17 years old, looking to buy first property, Elizabeth, NJ

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17 years old, looking to buy first property, Elizabeth, NJ

Justin Sanchez
Rental Property Investor · Elizabeth, NJ · Member since 2019 · 6 posts · 2 votes

Looking to house hack a multi family property in the Elizabeth area, with a 3-5% down payment.

What is the best Lender in the area one would recommend for someone starting out?

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  • John Walter
    New to Real Estate · NJ · Member since 2020 · 124 posts · 63 votes
    6y

    Hey Justin, good choice on the house hack, and in really big on Elizabeth. 

    With 3-5% down, you're looking at FHA, VA (if you're a Veteran), or some banks will do conventional as low as 3% down. Do some research on the positives and negatives of those to figure out which will be best for you.

    For a first property, it’s impossible to say which is the “best” lender without knowing your exact situation such as goals, credit score, etc. So in the most basic sense, because interest rates are so low, the big banks may be your best bet. They can offer great terms, and assuming you have steady income, they are relatively easy to get. 

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  • Account Closed
    Rental Property Investor · Morristown, NJ · Member since 2019 · 19 posts · 6 votes
    6y

    @Justin Sanchez

    Reach out to a mortgage broker. They can assist you with options and help talk through your situation.

    If you don’t have a contact, reach out to Rob Glasser. He is based in little falls and works for nj lenders Corp.

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  • Justin Sanchez
    OP
    Rental Property Investor · Elizabeth, NJ · Member since 2019 · 6 posts · 2 votes
    6y

    @Account Closed

    Thanks for the helpful advice, will look into that! 

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  • Justin Sanchez
    OP
    Rental Property Investor · Elizabeth, NJ · Member since 2019 · 6 posts · 2 votes
    6y

    @John Walter

    Thanks for the advice, i will check out the big banks.

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    At 17, a lot will be determined by the level of credit you've established up to now. Many 17-year-olds have little to no credit. Your first step is always to check in and see if you can get a loan. I would start at a local, community bank as big banks will be harder right now for you, being so young. 

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  • Justin Sanchez
    OP
    Rental Property Investor · Elizabeth, NJ · Member since 2019 · 6 posts · 2 votes
    6y

    @Jonathan Greene thank you i appreciate that, that is all very true. 

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