South NJ First Time Homebuyers
Hey, First time Home Buyer!
IT’S TIME TO TALK!
Buying a house can seem daunting. It’s a process that you are unfamiliar with. You may not feel financially ready. Life is too busy for you to even explore and understand your options.
ENTER YOUR TRUSTED REAL ESTATE CONSULTANT!
3 IMPORTANT POINTS TO REMEMBER!
HOME BUYERS DO NOT PAY THE REAL ESTATE BROKER COMMISSIONS
YOUR TEAM OF PROFESSIONALS WILL GUIDE YOU THROUGH THE PROCESS - REALTOR, MORTGAGE LENDER, HOME INSPECTOR, TITLE COMPANY
YOUR REALTOR CAN RECOMMEND PROFESSIONALS THAT THEY TRUST AND HAVE STRONG PROFESSIONAL REPUTATIONS
How much does it cost to purchase a home?
Let’s first look at numbers:
We are going to make some assumptions for the purpose of giving a snapshot.
Home purchase price: $250,000
Property Taxes: $7,000
Annual Home Insurance: $1,000
Mortgage Interest Rate: 3.75%
Downpayment: 5% ($12,500)
ESTIMATED MONTHLY PAYMENT: $1,766
In summary, if you are purchasing a home for $250,000, you should plan to save at least $12,500 for a downpayment. You will also need to plan for closing costs, which includes items such as mortgage fees/title fees/tax prorations. I recommend planning to have 3% of the purchase price reserved for this. So make sure you have an additional $7,500.
This means you will need approximately $20,000 saved to purchase a $250,000 home.
DON’T HAVE $20,000 SAVED??
THERE ARE OPTIONS TO EXPLORE!
In New Jersey, we have programs that provide first time home buyers with downpayment assistance! Some of these programs offer $10,000 to qualified buyers to use toward their downpayment/closing costs. (PA has programs as well!)
Some mortgage programs are available that allow you to put down as little as 3%. In the above scenario, this takes your downpayment to $7,500.
You can structure your offer on a property to ask for a sellers assist toward your closing costs. Yes, many sellers will consider helping you with your downpayment costs! This gets taken care of at settlement and comes out of their proceeds from the sale.
MY POINT? YOU HAVE OPTIONS AND PURCHASING A HOME MAY BE EASIER THAN YOU THINK!
I work primarily in the Philadelphia and South New Jersey markets, so took some time to put together collections of homes that I feel are worth a look as a first time home buyer!
Contact me today if you are interested in having a look at any of these properties OR if you would like me to set up a collection for your specific needs!