I believe New Jersey's "Smart Start" program covers most of Brick Township and the surrounding areas. Our in-house mortgage company "Home Capitol Network" has dealt with this program a lot since it was started sometime around last summer.

Basically, the Smart Start program offers a second mortgage at 0% interest for down payment and/or closing costs up to 4% of the first mortgage. The best part of the program is that, if you live in the property for at least 5 years, the mortgage will be fully forgiven.

You can contact Frank DiRe through our website for more info:
http://www.crossroadsrealtynj.com/home/about-us/mortgage-ser…

If you want to read the details of the program yourself, use the link below:

Rich: First answer: Find out what you can afford. This means talking with a GOOD mortgage company. I hear that there are still some sleazy people out there promising more than they can deliver and, in some cases getting people in over their head. In most cases a bad credit score does not hurt a good one and two names on a mortgage are better than one.

Second answer: Do NOT look for “distressed” homes, look for homes. Sometimes the best VALUE is not one that will cost money to bring up to the standard of others available on the market in your price range.

Best wishes!

As already pointed out by Larry, you don't want just any mortgage rep. Interview several, find out the various programs and loan types that you might qualify for. As first time home buyers in Ocean County you might qualify for an Ocean, Inc downpayment assistance program of up to $10,000.

In that case, you might want to rent for a year, improve your credit and take advantage of the assistance program. If you need some mortgage reps familiar with this program, contact me.

Laura Giannotta
Keller Williams Atlantic Shore

Rich-
If you were to buy a HUD-owned home, you can qualify for an FHA loan that only requires a $100 down payment. You can visit http://www.hud.gov/homes/ and find houses by state. On top of the $100 down payment requirement, you can still get concessions up to 6%.

As for the credit, if your fiance's income is enough to qualify, then I would use just hers. However, if your credit is anywhere above 550, then the combination of the 2 scores should do well to qualify your mortgage. By the way, Flagstar Bank has one of the lowest FHA score requirements right now at 550 for FHA loans. If you need help qualifying, I would be more than happy to assist you.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online @ flagstarloans.com/lallison

Hi Rich,

Your first step is clearing up the financing hurdle. This is going to be a serious problem to be solved. You both have to apply because you need both your incomes to qualify. Your bad credit may be an obstacle, but not necessarily. If your FICO is 550, that's not great, but not impossible. If it's 480 you have a problem. In that case you might have to do some credit repair and hold off on buying for a year or so. I wouldn't even start to look for a home until your financing and finances are totally solid. You'll just get upset if you find something good and are told you can't get a mortgage.

You really need to talk to an honest and experienced mortgage professional before you proceed any further. I do not want to violate Trulia guidelines by recommending someone publicly but I know some excellent and honest lenders whom I work with that are experienced and compassionate. If it can work they will make it work. If not, they will tell you so upfront and tell you what you need to do to fix it.

Good luck. It will be worth it when you finally land your house! Houses are frustrating at times but highly rewarding to live in and play with.

-Marc

Rich,
Again you don;t want to deal with just any mortgage rep. You want an experienced company that will take time with you. With what you already indicated you will need a little hand holding...

Mike (the owner) at Best Interest Rate Mortgage will do exactly that. He may not be the one you will talk with afterwards but if you tell him I sent you he will give you lots of personal attention. I guarantee that!

Best Interest Rate Mortgage Company They are absolutely the BEST... Call the owner Michael DiPlacido Sr. or Jr. Tell them I sent you... Larry Sarlo They will get your options together for you, then you can look for a home... Talk to a mortgage person first. 866-846-3355 x/105

miked@birmco,com

Good luck!

If it is your first home you are in luck. There are programs/grant money available to you. Even with bad credit you may qualify for FHA loan and 3.5% down with 6% sellers concession to cover your closing costs.
The best thing would be for you to speak with a couple of mtg reps to find out what are your options regarding programs and who should apply for the financing--one or both of you.
Remember one of you can finance while you both are on deed and title.
I can recommend some excellent mtg reps to you. Just email me through Trulia or my website. http://www.dianeglander.com
Good luck in your exciting endeavor and congrats to you both!

Hi Rich, your best bet is to start with a mortgage pro to help you get your arms around what you can afford. Then you will be ready to team up with an agent - find someone who trust and feel comfortable being with - you'll likely be spending a good bit of time together. I'm happy to help you by referring you to a local agent (I'd love to help but Brick is outside my area of expertise) or you can ask friends, family, visit Open Houses (great way to interact with agents and "interview" to find one that suits you. Be sure to ask for references from all of your resources and then follow up.

Align yourself with good resources and you'll be on your way! Good luck to you Rich.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com

First foreclosures are not always the best deal. There are many properties avail for you that you can get that do not involve the foreclosure processes. And more than likely they will be in better condition too. Many foreclosures are "as is" and you could be faced with a property with a lot of expenses.

Call a mortgage guy first! Then find a good realtor in your area of Ocean County Your Realtor should show you more than just foreclosures....Now maybe that's all that is avail in your area? Not sure!

I use Best Interest Rate Mortgage Company They are absolutely the BEST... Call the owner Michael DiPlacido Sr. or Jr. Tell them I sent you... Larry Sarlo They will get your options together for you, then you can look for a home... Talk to a mortgage person first. 866-846-3355 x/105

miked@birmco,com

Good luck!
As a Realtor I can help you for the mortgage but I don;t specialize in your part of NJ There are many good realtors... If you need a referral call me 609-868-1171 email me lsarlo@comcast.net I will make sure you get to someone GREAT!