The good part to all of this is that you are following the right course of due diligence and asking questions.
You should speak with a good mortgage representative that can sit down, go over the numbers with you and discuss your options. That works in tandem with your Realtor. You should also find a good Realtor to discuss you possible home purchase, make the connection between the mortgage person and the Realtor and you should have your team set up!
I am not a mortgage person, but from experience I know that depending upon your personal finacial situation there are programs with 0% down to 20% down this can be done. But again, your mortgage person would be able to advise you best. Mike Lavanco is a local Mortgage Banker, with First Choice Bank and a resident in the area,. Mike will meet with you and discuss your options, give him a call!
First Choice Bank
Senior Home Loan Consultant
Cell: (908) 307-3236
** Note, I only recomend people that have proven themselves to to be of the standards that I consider to be 5 star rating. If they were not, there would be no name and phone number here!
You also need to speak to a Realtor and discuss what you want in a home and discuss where you want to
live and what may be available in that area.
Feel free to call or email and I can help you with your home search wherever you choose to live!
I am sorry to say this in a public forum, but why do you insist on answering mortgage questions, especially in New Jersey. You just mentioned to this potential buyer to Google Affordable Housing SHIP program. That program is a Florida based program, not a national program.
Sorry everyone, but realtors giving in depth mortgage advice in some states is actually illegal now. Besides, if they aren't hands on in regards to mortgages daily, they should only be talking about real estate. We already have enough misinformation out there when loan officers don't know what they are doing. This might sound negative, but it's a hard cold fact and reality.
Short answer....From 3.5% minimum for an FHA loan, up to infinity (meaning full price cash)
20% down on a conventional 30 year mortgage will prevent you from having to pay PMI (private mortgage insurance)
If you aren't sure if you have enough, speak to a mortgage lender, and let them give you specifics of loan programs that fit your needs, and what they will cost you per month.
there are 100% financing programs in my state but they have strict debt to icome ratios and income ristrictions.
there are also low downpayment programs like fha which is currently 3.5% down if you are considering an fha product the laws will be changing soon not to the buyer advantage. meaning higher down payment tighter credit ristrictions and higher mortgage insurance premiums. So take action now
best of luck
As Steve had pointed out, there are numerous mortgage programs out there. A few things that need to be mentioned, because you might not be qualified for some of the programs below is that any loan officer needs to know your credit score and income to determine if you can get any of these programs. On top of that, those two items mentioned can determine a few things such as your rate at times. And you want a loan officer that will go over your goals, what mortgage payment that you are comfortable, and who will walk you through the whole process. Not all loan officers do this and sometimes you could be put into the wrong mortgage program if some things aren't addressed. An example would be a loan officer putting you into a 5 yr arm just because the rate is lower. My whole point to that is that the lowest rate might not always be the best scenario for you.
Overall, you do want to choose your loan officer wisely and not just because someone just told you to use their great person. I am not here to scare you, but not all referrals are as good as advertised. Interview your loan officer just as they would interview you. Please read : http://activerain.com/blogsview/1439588/transparency-in-real
If you have any further questions, you can reach me at my e-mail address or on my cell phone.
And just be careful of such rumors.. you don't need 700 credit scores and 20% down to get a mortgage. http://activerain.com/blogsview/1239283/credit-scores-fico-s
Thanks and good luck,
Jeffrey J. Belonger
Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
e-mail : firstname.lastname@example.org