Home Buying in Piscataway>Question Details

Victor Marti…, Home Buyer in 07002

Is $25000 enough for down and closing fees?

Asked by Victor Martinez, 07002 Sun Jun 15, 2014

I am interested in purchasing a one family home. I have $25000. I am a first time home buyer, credit in the range of 660 and have a cobuyer/signer with score of 720. Combined income of $68000. Looking to purchase a home of about $200,000. Is this possible or should I just wait.

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Hello Victor,

Your numbers look great on paper. I have closed dozens of first time buyers that had less saved up than you do. Congratulations on putting yourself in this position. Best of luck with the new home.
0 votes Thank Flag Link Mon Jun 16, 2014
Lowell don't you get tired of cutting and pasting the same long winded response that doesn't even answer the question????
3 votes Thank Flag Link Sun Jun 15, 2014
Im sure with a 680 credit score,$25,000 saved,$68,000 income you should be able to buy a $200,000 in your area. Need a good real estate agent referral? Please send me an e-mail to DChomesforsale@gmail.com. Good luck to you. http://www.buyandsellnewhomes.com
1 vote Thank Flag Link Sun Jun 15, 2014
Sounds like you have plenty saved, which is great and your credit scores are okay (660 is a little low, but okay 720 is pretty good). Only way to know for sure is to talk to a local lender who can review ALL of your financial info. It's not just about credit score, savings and income. They will also look at total debt to income ratio, job history, etc. Good luck to you!
1 vote Thank Flag Link Sun Jun 15, 2014
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