first time home buyer – owner loan

February 14, 2011

First Time Home Buyers Stimulus Help

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 5:16 pm
Suzan Smith asked:




Purchasing a home includes a lot of things to consider especially if this is the first time that you will buy a home. Considerations would be the price of the home, how many rooms does the home has, the location of the house if it is close to your workplace or kid’s school, the furnishing of the home, and a lot more things that may affect your stay in the home.

This is the first year of President Barack Obama’s term as a president of the United States and on his first few months, he signed one of the best projects to help first time home buyers to get credit from the house that they may purchase.

First time home buyer could mean a person who didn’t purchase a home for the past three years. This will include credit up to maximum of $8, 000 or 10% of the acquisition of the amount of the house.

Planning is the best and first thing that you will need to do. Taking notes on how much you are earning and how much you are spending is a good way of planning before buying a brand new home.

It is also advisable to clean your credit report before buying a home. In this way, it will be easy for you to be approved in any kind of loan that you may apply.

You may speak to your lender in applying for the First Time Home Buyer’s Stimulus program; they may have the information on how you can apply and how you can prove that you can pay for the loan in your own way. For the first time home buyers, there can be loans offered in order to pay the mortgage in which, is reasonably priced for the buyer and easy to pay.

Sean

February 8, 2011

What First-Time Home Buyers Need to Know

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 12:43 pm
Karen Bellas asked:




Currently, we are experiencing a buyers’ market. This is a good time to be a first time home buyer as you can get more house in a better location for less money. In addition to that interest rates on mortgages are low. Still this is probably the biggest investment of your life and you don’t want to make a mistake. It can take between 30 to 45 days for the entire purchase process, although timelines vary according to individual buyer and seller circumstances.

Pre-Qualify Before You Look

Most realtors will not show you homes unless you pre-qualify, so they know that you are serious about buying. Gather past 1040s, bank statements, credit account numbers and determine how much you have for a down payment. Your realtor can give you a ballpark figure for the type of mortgage you will qualify and can steer you to a mortgage broker. Once you get a pre-approval status from your lender of choice, they give you a Loan Status Report (LSR). You can then determine what price range of homes to consider. If your lender pre-qualifies you for monthly payments you are not comfortable with, buy under that amount. You are the one that has to make that payment each month.

Start Looking at Homes Available for Purchase

Many people begin their search on the internet. You can save a lot of time by doing some research. Some people like to drive through their preferred neighborhood to see what is available. Be careful of ‘For Sale by Owner ‘ properties, many of these owners have unrealistic expectations of the value of their property. Once you have narrowed down your search, it is good to contact a realtor who can help you evaluate your choices and make an offer. They will know what comparable properties in the area have actually sold for, not just the list price.

Making an Offer

You submit a contract to the seller stating the amount you are offering along with the LSR so that they know you are serious. The seller may counter offer. Once both the buyer and seller accept the offer both sides are obligated to follow through. It is always contingent on the buyer getting their loan. Your realtor will monitor the process until closing.

Your Home Purchase Process Continues

You must put down earnest money and then begin the application for the loan. There will be a home inspection which can be paid for by either the buyer or seller depending upon the terms agreed upon. It is still possible to back out if the home inspection finds a problem that you and the seller can resolve. The lender requires an appraisal to make sure that the house has enough value to cover their loan should you default. Once the lender gives final loan approval, you are ready for closing.

Finally You “Close”on Your New Home

You will get to have a final walk through to make sure everything is the same. Then a title company prepares all the documents for the signing of both parties. The title company oversees all the document signing and delivers the title to you, the new owner. Move-in can be immediate or up 30 days depending on the agreed dates between buyer and seller.

Enjoy your new home!

Jeremy

February 6, 2011

First Time Home Buyer Loans Made Easy

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 3:40 am
Alex C Johnson asked:




Are you looking for first time home buyers loans to help you get the money you need to buy your first dream home? Then this type of loan will help you with great benefits to make it easier for you to afford your desired home.

It is a fact that most people who decide to buy a home, may not necessarily have all the money to pay for the house or apartment upfront, and that’s natural.

That’s when home loans come to help. More and more people are going after home loans these days as these loans are easy to get and convenient for the average person.

But there is also a new added advantage for people who are buying a home for the first time, called as first time home buyers.

Here are two of the best options you have about lenders to get the money from…

1. Private home loan lenders

2. Government lenders

First, it is best to find out more about the different types of home loans and choose which one you need now. Then you can go for the lender who offers it.

The secret is, government lenders usually offer cheaper home loans and better interest rates which means you are going to save more money and pay less in the long term.

But private lenders usually ask for higher interest rates. On the other hand, you can find a bigger number of private lenders which means a wider range of choice on what to go with.

So at the end, it is up to you to compare various home loan lenders and choose the best one for you.

Just make sure you find lenders who offer the special home loan for first time home buyers which includes more benefits and easier options. You can also apply for this type of loan even if you have a bad credit.

Martin

January 31, 2011

First Time Home Buyer Grants – An Overview

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:01 am
Guilherme J Pinto asked:




First time home buyer grants are now available through The American Dream Down Payment Act. This is now possible for first time home buyers to benefit from the $200 million grant aid provided to this Act in the low income group. This serves as very good news for a lot of people who envied homeowners with the thought of never being able to own their own home due to the inability to come up with enough cash to buy their own home.

These first time home buyer grants is a joint program between the government and banks to enable people to raise the initial down payment in order to be able to buy their first home.

The value of undertaking of this nature is easy overlooked. It stretches far beyond just making individuals happy by making buying their firs home possible. First time home buyer grants uplift the economy of the country and have tremendous effects on socio economic factors.

In the unhappy event where your credit score is not all that good, you can still be eligible for the first time home buyer grants, provided that you did not owned a house in your name the past 3 years at least. For a change how little you earn and not how much you earn will be to your advantage. It is required that your combined family income does not exceed the fixed minimum income amount.

Another deciding factor will be where you want to buy your home. Your personal circumstances play a considerable rol in this matter. The average combined income of your family and the number of dependants that is contained in your family create deciding factors.

It is not sensible for you to buy a house in a low income neighbourhood with 2 bedrooms and one large open-plan family room and kitchen combination if you and your spouse are responsible for taking care of your parents living with you and you have 4 children. When assessing these first time home buyer grants applications, the reviewers take into consideration that you will need at least a 4 to 5 bedroom house which you are more likely to find in a higher income group neighbourhood. With in other words, if you have more dependants, it will be taken into consideration if you have a higher income when applying for the first time home buyers grant.

This first time home buyers grants is also referred to as free money from the government. The reason being simple because no interest is charged and there are no monthly payments. These funds remain in the background unless the house is sold or the government pardons the grant.

Charlie

January 23, 2011

Obama’s First Time Home Buyer Stimulus Program – A Recession-Proof Plan to Help You Out

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 4:37 pm
Timothy Croy asked:




The recession of 2008 started an economic decline that required governmental intervention. The fix came in the form of various stimulus programs that were signed into being by President Obama in an effort to stem the tide of fear among our citizens. People facing monetary difficulties tightened their belts to ride out what was hoped to be a temporary storm but fear kept them from spending money because they couldn’t face the possible losses that were inevitable.

Home ownership has suffered significantly as a result of the sudden loss of consumer confidence in our government’s ability to repair what went wrong. After taking on shaky home loans with high interest rates, many people lost their homes to foreclosure, leaving them bereft of money and soul, their dreams gone in the process. The First Time Home Buyer stimulus programs that came to the forefront a few short months ago are intended to solve several problems. First, it will help people reconnect with their dreams of home ownership by encouraging them with lower interest rates.

Purchasing a home for the first time carries with it many emotions and concerns. Often people who sign a contract have feelings of remorse, almost a grief process that must be gotten through. This comes because when purchasing something that is so significant there is always the possibility that you are making a mistake. This is probably one of the reasons people who are financially capable of buying a home choose to stay in temporary quarters. The escape factor is always there for them if things go wrong, as they often do.

If home ownership is something you aspire to, the stimulus program for first time home buyers is well worth pursuing. Purchasing a home under these circumstances has never been easier as the government has put plans in place that will give you the most bang for your buck. The incentives being offered are lower interest rates, lower down payments, and fixed and reasonable payments.

The upside of obtaining a home loan using the First Time Home Buyer Stimulus Program is that you will finally have more money in your pocket. Going on vacation, eating out, going to a movie, having a party – all will once again be within your reach. And as you go about your daily activities you will be providing jobs for the people who serve you. Saving for larger expenditures will also be a possibility and it won’t take forever to accumulate enough to make that purchase. This, too, will support an ailing economy.

As you consider your options when you buy a home, remember these programs that have been made available to you and don’t be afraid to take that risk. You have absolutely nothing to lose and everything to gain. You take no risks if you just apply for a loan through the stimulus programs.

Tamara

January 18, 2011

Eliminating First Time Home Buyer Fear

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 12:57 pm
Tranett Walker asked:




A first time home buyer may be terrified just thinking about the home-buying process…where to go, who to choose, can I afford it…how to get started. Homebuyer Classroom has identified some of the sources that cause fear and will share with you how to dissect this fear and keep moving forward with the home-buying process.

ONE:

There is no “perfect” time to buy, any more than there is a right time to sell. If you find a new home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and remember a good home won’t STAY ON THE MARKET LONG.

SIDEBAR:

“FOR SALE” signs in yards DO NOT guarantee that those homes are still available. Often times, real estate signs will remain in the yard until the home has officially “closed” and is off the market. This happens primarily because deals fall through (do not work out) and the home has to be put back on the market, after being taken off for that buyer. If you work with a Real Estate Agent you will be able to verify the true status of the property at all times. If the deal falls through and you’re working with an agent s/he can notify you immediately that the home is now back on the market. Find a Real Estate Agent today!

TWO:

Don’t try to be a “killer” negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.

SIDEBAR:

If you are bidding on a highly desirable home, you want to make sure your offer is attractive, stands out and gets the sellers acceptance!

Always start by making an offer “lower” than the asking price for the home, but be careful not to “low ball.” Often times first time home buyers think that if the seller “really” wants to sell they’ll accept their offer. That is “improper” thinking. Sellers’ have a choice in the offer they’ll accept just as you have the choice in the home you’ll purchase.

If you love the home and feel that it is the “perfect fit” for you and/or your family negotiate appropriately, fairly and wisely. Why miss out on the right home because you keep going back and forth with the seller over $1,500? Besides, $1,500 divided by 30 years (360 months) is a mere $4.16 cents more per month. Don’t lose your dream home over dollars and cents!

THREE:

Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

SIDEBAR:

Before you make an offer on a home have your business in order! Make sure you have a pre-approval letter, know how soon you can move (closing on a home usually takes 30 days from the date your offer is accepted). Therefore, you have to wrap up loose ends at your current residence. Sellers don’t like to have contingencies (i.e. stipulations) in the contract. For example, you can’t close on the property until 90 days from the date of the accepted contract.

Remember there are other buyers in line looking at the same houses you may be considering. Be prepared. Be ready to play ball. Handle your business to help ensure a smooth transition.

FOUR:

Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.

SIDEBAR:
It would be wise to have an emergency fund set aside for repairs and maintenance in your new home. Trust and believe things will happen in your new home. Unlike renting, there is no one to call at the leasing office to fix the toilet. Keep in mind that these responsibilities are now those of the first time home buyer.

But, don’t be discouraged, because the benefits you receive as a first time home buyer FAR outweighs home maintenance. Remember, this is “your” valuable investment.

FIVE:

Accept that a little buyer’s remorse is inevitable and will usually pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits!

SIDEBAR:

This one perhaps is one of the most important. Once you commit to one home (especially after looking at over 20) you’ll wonder if you chose the right one. You’ll wonder if you should have waited until next year and so on and so on. Understand that this feeling is common among the majority of buyers. Once you’ve chosen your home begin to settle, relax and start to visualize you and/or your family living in your new home. Those feelings of remorse tend to drift away.

Alan
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