Home Buying in Jersey City>Question Details

BookersMom, Home Buyer in Jersey City, NJ

When does inventory usually open up in the downtown Jersey City area? And it is possible to get a 2BR with a mortgage = or < than $2,500?

Asked by BookersMom, Jersey City, NJ Wed Jan 4, 2012

Renting in Hamilton Square neighborhood right now, but looking to buy first condo with 2BR somewhere in the downtown JC area (07302, 07310) sometime over the next 6-12 months (or sooner for the right property). Must have list is pretty short, needs to be pet friendly, enough space to entertain, 2BR and either located on 2nd floor, or in an elevator building (roofdeck would be a MAJOR PLUS). Is this possible with a monthly mortgage payment of less than $2,500?

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Mirta "Elly" Alsina’s answer
The first step in caluclating your monthly payment is contacting a real estate agent that can refer you to a good mortgage lender. The mortgage rep will be able to take a serious look at your finances and give you a realistic projection of price range. Then the search begins. Although inventory is low there are some good properties on the market.
If you would like to reach out to me I would be happy to point you in the right direction.

Have a wonderful day
Elly Alsina
1 vote Thank Flag Link Thu Jan 5, 2012
It depends on your down payment - what percentage are talking here? Conventional is 10%+ (though I know of a 5% down conventional program). FHA is under 5%. Go to the web reference for listings such as you describe, and contact me for a financial scenario on how much these would be with taxes, maintenance, etc. all figured in. Inventory will increase over spring, but so will prices. Trick is this: if you go see something you like, buy it now. If not, wait, but know it will be a percent or two more (more buyers in the market create competition for you). And above all, get yourself a buyer's agent. Doesn't have to be me, but get one. They cost you nothing, will save you thousands of dollars if they're any good, and you'll be able to make a much, much better informed choice.

David Leonard
Weichert Realtors
718 915 2855
1 vote Thank Flag Link Wed Jan 4, 2012
Hi BookersMom great question. Inventory is low not just in downtown Jersey City but also Hoboken and the surrounding neighborhoods. There are a few factors that have contributed to this and in turn it has driven rental prices up.
That is good that your "must haves" are short and for $2500 a month it is attainable but it will largely depend on your credit score and your down payment.

If you have 10% down your appropriate price range, assuming you would qualify, would probably be up to $350,000 because you will need to factor in PMI.

If you have 20% down available then your price range would be higher into $400,000. Keep in mind that property taxes and maintenance fees can bring up your monthly payment. If you are open to 'brownstone' type buildings and buildings that do not offer amenities such as doormen, gym's etc, this will the best way to keep your payments low.

I hope this helps and if you need some assistance or have more questions please don't hesitate to reach me.
I'd be happy to pass on my mortgage rep referral if you'd like to get a prequalification letter to help you start budgeting.

1 vote Thank Flag Link Wed Jan 4, 2012
Hey Bookers Mom,

You already have been given some great answers by some great agents..

Here is an additional info..

the list includes, short sales foreclosures and hidden downtown waterfront bargains

you can also look at the market insider tab to see what homes are selling for

It really does depend on your down payment
each of these downtown 07302,07310 condos

have the mortgage payment right next to it for you to see.


If you want insider behind the scenes info let me know

Happy Home hunting

Linden Moe
America's Elite Real estate
Local Expert
0 votes Thank Flag Link Fri Jan 6, 2012
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