what is the bare minimum one has to save up to buy a house in NJ?

[Dat]

after alot of thinking, i decided that buying a house would be a great investment - that and my family is beginning to outgrow our apartment

anyhoo given the going rates of real estate in nj - i dont think i would be able to get a decent house for under 250K here

so assuming that a house will cost 250K - 300K - for other homeowners/buyers whats the minimum i need to save to buy a house including having enough for closing costs and all the other expenses?

if anyone wants to talk about their process - i would appreciate that as well

 

[bunker]

Some lenders could probably dig up an fha loan that only requires 2-3% down which would be $5000-$7000. You also have to tack on closing costs which can be around another $2000.

 

[Dat]

hmm i was looking at indymac mortage - rated one of the best online places for getting mortages

so closing costs are around 2000? I was thinking that 5% down is usually the number and plus 2000 costs - if i save up 20k i should have just enough...

sigh - god i want to get this dell inspiron -

 

[crab]

North or South?

 

[Mustanggt]

If the houses in NJ go for 250K for a decent one I would save alot of $ for down payment, that morgage payment on that amount of money prob be double if not more than your paying now for rent. dont forget TAXES I pay $1200 a year you prob pay double that so add another $200 to morgage payment.

 

[lepper boy]

Depends on the bank, some places only want 5% others want 10% while if youc an find a bank crazy enough, or are a teacher then you can get a wonderful special offer of 0 down..

but when you pay 0 down your payments also go up a lot each month.

 

[Dat]

on this is in central jersey - most likely edison, nj