Home Buying in Millville>Question Details

hunter10977, Home Buyer in Millville, NJ

i am looking to try and buy but cant get down payment of 15K

Asked by hunter10977, Millville, NJ Sat Apr 13, 2013

im stuck paying 1200$ rent and money is tight trying to put anything aside for down payment what are my options? my credit is around 710

Help the community by answering this question:



If you are paying $1200 rent and have no extra money at the end of the month to save for a home, Then all you can afford for a mortgage is a $1200.

1. be able to save money is the 1st test in seeing if home ownership is for you.
you will need money for emergencies to fix things.

2. Create a budget for your self so that you can see where the money is going and see where you can cut to save some money.

3. Speak to a mortgage financial person who can show you ways to improve your credit score and show what you need to do with your credit cards and any other outstanding bills and loans.

4. There may be assistance programs to help with the down payment.

5. speak with a local realtor that can help you find a mortgage person and might know about these programs.

Best wishes
0 votes Thank Flag Link Sun Apr 14, 2013
It's best that you speak to a mortgage professional. You might not need a 15K down payment depending on if you qualify for a FHA or conventional loan. In addition to the down payment, you need to consider the closing costs as well.
0 votes Thank Flag Link Sat Apr 13, 2013
Going shopping for a Home. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.

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0 votes Thank Flag Link Sat Apr 13, 2013
There are many programs that allow for low or no down payment when purchasing a home in Millville or anywhere in New Jersey. It's best to sit down with a "Realtor" and discuss your situation with them so they can direct you to the program and/or lender that fits your exact need. Since everyone's circumstances are different this is the most practical first step, other wise most people would be lost in the confusing world of real estate financing. Realtor's are educated in this aspect and can guide you through it to your advantage. You won't have to worry about payment for this service as Realtor's work on commission and get paid usually only when your transaction is completed from the Seller's proceeds.
0 votes Thank Flag Link Sat Apr 13, 2013
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