first time home buyer – owner loan

December 13, 2010

Montgomery County Maryland First Time Home Buyer Information

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:25 pm
Delia Galley asked:




Montgomery county is one of the most affluent counties in the country. The schools systems are highly rated and its location offers a convenient gateway to Washington D.C. and Virginia jobs.

If you are a first time home buyer interested in purchasing a home in Montgomery county, the first thing you need to do, is arm yourself with information. You need to learn about the types of homeownership programs that are available through the State of Maryland and Montgomery County?

Questions to ask before you start the home searching process

Are you ready to purchase your own home?

Being ready to buy a house is more than house hunting. Homeownership offers considerable advantages over renting. On average, a homeowner will see their home appreciate in value about 6% yearly over the long term. To answer this question honestly, you need to analyze your current financial situation to ensure that you can take on the financial responsibilities of homeownership. Can you pay the mortgage, insurance and taxes? Will you have money saved in a rainy day fund for home repairs and other maintenance needs?

Information, Information, Information

Attend a local home buyer seminar. Find a reputable organization in your local community that offers home buyer seminars at no cost. You should not have to pay for this service. The seminar should provide information about the local real estate market and financing information. In addition, you should be able to ask any questions that you may have.

Pre-qualifying for a mortgage loan

Before you house hunt, pre-qualify for a mortgage loan. Most sellers will not accept an offer on a house without a pre-qualification letter. The pre-qualification letter provides evidence to the seller that you stand a strong chance of qualifying for a mortgage loan. The seller will weigh your pre-qualification letter against other potential buyer letters and decide which offer to accept.

Herbert

October 27, 2010

Free Closing Costs For First Time Home Buyers

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 5:35 am
Melissa Sabella asked:




If you are a first time home buyer, you may qualify to buy your new home with no closing costs. The government provides free grant money to encourage people to buy again and put confidence back in the American people.

There are also grants to provide money for down payment funds and government programs that will reduce your mortgage loan a few percentage points. Over the course of a traditional 30 year mortgage loan, that is a lot of money. In fact, that would probably add up to a six figure savings when you consider the interest paid on that money alone.

Billions of dollars are available in free grant money, and the grants for first time home buyers are just one of many programs that you may qualify for. There are also grants to provide you with the cash you need for home improvement, and if you are a real estate investor you can receive financial assistance as well.

Government grants that help first time home buyers pay their closing costs never have to be paid back. There are in some cases government loans, which have low interest rates, but grant funds are given to Americans and never have to be repaid. That makes applying a bit easier as well. There is no need for a credit check, you do not have to put down and collateral, and there is no down payment needed. You simply find the house you intend to buy, secure financing, and submit your grant request. You could have a check in the mail in as little as 7 days.

Raymond

June 30, 2009

There are Certain Facts You Should be Aware of as a First-Time Home Buyer

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 9:57 am
marco asked:


As a first-time home buyer, you are going to be setting out into a real estate market that is oftentimes full of complexities, legal wrangling, negotiations and more.  You first need to determine whether you can afford to buy a home.  You should already have an idea of home much you can pay monthly for a mortgage loan.  If you do not, then sit down how much you are bringing home each month and how much is going toward your current financial obligations.

The figure is an important fact to be aware of because most lenders will reduce the amount of money you can borrow for a mortgage loan.  Lenders become quite wary if your mortgage payments, property taxes, homeowners insurance and other debts payments exceed 36% of your total income. Depending on how much house you want to get into, you would have to pay down your debt so that your payment obligations do not eat up a high percentage of your monthly earnings. 

You should also be aware that a competent, professional and ethical real estate agent can save you both money and time in your real estate transaction.  You should not venture into the real estate market without a good real estate agent protecting your interests.

If you are wondering whether you would be better off in a new or older house, you should look at new and old homes and determine their characteristics.  An older home will generally have a lower property tax rate, it may offer a more established neighborhood and neighbors who really care about where they live and taking care of it.  An older home will usually require repairs, so you should be the type who enjoys working your home or be prepared to pay people to do the repairs. 

On the other hand, homes that are newer have modern systems and architecture, easier maintenance and upkeep and they are perhaps even more energy efficient.  If you do not want to worry about repairs, upkeep and maintenance right when you move in, then you should consider a new home.  It makes no difference whether you decide to buy a new or older home, make sure you have it inspected by a professional home inspector.

Potential issues that can arise and that you should be aware of are maintenance and systems problems in older homes.  You have to know what needs to be replace or repaired and what requires regular maintenance such as the roof, paint, appliances, the rug, etc.  You should get clear and definitive information regarding these issues, so ask questions until you are satisfied that you understand any and all issues.

You might end up looking at many homes, so it may not be a bad idea to take photographs of the homes you have seen.  People who are searching for a home generally see an average of 15 homes before making a decision.  Therefore, write down the things you liked and did not like about each home you visited.  If you are unsure about anything, go back and take another look at the home so things can be clear in your mind.  Talk to your real estate agent about everything you want and need so that you do not end up wasting your time looking at a bunch of homes that are not right for you.



Jamie

May 3, 2009

Obama’s First Time Home Buyer Stimulus Plan Helps American’s Live the Dream

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 10:14 am
Bryan Hendersen asked:


oint in his/her life, everyone dreams of owning his/her own home. This will probably be the biggest purchase you every make. You might be a single person, a couple or a family, but you have decided it is time to buy a home. The qualifications for eligibility in the First Time Home Buyer program is that you have not owned a home in the past three years. If this applies to your circumstances, then congress passed the First Time Home Buyer Stimulus Program in 2008 and 2009 just for you.

Like all other large purchases, you need to plan before buying a house. You have to decide on location, do you want it to be near where you work, where your children go to school or are you more concerned with the scenery? Start by looking for your dream home in the area you want. Decide how big you want the house to be, the furniture you have, and the things you want to include in your home. After you have an understanding of what you want, you can start the more serious part of your planning.

Now decide on how much you can spend. There are two parts to this, the down payment and your monthly payments composed of your mortgage and the taxes. This will also help you decide on the type of home you can purchase and where. Now you need to look at your credit history. A good credit history will make it easier to be approved for a mortgage loan.

You can learn more about this stimulus package from your bank or lending institution. These programs were created so the housing market would grow as well as to offer financial help to first time homeowners. Homeowners benefit from lower interest rates, a tax credit and help with the down payment. People who are disabled or who live on a low income might qualify for an even lower interest rate.

The First Time Home Buyer Stimulus Programs, created just to help first time homebuyers, gives them all the incentives needed to enter the housing market.

Allan

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