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Home Buying in Jersey City : Real Estate Advice

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  • Local Info93
  • Home Buying315
  • Home Selling25
  • Market Conditions36

Activity 506
Tue Aug 8, 2017
Mtoby624 asked:
Mon Aug 7, 2017
Kathy Burgreen answered:
Don't be nervous. You will be fine. Lenders will verify the following to qualify for a home loan:
Employment and Income - Full time? Part time? Hourly? Salaried? Commission? The huge factor is whether you receive a W2 or a 1099. W2 employees just need 1 month of pay stubs because their income is easily verified by computer. 1099 employees have wages that vary and not consistent so these workers need 2 years employment + tax returns. Lenders need to average out an annual income. I assume you receive a W2 so you don't need to worry.

Savings and Investments - Do you have cash for a down payment + cash to pay closing costs? Lenders will verify where this money is coming from. It can be from your own savings, a retirement account (not recommended), investments, a gift from family, the sale of property, an inheritance, etc. What worries lenders is if there is no documentation - then lenders think the money is illegal (drug dealer, robbery, etc.).

Credit Score and Credit History - you can go to and get your credit report for free. Verify that there are no mistakes on it. Go to FICO's official website and get your credit score. Your credit score should be 620 or higher. The higher your score, the more options you have to get a mortgage loan.

Debt to Income Ratio - your monthly fixed debts (credit cards, auto loans, student loans, medical debt, etc.) should be less than 40% of your monthly income. If it's more, lenders can reject you.

Tax Returns

Time to start contacting a lender. Start with your own bank first. You're already a customer.
... more
0 votes 1 answer Share Flag
Mon Jul 31, 2017
Sam asked:
- my budget is on the lower end- $200-300k but hoping to somehow get something, not picky. enough to rent out
0 votes 0 Answers Share Flag
Fri Jul 28, 2017
K.dudley3905 answered:
Do I have to use all of my 401k home loan towards the down payment or can I use some of it on the closing costs or appliances
0 votes 7 answers Share Flag
Sun Jul 9, 2017
Tej1010 asked:
I am planning to buy a house in NJ suburbs near nj transit train, but I am looking for
1) around 45 minutes commute to midtown via train/bus.
2)low property taxes if possible.
0 votes 0 Answers Share Flag
Thu Jun 15, 2017
Baran1913 answered:
I bought a house without an agent. I asked the seller agent to contribute toward the price of the house half of his full 7% or there is no deal. After huggling the seller agent agreed to do it. This was good for me and the seller as we were able to close the deal. The seller agent got 3.5% which I think all he deserved. ... more
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Tue Jun 6, 2017
Esther answered:
Look for rent to own home 3bedrooms 2 bath
0 votes 2 answers Share Flag
Mon May 22, 2017
Apparentlymarylee answered:
Do we continue to pay rent? How can we find out who actually owns the property or when that will happen? I'm worried sick I'll pay rent to the wrong person and lose that money. Also how do we get our security back? Last summer we paid $500 out of pocket to upgrade the floors because we thought we were going to stay here for years. Without the security we cannot afford to move, period. Don't know if it's worth mentioning but we don't have a lease, we just pay her every month in cash (and get a receipt, which I have saved). ... more
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Thu Mar 16, 2017
Mohitb2908 answered:
Was this resolved for you ? I am trying to put an offer in building with similar situation and my agent told me small lenders may not lend to h1b holders ?? Any guidance?
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Tue Mar 14, 2017
Donna asked:
Zillow has picked up on this listing; however. Trulia hasn't. I talked with GS yesterday and they said Our company and GS feed the listings to Trulia. Is there a reason why Trulia…
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Mon Mar 13, 2017
King1086 asked:
What are the specific costs that a buyer need to be aware of when buying a resale vs a preconstruction (title search, appraiser, etc)? Are closing costs of 3-5% of purchase price (in Jersey…
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Tue Mar 7, 2017
Rajshree Banerjee answered:
Hi Krishna- When a property has a protected tenant, it means you cannot evict the tenant, unless they violate the lease terms in any way for the lifetime of the tenant under whose name the lease is. Please be very careful before bidding on such properties and have an attorney go through all details. Contact me and I will help you find well priced properties, with no cloud on them. ... more
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Tue Mar 7, 2017
Rajshree Banerjee answered:
HI Saurabhj1991- both are excellent options, in my opinion, buying in the older phase might be a bit more price worthy for a buyer. You know the quality, the construction. Pricing depends on the sq footage, views, upgrades etc. Will be happy to help you if you need advice and guidance. ... more
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Tue Mar 7, 2017
Rajshree Banerjee answered:
Hi Chinonso22- sometimes, agents forget to take down old listings, if they were uploaded manually. That's why you need to work one one with a dedicated agent. Agents like me not only provide the current inventory, that are 100% active and real, but also coach you through the buying process. ... more
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Tue Mar 7, 2017
Rajshree Banerjee answered:
Hi Jamesafunk- The entire Gold Coast in New Jersey is very Manhattan commuter friendly. Especially the cities of Jersey City, Hoboken as they have direct PATH to New York. You can get be a hop skip and jump away! ... more
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