good morning.........if you have 3% to put down or can get it as a gift, that usually will usually close a purchase....in your area....credit doesn't have to be perfect......and the seller can pay most or all of your closing costs, and pre-paids...i hope that helps..bob mcclure- mortgage now- farmington, michigan.licensed in 22 states including your's.....

Marcie, you need a good mortgage processional that can evaluate the incomes and credit scores of all 4 potential owners, to see if there is a way to structure financing that you can qualify for and afford.

There are still down payment assistance programs available, specifically the "NJ Smart Start" grant, and there is also the first time homebuyer "tax credit".

Feel free to contact me if you want more info, or a referral to some mortgage professionals. Jim

If you have less then perfect credit, and if you need helpo from others to afford the monthly mortgage payment, then you should look into an FHA loan. Many FHA lenders will not lend if you credit scores are below 580. Some will lend on credit scores less than that.

FHA allows non-occupant co-borrowers to help you qualify for a mortgage. However, they must be relatives.

You are so right about wanting to pay off a mtg insteadofrent to someone else. I have helped several couples in your position,free of charge pls contact me for more information. suzanne.green@cbmoves.com

As everyone has stated below. You need to speak wiht a Mortgage person first.

I would head towards a large bank or mortgage company that has a proven track record. Stay away from the "I can get you and everyone a loan" type places. Look into Wells Fargo, Chase Manhattan, Citizens Bank
I have worked with some very qualified mortgage representitives from each and can recomend a few good people.

Email me for information and I will give you three respected mortgage people to consult with.

Then call me and we can look for the property that you will call home.

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409

Email: JSacktig@orangkeyrealty.com
John Sacktig

This is a buyer's market if there ever was one, and you're absolutely right in thinking that it's better to buy a home if you can, instead of throwing your money away on rent. To buy a home in your situation, you'll probably need a government loan. Government loans are strictly regulated and provide many automatic safeguards for you. One such benefit is that your proposed housing expenses and other expenses will be carefully compared to the income of the people responsible for paying the mortgage. If your payments are not considered affordable according to federal standards, then you will not be approved for the mortgage. It's as simple as that. If you *are* approved, then you should have nothing to fear. If the unforeseen happens - for instance, if you lose your job next year and remain unemployed - then your mortgage payment may no longer be affordable, but your rent wouldn't be affordable either.

FHA-insured loans and most other government loans require the lender to be government-approved. If the lender or loan officer you work with is not government-approved, or doesn't offer a wide range of government loan products, or isn't experienced and comfortable with government loans, then you'll never know about the options you might've had with government loans. Government loans generally require more paperwork and expertise than conventional loans, which is a major reason why many people who approach their local bank or credit union are steered to conforming loans that require larger down payments and higher monthly payments.

My company is a government-approved lender, and we do business in New Jersey. Please feel free to contact me if you'd like to discuss your options in more detail. 813-600-3428.

Marcie,

Your best option is to speak to a loan officer. I do not like to comment on what available financing you may or may not qualify for but encourage you to contact your local bank and/or credit union and speak to their mortgage department or you can my office's in-house loan officer Frank Gatto, 201-650-2763 and he will be in a better position to qualify you based on income, credit scores, etc. and speak to you in detail about available programs, (including FHA, etc.) and help you determine renting vs. buying, etc. Once you speak to Frank and/or your bank, and should they issue you a pre-approval, then you should seek out a buyer's agent in your area to find a property.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116 office
GinaChirico@PruNewJersey.com

A FHA loan is a great option. It works well with first time home buyers who have less than perfect credit.

Check out my website for more information, free reports about buying real estate and for a free pre-approval.

Tony Croft
Mortgage Advisor (FHA Lender!!)

Make a budget. Calculate every last dollar you need. Be realistic, it's in your own best interest. When you have a real idea of what you can afford to spend on housing talk to a bank about how much house that will buy you and go looking. If you'd rather live there than your rental then go for it, if not, keep renting and don't fall for the sales pitch that your throwing your money away. Good Luck!

Marcie - contact a local bank and complete an application. If you can't get a loan, then move in with your parents and save your money and fix your credit. Once you have a good down payment and good credit, you will be able to get a loan and then you'll be ready to be a homeowner.