Home Buying in Willingboro>Question Details

Ms. K, Home Buyer in Willingboro, NJ

first time homebuyer with good credit. I have my eye on a house for 154000. I want to purchase with my s/o..... How much should we save ???

Asked by Ms. K, Willingboro, NJ Wed Oct 23, 2013

Help the community by answering this question:


I think this can really depend on what type of loan you choose. For example if you choose a conventional loan you will need anywhere from 10%-20% along with closing costs. If you were to go the FHA route you would need 3.5% down with closing costs as well. The minimum amount that I usually tell my clients to have in reserves for the down payment and closing cost is around $10k. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
You only need to have 3% - 3.5% for a Down Payment but will need to have additional funds for closing costs. That can add up to another 3% - 5%. You should speak with a Loan Originator to find out more details on loan programs and if you can qualify for No Closing Cost loans.
0 votes Thank Flag Link Thu Oct 31, 2013
Can get you in the house with FHA financing which is 3.5 % of your own money. We can get seller concessions to help out with your closing costs. We can get a lender that will give you some lender credits, so all you would need is the down payment money. You can contact me about a lender that gives you some lender credits
Joan from Key Propertied 856-520-1614
0 votes Thank Flag Link Thu Oct 31, 2013
Depending on what you disclose to your lender, you can purchase this house with no money out of your pocket for anything!

Ray Stevens
Branch Manager
239 313 1003
0 votes Thank Flag Link Sun Oct 27, 2013
Ms. K

The standard answer you have seen below is 3.50%, (not 3%) with an FHA loan, there are also 3% options with a conventional loan.

I have 15+ years in the mortgage business and specialize working with first time home buyers

I would be happy to speak to you and offer you a free consultation and provide you and your s/o with a road map to purchase.

My contact information is below, good luck and please do net hesitate to contact me directly.

Best regards,

Matthew Zimmerman
Mortgage Loan Originator
NMLS: 70365
Annie Mac Home Mortgage
700 East Gate Drive, Suite 400
Mt Laurel, NJ 08054
Cell: 856.904.4122
0 votes Thank Flag Link Sat Oct 26, 2013
If its already listed its probably to late to start saving. Best bet would be to speak to a lender. I have one that I use who I would be happy to pass along your information to his and have him give you a call so that he could go over what would be the best options for you. Give me a call anytime today.

Samuel Rifkin

The Rifkin Team
Keller Williams Realty
0 votes Thank Flag Link Thu Oct 24, 2013
If you have your eye on a house it is too late to save. You should talk to a lender with a depth of experience and that will give great service in your price range too.
I've dealt with Allyson for 15 years. Oh, and you should pretty much ignore anyone that says you can get an FHA loan with 3% down. That hasn't been the case for quite some time.)

Allyson Knable
Aurora Financial Group
856.673.4055 office
609.417.9258 cell
856.574.9037 fax
Nmls# 90224

Oh, and you may want to talk with an attorney about how to hold title if you are unmarried and purchasing with someone else. Discuss things like: If you die, do you want your S/O to get your half - or should someone else get it? If you need an agent that will more than scratch the surface in representing your interest - call me. Good Luck.
0 votes Thank Flag Link Thu Oct 24, 2013
Good question guys. If your eligible for an FHA loan, you only need a little as 3%. BUT, any loan you do get where you put anything less then 20% down requires PMI (Private Mortgage Insurance) which can be very expensive. So to avoid the costly fees of PMI, I would suggest you save at least 20% before you buy your first home.
0 votes Thank Flag Link Wed Oct 23, 2013
There are programs that allow to put as little as 3%(4620) down and you will need an additional 3%(4620) for closing costs. The more you can save, the better. Good luck with your home search.
0 votes Thank Flag Link Wed Oct 23, 2013
It's always a good thing if you can put down 20% for a down payment to purchase a home.
0 votes Thank Flag Link Wed Oct 23, 2013
As A first time homebuyer, you would want an fha loan that requires 3.5% down plus closing cost. Please contact me for a rough estimate. I can also help you with getting pre-approved.
0 votes Thank Flag Link Wed Oct 23, 2013
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