Saving enough money for a down payment on a home might resemble a task that is too difficult to accomplish. Whether your current lifestyle consumes a large portion of your income or a financial setback has prevented you from becoming a homeowner, you might qualify to buy a home without a down payment. If your recent bill payment experiences reflect timely payments to your creditors, a Team Barber mortgage adviser with Family First Funding may be able to help you reach your goal.
Pay Your Bills On Time
As you are probably aware, the terms for big-ticket items are more favorable for individuals with excellent credit versus the terms for individuals who are required to remit a large down payment on a major purchase.
For example, a borrower with a very low credit score might need a 20 percent down payment to secure a mortgage loan approval to buy a home. If the purchase price amounts to $250,000, a borrower without money for a down payment toward a home could accumulate the necessary funds by saving $1,000 per month for 50 months or by saving $2,000 per month for 25 months.
With a favorable credit rating and a good credit score, a borrower will have more options than the aforementioned scenario that requires a $50,000 down payment toward a home that has a purchase price of $250,000.
It truly pays to appropriately manage your monthly bills. In many cases, if you pay your bills on time, and you avoid adding new obligations to your current level of debt, you might be able to buy a home with a low down payment or without a down payment requirement. Speaking with a Team Barber mortgage professional could enable you to learn about the most advantageous home loans for your situation.
No Down Payment Mortgage Programs for Home Buyers in New Jersey
Two very reputable programs may be used toward buying a home in New Jersey without any money for a down payment. The United States Department of Agriculture (USDA) and the Department of Veterans Affairs (VA) provide opportunities for eligible borrowers to buy a home without money for a down payment. Both programs are underwritten in accordance to affordable mortgage lending guidelines versus some of the alternative no money down programs.
When funding is available, several down payment assistance programs may be used in conjunction with other types of mortgage loans to facilitate buying a home with no money down.
Contact a Team Barber mortgage adviser with Family First Funding about buying a home in New Jersey without a down payment: 732.299.4824 or firstname.lastname@example.org.