first time home buyer – owner loan

October 22, 2010

Sam Valadez Group First Time Home Buyer Tax Credit

samvaladezgroup asked:


Now could not be a better time to purchase a new home. The government is offering an $8000 tax credit to qualified first time buyers. The Sam Valadez Group will take you through the process and ensure that your needs are met in your first home. Call us today to learn more! Apparently home prices and interest rates are historically low. We could buy a home for as little as 3.5 percent down and as a first time buyer we can get a $8000 tax credit. It would be nice to finally move out of this place. I know Fluffy would love a big yard. We could even buy a home in foreclosure for a fraction of the retail price. If youve ever dreamed of owning your own home, now is the best time to buy! Call the Sam Valadez Group today at 877-788-9876.

Tamara

September 16, 2010

What Not to Do As a First Time Home Buyer

William Buckley asked:




Purchasing a home can be overwhelming for the first time buyer. There are legal, financial, and even emotional issues that a first time buyer needs to be able to handle efficiently prior to purchasing a new/2nd hand home. One first timer tip is to read a lot of literature on the experiences either good or bad that others have made when purchasing their homes. This would at least minimize the chances of being disappointed or finding yourself in a position wherein you’re stuck with a huge mortgage in the wrong house. Below are even more tips you can note before purchasing your home for the first time:

Do not jump the gun – For a lot of people, planning to buy a home is exciting at the very least. Once people make that decision to actually purchase one, they also make the mistake of surfing the web 24/7 to snatch that great home deal; thinking that they would not get something better at a later point in time. This rush in purchasing a home, causes first time buyers to get stuck with a contract to purchase/build a house they don’t really like. Remember, if you purchase a contract to buy a house, you cannot simply change your mind and be simultaneously released from the contract.

Over-buying – For some first time home buyers, purchasing a house that is too big or too heavy financially to maintain is a mainstay mistake. There are situations in which the cost of maintaining the big house causes too much financial stress for the family. Make sure you know your financial limits because not everyone can live the life of a real-estate hungry celebrity. Leave yourself some room to breathe. Purchase a smaller house which you can maintain and put good furniture.

Not comparing mortgage rates – Be sure to explore ALL options before taking a mortgage. Rates, terms, lender, etc. are just some of the variables you have to take into account prior to taking a mortgage. Do not be dazzled by the “lowest” rates a mortgage broker gives you initially. This industry is so competitive that you can easily get a lower rate just by looking for the next mortgage broker. Take your time with this one.

Gladys

September 6, 2010

Houston First-Time Homebuyer Loans

Glenn Lamb asked:




Houston first-time home buyer’s have a number of programs available. The most common choice is a Federal Housing Administration (FHA) loan. These loans are offered by private lenders and insured by the U.S. Department of Housing and Urban Development (HUD) in case of default. Applicants should be a legal resident of the U.S., not have another federal insured loan open, and have enough income to qualify for the proposed purchase. Two or more years of steady employment is generally required. In the Houston area, the current FHA loan maximum is $200,160. Credit is an issue, but it doesn’t have to be perfect. There is more information about FHA loans at the hud.gov website. Another major first-time buyer program is available from the Veterans Administration (VA). There is information about VA loans at the va.gov website.

It is often possible to get a FHA loan with 3% down. Family loans or grant programs may be acceptable to cover the down payment. There are a number of home-buyer assistance programs available in the Houston area.

There are also programs that offer below-market finance rates for buyers that meet income eligibility requirements. A good source of information for this program is the tdhca.state.tx.us website.

Other programs and resources are also available. A good way to get started is to visit with a realtor or loan broker that is knowledgeable about available programs. Texas residents can visit the Texas-Capital-Mortgage website for Houston first-time homebuyer information. You are also invited to call our office at 281-537-7800.

Vincent

August 25, 2010

First Time Home Buyer

freeway393 asked:


Welcome to the Edmonton Real Estate Home Specialist Video Blog in this episode Gerard Hagan talks about the concern of his first time buyer. Gerard Hagan your Edmonton Homes Specialist also talks a little about REIN Canada and investing in Edmonton. If you have any questions, concerns or comments please feel free to contact Gerard Hagan or Janelle Austin at info@bestedmontonrealestate.com

Vanessa

August 16, 2010

Home Inspection – First Time Buyer

M Siddique asked:




If you’re buying a home for the first time, you certainly have both our joy and our condolences. The myriad of details is tremendous, which are all costing money, like having to come up with the coin for a home inspection fee. So here’s something to make you feel better right away. Gudrun reports that often taxes and stamp duty in Europe are even higher and the cost for a certified a home inspection can be a lot higher than the United States. And it’s still it’s a hit to the wallet, so let’s see what we can do to make a home inspection work to your best advantage.

The first thing to suggest is make sure you also have our research in Home Inspection Overview. Okay! Assuming you have that article in your hand and know how to find someone to do a home inspection that has “papers”, the next thing to do is: ask around. Let experience be the best teacher, to other people and use the information.

Second you have a subject matter expert showing up. Tcat has two words for you: be there. The efficiency of being able to get your questions answered in real time is exceeded only by the comfort of knowing now, what is what. Perhaps also the professional has some great advice.

Third, As we have said in the other articles, don’t get emotionally attached to the specific outcome of any certain house, trying to force fit it in your brain, I am not too a report about the house in question is really a recipe for disaster. If you are really stuck on this location and want it, badly, then at least use the reality that is their in a black-and-white report, that the condition of the house sucks. This will certainly improve your odds of getting a better price on the house leaving your room for repairs. Alternatively, you might be able to get a mortgage for a reduced price, leaving you a few kilo bucks to start the repairs with the highest priority.

As always, every situation is complex and somewhat unique. And yet over and over again we see many of the same mistakes. That would be emotion overriding sound judgment.

Moreover, do not get too “piggy”, creating a win/lose situation.

Loretta

June 7, 2010

Home Buying – Tips For First Time Home Buyers

Joan One asked:




Today, buying a home has become a much more complicated process than it was a decade ago. People who are buying a home for the first time are now being bombarded with numerous options when it comes to loans, mortgages, not to mention all the financial jargon that comes with buying property. Below are some tips to help you navigate the home-buying market as a first time home buyer.

As a first time buyer, it is important to do enough research about what types of home loans are available before making a purchase. Be sure to identify which type of mortgage will best fit your individual needs, by asking questions about down payments, interest rates, credit restrictions, as well as how much you need to pay in order to finalize the purchase of the home. Find out from an expert loan counselor what the pros and cons of various types of loans are, in order to help you make the smartest decision possible. Shop around for the best mortgage interest rates. You could get a good deal on your home insurance if you purchase it directly from your vehicle insurance company.

Knowing your legal rights is another key factor when purchasing a home for the first time. It is important to note that before you finalize the purchase, you are entitled to receive a good faith estimate for the purchase of the home. A good faith estimate includes items such as down payment, monthly installment payments, as well as other home loan related costs. A good faith estimate will distinctly outline how much money you will spend, as well as any home purchase related fees which you have been charged. Request a realtor or loan officer to review the good faith estimate for you, while explaining everything such that you have all the facts clear.

Never buy a home before it has undergone a home inspection. Beware of all disclosures that the home seller is required by law to make to you before you purchase the home. When making an offer on the home, remember that you are allowed to negotiate. Make sure that you negotiate like a pro in order to get the best deal possible. Finally, before you close on the property be sure to do one final walk-through inspection of the property. This is so as to ensure that the house is in exactly the same conditions as it was when you first agreed to buy it.

If you don’t have the time, but instead have some money to spare, you could contract the services of a real estate agent to help smoothen out the entire home buying process for you. An agent has the experience and knowledge of how the property market works, thereby enabling you to avoid common mistakes that people make when purchasing a home. Find out from your family and friends on referrals for reliable real estate agents.

Micheal
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