Buying a Home in Southern Ocean County with low or no downpayment
A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.
The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.
A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers (i.e. from Lanoka Harbor to Manahawkin). USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture
Advantages of the USDA Home Loan Guaranteed Program:
- 100% financing
- No down payment requirement
- No Mortgage Insurance
- No Cash Reserves Required
- Loan up to 101% of appraised value
- Seller Contributions Limited to 6%
An article by Chase points to a new wave of millennial homebuyers:
“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”
Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:
“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.
There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”
Ocean County First Time Buyer Programs
The average rent for a home in Ocean County is $1,800 per month ($1850.00 in Stafford), which would buy you a house in the $280,000 range. And in some areas, like Manahawkin, you don’t have to worry about a down payment with the USDA Zero Down Loan Program.
The Median Sale Price of a Home in Manahawkin is $260,000.00, average sale price of a home in Stafford Twp is $282,703.00. Here are all the homes for sale in Manahawkin.
Here are homes in selected communities in Ocean County for $300,000 and less:
- Toms River Homes under $300,000
- Bayville Homes under $300,000
- Lanoka Harbor Homes or Forked River Homes under $300,000
- Barnegat Homes under $300,000
- Manahawkin Homes under $300,000
Bottom Line
If you are one of the many millennials who is debating a home purchase this year, let’s get together to help you understand your options and set you on the path to preapproval.
As always, thank you for your time and feel free to get in touch if you have any questions about buying, selling or investing in real estate in Ocean County. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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