You need to talk to a loan officer who based on all the information credit etc. will run some numbers and give you an estimate. I can give you contact information of a loan officer who can assist you right on the phone and give you an idea on how to go about it.
You can contact me at my cell 908-400-6484 cell or send me an e mail: NSharma.email@example.com
Thanks and Best Wishes,
Prudential New Jersey Properties
Your best bet is to speak to a lender about your current financial status. With that being said, if you qualify for an FHA loan, you will only have to put 3.5% down. As far as closing costs, some buyers opt for a sellers concession (seller doesn't always agree to one), if you qualify, the NJ Housing Mortgage Finance Agency is offering cash payments of up to $5,000 for qualified first-time home buyers to help defray closing costs or satisfy down payment requirements and help new buyers to get into the housing market. In summary, its a cash advance against the $8000 tax credit offered to first time homebuyers (if you meet the qualifications). It would be repaid whenyoureceive the federal tax credit.
There may be some options to help but I suggest you contact a lender, your local bank or credit union, etc. to see if and what programs you qualify for. You can also call our in-house lender Frank Gatto (973) 650-2763. There's no obligation to use him but he can certainly provide you with many options, if any, that are available to you.
Good luck and should you require the services of an agent, please feel free to contact me directly.
Prudential New Jersey Properties
Livingston Regional Office
973-992-6363 ext 116 office
A few suggestions from a full-time Realtor. I have rented, lived in condominiums and owned homes. Here is what I would do...
1) First do you have a trusted Realtor to work with - if not let me know and I may be able to suggest one. You should have a Buyer's Agent work for you who would be at your side and help you navigate AND manage the entire process (typically their commission does not come from the buyer but would come from a percentage of the sales price from the selling agent, so working with a buyer's agent is step one and free to you). Don't try to navigate the purchase of a home alone or without representation.
2) There is a Fed Gov first time home buyer's credit of $8,000 IF you are a first time home buyer who has not owned a home in the last 3 yrs and intend to stay in it for at least 3 yrs and ar below a certain income level. See you local state or the US gov website for more details.
3) Do you know your credit score and have you checked your credit report from the top three companies to ensure its accurate? If not they are legally obligated to give you a free copy every year so stay on top of that. If you need to repair your credit and have at least several months to do so, consult a Certified Mortgage Planner locally to repair your credit; if you need to move fast you'll have to forge ahead with your credit as is and more than likely deal with a downpayment - mortgage companies now almost without exception require the buyer to have 10% downpayment, but many lenders have other first time home buyer programs with less.
4)Think outside the box when looking for a lender - depending on what you do for work your employer may be able to help; some banks or credit unions have deals and programs for specific professions like teachers and fire fighters; look onto a mortage broker who represents several lenders and while they might charge a higher fee they also might be able to get you into an affordable program. What ever you do, ensure your agent helps you understand your goals and options and keep it affordable! IF you have someone who would be willing to temporarily move money into your bank account, it would boost your credit-worthiness in the eyes of a lender and would typically need to stay in your account for 6 mos or so.
5) Foreclosures may be a good way to go - they usually require seom TLC and take longer to close than a typical re-sale but you can usually get a much better deal on this type of home.
I hope this helps - let me know if you have more specific questions...best of luck to you!