If your budget allows for $250K and the houses you seek are in a range from $250K to $299K then you shouldn't have a problem finding something that a seller will accept your offer. Probably not going to get a home in that higher price range for the lower price but you do have room to negotiate.

Also what is your time frame to move? Are you currently renting, do you have a lease? When does it need to be renewed?

All this matters if you are also to consider short sale properties or of you should avoid them because they take significantly longer to close.

Hello Jacqueline,

How did you determine what your budget will allow? Many buyers are unaware that with FHA loans the $8000 government tax credit can be used towards your down payment. You can also finance up to 96% of the property's value. HOWEVER, it is better to be conservative in order to ensure you are not buying too much house for your budget. If the down payment is an issue there are many options available. If the monthly payment is the issue, you need to be realistic about what you can afford so you avoid the overextended mess that many homeowners find themselves in today.

Let me know if you have questions about the lending process and good luck.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
http://emortgagemanagement.com/?page_id=72

Jacqueline,

The only way to find out is to make an offer on the house you like and have your agent fight for you to get the price you can afford. Are there recent sales to support the price you want to pay? I recommend asking your Realtor for a comparative market analysis showing recent sales of similar homes.

At the end of the day, a property is only worth what a buyer is willing to pay. The buyer will determine value. The asking price of a home by a seller does not indicate true market value. It may higher or lower.

Please let me know if you have any additional questions. I'll be happy to assist.

Sincerely,

Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
walterburns@gmail.com http://www.livingonthehudson.com