In a recent study by NeighborWorks America the findings noted that seventy percent of U.S. adults were unaware that down payment assistance is available for qualified home buyers to assist in their home purchase. Down payment assistance can be quite beneficial for first time home buyers in making homeownership accessible to more families. The fact that so many families don’t know that such assistance is available was the message that stood out most from the study.
Source: www.huliq.com
Live in Clinton, Carroll, Tippecanoe or White counties? Area IV Agency program is helping people buy a home with a unique savings plan. To learn more about the individual development account or any other programs offered by the Area IV Agency, call 765-447-7683 or visit their website.
Source: wlfi.com
In 2014, more than 73,000 people received housing counseling from the National Foundation for Credit Counseling’s member agencies, making it the highest volume experienced during the past five years. The renewed interest in housing counseling could be an indicator that many people are considering home ownership as an affordable option.
Source: www.mainstreet.com
Here are the top 5 states that have the most first time home buyer programs. Is it a surprise these are some of the most populated states in America.
1. California
2. Florida
3. Texas
4. Maryland
5. New York
Good news if you’re a first time home buyer and you live in Fort Mills, South Carolina. The South Carolina Housing program has lowered Federal Housing Administration loan rates .25 percent from 3.75% to 3.5%. To qualify, a South Carolina resident must be a first-time home buyer with a 680 credit score. Visit www.schousing.com or call 803-896-9001.
Source: www.fortmilltimes.com
CARLISLE — Homebuyer assistance programs available through the Cumberland County Affordable Housing Trust Fund have benefitted homeowners and resulted in the sale of nearly 600 homes since 1998, according to the Cumberland County Redevelopment Authority, which administers the program. Patricia Mrkobrad, housing programs manager, oversees the First-Time Homebuyer’s Down […]
Source: cumberlink.com
Education comes at a price, and not just the cost of the degree itself. We’re talking about the inability to take advantage of today’s low mortgage rates and stable prices.
Student loans are now cited most often by young buyers as the main expense that prevents them from saving for a down payment. Nothing new there, perhaps. But a new report is the first to quantify the impact.
According to John Burns Real Estate Consulting, some 414,000 new home transactions will be lost this year because of student debt. At the average price of $200,000 per house, that translates to about $83 billion in lost business.
Source: www.charlotteobserver.com
In an alternate universe, buying your very first home would be as easy as grabbing your favorite snack from a grocery shelf and paying for it at the check out counter. But we live in real world and the prerequisites in buying a home could very well give you a nervous breakdown. While many a real estate agent would voluntarily offer their services in exchange for good commission, it is also part of your responsibilities as a future homeowner to be knowledgeable when it comes to the requirements necessary in securing a brand new home.
Of course you already know that you need money for downpayment. But keep in mind that when buying a new house, there would always be a lot of other expenses involved that you would not be able to easily recognize, or better yet, understand. Your credit rating is the star here, and would most likely be the deciding factor on whether you would be able to secure a loan or not.
First of all, you’ll need money for downpament. The bigger your downpayment, the better it will be for your mortgage. You would probably be hoping that the list of expenses ended there, however there is still a long list to consider which would include: legal costs, registration of title, telegraphic transfer fee, building insurance fee, homebuyer’s report, and moving costs, among others. Once you finally get the keys to your house, more money would be needed for upkeep and maintenance costs so you should also take those into consideration.
While many future homeowners grapple to understand these expenses, many also opt to use the services of a real estate agent, which is an added expense for you by the way. But when you have a real estate agent helping you out, you’ll be spared of a lot of headaches.
This is still an issue of money, and you would begin paying for your mortgage after all the expenses mentioned above (except for maintenance costs) are settled. Securing a good mortgage is essential if you do not have the funds to pay for the house in full, which is the case for majority of home buyers. There are various types of mortgages and they vary in terms of features, fees, and terms. The important thing to look out for here would be the terms and interest rates. How low is the interest rate compared to what other banks are offering? How flexible are the terms? These are just some of the questions that need to be asked.
Dealing with financial obstacles is hard enough; having to understand each and every provision of whatever legal document you have to sign might just be too much to bear. As such, why not avail of the services of real estate experts for a minimal fee and save yourself the hassle? Without a doubt, having a real estate broker to take care of things and making sure everything’s fair and correct is convenient. Just be sure to check the broker’s credentials before making a decision to do business.
Want to buy cheap homes homes?
Fannie Mae wants to help:
Fannie Mae, the largest mortgage investor in the country, has a bulging portfolio of houses acquired through foreclosures nationwide. About 31,000 of these properties are listed on its HomePath (www.homepath.com) resale marketing site. To move them quickly out of inventory, Fannie temporarily is offering qualified owner-occupant purchasers — but not investors — cash incentives toward closing costs of 3.5% of the purchase price. But you have to submit your initial offer no later than March 31 and close by May 31.
So does Freddie Mac:
Freddie Mac, the other giant federal mortgage investor, also has thousands of foreclosed homes that it’s trying to dispose of — and its own First Look program — at its HomeSteps (www.homesteps.com) marketing site. Though Freddie currently has no closing cost incentive offer, it does provide a $500 allowance toward the purchase of a home warranty policy, and it promotes special mortgage financing options on houses in some areas. If you qualify, that could mean a loan with no mortgage insurance, no appraisal and a 5% maximum down payment.
Source: www.latimes.com
