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.
Mortgage Loan Originator
Annie Mac Home Mortgage
700 East Gate Drive, Suite 400
Mt Laurel, NJ 08054
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
To view all the homes in NJ visit http://www.inesdelacruz.com
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
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.
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.
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
Weichert Cherry Hill