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

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4
FYI

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.

Whether you’re, buying, or building your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

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Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
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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