What we are discovering at Century 21 Sylvia Geist Agency is that there are many "would be" home buyers out there who wish to buy a home, but think they can't get a mortgage for one reason or another. The most common obstacles first-time home buyers think are standing in their way are:
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There is no reason to let these issues stand in your way to home ownership. There are mortgage programs for 1st home buyers with FICO scores in the low 600's. There are state and local down payment assistance programs that can eliminate the need for a down payment for first time buyers. We can use these programs, along with the seller of a home paying for the first time buyer's closing costs, to enable you to buy a home will little to no money out of pocket!! Yes, there are qualification guidelines, but many first-time home buyers qualify for these programs.
Not enough time on the job? If you were a full-time student prior to getting a job, there are programs that will count your time as a student towards your two year work history.
Have you ever thought, "We can't find a home for the price we like. Those homes need too much work and we won't have the money to do updates after closing"?
We have mortgage programs that will lend you the money to make those improvements after the closing. Imagine you are looking for a home with 2 full baths, but all the homes in your price range only have 1 or 1.5 baths.
Let's say a new bath will cost $15,000. Here's how it works. You put a bid in on this 1 bath home and have a contract price of $200,000 and a down payment of 3.5%. The mortgage program would consider the sales price as $215,000 and require a 3.5% down payment (just a small increase in the down payment, but you have to qualify for the higher loan amount). When the lender does the appraisal, they will use the future value that includes the extra full bath. During the process you will need a written estimate from a general contractor to install the bath for $15,000. After the closing the lender holds the extra $15,000 for the bath installation and releases the money as the work is done.
There you have it! You probably couldn't have found a home for that price with a brand new bath. And now, the home you bought with the new bath you put in might be worth more than the $215,000 you paid!
THE BOTTOM LINE: Just because a home does not have all the features you want, does not mean you shouldn't consider buying the home. You can use these loan programs for all types of projects, small and large, including finishing basements, remodelling a kitchen, adding a garage addition, and more!
So New Jersey First Time Home Buyers LETS GET MOVING! Contact Century 21 Sylvia Geist Agency and ask about these programs. We will put you in touch with a lender who can tell you if you qualify for any of these programs. There's a good chance you will!