Real Estate Myth #3: You must put 20% down to buy a home.
This one is easy. Despite recent trouble in the mortgage industry, there are still several options for buyers who are not in a position to make a 20% down payment. In fact, the FHA minimum is only 3.5%! On top of that, there are still a couple of options for zero down loans offered by THDA and USDA Rural Housing. You must meet certain guidelines for these programs, so if you would like to talk with someone about which loan options you can qualify for, I'm happy to put you in touch with one of our preferred lenders. Call or email me anytime. Also, don't forget...the deadline for the $8,000 first time buyer tax credit is November 30th!
Adam Helton
RE/MAX Elite
www.AdamHelton.com
Saturday, September 19, 2009
Friday, September 4, 2009
First Things First, for Buyers...
I talked to a first time home buyer this week, who told me she didn't want to talk to a mortgage company until she "found the right house." BIG mistake! When I work with buyer clients, that's step #1...talk to a lender. Here's why:
1) Know what you CAN do. You'll need to talk to a lender so that you know what price range you can can get approved for. Lenders look at income, debt, credit scores, etc. to see what type of loan best suits you and how much house you can buy.
2) Know what you are COMFORTABLE doing. This is the most important thing. You may "qualify" to buy a home in one price range, but based on the monthly payment you are comfortable with, it might be wise and more realistic to buy in a different price range.
It's always better to take care of the "baby steps" first. The last thing you want to do, is start looking at homes and fall in love with one, only to find out you can't afford it. It's disappointing and discouraging! Once you're pre-approved, you know exactly what you've got to work with and you're in a much better position as a buyer. When you find something you like, you can act fast and sellers are always more likely to deal with pre-approved buyers over buyers who are not.
If you or someone you know is thinking about buying a home, give me a call. I'm happy to answer any questions and appreciate the opportunity to assist you through the process. And of course, I can put you in contact with a good lender, if you don't already know one!
By the way, if you plan to pay cash for your next home...disregard this Blog entry.
Adam Helton
RE/MAX Elite
http://www.adamhelton.com/
1) Know what you CAN do. You'll need to talk to a lender so that you know what price range you can can get approved for. Lenders look at income, debt, credit scores, etc. to see what type of loan best suits you and how much house you can buy.
2) Know what you are COMFORTABLE doing. This is the most important thing. You may "qualify" to buy a home in one price range, but based on the monthly payment you are comfortable with, it might be wise and more realistic to buy in a different price range.
It's always better to take care of the "baby steps" first. The last thing you want to do, is start looking at homes and fall in love with one, only to find out you can't afford it. It's disappointing and discouraging! Once you're pre-approved, you know exactly what you've got to work with and you're in a much better position as a buyer. When you find something you like, you can act fast and sellers are always more likely to deal with pre-approved buyers over buyers who are not.
If you or someone you know is thinking about buying a home, give me a call. I'm happy to answer any questions and appreciate the opportunity to assist you through the process. And of course, I can put you in contact with a good lender, if you don't already know one!
By the way, if you plan to pay cash for your next home...disregard this Blog entry.
Adam Helton
RE/MAX Elite
http://www.adamhelton.com/
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