NJ First-Time Home Buyers

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Home for Sale in West Deptford | NJ Smart Start First Time Home Buyer Mortgage

West Deptford Home For Sale with Smart Start Mortgage Option - Steve KappreHome For Sale in West Deptford, NJ | NJ Smart Start First Time Home Buyer Mortgage

Are you a first time home buyer looking for your first place?Are you looking in the Gloucester County, NJ area but still haven't found the right place? There are many factors that make the current real estate market a great time to buy, especially for the first time home buyer. Not only is the federal tax credit available to first time buyers who close on or before November 30, 2009, but there are still many great first time home buyer financing options.

Understanding the First Time Home Buyer Smart Start Mortgage Options

West Deptford Home For Sale with Smart Start Mortgage Lender Option - Steve KappreNJ First Time Home Buyers have an option to utilize state mortgage funding programsto receive grants ranging from 2-4% (of the loan amount). As an example, a $100,000 loan amount would allow you to receive a grant of up to 4%, or $4,000. This grant can be used towards your required down payment and/or towards your closing costs (the fees required to be paid when purchasing a home).

Let's break this down to further understand the process of buying this home for sale in West Deptford when utilizing the NJ First Time Home Buyer Smart Start Grant option.

West Deptford Home For Sale with Smart Start Mortgage Lender Option - Steve KappreThere are several loan types that can be used when choosing the Smart Start First Time Buyer Financing option, including Conventional, VA, FHA, and USDA mortgages. For our example we will use FHA requirements/guidelines. FHA requires a home buyer to make a 3.5% down payment. This home in West Deptford is for sale at $249,500. The 3.5% required down payment is $8,732, leaving a balance of $240,767, which will be the loan amount (Plus MIP - which we will not discuss at this moment.)

To find out what grant amount you can obtain, just multiply the loan West Deptford Home For Sale with Smart Start Mortgage Lender Option - Steve Kappreamount of $240,767 by 4%. In our scenario, the buyer's grant would be for $9,630. This amount will satisfy the 3.5% down payment required by FHA, and will also give you extra money to put towards your closing costs. The remainder of closing costs can be paid by the buyer, the seller, or even a relative.

There are many first time home buyer options both in New Jersey and in West Deptford. All you have to do is work with a reputable, and more importantly knowledgeable, loan officer/lender.

If you have additional questions or would like to be pre-approved for a NJ Smart Start mortgage, feel free to contact Steve at 856-419-3561.

If you would like to view this property or another home for sale in West Deptford or Gloucester County, we can help you with that too.

Other Helpful Links

Understanding and Using All of Your First Time Home Buyer Options

Understanding Seller Concessions | Seller Paid Closing Costs | Seller Contributions | Seller Assist

Financing and Mortgages with a Credit Score Below 620

Why I'm Stressing Over Someone Else's Credit


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Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Comment balloon 0 commentsStephen Kappre • July 25 2009 11:47PM

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