No, you cannot have a new house for what you’re willing to pay. I get this over and over. And over. Buyers want a large, immaculate, pimped-out house with a finished basement in South Brunswick, all for the reasonable price of under $600,000. It’s not happening, folks. That ship sailed years ago. If you’ve been following the local real estate market, you know that several TOWNHOUSE developments are being built with prices starting at $500,000, and all the new construction of houses in the township is aimed at buyers willing to cough up $800,000 or more.
Are there lower-priced homes around? Sure. Timber Ponds. Highgate Manor. Summerfield. “But those are old houses!” you say. So is the White House and most homes in Princeton. Look, face reality—you need a place to live, you want to be in South Brunswick and you’re on a budget. Buy a nice house that will suit your lifestyle and redecorate it to your liking over time. That’s what everyone else has done for years. But don’t shoot for the stars with a popgun; that’s just not gonna happen.
Welcome renters! You may be in a position where buying a home is not feasible at this time, and renting is the way to go. I’ve helped dozens of current tenants find homes in Middlesex, Somerset and Mercer Counties. The process is not complicated if you know what to expect, and I’ve created a page for potential tenants that offers links to renting advice, laws applying to tenants and landlords and a sample lease contract. Please check it out and contact me to discuss your search.
No down payment USDA mortgages available in Greater Princeton Property address, income limit and other restrictions apply, but it is possible to purchase a condo, townhouse or house in many areas of New Jersey with no money down. Visit the USDA website or contact Finance of America Mortgage (609 586-0020) or First Choice Loan Services (609 498-7747) for more details.
Mortgage rates to qualified buyers as of July 16, 2017*
30 year fixed rate – 4.125% with 0 points
FHA 30 year fixed rate – 4.0% with 0 points
Jumbo 30 year fixed rate – 4.375% with 0 points
Current FHA mortgage amount limits
Middlesex, Somerset and Monmouth Counties – $625,000
Mercer County – $440,000
Save $595 First Choice Loan Services (609 498-7747) waives mortgage application fees for RE/MAX customers. Woot!
*As quoted by Finance of America Mortgage. Interest rates and terms are subject to down payment and FICO score adjustments.