first time home buyer – owner loan

March 11, 2011

First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:53 pm
Tim C. Wood asked:




To rebuild US economy that had tumbled due to recession in the third quarter of 2008, President Obama and his administration has signed up 2009 economic stimulus plan that has to work on many aspects. Almost all the citizens are facing financial crunch and thus are unable to meet all responsibilities. It was felt by the team that among all of them the most sufferer is the sect of homeowners who had taken home loan under high rate of interest and due to the financial crisis they are now unable to repay their loan amount. The first time home buyer stimulus is specially designed to help the first time homeowners to have their house on easy terms and lower interest rate.

When anyone buys his first house it is much more than just a house and investment. There are lot of emotions and sentiments involved in buying and decorating it. It is ones dream house that has many years of planning and savings in it. And if due to non-repayment, this house is on the verge of foreclosure, it has not only the pain of loosing the house but also much more than that. The dreams and emotions attached with that house are unmatched. So there is a special package for first time homeowners so that they can buy their house on affordable rates.

First time home buyer stimulus has made buying home easier and affordable for most of the citizens who had postponed buying house due to the current financial condition. Since the first time homeowners are offered quite less and fixed rate of interest, they are able to pay the installments also. The monthly installments are fixed keeping in mind the monthly income of the borrower so that the loan is completely affordable for them. They also get tax rebate here and so the money saved every month is used in other things like shopping new apparel for young ones or kids that has been postponed for some time seeing the hard days.

There are people who have not gone out to dine and if they are relieved and they save some money every month, they can go out and dine or plan a weekend holiday or so. In this way other sectors of the society is going to be benefited and this will enhance employment opportunities also. As soon as the customer-spending percentage will increase it is going to affect all the sectors of life and society.

Janet

March 10, 2011

First Time Home Buyer Programs

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:57 pm
Damian Sofsian asked:




Eventually, everything boils down to owning that house that you have been dreaming of. You have tried and have become tired of living in apartments, in condominiums, in rental homes, and in your parents’ living room. However, you still crave and long for that structure that would be under your name and that you can call your home. And if luck prevails, you may own the home that you have been dreaming of.

One of the things that helps out first-time home buyers are first-time home buyer programs. These programs have been designed to assist people who are engaging in buying a home for the first time. Also, they have been designed to assist low-income families or to interest first-time home buyers. These types of programs assist those people who are in dire need of help when it comes to purchasing a home.

One of the tips that these first-time home buyer programs give to interested parties is that every buyer should be able to take full advantage of the various programs for first-time home buyers, because these can greatly assist them in obtaining lower interest rates. Most of these groups that provide first-time home buyer programs are generally aware of the situations that different types of interested parties have. That is the reason why these groups have also considered these situations and have provided various kinds of assistance for people with different needs.

Knowledge of how these first-time buyer programs work could prove to be an essential tool in taking advantage of them. Further information could be gathered through the Internet, or people could also get in touch with these groups that provide first-time buyer programs.

Irene

Benefits to First Time Home Buyers in This Real Estate Market

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 10:34 am
Indra S. Asserfea asked:




Real Estate has always known to be a good investment. If you look Although you may say “No, look at what happened to our economy because of real estate”. Well my answer to that is it isn’t the real estate itself but, the system that was in place and the methods that were used to purchase real estate is what got us into this mess. Now with the government’s help and new rules and regulations for all of us, our sources of funds to continue buying real estate still remain with the banks. Banks will begin to lend again but with those new rules in place otherwise we will not be helping the “flow” of our economy and getting ourselves out of a recession. So now that you can trust again, let’s look at the benefits for a first time home buyer especially in this economy.

1) Low Price – It is a “Buyer’s Market” and what this means is that there are multitudes of houses in the market place for buyers to choose from. There are both good and bad to this type of market. The good thing is that prices are extremely low and this is really, really good for a first time buyer. The bad thing is because you have so many to choose from, a buyer becomes indecisive. Why? Because a buyer thinks he’s making the wrong choice over another property. This, for a first time home buyer who does not know the pros and cons can be an excruciating ordeal which could lead to a “freeze mode” and thus, end up not making a decision to buy at all. So do not allow the numerous choices to get you down, buy now because the prices won’t always be like this.

2) The New Federal Housing Tax Credit – A tax credit of up to $8,000 has become available for first time home buyers if they were to purchase a home between now and the end of this year 2009. Plus this credit does not have to be repaid. If you have not owned a home in the previous three years you are eligible. Income is also a determination as to the amount that you may be eligible for. The reason this was enacted is to help put some surge into our economy and we should take advantage of it if we can. It is free money that you file for in your 2010 tax return. So hurry! You only have nine months left and considering it takes approximately 60 to 75 days to close a loan, you might want to begin your search now if you haven’t already done so.

3) Don’t Have a Lot of Money? – No Problem. There are still many types of loans that are out there for a first time home buyer. Speak with your Realtor if you are using one or your Mortgage Broker if you know of one or any direct lender. You can also go on to my website for more information [http://rem10p.uellc.net] and or send me an email if you’re seriously interested in buying a house at this time and I can help you achieve your goal.

Brent

March 1, 2011

Obama’s First Time Home Buyer Stimulus Plan – Should You Welcome It?

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:22 pm
Kary Cambell asked:




Many Americans waited patiently for, and was watching for Obama’s first time home stimulus plan to emerge. Now that it is here, all eyes are watching the housing industry like a hawk. This includes, real estate companies, big lenders, politicians on both sides, and of course, the potential receivers of this plan.

As detailed by his now enacted law, Obama has made the way, for first time homeowners, an eight thousand tax credit in helping them reduce the burden in the purchase of their homes. Obama has set aside this stimulus money in the hope to draw some relief for the housing market, which has suffered greatly in the recent recession. This stimulus plan seems aimed at kick starting the failing economy, which so badly needs that kick in its rear.

This first time home stimulus plan has undeniable benefits for those first time homeowners who were unsuccessful in their past bids to buy a single family home. This economic stimulus plan has left the real estate industry scrambling back to their calculators to estimate the windfall that will be soon coming their way.

This potential boom in the housing market will also benefit local businesses that have suffered with the loss of business due to the multiple housing foreclosures in their townships. Many people are optimistic in their hopes that this plan will somehow rise up the economy once again bringing financial prosperity back into their communities. With these thoughts in their minds and their eyes on the stimulus plan, most Americans are for once, almost placid with their fears, in the face of the recession.

One has to wonder why Middle America has not thought of the possibility of this stimulus plan of Obama’s having an adverse affect on the housing market. These first time homeowners, that until recently could not afford even the thoughts of owning a home, now have that opportunity.

What is in store for these first time homeowners when the mortgage companies decide to ante up their mortgages? What happens in the aftermath of floods, tornadoes and other natural disasters that will leave these new homeowners at the whim of insurance companies, remodeling costs and requesting bank loans to finance the rebuilding of these homes? If the American people are watching this stimulus plan go into affect, they should also be watching out for the mishaps that always seem to plaque homeowners.

Melissa

February 26, 2011

Best First Time Home Buyer Qualifications

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 10:41 pm
Jeffrey Ragan asked:




One of the biggest steps a person can make in their life is buying a home. You finally get to have a place that is yours and you can do what you want with it. Decorate the inside and outside to your hearts content. While you consider the various prospects that would make the perfect home for you, you should also consider what the first time home buyer qualifications there are. It would be a shame to find that perfect home and then not qualify to buy it!

Below are a few basic first time home buyer qualifications you should meet:

Job History Credit History Credit Score

February 24, 2011

Moving Tips for First-Time Home Buyers to Save You Money

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 12:19 pm
Janet Corniel asked:




If you are about to embark on purchasing a home for the first time, congratulations! It is a wonderful feeling to own your own home for the first time. However, there are many hidden costs that are associated with purchasing and moving into your new home that you may not be fully aware. The best way to mitigate these costs is preparation and education.

Interest rates are historically low right now, which will work in your favor. However, before you even shop for a home, run your credit score. This is key. You do not want to fall in love with a home and find out you can not pre-qualify to purchase it. Lenders are extremely picky these days. Look at your debt-to-income ratio. Make sure it would be acceptable to a potential lender.

After you clear that first hurdle, look for a reputable realtor. You may choose to go it alone to prevent paying commissions but I suggest you reevaluate that choice, especially as a first-time home buyer. It is so important to have someone represent your interest and educate you in the process to prevent losing money. I also suggest you have your realtor just represent you and not both parties (seller and buyer). We have done both and even with a good realtor, this situation is just not optimal.

Once you are pre-qualified, have your realtor and found the home for you, be prepared for all of the steps and costs involved. You will have to do a home inspection, which will cost approximately $400-$500. You do not want to skimp on this. It is important to note the costs may seem large at first but when you apply it to the overall percentage of the cost of the home, it is minimal. It is worth paying $500 for a home inspection in order to find out the home may be in such disrepair you can’t afford to fix it.

Closing costs are another expense that may be the difference of getting the deal done or not. Make sure you review your good-faith estimate carefully. This will detail all of the closing costs and what you will have to bring to the table. If you have any questions or if there are some discrepancies take it up with your lender right away. You do not want to be surprised at the closing table. A good realtor will help guide you through the process.

After you make it through your closing and get your keys, you are not out of the woods yet. You still have moving and settling-in costs. If you are moving yourself, there are many options out there for you, evaluate which is best for your circumstances. Distance and the amount of things you own will dictate the best option for you. There are ways to save yourself money. If you have a moving company move you, make sure you get competitive bids and evaluate them carefully. You can also pack it yourself and use a portable storage device that will move to your location. You can also do everything yourself and rent a truck and pack and move. If you are just starting out, the later may be best for you. However, if you are combining households and/or have a lot of stuff you may have someone do the heavy work for you. Either way, set a budget and work within it. In the stress of a move, it is easy to spend if you do not set up limits ahead of time.

Settling-in costs are another expense that will sneak up on you if you are not careful and budget for it. These may include but are not limited to carpet cleaning, painting, window treatments, appliances, landscaping, restocking a kitchen, furniture, insurance and utilities. When you are looking at homes to buy, keep these settling costs in mind. Take a notebook with you and write these possible costs down. It will help you plan and decide on which home will be the most cost-effective for your budget. It may also give you some negotiating power in a buyers market like we are in now. Due to the economy, builders are really willing to work with buyers. Many are now throwing in upgrades like granite and landscaping packages. So keep them in mind when looking at homes.

In any event, it is so important to do your research ahead of time. Set a budget and prepare yourself. The more prepared and informed you are, the less likely you will lose money.

Gilbert
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