Is $25000 enough for down and closing fees?

Asked by Victor Martinez, 07002 Sun Jun 15, 2014

I am interested in purchasing a one family home. I have $25000. I am a first time home buyer, credit in the range of 660 and have a cobuyer/signer with score of 720. Combined income of $68000. Looking to purchase a home of about $200,000. Is this possible or should I just wait.

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Debra (Debbi…, Agent, Livingston, NJ
Sun Jun 15, 2014
Lowell don't you get tired of cutting and pasting the same long winded response that doesn't even answer the question????
3 votes
Lanre Folayan, Agent, Washington, DC
Sun Jun 15, 2014
Im sure with a 680 credit score,$25,000 saved,$68,000 income you should be able to buy a $200,000 in your area. Need a good real estate agent referral? Please send me an e-mail to DChomesforsale@gmail.com. Good luck to you. http://www.buyandsellnewhomes.com
1 vote
Sally Grenier, Agent, Boulder, CO
Sun Jun 15, 2014
Sounds like you have plenty saved, which is great and your credit scores are okay (660 is a little low, but okay 720 is pretty good). Only way to know for sure is to talk to a local lender who can review ALL of your financial info. It's not just about credit score, savings and income. They will also look at total debt to income ratio, job history, etc. Good luck to you!
1 vote
Vishal Maher…, , New Jersey
Wed Jan 7, 2015
Hi,

As a realtor and loan officer, I think with a higher credit score of 720 and combined income of $68k, you should be fine. However, still need to verify the debts for your co-signer.

If you still have not purchased the home and still looking, give me a call and I can help you.

Thanks,
Vishal.
0 votes
Ronald Shaff…, Agent, Toms River, NJ
Mon Jun 16, 2014
Hello Victor,

Your numbers look great on paper. I have closed dozens of first time buyers that had less saved up than you do. Congratulations on putting yourself in this position. Best of luck with the new home.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Piscataway Zip Codes

Email me when…

Learn more