Less than many people think. Depending on the loan, a first-time buyer in East Windsor may be able to put down as little as 3.5% with an FHA loan, and state programs can help cover the down payment and closing costs.
Here's what to plan for:
The down payment. FHA loans allow 3.5% down for qualified buyers, and some conventional loans go lower. Your lender can tell you which you qualify for.
State help. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has offered up to $15,000 in down payment and closing cost assistance as a no-interest, five-year forgivable second mortgage, paired with an NJHMFA first mortgage. First-generation buyers have been able to add up to $7,000 more. Income and price limits apply, so confirm current amounts with an approved lender.
Closing costs. Set money aside for the appraisal, title insurance, your attorney, and prepaid taxes and insurance, on top of the down payment.
A cushion. Keep some savings after closing for repairs and moving costs.
Know the options. East Windsor has a mix of condos and townhouses, including the large Twin Rivers community, plus single-family neighborhoods. Condos and townhouses come with monthly HOA fees, so budget for those too.
Location. East Windsor sits along Route 130 near New Jersey Turnpike Exit 8 and is served by the East Windsor Regional School District, which also serves Hightstown.
Getting pre-approved before you tour tells you exactly what your monthly payment will look like, which takes a lot of the guesswork out.
Fred Gomberg works with Berkshire Hathaway HomeServices Fox & Roach in Princeton and holds the ABR® designation for buyer representation. He has a 5.0 rating on Zillow from clients who appreciated his patience with first-time questions. If you're starting to think about buying, he's glad to walk you through the steps over coffee.
