First-Time Home Buyers

HOME BUYING FEAR FACTOR . . . It’s not as scary as it sounds!

While the idea of buying a home may not be as terrifying as a room full of spiders or meeting your partner’s parents for the first time, it’s certainly a cause for concern for those who are thinking about taking the plunge. Thankfully, we will help debunk some well-known myths that can keep many from packing up that apartment for good.

Fannie Mae Makes Significant Changes To Help People With Student Debt Get Loans

Watch the video and learn about the significant changes announced by Fannie Mae to help people burdened with student debt qualify to get a home mortgage.  In summary:

  • If you can document that someone else is paying your student loan (employer, parent, etc.) it will no longer count against your debt-to-income ratio.
  • If you are on a reduced payment of your student loan through a special program, the full payment amount will no longer be used, the reduced payment will now be used to count against your debt-to-income ratio.
  • The debt-to-income ratio has been increased from 45% to 50% for everyone.

These are all significant changes to Fannie Mae's program, and should help a lot of people now qualify to buy their first home.  Watch the video to get more in-depth information, and contact us to help you get qualified and find the perfect new home.

Less Than 5% Down? Not A Perfect Credit Score? Yes, That Can Work!

One of the benefits of owning a home is being able to protect yourself from rising rents, which have risen approximately 15% over the last five years.  When you purchase a home you can lock in your housing cost for the life of your mortgage and grow your net worth as home values (and rents) increase and your mortgage balance goes down..

The average renter spends approximately 30% of their income on housing compared to that of a homeowner who spends 25-20% on average.

Buying Your First Home? Why Waiting May Not Be A Good Idea

The Cost of Waiting to Purchase = The Additional Monies Needed to Purchase Given Increases in Prices and Interest Rates

What are economists predicting for the upcoming year?  And what does that mean in terms of the Cost of Waiting? Let's use an example to illustrate. 

Let’s say you’re in your early thirties and your dream house costs $225,000 today, and you make a $25,000 downpayment. Right now mortgage interest rates are around 4%. Your monthly mortgage payment (principal & interest) would be $954.83.

What if you decide not to buy now, but wait until next year to buy?