I think that we can all agree that this is the best time in history to buy a home. However, one of the main stumbling blocks in being able to do so is coming up with some savings for a down payment and/or closing costs. Although there are ways to buy a home with no money, the restrictions of these programs may not fit your needs. So here are some great ways to get your hands on the funds you need. [Read more…]
Fannie Mae and Freddie Mac both recently announced the return of the 97% Mortgage. That’s right, just a 3% down payment will get you into a new home, plus closing costs of course. Officially announced on December 8th, the two secondary mortgage giants stated they will start offering 97% LTV financing to homebuyers who could otherwise qualify for a mortgage, but may not have the resources for a larger down payment.
A NEW RECORD! I absolutely love a challenge. But this one will most likely be the standing record for some time. I am one of the few who tout what I believe to be the most phenomenal first time homebuyer program available, the USDA Rural Development Home Loan Program. This program allows a first time homebuyer to purchase a home with 100% financing. And in this case, just 0.72 cents! [Read more…]
Were you one of those buyers who remained on the fence for the last few years waiting for the bottom of the real estate market to hit? Did you think that interest rates had no chance of going up anytime soon? Well, I am sorry to be the one to let you know but you missed the first boat out of port. Just make sure you don’t miss the rest of the fleet!
So you did the right thing. You were able to get pre-approved for financing and everyone tells you it is as good as buying with cash. Then you start looking at houses and your agent tells you that the property you want to see is ineligible for the type of financing you are approved for. What gives???
It’s smart, it’s legal, it varies with loan products, but a full seller assist (seller credit, seller concession, etc) may not be possible with certain properties. Before they met me, a client wanted to purchase a foreclosure in Montgomery County, PA. They were approved for a mortgage, they had the down payment, but their real estate agent said the bank would not provide a seller assist greater than 3% of the sale price, and they needed a 6% seller assist to cover their closing costs. The agent stated that that was out of the question and they could not make the numbers work. Well, they lost out on that opportunity and were referred to me by a past client of mine whom they had been complaining to about the scenario. So what can be done to overcome this problem in the future?
A Reverse Mortgage is one of the best financial tools out there today. It is amazing what you can do with them and the quality of life that can be had once they are put in place. There are many misconceptions that we will clear up and to start, here are some actual stories to review.
I get this question frequently…exactly who can go on the deed to a property in Montgomery County PA. The answer is relatively simple….anyone! [Read more…]
Change, the one constant in life. Especially in the world of mortgages! I remember when we had “mirror-test” underwriting. Hold a mirror up to the borrower’s nose & if it fogs up, they get a loan! Well, those days are gone, as they should be. But unfortunately, certain regulators feel the way to correct things of the past are to make it more expensive. Makes sense, right? (sarcasm) [Read more…]
Over 18 years in this business and I set a new record, just $9.55 to buy a $225,000 home! No joke, Chris and Delia were able to buy a twin home in Harleysville with 3 bedrooms, 2 1/2 baths, a finished basement, and fenced-in back yard for just $9.55 out of pocket! [Read more…]
We have been taught that when you see something that seems too good to be true, it usually is. Most of the time this is the case,however, this one is REAL! You see the advertisements about how you can buy a home with $0 money down, but you hear the media talk about how hard it is to get financing. How can this be? Is this just a bait and switch ad? No, it is very true and I will prove it! [Read more…]
Here we go again! More mortgage changes coming to the industry, for the worse. Unfortunately, the former mirror test underwriting (mirror under nose, fogged up, approved!) that was offered a few years ago is now punishing those who actually want to buy a house now. The latest changes are coming soon, to the absolute best mortgage product currently available! [Read more…]
With the stock market taking a crap, yet again, why not use what is left in there to earn a great return in real estate? There are two ways to take advantage of your retirement now, rather than wait for it to recover what it lost, hopefully by the time you retire! This all depends on how much is left in there! [Read more…]
There are plenty of mortgage calculator apps at the iTunes store that can calculate your mortgage payment, amortize it for you and provide other “calculator” type solutions. However, the new mortgage calculator app from Homes.com can do all of that and then some!
We are seeing them more and more…boarded up houses, abandoned properties, vacant homes. These properties represent some of the best deals on the market today! The biggest problem with the sale of these types of homes is financing. Unable to get conventional or FHA 203b financing, this limits the options for the everyday investor/buyer to purchase these homes. Although using all cash to buy is great, it is not very realistic in this economy. Well, I am here to tell you about something that can help; a fantastic, one of a kind, financing tool! [Read more…]
OK, so you are thinking of putting off buying a home. WHY? Here are some changes coming to mortgages that may make you think twice. [Read more…]
There are so many people that think that they cannot get a mortgage to purchase a new home. They want to, but lack the proper guidance to overcome what they think their obstacles are. Below are some of the most common excuses and how to overcome them. [Read more…]