Well, you should check your 401K and Roth plan which will usually let you take out money for purchasing real estate. All banks require down payments in this market because many people that bought property two to three years ago with no money down are suffering today from the high mortgage. You have more than enough assets in your investment portfolio to put down on a home.

I don't want to play a mortgage representative so you should go to your local bank and speak to someone about your particular situation and loan qualifications.

I hope this answer helped you.


Rhonda Holt
Full Time Top Sales Agent
Weichert Realtors, H.P Greenfield
1712 Utica Avenue, Brooklyn, NY 11234
Email: HelpMeRhonda1919@yahoo.com
Site: http://www.RhondaHolt.com

Well all the determining factors for your loan sound terrific, but the days of 100% financing seem to be behind us (at least for now). Is this going to be a second home used as a vacation home or will you be moving into it? (you say you will be renting the home you live in now). If you will be moving into this new home, FHA would be the best way to go for down payment purposes. 3.5% is currently the minimum downpayment and closing costs up to 6% of sales price can be included in the loan. So out of pocket at a minimum would be 3.5%, but only if this will be your new residence. If it will be another rental property, Christine is right about needing more down, but the way the mortgage insurance market is now, probably looking at closer to 20% needed. Vacation home probably can get away with 15% down. Hope this helps. Feel free to contact me for further detail.

Sungshy,

To Best of my knowledge, answer to your question depends on several factors more such as your current DTI (Depth to Income) ratio, the purchase price of the new property you are looking to buy.
You should immediately concern some good FHA or convnetional mortgage person who can check your credit immediately and let you know your exact pre-approval amount.

Vishal Maher
Richa Realty
Cell# 732-277-9321

Sungshy,

I would go to a lender directly with this question. From my experience, you're going to be considered an investor which typically requires at least 10% down . A loan officer will be able to get more specific regarding the types of programs currently offered to investors. They may ask if you are able to pull some cash from your assets to put down? If you need some names of loan officers here in NJ, just ask. I'd be glad to provide you with some lenders that have experience with investor clients.

Christine Markow
ERA Statewide Realty
christine.markow@era.com