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First Time Mortgage Help

Established Member

First Time Mortgage Help

Dear All
 
Please help with some of your great advice, I live in NJ (Bergen County - 07446) and would like to purchase a house in the region of $420,000.  I have no down payment yet (In apporximately a year I will have in the region of $20,000) and a credit score of 770.
 
My question is would I qualify for a LTV / 80-20 mortgage right now, my current rent is $1900 / month, with all the add ons for a monthly mortgage payment in my current situation right now (PMI etc) is it advisable for me to enter into the property market now or hold out for a more substantial deposit.
 
My current salary is $105,000 per year.  Also - what mortage brokers could you sugest for a situation like me.
 
Thank-you so much
 
Richard...
1 REPLY
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Regular Contributor

Re: First Time Mortgage Help

I would try to get the purchase price to or below 417,000! That will keep you from getting a jumbo loan.
 
As for the 80/20 loan... Well let me know if you find one. Most banks are doing away with that type of loan
 
I was doing loans in NJ and the market is better than most but then again who knows what can happen
 
As for your down payment you should be ok. Keep in mind that lending guidelines change everyday!! Keep your scores up and save up some money.

RJWilson wrote:
Dear All
 
Please help with some of your great advice, I live in NJ (Bergen County - 07446) and would like to purchase a house in the region of $420,000.  I have no down payment yet (In apporximately a year I will have in the region of $20,000) and a credit score of 770.
 
My question is would I qualify for a LTV / 80-20 mortgage right now, my current rent is $1900 / month, with all the add ons for a monthly mortgage payment in my current situation right now (PMI etc) is it advisable for me to enter into the property market now or hold out for a more substantial deposit.
 
My current salary is $105,000 per year.  Also - what mortage brokers could you sugest for a situation like me.
 
Thank-you so much
 
Richard...