Smallest down payment in Lakewood for a 4 bdrm home?

sky

Thu, May 05 2011, 11:59 am

Lakewood is a very large town it really depends on the area that you want.

You can get in raintree houses for very reasonable (like under 350,000) but many of the houses need some minor work.
Such as this house on laguna for 299,000
http://www.realtor.com/realest.....56360
I know people who live in the area and are very happy.

closer to Yeshiva it will be closer to 600,000.
http://www.realtor.com/realest.....26775

If you want to go very low you (they will go down to at least 180,000 or even lower) look at a house like this (3 bedroom) and try to put some work into it and add 2 bedrooms.
http://www.realtor.com/realest.....84678

I think you need to put down about 20%. On a 300,000 home that is 60,000.

Find yourself a good realtor and see what areas you are interested in and what they have in your price range.

amother

Thu, May 05 2011, 12:05 pm

sky wrote:

I think you need to put down about 20%. On a 300,000 home that is 60,000.

Find yourself a good realtor and see what areas you are interested in and what they have in your price range.

Thanks for the info. With less than 60,000 you cant buy? What about foreclosed houses? How do some people get uniquely good deals?

sky

Thu, May 05 2011, 12:11 pm

amother wrote:

sky wrote:

I think you need to put down about 20%. On a 300,000 home that is 60,000.

Find yourself a good realtor and see what areas you are interested in and what they have in your price range.

Thanks for the info. With less than 60,000 you cant buy? What about foreclosed houses? How do some people get uniquely good deals?

I don't know you can try working with a realtor. Problem is that when houses go very low people get so excited they tend to bid against each other, and the price sometimes goes up. Which is a shame.

You can try checking out that house on centra ave I posted. A down payment on there would under 40,000 but it needs work. Also don't forget to factor in 10,000 for closing costs.

In terms of short sales, people in Lakewood know how to do tricks, there is a home in my area that is going for sale in a short sale. The bank wants 125,000 but the owner is only approving the deal if you pay him 75,000 cash under the table. (He is not frum, so don't start bashing the yeshiva community please). So many times you need a lot of cash to get good deals.

Also I don't know how foreclosed homes work. We have a foreclosed home that has been sitting empty for 2 years down the block. Its not listed so I don't know what will happen to it. But after sitting empty for so long I can't imagine anyone would want it.

There are definetly houses to be found for under 300,000. But not many for too much lower that are in move in condition.
Here is another one for 297,000 - closer to town, but on a busy street. But you would still need 60,000 down payment and 10,000 for the closing. http://www.realtor.com/realest.....28170

suzyq

Thu, May 05 2011, 1:21 pm

You don't necessarily need 20% for a down payment. Your first step is to talk to a mortgage broker - they will be able to tell you how much you would qualify for a loan for. Then you can figure out how much house you can afford. If you are a first time homebuyer, or would otherwise qualify for an FHA loan, you can put down as little as 3.5% for your down payment. (Just note though, that if you are putting down less than 20%, then you will also have an extra monthly fee called PMI, or personal mortgage insurance, to pay. However, PMI is deductible on your taxes and once you've paid 20% of your home price, you no longer have to pay it.)