Home Buying in Maple Shade>Question Details

moxiekate21, Home Buyer in Maple Shade, NJ

I want to buy a home in Maple Shade, I am a SINGLE Mother and need help

Asked by moxiekate21, Maple Shade, NJ Mon Jul 2, 2012

I make fairly good money and I do well for a single mother. I have awesome credit but because I don't make much I wont be approved for an affordable house in Maple Shade. What are some options out there for me? I was approved 2 years ago for only $75,000. That's nothing!!!! PLEASE HELP!!!

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6
Hi Kate, you'd be surprised how much you can afford. I have a great mortgage guy. Feel free to call or email confidentially.

R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.617.1212, axelson@kurfiss.com
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Tue Jul 3, 2012
Hi Moxiekate21,



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.
http://www.trulia.com/property/3085207539-435-Euclid-Ave-Map…
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:
http://www.trulia.com/property/1072041405-448-Cornell-Ave-Pe…

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.
0 votes Thank Flag Link Tue Jul 3, 2012
HI,

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
0 votes Thank Flag Link Tue Jul 3, 2012
There are many options out there that I can discuss with you so you can own a home. Feel free to email me privately or call my cell

Janet Larsen
856-261-6910
Njrealtorjan@comcast.net
Web Reference: http://Www.njrealtorjan.com
0 votes Thank Flag Link Mon Jul 2, 2012
Its awesome that you want to do this for yourself and family! You definitely should consult a lender and find out what your buying power is today. There are different programs out there ... Smart Start (which helps with closing costs and down payment), of course FHA which only requires 3.5% down, and if you are open to other areas besides Maple Shade, you might even qualify for USDA which is a no money down program. You want to be comfortable with the payment, and not house poor. I work with a great mortgage guy and if you aren't already working with an agent, I'd be happy to help you navigate the process. Please contact me and we can discuss your specific situation. My email is nicky.faucett@prufoxroach.com, and office number is 856-222-0077 ext 313
0 votes Thank Flag Link Mon Jul 2, 2012
You may be in better shape than you think. (Unless you want to buy a 200k home on a 100k budget)

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
NJHomeBuyer.com Realty
80 Barclay Center (off Rt 70)
Suite 4A
Cherry Hill NJ 08034
0 votes Thank Flag Link Mon Jul 2, 2012
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