R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
1) USDA is a great option BUT Maple Shade is not an area that's eligible. You would need to move to the out skirts of town in order to take advantage of this great loan program.
2) While prices and rates have come down from 2 years ago, the cost of monthly mortgage insurance for an FHA mortgage has more than doubled so it could be a wash.
3) Take a look at the property taxes for the area.
Here is a listing on Trulia for a home in Maple Shade at $125,000. The property taxes alone are $5,000 per year which would add $416 to your monthly payment.
This house is listed for $125,000. An FHA loan at 3.5% on a 30 year fixed would give you an estimated monthly payment of $1,143.86.
4) Here's another listing:
This home is eligible for a no money down USDA mortgage and look at the property taxes, only $1420 per year which adds $118 to your monthly payment. This home is listed at $149,900. A USDA loan on this home at 3.5% would give you an estimated monthly payment of $892.00.
Yes, you have many options and many Mortgage programs today to choose from. Your Income will decide on the home you will afford. To answers your questions more direct we need to talk in person and review all your options. Call me, I will be happy to help you locate your Dream home for your family. Thank you
In the last 2 years prices have declined and so have interest rates.
You likely qualify for more than you did 2 years ago just because of the interest rate decreases. And, there are more affordable homes on the market.
There are 3 bedroom single homes in Maple Shade that can be purchased for not much over 100k. If a 2BR condo would work - much less.
Your first step though would be to update your preapproval. I can refer you to a very knowledgeable lender that is excellent with first time buyers (actually with all buyers) or, if you would like, you can contact me to set up an appointment to meet me at my office and review your situation and prospects.
Paul Howard 856-488-8444
80 Barclay Center (off Rt 70)
Cherry Hill NJ 08034