Buying your first home is exciting—but it can also feel overwhelming. At The Golden Ave Real Estate Group, we’re here to make the process smooth and stress-free. If you’re planning to purchase your first home in New Jersey, here are the top 10 things you need to know:
1. Know Your Budget—and Stick to It
Before browsing listings, talk to a lender and get pre-approved for a mortgage. This gives you a clear price range and shows sellers you’re serious. Don’t forget to account for taxes, insurance, and maintenance in your monthly budget.
2. Understand Your Loan Options
In New Jersey, most first-time buyers use FHA, conventional, or VA loans. FHA loans are popular due to their lower down payment requirements (as low as 3.5%). A good real estate agent and lender can help you pick the best fit.
3. Explore First-Time Buyer Programs
New Jersey offers valuable resources like:
- NJHMFA First-Time Homebuyer Program (includes down payment assistance)
- Smart Start Program (zero-interest down payment loan)
Ask us how to qualify—we work closely with lenders who specialize in these!
4. Your Credit Score Matters
A better credit score means better rates. Aim for at least 620 for most conventional loans, and 580 for FHA. Before applying, check your score and address any issues.
5. Don’t Skip the Home Inspection
Even if the home looks great, always get a professional inspection. It can uncover issues that could cost you thousands later—like roof problems, electrical issues, or plumbing concerns.
6. Factor in Property Taxes and Closing Costs
New Jersey has higher-than-average property taxes. Be sure to factor them into your monthly payment. Also, plan for 2–5% of the home price in closing costs, including legal fees, lender charges, and insurance.
7. Location Is More Than Just Zip Code
Think beyond price—consider commute times, school districts, future development, and neighborhood feel. We can help guide you to areas that align with your lifestyle and goals.
8. You Don’t Need 20% Down
While 20% down avoids private mortgage insurance (PMI), many first-time buyers use 3%–10% down. Several New Jersey programs even offer help with your down payment.
9. Don’t Make Major Financial Moves During the Process
Avoid switching jobs, taking on new debt, or making big purchases (like a car) while you’re under contract. These can affect your mortgage approval—even at the last minute.
10. Work With a Local Expert
A trusted local real estate agent is your secret weapon. At Golden Ave, we guide you through every step—from search to closing—making sure you’re protected, educated, and confident in your decision.
Ready to Get Started?
Your dream of homeownership is within reach—and we’re here to help you every step of the way. Contact The Golden Ave Real Estate Group today to schedule your free first-time buyer consultation.
đź“ž Call/Text: (732) 887-6110
📧 Email: michaelrlamie@gmail.com
đź“Ť Serving All Central Jersey