Home Buying in Bergenfield>Question Details

Jaquino2003, Renter in Bronx, NY

I am new to the world of home mortgage and have made the 1st steps in getting pre-approved for a FHA loan...

Asked by Jaquino2003, Bronx, NY Tue Jun 12, 2012

I am new to the world of home mortgage and have made the 1st steps in getting pre-approved for a FHA loan. I wanted to know if zero down mortgages still exsist other than VA loans which I do not qualify. What are the steps moving forward.

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Patrick Fields’ answer
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Good evening!

Congratulations on the making the appropriate first step toward home ownership!

The next step would be to establish a budget for your purchase, including a clear understanding of what your anticipated down payment, closing costs, and moving/move-in costs. To determine the budget amount for your home, you can play around with a mortgage calculator - they are everywhere on the internet and on the mortgage section of any bank's website.

Once you know how much you can afford to spend on a home, you will then be prepared to partner with a local Realtor to identify the areas that offer suitable home options that are within your budget. Of course, if you feel confused, or would otherwise like assitance, a local Realtor will be happy to work with you and guide you toward your desired goal.
1 vote Thank Flag Link Tue Jun 12, 2012
Yes and they are legitimate and available. Most states have agencies that will loan or grant the required down payment and USDA. First step is to gather up all the objective information you can find because the most important step of the financing process is choosing an ethical experienced loan officer who works for a lender that offers all of the loan types and is practiced with your states agency that offers assistance.
The challage is not all lenders are experienced with these loans so the loan officer will try to talk you out of them. Many of them will try to talk you out of the MCC tax credit for first time home buyers when it is one of the best tax credits ever.
At Your Road Home.com you will find an article, Consultation Interviewing Loan Officers. You will also find articles on all of the loan types as well as a link to your state's agency that offers assistance.
Also read article #9 about the MCC Tax Credit. After you have gathered up all the objective information you can find you will know what questions to ask the laon officer and what the answers should be.
Trulia is also a good source of information and after you have gathered your information you will find loan officers and agents from your area offering their services on Trulia.

Best of Luck, Stephen Webber
Web Reference: http://Your-Road-Home.com
0 votes Thank Flag Link Tue Apr 23, 2013
I wish I'd seen your post sooner! NJHMFA has a down payment assistance program which can potentially enable you to get a grant toward your downpayment and seller's concessions (up to 3% for this program) for your closing costs. Buyer needs $1000 of his/her own money to qualify. You can google NJHMFA if you wish.

Only a handful of lenders are authorized to offer this program, and there is a list of lenders on the web site. You will not find any brokers on this list -- doesn't work that way. Obviously we are on there, so if you have questions reach out to me.
http://www.lizsantos.rhfunding.com

I certainly do wish you luck!
0 votes Thank Flag Link Tue Nov 20, 2012
THANKS EVERYONE!!!!

The reason I asked about zero down mortgage loan in the first place was because I am a bit short on the required minimum of 3.5% !! And wanted to know of other options avail in order to budget my closing cost and other related fees.

Thanks everyone for your imput, I will have to weight it out the old fashion way and SAVE!!!
0 votes Thank Flag Link Wed Jun 13, 2012
Hi Jaquino:

Congratulations on knowing the first and best step to home ownership. Getting qualified first certainly will put you in a good negotiating position. I currently have two clients that were qualified by FHA and will close in th next couple of weeks. I have been working with a very astute mortgage broker who almost seems to specialize in difficult cases. She was a referral to me when I had two clients that could not get conventional mortgages. She saved the deal for both clients.

I would be happy to help you find the best possible solution. Please email me at eroditi@optonline.net and I will forward the information to you.

Liz Roditi
Prominent Properties Sotheby's International Realty
201-315-3848
0 votes Thank Flag Link Wed Jun 13, 2012
Other than VA or USDA they do not exist anymore. FHA is ideal, and with rates as low as 3.5%, it is the option most buyers are taking advantage off. I would be more than happy to help you along. Feel free to contact me via email or phone to discuss options!

Mickey Ballantine
REMN
Parsippany, NJ
973-532-8733
mballantine@remn.com

See my testimonials on my reference page for confidence!
0 votes Thank Flag Link Wed Jun 13, 2012
Zero mortgage exist but is very limited USDA has one but only certain counties qualify. Some counties have a grant program like the American dream program in Bergen county and the city of paterson has a program also. They have their own guidelines. You can look into these and see if they can be used for your purchase.
0 votes Thank Flag Link Wed Jun 13, 2012
Hello,
The minimum down payment will be 3.5% for a FHA loan and you can possibly finance a portion or all of your closing costs which will allow you to hold on to more of your money, however, your monthly mortgage payments will be higher.

Now that you have a pre-approval the next step is to find a real estate agent that you feel comfortable with and is familiar with the location/s where you want to purchase. It would be beneficial to you if that agent is a buyers agent, and will work in your best interest during your real estate experience. Ask a couple of friends, associates, coworkers or family which agent they have used in the past and liked.
0 votes Thank Flag Link Tue Jun 12, 2012
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