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

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

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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.