Financing in 08028>Question Details

npowell0385, Other/Just Looking in 08028

Single mother who works and goes to school full time looking for a way to purchase a home with no money down in south jersey

Asked by npowell0385, 08028 Fri Nov 1, 2013

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USDA(100% financing) could definitely be an option if the property is located in a qualifying geographic tract. Contract can also be negotiated with a seller assist towards closing costs.
Please contact me directly if this interests you and I can answer any questions you have.
We are a Direct Lender and very familiar with USDA, along with all other financing options available.

Gerald Santoro
Mortgage Banker
Peoples Home Loans
198 Route 9 North
Manalapan, NJ 07726
732-800-0060 : Direct
866-475-3094 : Fax
732-241-4015 : Cell
1 vote Thank Flag Link Fri Nov 1, 2013
we normally require a 640 minimum but possible exceptions below that
Flag Sat Nov 2, 2013
How high does my credit score have to be to qualify
Flag Fri Nov 1, 2013
Hello! I wanted to check with you to see if you had talked to anyone in about prequalifying for a mortgage? There are many areas in South Jersey that are USDA eligible. USDA financing is a great way to gain homeownership. There are also other programs that can give you down payment assistance if you are interested in an area that is not USDA eligible.

Please give me call for more information.

Cara Castrataro
Realtor Associate
Century 21 Rivera Realty
Office: 856.404.9260, ext. 198
Mobile: 856.896.8078
0 votes Thank Flag Link Thu Feb 20, 2014
Depending on your income there are certain areas in Southern Jersey, that provide for 100 percent financing.
0 votes Thank Flag Link Fri Nov 1, 2013
Dependingin on circumstances, sellers and lenders can contribute up to 6% of the sales price toward your closing costs. This often pays for everything leaving you with just the down payment.

The down payment can also come in the form of a gift from a relative.
0 votes Thank Flag Link Fri Nov 1, 2013
Allow me to be the wet blanket here.

The other answers are fine. I'd probably emphasize owner financing. However . . .

Can you afford a home? Plus the repairs, the upkeep, the utilities, and everything that goes along with it. You're a single mother. You go to school full time. You may not have much of a financial cushion--you're looking for something with no money down.

Can you really afford to buy? Might you be better off waiting. Finish school. Find a job (a full-time job). Then buy.

Good luck.
0 votes Thank Flag Link Fri Nov 1, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
there are a couple of ways usda or Va are a couple... but do you have money for closing costs?

call me to discuss I may be able to get you on track to buy right away or in a couple of months Depending on your situation...

Search Short Sales and foreclosure Deals at

Larry Sarlo
RE/MAX Preferred
0 votes Thank Flag Link Fri Nov 1, 2013
what would be a good time to call you
Flag Fri Nov 1, 2013
It seems that your life is quite a busy one...however, a good way to purchase a home with no money down PLUS minimizing your mortgage hunting is to purchase a home for sale where the owners have 100% equity (no outstanding mortgage). They could sell you the home with no money down and "hold the paper" and you could pay the sellers a monthly amount (including interest) that you could afford! In other words, the sellers can act as the bankers and sell you the house under their terms. You could even rent with an option to buy as well.
0 votes Thank Flag Link Fri Nov 1, 2013
PNC Mortgage has a product for Community Reinvestment purposes that is 3% down with NO Mortgage insurance premiums, and the 3% down is entirely allowed from gift funds (specific requriements must be met to prove eligibility of gift provider) - this means that the homebuyer is truly needing zero out of pocket expense in many scenarios. For further details please reach out to a PNC Mortgage specialist, such as myself. PNC Mortgage is an equal housing lender. My NMLS ID is 404719.
0 votes Thank Flag Link Fri Nov 1, 2013
Thank you I would like to sit down and talk to you
Flag Fri Nov 1, 2013
Ray has it right! The only way you can offer nothing down is if you're a VA member, or (and only in some cases) if you're a physician.
0 votes Thank Flag Link Fri Nov 1, 2013
The only zero down mortgages available are VA loans for military and former military and USDA loans (property must be in designated area).

The next is Homepath loans at 3% down.

The next is FHA loans with 3.5% down.

Finally, convential loans kick in at 5% down.

Hope that helps.

GSF Mortgage is a licensed lender in New Jersey.

Ray Stevens
Branch Manager
239 481 9514
0 votes Thank Flag Link Fri Nov 1, 2013
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