Mortgage Options for the Villages at Berkley, Mantua, NJ

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Mortgage and Lending with 1st Colonial Community Bank | Bank - New Jersey NMLS# 149277 & 149276

MORTGAGE OPTIONS FOR THE VILLAGES AT BERKLEY, MANTUA, NJ

The Villages of Berkley, Mantua NJ Mortgage Options - Steve KappreAre you considering a home for sale in the Villages at Berkley located in Mantua, NJ (Gloucester County)?

The Villages at Berkley is a condo and townhome complex located off of Berkley Road in Mantua, NJ. The complex boasts a club house, pool, tennis courts and other amenities. Located in Gloucester County, NJ, there is plenty of access to local stores such as Home Depot, KMart, Staples, and ShopRite. More recently to come to Mantua is a Target and a Lowe's Home Improvement Store. With all of these local options, Mantua still has plenty of parks and walking trails such as those at Chestnut Branch Park on Main Street, which is also the location for many of Mantua's youth sports events.

MORTGAGE FINANCING OPTIONS

The Villages at Berkley has a good price range, spanning from properties below $100,000 to the larger models which have sold for over $200,000. A portion of the units are low-to-moderate income units with one or two bedrooms. Some larger models have 3 bedrooms, 2.5 baths and basements. Below is a breakdown of several financing options you can consider for purchasing a home in the Villages at Berkley.

The typical loans available for Gloucester County area are: Conventional, FHA, VA, and USDA.

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Example #1: Home Purchase using the Tax Prefund Mortgage program.

Purchase price: $100,000

Loan: FHA (Required downpayment is 3.5%, or $3,500)

Tax Estimate: $140/mth

Est. Assoc. Fees: $72/mth

Est. Closing and Prepaid Items: $3,200

Est. Monthly Payment: At a 5.5% rate, the mortgage payment would be $547

Est. Total Monthly Payment (PITIA): $823/mth

**First Time Home Buyer's OPTIONAL FINANCING: One current mortgage option is to use a portion of the first time home buyer's tax credit as a down payment on  a home. Utilizing this program, known as the Tax Prefund mortgage option, a first time home buyer can receive up to $5,000 of the $8,000 tax credit currently given from the federal government. This $5,000 will be applied to the buyer's required downpayment of $3,500. With $1,500 left over from the credit, a buyer can then apply the balance ($1,500) towards their closing costs. Using this equation a buyer would have to have $1,700 of their own money to close on a purchase of this home. (A buyer can also utilize seller concessions to pay for the difference, in which case in the end, the buyer would need no money his own.)

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Example #2: Home Purchase using 100% Financing (USDA) loan

Purchase price: $150,000

Loan: USDA (Required downpayment is 0%)

Tax Estimate: $216/mth

Est. Assoc. Fees: $80/mth

Est. Closing and Prepaid Items: $3,800

Est. Monthly Payment: At a 5.5% rate, the mortgage payment would be $851

Est. Total Monthly Payment (PITIA): $1,185/mth

In this scenario no downpayment is required. A buyer would still have to pay their estimated $3,800 closing costs and pre-paid items (taxes and insurance). These costs can also be negotiated to be paid by the seller. This is typically done and the time of negotiation when a buyer and seller come to terms.

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Example #3: Home Purchase using a Conventional loan

Purchase price: $225,000

Loan: Conventional (5% minimum required down payment - our example will use 20% down)

Tax Estimate: $349/mth

Est. Assoc. Fees: $125/mth

Est. Closing and Prepaid Items: $4,500

Est. Monthly Payment: At a 5.5% rate, the mortgage payment would be $1,022

Est. Total Monthly Payment (PITIA): $1,496/mth

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Above you have seen just a few examples of financing a home in the Villages at Berkley. There are many other options and ways to structure financing for a new home. Many of these options will work on other homes in the area, but all mortgage programs have guidelines that may or may not allow you to utilize them with the home you desire to purchase. Be sure to consult a mortgage professional with your particular scenario to see what options are available to you.

Other Helpful Links

Understanding and Using All of Your First Time Home Buyer Options

Understanding Seller Concessions | Seller Paid Closing Costs | Seller Contributions | Seller Assist

Financing and Mortgages with a Credit Score Below 620

Why I'm Stressing Over Someone Else's Credit


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Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Paul Howard 07/25/2009 08:51 AM
Topic:
Real Estate General Information
Location:
New Jersey Gloucester County Mantua Villiages Of Berkley
Groups:
Gloucester County, NJ
South Jersey
Tags:
villages of berkley
mantua nj homes for sale
mantua nj mortgage

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Show All Comments
Rainer
320,761
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

Great hyper local. Did you write this for the localism challenge? Either way its already at the top of google and great post.

Jul 25, 2009 05:44 AM #1
Ambassador
879,247
Larry Bettag
Larry Bettag - Cherry Creek Mortgage - Saint Charles, IL
Regional Vice-President
Real Estate is local! Good for you for showing the local and for showing how it can work for your folks! Go get em Steve!
Jul 25, 2009 07:58 AM #2
Rainer
290,847
Richard & Carol DeGrace
1st Colonial Community Bank | Bank - New Jersey - Cherry Hill, NJ
Mortgage Loan Officers NJ 609-209-3700
Laura - Yes. It is an extra challange for us mortgage guys to get creativing within those guidelines!
Jul 25, 2009 08:00 AM #3
Rainer
290,847
Richard & Carol DeGrace
1st Colonial Community Bank | Bank - New Jersey - Cherry Hill, NJ
Mortgage Loan Officers NJ 609-209-3700

Larry - I have closed more loans in that complex then any other single area. And it is literally right around the corner from my office. Although I am confident in the majority of lending situations, having local buyers is great. Local knowledge is priceless at times, and indeed can make a transaction come together.

Jul 25, 2009 08:02 AM #4
Ambassador
730,682
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate
Realtor / Owner - RE/MAX Access - Philadelphia, PA

Steve - Great options for a great community !  The pricing is very advantageous and it is imperative to have an expert mortgage pro like yourself to help that consumer get the best program !

Jul 25, 2009 08:04 AM #5
Rainer
290,847
Richard & Carol DeGrace
1st Colonial Community Bank | Bank - New Jersey - Cherry Hill, NJ
Mortgage Loan Officers NJ 609-209-3700

Chris - You may well know that buyers looking at homes in the lower price range need even more TLC than those buying higher priced homes. One always has to pull together all of their (mental) assets to get things to work smooth!

Jul 25, 2009 08:29 AM #6
Rainmaker
72,492
Paul Howard
Paul Howard, Broker, NJHomeBuyer.com Realty 856-488-8444 - Cherry Hill, NJ
NJHomeBuyer.com Realty, 856-488-8444

That is great information Steve.  Since the link is there I'll pass it on with a reblog.

Jul 25, 2009 08:49 AM #7
Rainer
290,847
Richard & Carol DeGrace
1st Colonial Community Bank | Bank - New Jersey - Cherry Hill, NJ
Mortgage Loan Officers NJ 609-209-3700

Paul - Sounds good. I'm going to send you another link in case you missed it.

Jul 25, 2009 08:52 AM #8
Show All Comments
Rainer
290,847

Richard & Carol DeGrace

Mortgage Loan Officers NJ 609-209-3700
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