Home Buying in 07203>Question Details

Jr, Other/Just Looking in 07107

How much is the FHA downpayment for a first time home buyer in NJ?

Asked by Jr, 07107 Wed Jan 4, 2012

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Deborah Garvin’s answer
Jr, As already stated, 3.5% is the required down payment for FHA; however, the funds can be gifted. There are specific guidelines that apply; however, a mortgage professional could provide you specifics. Best of luck to you!
0 votes Thank Flag Link Thu Jan 19, 2012
Hi JR,

The FHA loans do require a 3.5% down payment. If that is a challenge for you to save up, you may want to try for a USDA loan. It is a government program for 100% financing. ZERO down payment. The home's address has to qualify but they are not hard to find. I can send you a link if you'd like more information. Thanks and good luck.
0 votes Thank Flag Link Thu Jan 19, 2012
What areas of NJ are you considering? If you need help, or just curious about what home prices are, I can help with that.

0 votes Thank Flag Link Wed Jan 18, 2012
3.5% of your purchase price.

Purchase Price: 100,000
Down Payment: 3,500
0 votes Thank Flag Link Wed Jan 4, 2012
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