first time home buyer – owner loan

May 13, 2009

Can you combine a VA home loan and state/local first time home buyer grants?

Filed under: Renting & Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 9:42 pm
kajemarine15 asked:


Does anyone know if you can get a VA home loan as your mortgage and then apply for and use federal/state/local first time home buyer grant money for the down payment? I know there are a lot of first time home buyer programs out there, but which ones can you combine with a VA home loan?

Donald

First Time Home Buyers – Low Hanging Fruit for the Right Agent

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 12:11 pm
Karrie Rose asked:


The other day I was listening to a local agent complaining about how quiet the office was – nobody was coming in. “It’s to be expected”, he said, “Everyone is going through the same thing;.”

It frustrates me that people are content to sit and wait for business to come to them. This complacent attitude only translates into missed opportunities.

One of the prime opportunities in our current market is the first time home buyer. This is a cross-section of the real estate market that is ripe for the picking. While seasoned buyers were cashing in during the boom, first timers could barely make the down payment. Now with low interest rates, cheap house prices, plenty of inventory, and government incentives, first time investors are back in the game again.

The trouble is, they’ve been scared off into sitting on the sidelines by the barrage of economic horror stories in the media. The smart realtor will take this opportunity to educate the public. You’ve got time on your hand, use it to your advantage. Spread the word and hold free lectures about buying a home. Outline the steps involved in a home purchase and explain the legal terminology.

Do some number crunching that demonstrates to renters how much house they could get for the same payment. Post current mortgage rates by all major banks. Open their eyes to the different ways they could subsidize their mortgage by renting out rooms in their own home.

Outline the process for obtaining financing and what new buyers can do to maximize their success with lending institutions. Describe how they can obtain credit checks and what information they should have before applying for a mortgage, so they go in confident and prepared.

Explain the different FHA and government-sponsored programs that are available for first time homebuyers. A prime example is the $7,500 interest free loan they can receive from the federal government.

Eligibility requirements include:

- Home must be the first for both spouses (rental properties and vacation homes don’t count).

- The home purchase must be between April 9, 2008 and July 1, 2009.

- Income should not be greater than $75,000 (single) or $150,000 (married)

Once they qualify, the new buyers get a refundable tax credit that basically wipes out $7,500 of the taxes they pay for that year. The catch is that the money has to be paid back at a rate of $500 per year at tax time – with no interest.

Up until now, you’ve been dealing with a cross-section of the market that has heard nothing but negative information about the housing market; it’s your job to turn that around. You may be pleasantly surprised with the results.



Juan

May 9, 2009

Should I Sell my Home to a Professional Home Buyer? -We Buy Houses Fast in Charleston South Carolina

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 7:02 pm
Charleston Home Buyers, LLC asked:


Due to the current down market, more and more people are looking for alternate, non-traditional ways to sell their home. The days of sticking a FSBO (For Sale By Owner) sign in the yard or simply listing it with the realtor that your friend at work used, just isn’t having much effect these days. Depending on your selling situation, selling your home to a professional home buyer can be the right selling decision. As with other home selling options, selling your home to a real estate investor has benefits.

Working with an experienced investor can really simplify and expedite the process. Some of the great benefits of selling your house to a professional property buyer are: you are able to sell your house fast, “as is” on the date or your choice, you do not have to pay large real estate commissions to a Realtor, you do not have to spend your time, energy and money updating and making repairs and you only have to have one showing. There are many other benefits that an honest, experienced and well trained Charleston real estate investor can provide, such as knowing exactly how to handle problem properties or situations where Low Country folks are taking the brunt of the current economy on the chin and are facing many of the more and more common financial problems like foreclosure that need short sales in order to sell their over leveraged home and avoid foreclosure.

I would recommend selling your house to a local real estate investor if you are in any of the following selling situations:

I am behind on monthly mortgage payments I need to sell my home fast I am moving out of state or out of my local area and can’t afford two mortgage payments I have been transferred by my job I am going through a Divorce and need to sell my house My home is 100% financed and I do not have enough equity to list my home with a Realtor I need to Stop Foreclosure and avoid ruining my credit I am currently in Bankruptcy Someone in our family has health problems and can not work, therefore we can not pay our bills I am tired of being a Landlord and do not want to deal with tenants anymore My home needs lots of repairs and I do not have the time or money to fix it up My home is in pre-forclosure I want to cash out of my investment property My home has been on the market with a realtor for many months and my listing agreement is now expired, I want to sell my house fast, now We recently inherited a property and want to sell it quickly and want someone familiar with an estate sale and the probate process I own my house free and clear and am willing to wait for the market to turn around but would consider taking payments for my equity if I can get my asking price now



As you can see there are many reasons why you should consider selling your home to a local home buyer, and these are not all of them. Simply put, listing your home with a Realtor or trying to sell your home FSBO cost you money and time, it also does not get you offers within just a few hours/days. If you do not have time, do not have money, or simply do not want to deal with the hassles of selling your home, then sell it to a real estate investor. You may be happily surprised by the offer you get.

Before calling some random number on the side of the road off one of those “We Buy Houses” signs, it is important to make sure you know who you are dealing with. Unfortunately, there are a few unethical investors, like in any business, and currently the real estate market is a prime target. Thanks to the Internet it is relatively easy to locate information about a legItimate business. South Carolina business owners are required to register with the South Carolina Secretary of State and you can see if they the business you are calling has bypassed even that basic requirement. The Attorney General’s office handles consumer complaints, as does the Better Business Bureau. Realtors and brokers are licensed through the Real Estate Commission. These agencies can help to ensure you are working with a licensed, legitimate, complaint-free business or real estate investor.

Charleston Home Buyers, LLC is an Accredited Member of the Better Business Bureau, a registered LLC with the South Carolina Secretary of State, and an active member of the Charleston Real Estate Investors Association. “We pride ourselves on our integrity and conduct business under strict ethical principles. We say what we mean and do what we say!” Many references and testimonials are available upon request and some of which are posted on our website. We buy houses in Charleston, Dorchester and Berkeley County and work with a group of nationwide investors. We currently are looking to buy more real estate in Summerville, Goose Creek, North Charleston, Ladson, Hanahan, West Ashley, James Island, Johns Island, Mt. Pleasant, Downtown and all other area in the tri-county area.

If you need to sell your house quick, submit your property information via the “Sell My House” form at our website today for a Free, Confidential, No-obligation offer or call our toll free 24 hour recorded message at 888-52-BUYER (888-522-8937) for more information about selling your home to a professional house buyer. You can also always call us direct 843-72-BUYER (843-722-8937), however it is usually better to take 5 minutes to fill out our property information form first so that we can save you time by having the information already and do some research so that we can get an offer to you right away.

Here’s what some of our sellers have had to say:

“I had been trying unsuccessfully to sell my house for 9 months with a realtor…tired of having the house perfect… we closed the following week” Frank P. – North Charleston

“In less than a week’s time, all of my headaches were over… I would recommend anyone who needs to sell their house to this group of caring people…” Rev L. Greene – Summerville

“My experience with Charleston Home Buyers began and ended with extreme kindness, genuine concern, and sympathetic professionalism…” Brenda M. – West Ashley

“Selling a house can be quite difficult and stressful unless you can find someone like Charleston Home Buyers …… They saved me from losing my house to foreclosure and I was able to make some money and not lose everything.” B. Harvey – West Ashley

“….selling our home to Charleston Home Buyers was the best decision we made. They handled our affairs with the utmost care and efficiency…..” The Daniels Family” – Charleston

Copyright © 2009 Charleston Home Buyers, LLC. All rights reserved.



Bessie

First Time Home Buyer? Hip, Hip Hooray for Thda!

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 3:39 am
Kristin Abouelata – Home Loans asked:


"In order to promote the production of more affordable new housing units for very low, low and moderate income individuals and families in the state, to promote the preservation and rehabilitation of existing housing units for such persons, and to bring greater stability to the residential construction industry and related industries so as to assure a steady flow of production of new housing units…"

Many times, people have heard of THDA and are confused, thinking that THDA is a certain loan type. In fact, it’s lending agency. All THDA mortgages must be insured by private mortgage insurance, FHA, VA or RECD And as these loans are intended for low to moderate income families or individuals, there is a income limit and acquisition cost limit. Also, you must be a first time homebuyer unless your home is in a targeted area.

Why is THDA so fantastic for a first time homebuyer? Well, it comes down to money. THDA offers a below market rate and will allow up to 100% financing. Have you been reading the papers lately? It’s not so easy to find 100% financing these days. Unless, that is, you’re a first time homebuyer. It also has programs that allow for down payment assistance via grants from certain approved agencies (if your loan type requires a down payment). If you have satisfactory credit and the home you wish to buy meets THDA’s standards, then you’re in business.

All THDA mortgages are 30 year fixed rate loans, so you needn’t worry about finding yourself with an ARM loan (adjustable rate mortgage) and a new payment you can’t afford in 3 years. And THDA allows lenders to only charge customers a standard 1% origination and .25% discount fee. It also closely monitors fees associated with the loan. THDA really looks out for the best interest of the first time homebuyer. If you are eligible for a THDA loan, you can feel pretty certain that an unscrupulous lender can’t take advantage of you because THDA won’t let them. For so many people, buying a home is pretty intimidating. THDA takes away the uncertainties a buyer faces with its guidelines and lending practices.

If you do apply for a THDA loan, be prepared to document your credit worthiness. THDA loans require slightly more documentation than your average loans because of the uniqueness of its product. In order to offer more, THDA asks for more – ensuring you qualify for its pretty awesome program. Sounds like a fair trade, if you ask me.

What are the disadvantages of a THDA loan? Not many. They do have a federal recapture tax if you sell your home within the first nine years of owning it. But it sounds scarier than it really is. I’ve heard that only about 1% of THDA customers actually pay this tax. That’s because a bunch of really great things have to happen to you in order for it to actually apply to you. And if those great things happen to you, paying the recapture tax won’t matter much to you anyway. I’ve been in the business for 16 years and have only heard of one person actually having to pay one. He graduated from medical school and his income when through the roof. His property was sold above market value than for the area because it was adjacent to some property that a huge retailer wanted to purchase. Again, good things have to happen to pay the recapture tax. So, you shouldn’t be afraid of it.

More people need to hear about and take advantage of the THDA loan programs. It’s such a great product and really helps the community and the housing industry. If you’re a first time homebuyer or think you’re in a targeted area, make sure you ask about THDA to see if you would qualify for a loan. You won’t regret it!



Jeanette

May 7, 2009

I’m on a title of a home but I never purchased a house. Can I be a first time home buyer if I purchase a house?

Filed under: Renting & Real Estate — Tags: , , , — admin @ 3:52 am
bvictor02 asked:


Heres what happening my uncle added both my wife and i on his property and I heard that if we try to purchased a home for ourselves as first time home buyer we wont qualify? If that is the case do we have an option? We want to use the Cal HFA program because we can only put down 3% for down payment. If we can’t use the Cal HFA program. What else can we do?

Russell

May 5, 2009

Tips for First Time Home Buyers – What to Do If You Have Bad Credit

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 9:31 pm
Rose asked:


There are a number of people who are really thinking of getting their own places.  This is for the reason that it is a big investment and at the same time is something that you can be proud of especially if you are a first time buyer.  You can practically say to everyone that you have something that you owned.  However, how can you do this if you have a bad credit record?  These days, more and more companies are starting to be very strict in terms of credit standing.

So if you are a first time buyer who wants to have a house but on a bad credit, here are several things that you can do in order to get you the first time buyer credit for $8000.

1. Show them that you are you are worthy of the credit provider’s trust.  The meaning of this is to prove that you can still change your credit standing to a better level.  You need to put in effort in order to improve your records in terms of credit standing.  Some may think that it will take too much from you but actually it is not going to be that hard.  In this way, you can prove yourself that you can be trusted with this deal.

2. Seller’s assistance.  You might need to improve your credit record for year so if possible look for a seller that can hold mortgage until that period of time.  You can also ask a lender to re-finance your needs.  With this, you will be able to get the First Time Home Buyer credit.

You can also look for financial groups that may be offering those first time buyers assistance regardless of their credit history.  Examples of these groups are sub prime lenders that can give loans that may have flexible terms.  However, even if they are given this, loans given to people with bad credits may also be under very special terms.  The terms would include expensive interest rates.  However, many buyers would choose this at least they can have their own house and just pay the interest since having their own house is the only thing that matters.  In terms of payment, the negotiation is between the lender and the buyer in terms of how long is their duration in payment and other payment options.

If you are looking for groups that can provide you financial help in buying your new house, then you can search the internet for a number of companies that offer this service.  But keep in mind that once you are given this chance, you should also do your best to improve your credit rating and not have this same hassle in future transactions.  With this, you will be able to get a house that you can call your own.



Erik
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