Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98221 times)

MarkS · « **Reply #60 on:** December 15, 2013, 03:26:58 PM »

Quote from: Vosizderneias on December 15, 2013, 03:07:51 PM

Does this work with a investment property?

No, it must be your primary residence.

MarkS · « **Reply #61 on:** December 15, 2013, 03:31:11 PM »

Quote from: Palm5 on December 15, 2013, 02:38:58 PM

Anyone know if this program is still available?

According to this recent article I would think yes.

Try calling Roxxane Vivanco at TD Bank - (201) 739-4125 She works with this program and can give you all of the information that you need.

Palm5 · « **Reply #62 on:** December 15, 2013, 07:27:36 PM »

Quote from: MarkS on December 15, 2013, 03:31:11 PM

According to this recent article I would think yes.

Try calling Roxxane Vivanco at TD Bank - (201) 739-4125 She works with this program and can give you all of the information that you need.

Thanks

zipo4me · « **Reply #63 on:** March 23, 2014, 03:52:54 PM »

this is still going on!!

zipo4me · « **Reply #64 on:** March 23, 2014, 03:53:17 PM »

http://www.planning.co.ocean.nj.us/CDBG/HOME-FTHB.htm

MarkS · « **Reply #65 on:** March 23, 2014, 04:20:57 PM »

Quote from: zipo4me on March 23, 2014, 03:53:17 PM

http://www.planning.co.ocean.nj.us/CDBG/HOME-FTHB.htm

This is veeery different.
A)The income limits are much lower
B) The house can't cost more than $362K
C) 3 1/2 % downpayment (vs 5%)
D) You pay mortgage insurance premiums (vs not paying that for TD)
E) It looks like you will have a standard interest rate (vs the 1.5% below regular rates with TD).

While this may still be a good program for some it is much less attractive than the TD Bank First Step program (which may still be going on independent of this - I have no clue)

AI-TRAVEL · « **Reply #66 on:** March 23, 2014, 04:23:01 PM »

Quote from: MarkS on March 23, 2014, 04:20:57 PM

This is veeery different.
A)The income limits are much lower
B) The house can't cost more than $362K
C) 3 1/2 % downpayment (vs 5%)
D) You pay mortgage insurance premiums (vs not paying that for TD)
E) It looks like you will have a standard interest rate (vs the 1.5% below regular rates with TD).

While this may still be a good program for some it is much less attractive than the TD Bank First Step program (which may still be going on independent of this - I have no clue)

+1 was just about to comment. If anybody knows when the td program is coming please speak.

churnbabychurn · « **Reply #67 on:** March 23, 2014, 04:23:25 PM »

Know a couple of guys who got the 50k sandy grant. Might still be available...

MarkS · « **Reply #68 on:** March 23, 2014, 04:47:20 PM »

I just confirmed that the TD Bank Right Step Program is still going on.

The income limit is still $77K for Ocean County NJ (regardless of family size) and the interest rate is still 1.5% below their standard interest rate.
TD's regular rate now is 4.562% so the rate for this program is 3.062%.

The National Average rate is around 4.32.

churnbabychurn · « **Reply #69 on:** March 23, 2014, 04:48:39 PM »

Quote from: MarkS on March 23, 2014, 04:47:20 PM

I just confirmed that the TD Bank Right Step Program is still going on.

The income limit is still $77K for Ocean County NJ (regardless of family size) and the interest rate is still 1.5% below their standard interest rate.
TD's regular rate now is 4.562% so the rate for this program is 3.062%.

The National Average rate is around 4.32.

Whats the income floor?

MarkS · « **Reply #70 on:** March 23, 2014, 04:51:25 PM »

Quote from: churnbabychurn on March 23, 2014, 04:48:39 PM

Whats the income floor?

Your monthly payments need to be less than 33% of your income.

If you buy a $1,000 house your monthly payments would be around $5 a month after property taxes and insurance so you would need to be making over $180 a year

bubbles · « **Reply #71 on:** March 23, 2014, 05:20:14 PM »

What would the math work out to? At max income how expensive can the house be? Or can you just pay more towards the down payment and lower your payments?

Name Changed · « **Reply #72 on:** March 23, 2014, 05:40:41 PM »

Quote from: bubbles on March 23, 2014, 05:20:14 PM

What would the math work out to? At max income how expensive can the house be? Or can you just pay more towards the down payment and lower your payments?

I think around $400k is the max.

If the house costs more, you could lower the mortgage size by putting down a bigger down payment

churnbabychurn · « **Reply #73 on:** March 23, 2014, 05:44:51 PM »

Do they accept basement rental income?

MarkS · « **Reply #74 on:** March 23, 2014, 05:59:07 PM »

They do not accept basement income. They used to but they stopped over a year ago.

On a 370K house you would put down 18,500 borrowing 351,500. Your monthly payment would be around $1,485 mortgage, approx $65 insurance and $583 property taxes (7K a year) means monthly payments of $2,133. You would need monthly income of $6,400 which means you make $76,788K a year.

You could pay more toward the down payment on a more expensive house but borrowing approx $351,500 would be your limit. Of course if property taxes were a drop lower or higher that would change the monthly payments etc.

A year ago when rates were 1.75 you could have borrowed a drop over 400K.

bubble347 · « **Reply #75 on:** March 23, 2014, 06:19:23 PM »

Quote from: MarkS on March 23, 2014, 05:59:07 PM

They do not accept basement income. They used to but they stopped over a year ago.

On a 370K house you would put down 18,500 borrowing 351,500. Your monthly payment would be around $1,485 mortgage, approx $65 insurance and $583 property taxes (7K a year) means monthly payments of $2,133. You would need monthly income of $6,400 which means you make $76,788K a year.

You could pay more toward the down payment on a more expensive house but borrowing approx $351,500 would be your limit. Of course if property taxes were a drop lower or higher that would change the monthly payments etc.

A year ago when rates were 1.75 you could have borrowed a drop over 400K.

How many months or years of income do I need to prove?

yitzf · « **Reply #76 on:** March 23, 2014, 06:26:01 PM »

Quote from: churnbabychurn on March 23, 2014, 04:23:25 PM

Know a couple of guys who got the 50k sandy grant. Might still be available...

They ran out of money a while ago.

MarkS · « **Reply #77 on:** March 23, 2014, 06:44:15 PM »

Quote from: bubble347 on March 23, 2014, 06:19:23 PM

How many months or years of income do I need to prove?

You are supposed to have 2 years of income but can be flexible for example if you were a student and just graduated and started working etc they will work with you.

The 2 years of income don't all have to be at the current level. If 2 years ago you weren't making enough and over time you got raises and are currently making enough that works too.

bubble347 · « **Reply #78 on:** March 23, 2014, 07:20:08 PM »

Quote from: MarkS on March 23, 2014, 06:44:15 PM

You are supposed to have 2 years of income but can be flexible for example if you were a student and just graduated and started working etc they will work with you.

The 2 years of income don't all have to be at the current level. If 2 years ago you weren't making enough and over time you got raises and are currently making enough that works too.

Thanks that is very helpful. Does anyone know if I would have to be a current NJ citizen? or can I be moving from NY?

churnbabychurn · « **Reply #79 on:** March 23, 2014, 07:27:53 PM »

Quote from: MarkS on March 23, 2014, 06:44:15 PM

You are supposed to have 2 years of income but can be flexible for example if you were a student and just graduated and started working etc they will work with you.

The 2 years of income don't all have to be at the current level. If 2 years ago you weren't making enough and over time you got raises and are currently making enough that works too.

cosigners work?
parental support agreements?

Topic Wiki

Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98221 times)