Home Buying in Clifton>Question Details

Maddie, Renter in Garfield, NJ

Young First time Homebuyer :)

Asked by Maddie, Garfield, NJ Tue Jul 9, 2013

I'm 23 years old and have been working full time straight out of school for a solid 2 years now. My credit score is around 720 and groing. Im looking to only put down a 10% deposit for a house less than $200,000 in NJ..is this possible? I pay $1200 for rent and rather invest it into my future home. Thanks!

Help the community by answering this question:


It's great to hear you were able to secure a stable job right out of college and are now looking to purchase your first home; must be very exciting! While you could get away with less of down payment, it's most important that your monthly mortgage payment stays within a comfortable range.

Your home will most likely your single largest investment and it's important that you discuss your goals and expectations with a knowledgeable mortgage professional like myself. I'd like to help you better understand the mortgage process so you're more educated on the subject and can make a more informative decision when it comes time to complete your formal application.

Please contact me at your earliest convenience so we can begin devising a plan of action, essentially ensuring a smooth closing.

Kindest regards,

Paul F. Marzolla
Senior Mortgage Consultant
(201) 957-6768
Licensed by the New Jersey Department of Banking & Insurance
Member of the National Association of Mortgage Brokers (NAMB)
0 votes Thank Flag Link Tue Jul 9, 2013

Congratulations! Thinking about buying a house is great. It is a wonderful goal. There are homes that will fit your budget, but they might need a lot of repair and updating. Of course that takes additional funds, time and expertise. My husband and I bought our first home at 27. It needed major repairs and updating. Years later we are still fixing the house. Have you thought about investing in a condo. I assume you would like to be close to NYC as well. If you have questions about buying a home I would be happy to help. Maybe prevent you for making some mistakes that we did, don't hesitate to contact me. Good luck!

0 votes Thank Flag Link Tue Jul 9, 2013
Yes it is very possible. My advice would be to contact a lender and get a pre-approval letter. Based on your credit and income they'll pre-approve you for a loan and give you a letter that you can then give to a REALTOR to help you find a place. Ask your lender about a USDA loan which has 0% down. This way you'll have some money for your closing costs, which can be about 1-2% of your purchase price. Good luck! :)
0 votes Thank Flag Link Tue Jul 9, 2013
You sound like you have a good head on your shoulders, for someone as young as you. Your credit and down payment are acceptable from what your description and depending on your DTI(debt to income) , you would qualify. A few questions would be able to help determine your maximum purchase price and loan amount. Contact me and I will review your available loan options with you, and help guide you.
gsantoro@westtownsb.com 732-800-0060
0 votes Thank Flag Link Tue Jul 9, 2013
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