First Time Home Buyers

Deciding to buy your first home is an important and exciting event in your life. But, it’s serious business too and you’ll need serious advice. At Princeton Mortgage Corporation, we’ll take the time to explain all of your options:

• How much can you afford?
• What program is best for you?
• Should you pay points?
• Why should you get pre-approved?

FHA Mortgages:
These mortgages are sponsored by the federal government to help people like you realize the American Dream--owning a home. They allow people to buy a home with as little as 2.25% down, have higher debt to income ratios, and receive 100% of the down payment as a gift from a family member.

There are other advantages to FHA financing. Conventional mortgages are rarely assumable (where someone buying your home can assume the responsibility for your mortgage). FHA permits your buyer to assume your loans with no adjustment to the rate: This can be a real advantage when selling a home. FHA loans are usually more liberal in regards to previous credit and employment history compared to conventional loans. Non-occupant co-borrowers are allowed to help you qualify for a bigger mortgage. Finally, your monthly mortgage insurance is less expensive compared to 3-5% down conventional loans.

Is an FHA mortgage right for you?  Contact us and find out how an FHA loan can make your dream of owning a home a reality

CONVENTIONAL LOANS:
There are many conventional loans for first time buyers. Most down payments start at 5%. There are special programs that allow for 3% down payments. At Princeton Mortgage Corporation, we have programs that start with as little as 0% down. That's right 0%.

Princeton Mortgage has a wide variety of loans designed for 1st time and move up buyers. We have expanded debt to income ratios with as little as 3% down. Princeton Mortgage also participates in the State of New Jersey First Time Homebuyer Program and the Policeman and Fireman’s Mortgage Program.

We have also added 40 year terms to our portfolio of products-allowing you to enjoy a lower payment on a bigger house!

And, best of all, Princeton Mortgage has negotiated ways for you to avoid mortgage insurance (which is not tax deductible) with as little as 5% down! Not only will your payment be lower--but you’ll have a greater tax deduction come tax time. Use our Mortgage Calculator to calculate out your monthly payments.

Contact us for more information on these exciting and innovative products.