home buyers discussion board that has several first rate realtors and brokers who are very helpful. The fool is a pay site now but, you can get a 30 day free trial and view posts. You cant participate. Get that free membership and on the homebuyers board click in things like FHA or zero downpayment and you can view the achieves. You'll find a lot of folks in the same situation you're in and they got a lot of suggestions.
Re: Mortgage ? re down payments... We also had the same problem...have about $10000 total to spend on downpayment and closing costs. What we did was get a conventional loan with 5% down. We met with our mortgage broker who did a good faith estimate, and figured our closing costs would be $5,500. So instead of offering $180,000 for the house, we offered $185,500 with the provision that seller would pay the first $5500 of closing costs. We will close Monday on the house, and just got the call today from our broker that everything is good to go.
Re: Mortgage ? re down payments... We are getting ready to buy our first home, and we will not be putting any money down. I don't know about NJ, but there are lots of programs around... Congratulations on the little one
