WHere do I even begin? We want to buy within 1 - 2 yrs..

and want to do some major research. If we can't find an affordable house, we will take a co-op or condo so at least we can stop burning $ on rent and earn some equity.

Where does a first time home buyer start? I have Sallie Mae student loans, I have heard they have 'first time homeowner loans'? ALso, something about none to very low down payments?

thanks!

not 1 person, out of all the homebuyers out there, has a word of advice

i will chalk it up to the holiday weekend...

Where will you be looking? Matt and I put down 33.3% because we wanted a smaller payment every month and usually we make double payments. People do incorporate their closing costs into the loan or do 80/10/10. I think you should meet with a broker and discuss which option would be best for you and your DH.

Good Luck on finding the place of your dreams!

We want to look in Northern / Central NJ - are there any books / websites I can look at just to become more informed?

thanks

Try bankrate.com They've got a lot of info on mortgage qualification, how to determine what you can afford, loans, saving, etc.

I don't know anything about New Jersey but this link looked interesting so here goes:

[www.bergencountyhomes.com]Click here[/L]

In 1-2 years...I sell you MY condo!!! I live in East Rutherford...Bergen county NJ.

Seriouslly...I have a great real estate agent in Bergen county if you need one...he was awesome!

The best advice I can give you...save, save, save. I opted for a condo, because the houses I could afford, needed alot of work and at the time I was single (met FH after I bought this place). Good luck in your search...FM me if you have any questions.

PS...I paid as much for my condo as some of the houses that needed alot of work.

ETS...FH is reading over my shoulder and says you can come look at the condo now to decide if you want it in 2 years...LOL!

talk to a mortgage broker...(I think someone on this board may be one)...to figure out what kind of mortgage you can afford...


then make a monthly saving plan...can you put away $500/month? 2 years that will be $12K (+ interest)

$1000/month is $24K (+interest)

don't get overwhelmed with those figures...cut out dinners out...(for DH and I before we got married we would easily spend $500/month on dinners out)...cut out pampering (massages...manicures...hair coloring)...use coupons - go to a store that doubles and find the sales...

Luvsun - LOL I just may have to come on by one day and take a look - I'm not that far from you now!!

Yabbo- yes, we definitely could do that. We go out to eat at least 1x a week and I get my nails done. That would save a bunch per month.

Thanks everyone

Read all about mortgages so you know what your options are. The have one of those mortgages for dummy books.

Then run the numbers so you know what is realistic and than build a budget.

Erica had the right idea. Decide what you can put away a month and stick to it. It adds up quick