Home Buying in 08003>Question Details

Punda Smith, Home Buyer in Cherry Hill, NJ

Down Payment Assistance for FHA Loans

Asked by Punda Smith, Cherry Hill, NJ Mon Oct 28, 2013

Hello,

I am planning to buy my first home sometime later this year.
Some specifics re my situation are:

-- Job: same employer, full-time for past 7yrs
-- Income: About $70K
-- Credit Score(Middle): 640 [no current collections; all outstanding debts paid]

I am interested in buying the home I'm renting (worth about $260K). I have a couple of questions about the process.

1). Do I stand a chance in getting a mortgage with these profile?

2). I know my condo unit is FHA-applicable, but I was wondering if it is possible to get some assistance towards down-payment - are there so called "downpayment assistance programs" still available?

3). Can I bring copies of my own credit reports - or does every lender I approach run a fresh report, thus decreasing my scores with multiple inquiries?

Thanks - PS

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Answers

5
Punda -

On the surface, it appears that you can afford the purchase, but you should really speak with a mortgage loan officer to get a better handle on the costs, associated with the purchase, in addition to the down payment.

As for down-payment assistance programs, there are some available, depending on the county in which you are purchasing.

Finally, you can bring your own credit report, for discussion purposes, but each lender will need to pull a copy for themselves in order to pre-approve you.

if you have any questions, or need more information, please feel free to give me a call.

Best regards,

Matthew Zimmerman
Mortgage Loan Originator
NMLS: 70365
Annie Mac Home Mortgage
700 East Gate Drive, Suite 400
Mt Laurel, NJ 08054
Cell: 856.904.4122
mzimmerman@annie-mac.com
https://matthewzimmerman.annie-mac.com/
1 vote Thank Flag Link Thu Oct 31, 2013
Hello Punda,

I asked your questions to Mr. William De La Torre from Wells Fargo Home Mortgage cell 856-562-2286 who anwered them for you. Hope this help you out.

1). Do I stand a chance in getting a mortgage with these profile? Yes. Based on what you mentioned it looks like you have a great chance in getting approved for a mortgage. I recommend that you start the mortgage process by getting pre-approved to see if indeed you do qualify and how much you qualify for.

2). I know my condo unit is FHA-applicable, but I was wondering if it is possible to get some assistance towards down-payment - are there so called "down payment assistance programs" still available? There are some down payment assistance programs. There is a program through the State of NJ called the Smart Start program. There are also some County grants available as well that you could qualify for. I would recommend to contact my mortgage professional so he can review the qualifications with you.

3). Can I bring copies of my own credit reports - or does every lender I approach run a fresh report, thus decreasing my scores with multiple inquiries? You can bring a copy of your credit report but the lenders will need to pull their own copy of the credit report as well in order to get you preapproved.

Give him a call with any other question you may have.

If you need the assistance of a Realtor feel free to call me. Good luck!

Ines De La Cruz, CRS, ABR
RE/MAX Connection
609-313-8518
To view all the homes in NJ visit http://www.inesdelacruz.com
0 votes Thank Flag Link Tue Oct 29, 2013
If you buy the property you are renting and neither you nor the seller want to involve a realtor at least use an experienced real estate attorney -- and no matter how well you think you know the property have it inspected.

For an experienced lender I would refer you to:

Allyson E Knable
Branch Manager-Cherry Hill, NJ
AURORA FINANCIAL GROUP
1814 Route 70 East Suite 331
Cherry Hill, NJ 08003
aknable@auroralending.com
phone 856-673-4055
cell 609-417-9258
fax 856-574-9037
NMLS# 90224

If you end up not buying the house you are renting or want a Realtor (I'm an exclusive buyer broker) to represent you - call me.


Good luck.

Paul Howard,
0 votes Thank Flag Link Tue Oct 29, 2013
Hello Punda
Going off of the information you've provided you look like a good candidate for purchase but I would suggest that you start with consulting a lender to review your qualifications.
Also be sure to ask if you'd qualify for any down payment assistance programs such as Smart Start.
I specialize in helping first time homebuyers. See my profile here:
http://www.activerain.com/voorheesbroker and if you would like a list of loan officers who are happy to work with first-time home buyers, call me at 856-308-5989 or email me at Kim@kimcanhelp.com
Wishing you all the best with your home ownership goals.
0 votes Thank Flag Link Mon Oct 28, 2013
Hi PS. Your best bet is to find a reputable mortgage representative who can assess your particular financial situation. Credit scores are only one factor that goes into the equation. There are also many programs out there such as special deals for first time home buyers. Weichert has financial experts in the office or we have several very reputable companies who work hard to get you approved for the best rate and the least aggravation.
Regardless of whether it's a conventional loan or FHA you can always work into the contract that the sellers will offer assistance with closing costs.
If you have any additional questions, I'd be happy to help you
Dale Semler
Weichert Cherry Hill
856 816-1510
0 votes Thank Flag Link Mon Oct 28, 2013
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