Home Buying in Carneys Point>Question Details

Amy, Other/Just Looking in Woodstown, NJ

What would be he down payment of this house?212 Morgan Ave, Carneys Point NJ 08069

Asked by Amy, Woodstown, NJ Mon Jan 11, 2010

We are very intrested in this house and we can afford the house payments and such but we dont have much for a down payment... what can we do?

Help the community by answering this question:


In our area, I live in Pedricktown, am Realtor too, the USDA offers 102% financing. The home has to be in decent condition, not in need of major repairs, your income has to fit into their guidelines as well, but those are pretty generous. It's a great program for Salem County buyers with credit scores above 620. Give me a call an I can refer you to some great lenders that work with this program.

Theresa Cannizzaro, Broker Associate
Prudential Fox & Roach, Realtors-Mullica Hill
0 votes Thank Flag Link Wed Feb 17, 2010
Hi Amy -

Sure, 3.5% is an acceptable downpayment. Some people are ding 100% financing. But it does all depend on your credit and the type of loan you are looking to take out.

You should speak with a qualified mortgage consultant.

Mike Lavanco
First Choice Bank
Office: 732-536-3330

Mike will be able to discuss the mortgage process with you in depth.
Good rates also! Great Guy!

John Sacktig
Broker / Manager
Orange Key Realty

0 votes Thank Flag Link Mon Jan 11, 2010
Amy, it is very easy for you to calculate on your own.

An ideal down payment would be 20%. So if the purchase price is $120,000 it would be 24,000 (120,000 x .20 = 24,000); However, you can put down as little as 3.5%, which would be $4,200 for a $120,000 house.

You can also have the seller pay your closing costs for you so all you would have to come up with out of your own pocket would be the 3.5% downpayment.

I hope this helps, but feel free to contact me at 908-415-3958 if you have any more questions .

Good luck.
0 votes Thank Flag Link Mon Jan 11, 2010
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