Home Buying in 08312>Question Details

Blanken15, Home Buyer in Clayton, NJ

i am a fist time home buyer do i quilifiy for anything?

Asked by Blanken15, Clayton, NJ Sun May 22, 2011

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I see, from your other question, that you are looking at a specific home in Clayton that is a fixer upper or Handyman special. Depending on the condition you may be able to get a USDA loan that requires NO MONEY DOWN, let me say that again, NO MONEY DOWN. There are not many places today that you can buy a home with no money down. Normally, you could ask for closing cost assistance, but this being a short sale that may not be possible. There is also an FHA 403K loan that allows you to include repair costs in your loan, but carries a higher percentage rate than a regular FHA loan. Gloucester County does have some money available to help with the closing costs also, but there are income limits as there are with the USDA program. There is also a program by the State of NJ, called Smart Start, for 1st time home buyers. I work with a great mortgage person that can help you sort through your options. Check out my website and call me with any other questions you might have.
Web Reference: http://www.gyleshomes.com
0 votes Thank Flag Link Mon May 23, 2011
HELLO 1st TIME HOMEBUYER .....

Take advantage of this market! BUY SOMETHING AND MAKE MONEY! Seriously... people are doing it all the time. Give me a ring and I will assign you a Project Coach and they will help you through the entire process... FREE!

Don't Pay FOOL price! ;)

b
Web Reference: http://www.203kworld.com
0 votes Thank Flag Link Mon May 23, 2011
Congratulations on taking this big step........ First thing, that is after you have found a great agent, is to talk to a lender (or two) and find out what you are qulaified to borrow and then decide on a comfort level to repay. Talk to your agent about how much or little that you want to do in the house, ie painting, plumbing and all that sort of stuff. Your lender and agent will help guide you through the lending process keeping oyu on time lines and explaining the many programs out there for the first time home buyers in your location.
Then the fun begins...... Touring houses that fit your criteria.
It's a great feeling buying your first house and then making it into your own home.
Good Luck, Interest rates have never been lower. Building equity is what is helping to rebuild the economy.
0 votes Thank Flag Link Sun May 22, 2011
You can use a FHA 203k mortgage loan to purchase a home that needs any updating (new kitchen, new bath, etc,), repairs (new roof, repave driveway, etc.) and/or improvements (central air, new windows, new appliances, add a room, etc.) and include the costs of all these things in the mortgage.
Check out this website for information:
http://www.rebuildusa.com/
0 votes Thank Flag Link Sun May 22, 2011
Yes you qualify to take advantage of low prices and great interest rates:)
0 votes Thank Flag Link Sun May 22, 2011
Depending on income and family size you may qualify for the NJ Smart Start mortgage program which will allow you to receive 4% of your mortgage amount towards your closing costs. If you are purchasing in Gloucester County you many also qualify for the Gloucester County Grant which allows up to $10,000 towards closings costs. Both programs can be combined and used together.

If you are interested in either of these programs it is very important that you use a realtor and mortgage professional that are experts in this area.

Feel free to contact me with any additional questions or for more information.
Web Reference: http://www.andreakappre.com
0 votes Thank Flag Link Sun May 22, 2011
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