WHat do I need down to buy a home?

The down payment. Cue the dramatic, fear-filled suspense music. Yeah, it’s scary. Coming up with enough cash to put down when buying a house is the single biggest roadblock for most hopeful home buyers. But how much do you really need?

What is a down payment?

A down payment is the cash you pay upfront to get a home loan. It is deducted from the total amount of your mortgage and represents the beginning equity — your ownership stake — in a house and property.

This excerpt from Nerdwallet.com CLICK HERE to read more.

Great opportunity in Millville NJ

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Historic Wheaton Mansion home and storefront in Millville’s Art District. Great mixed-use property for retail, professional office, bar and more. Kitchen has tiled counter and backsplash and stainless steel appliances. Hardwood flooring and crown molding throughout home. Separate commecial store front accessible from inside home with kitchen area and storage. Great place to live and operate a store front. Sale includes two separate off street parking lots in rear, public water and sewer, natural gas heat, central air. UEZ Financing Available.

Call today and ask about property # 80. Stacy 856-364-0772

Move in Ready Home in Glassboro

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Welcome to this move-in ready, 3 bed, 1 full bath home located in a quiet Glassboro neighborhood! Many features and improvements have been done to this home in recent years which makes for low-maintenance living! Features and updates include: updated bathroom, updated exterior paint, front porch and landscaping, updated kitchen with 42″ cabinets and a sunroom addition, windows with a lifetime warranty and custom blinds, a spacious 3-bay garage with updated roof and doors, newer pool and pool deck, and a new french drain and sump pump system installed in the basement. There is a partially finished basement which can be utilized as extra living space. There is an additional room in the basement which is being utilized as a wine cellar. The wood stove in the living room heats the majority of the home. The list of features goes on and on, and being conveniently located near shopping, schools and major roadways, this home has everything you could ask for. This home also qualifies for the HomeSeeker $10,000 grant program for First-Time Homebuyers. Schedule your private tour today to see the true beauty of this home!

Call today and ask to tour propety # 78. Stacy 856-364-0772

 

Homebuyers face ‘most competitive market in recorded history’

Rising real estate costs, demographics shifts, and low inventory have hamstrung homebuyers for years. But according to Danielle Hale, chief economist for Realtor.com, this spring buying season may bring buyer frustration to a boil.

“I think it’s fair to say this is the most competitive housing market we’ve seen in recorded history,” says Hale. “There’s record low inventory and strong interest from buyers in getting into the housing market. There are a lot of buyers, and not a lot of sellers.”

According to Hale and other economists and real estate industry observers, many factors have created this “imperfect storm” of high demand and low supply. Underbuilding had been a key factor, due to cost, labor shortages, and zoning and regulatory barriers to new construction.

“We’ve been paying the bill for underbuilding for some time, and every year, it gets worse,” she says. “We’re not only not keeping up, we’re falling further behind.”

This excerpt taken from Curbed.com to read more please click HERE.

First Time Home Buyers

Below is a link with a few handy tips for first time home buyers.

CLICK HERE:

The most important thing you can do is hire a full time professional to help guide you throught the process. Please feel free to give me a call anytime. Whether buying your first home, 2nd home or making an investment I would be happy to assist.

Stacy Schnell 856-364-0772

Click here for a few testimonials: 

Newly Listed Home in Franklinville, NJ

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Luxury two story home on private corner lot in Washington Oaks. Formal foyer entry with hardwood flooring, large eat-in kitchen with cherry cabinets, corian countertops, center island, stainless steel appliances, tile backsplash and hardwood flooring. Spacious morning room open to kitchen that leads to rear paver patio with hottub. Formal dining room and wet bar off kitchen. Dining room has tray ceiling, box and crown molding. The first floor also has a two story great room with gas fireplace, office and formal living room. Four bedrooms and three full bathrooms on second floor, master bedroom has tray ceiling, gas fireplace and walk-in closet. Master bathroom has Jacuzzi tub, stall shower, double vanity and tile flooring. There is a second staircase in the back of the home leading to the kitchen. Finished basement with full bathroom, possible 5th bedroom and walkout entrance. Covered front porch, three car attached garage, security system, sprinkler system, two zone gas heat and central air, Delsea school system. Convenient access to Routes 55, 40, 47 and 322.

This listing presented by The W.Scott Sheppard Team. Call today for your private tour!  Stacy 856-364-0772

Trainers look no further beautiful horse farm on 37+ acres

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Beautiful working Horse Farm for sale in Upper Deerfield Twp. Cumberland County, New Jersey. Once known as Bar S Performance Horses, llc. This 38 acre +/- facility is located 7 miles from exit 32B via Route 55. Just off of Landis Avenue Route 56 West. and 5 miles from the Centerton Inn by Parvin State park. Also, 10 miles from the route 77 and route 40 circle off of Highway 77South.

The 3 bd. 2 full bath ranch home has a private Master with walk in closet and bath. Open floor plan from living room to eat in Kitchen with utility room. Hallway pantry and 2nd bath closets to 2 additional beds. Small front foyer with coat closet. Attic and 4 ‘ crawl space, which has water conditioner system, water tank and HEPA air filter system to the heating and central air units. Ceiling fans through out. This is a custom floor plan built by Country Homes Modular in 2003 offers approx. 1400 sq ft.

Barn was built in 2003 by Pioneer Pole Buildings in PA. 110′ x 30′ with 10 ‘ concrete isle, brightly lighted. 200 amp. service with outlets at every stall and 3  GFI outlets down isle. Black powder coated steel stall fronts and gates on all 16 stalls, 2 of which are completed with 4″ concrete and drains to a French drain system. These have been used as wash stalls, dog kennels and holding stalls. Each stall is 10×12 and have steel U-Channels allowing the 10 x 12 ‘s to be removed and create foaling stalls, or storage space. The roof is insulated and there is a finished 10 x 24 ‘ office/tack room with air conditioning.

At the end of the barn you will walk into the 100′ x 130′ covered training arena with insulated roof. This is a steel clear span building with poured footings that allow for expansion of the building without the worry of a full concrete foundation under hoof. This building also has a 200 amp. service of its own and is fully lighted. The height on the outside ceiling is approx. 30’ and approx.85 ‘ to the peak. Many events and Barrel races have been hosted here. There are 9 paddocks all completed with poly coated Ramm fencing, there is no common fencing each alley way is approx.12′ between each paddock. 6 of the paddocks have run in sheds, there are 3 12×24 and 3 12×14. Water hydrants are numerous along paddocks. They range from just over a half acre up to 2 and a half.

Home faces the west with spectacular sunset views from the front porch, and an overview of the pastures. Back yard is fenced in with small block no climb for dogs of all sizes and auto lock gates on for easy access.

This facility was designed and built in 2003 by the owner operator with versatility for future expansion in any equine discipline you choose. The 25 acres facing centerton road contain an exercise track just under 1/2 mile. This area is also leased to local crop farmers. Approx.36 acres are farm preserved and can be used for numerous agriculture purposes and livestock. Or can be purchased back for development. Keeping in mind agriculture building is permitted. Approx. 2 acres surrounding the home are exempt so feel free to add on more living space !

Septic system was designed for a 5 bedroom home so there will be no additional cost there. Well is a 4’ with a new pump in 2015. All installed by reputable local contractors.

There are (always) some small fencing and stall repairs as this is a working farm. It has been well maintained and has housed up to 26 horses as a typical head count.

Heat and cooking Propane, tank is owned. Elec.or Gas for clothes dryer, there are 2 hook-ups. WtrHtr, elec. Fios internet.

A Note from the owner: I have always said ” this place is my heaven on earth”, building this farm was for the pure desire and compassion I have to share and educate horses and people to understand each other and develop a true bond. Never imagining ever selling this place, but things change and it’s time for someone else to enjoy my heaven on earth.

This listing is being presented by Stacy Schnell and the The Scott Sheppard Team.

Call today for your private tour! 856-364-0772

Custom Build Here ~ Beautiful Farm

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12.43 +/- farm in East Vineland. Three road frontages, level topography. Perfect for horse farm. 60 x 90 pole barn with riding rink and a 36 x 60 horse barn with nine 10 x 12 stalls. Convenient access to Route 55, 47, 552 and 49. Property consists of 11.94 acres Q Farm of total 12.43 acres. 

Give call today to find out mor information about this unique property.

Stacy 856-364-0772

This listing presented by The Scott Sheppard Team 

Below are a few of the questions clients often ask when making a purchase.

house pic

 

Question: What qualifies me to be a first time home buyer ? 

A- If you’ve never owned a home, you are considered a first-time home buyer. But you are allowed to be a previous homeowner and still qualify as a first-time home buyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.

Question: What are closing costs?

A: Closing costs are a fee charged for various items the lender charges. These fees are an additional cost that is added onto the amount of the loan. For example:  can include items such as loan processing fees, attorney’s fees, transfer taxes, title insurance costs, inspection fees, and more. You can ask for help with these fees in certain loan situations from the seller but still must supply your down payment for the loan.

Question: What is a seller concession?

A: When there is a seller concession in place, the seller will pay for part or all of the closing costs. Different loans offer different percentages that a seller can contribute.

Question: How much money will I need down? 

A: This depends on what type of financing that you qualify for with your mortgage company. Each depending on credit score and down payment.

FHA loan requires 3.5% down and you will need to get private mortgage insurance.FHA does allow closing costs to be paid by the seller. A friend or relative can also gift the closing cost amount to the borrower.

Conventional Loan can be as high as 20% but are now lending with 5% and even 3%. Conventional loan borrowers making a down payment of less than 20 percent will need to get private mortgage insurance (PMI). The good news is that once you reach a loan-to-value ratio of at least 78 percent, you can cancel the insurance. The only way to not pay your closing costs out of pocket would be to include a seller credit as a contingency of your offer.

USDA Rural Development or USDA loans come with 100% financing. This means that no money down is required and closing costs can be either paid by the seller or financed into the loan. In short, no-money-down means the home buyer is typically not required to pay any out-of-pocket expense when the house closes. … No Closing Costs.

Home For Sale in desirable Pittsgrove

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Welcome to this beautifully maintained, 3 bed, 2 full bath home located on a corner lot in a quiet neighborhood in Pittsgrove Township. This home would be ideal for a first-time homebuyer or a couple looking to downsize. The living room and eat-in kitchen have an open layout, so it’s perfect for entertaining. The master suite offers a full, updated bathroom, and is located away from the other 2 bedrooms for additional privacy. The basement is finished for additional living space, and there are 2 additional rooms in the basement that could be utilized as either additional bedrooms, living spaces or extra storage. The fenced-in backyard is very spacious and offers a deck off of the back door. Access to Rt. 40 & 55 is within 10 minutes. This home is eligible for 100% USDA financing!

Call today for more information or to schedule your

own private tour! 856-364-0772 Stacy

This listing brought to you by The Scott SHeppard Team