Buying a Home of Your Own


Buying a Home of your own
Even though it’s not easy for everyone to buy a home, it is in fact easier than to get a home these days if you choose a lender that offers FHA (Federal Housing Administration) mortgage financing which is a bit more liberal than programs offered by conventional banks who tend to be more restrictive in their lending guidelines. In addition, if mortgage programs offered by conventional banks may vary from bank to bank but FHA-approved lenders must comply with one set of rules/guidelines set forth by HUD (Housing & Urban Development), the parent agency of FHA.

Even if you don’t have a lot of capital or a lot of money to put down, you can still get a home of your own at very affordable terms when you utilize FHA-insured financing to purchase your home because your down payment can be as low as 3.5% of the purchase price. A lot of people think that buying a home is a tough process, needing a large down payment, but this isn’t always the case. Buying a home largely depends on your budget.

If you put a down payment on your home purchase, it will go towards your overall purchase. The more money you put down on a home of your own, the lower your monthly payments will be. The repayment terms, when put in the context of rental houses and apartments, may be easier to deal with in that if you did not purchase a home you would probably still be making a monthly payment for housing. This can be a worthwhile comparison because it paints a clear picture of where your hard earned money is going. Towards rental housing or towards a home of your own.

Owning a home of your own is a dream for many people, especially young couples who are just starting a family. Some apartments and rental homes can be great to live in – although most these days will cost you just as much as a mortgage payment, so renting doesn’t seem to make any sense if you could afford to purchase a home of your own. The idea is to convert your rental payments into monthly installments towards your own home. All across the United States, you can find FHA-approved lenders that offer affordable loans for purchasing a home of your own or residential real estate property at low interest rates. With a lot interest rate, you can get the home of your own and enjoy low monthly payments.

Keep in mind that you need to choose a loan plan that’s best suited for you. You can go through a bank that offers FHA mortgages, through a FHA-approved mortgage lender, or use an online service; as long as you let it be known that your preference is a FHA-insured mortgage. You can also use the services of a real estate agent, which is one of the more popular choices. Good real estate agents will be more than willing to help you get a great deal on a home of your own, at prices that are right for you. A good real estate agent may also be willing to discuss methods of financing in the most affordable manner.

If you plan your budget and take things one step at a time, you’ll be closer than you think to completing a purchase on the home of your own. If you choose to keep renting and pay money toward something you don’t own – that home may continue to slip away if home prices begin to rise. Taking action in a “buyer’s market” as is the condition of today’s market may be the best thing you can do to find ideal home of your own at a great price and put your money towards it.


A message to Prime Mortgages readers:
Thank you for your support. We will continue working to provide the most relevant and useful information about current FHA-insured programs and related topics. Occasionally, we’ll post content from our other sites based entirely on its value to you. Please let us know what you think in the comments section. Thanks and God Bless!

Javeton

humor

If the government can’t run business, how come businesses always run to the government for a bailout when it runs into trouble? FHA-insured mortgages, government run for 75 years. Lest we forget?

As of July 1, 2009 a recent housing initiative was expanded to allow Las Vegas borrowers who are up to 125% underwater on their mortgages to seek mortgage refinancing. Thanks to the Making Home Affordable program!


Making Your For-Sale Home Mortgage-Ready


What do buyers need when they plan to buy a home? The fact is that there are many aspects one needs to consider when buying or selling a home. From the seller’s point of view, there are some basic home selling rules which must be taken into consideration with the prevailing thought that financing terms and buyer qualification for a mortgage is going to be key factors in getting your property sold. With that in mind you, the seller, can take steps to facilitate the sale by doing the following:

1) Preparing it for the appraisal inspection or paying for a FHA (Federal Housing Administration) appraisal to be done. This type of appraisal is good for 4 months and must be used by your FHA buyer; and FHA buyers are greater in number since 2009 than any other lender-financed group of buyers, including PMI-qualified buyers, conventional-qualified buyers, VA-qualified buyers and buyers with their own or private financing. You shouldn’t be overly concerned with laying out the appraisal fee because by doing so you’ll help to reduce processing time as well as setting the right price for the property. Chances are you’ll be reimburse by the buyer anyway.

2) You should be an informative seller. You could put a “Home for Sale” sign in your front yard which includes your phone number and possibly your email address, if you have one, so that a buyer can contact you. This step requires you to devote specific hours of your day to handle the incoming calls or returning phone calls to prospective buyers; making available a property profile which outlines the description of your property, the property size (interior square footage), lot size, neighborhood amenities and a few photos of the house (interior & exterior).

3) Bear in mind that prospective buyers will have done their own research, and you should therefore be as prepared as you can be; but you are more of an expert about your own property than anyone else and as long as your expertise is properly presented to all concerned, including the FHA appraiser, so that they have a clear understanding of exactly what you are offering for sale, your work will certainly be rewarded. By taking performing these actions you would also convey to the buyer your commitment to delivering a well-prepared and most complete picture of the home which may in fact be the one s/he chooses.

Whatever you have heard about physical condition, curb appeal and “squeaky clean” appearance being among the most important things to work on in order to enhance the saleability of your home is probably true. You can do no wrong by improving or enhancing the appeal of your property’s interior and exterior. Just to make it beautiful, tidy, and fresh even if changing the color of your home is to be considered. You’ve probably heard the saying “get your buyer in the right mood”. One way to do this is by creating a cozy environment in your home. What do I mean by “cozy environment”? Fresh air, clean surroundings, fresh odor, and most importantly a home-like atmosphere. Just make a buyer feel like s/he is already at home sweet home.

If you have taken all of the above steps, when you get down on the negotiation, you’d be in a position to offer a high quality product to your buying market, because you know what your market is comprised of (FHA-qualified buyers), you should be a great negotiator based on the preparation that went into the project up to this point. You don’t have to be a broker or a lender or emulate either. Just be yourself – the expert on your own home – and follow your own instincts which are based on the many years you’ve owned the home. Most importantly, be honest with yourself as well as with your buyer(s) and others with whom you come in contact during the process and you should have no problem selling your home at a satisfactory price.


A message to Prime Mortgages readers:

Thank you for your support. We will continue working to provide the most relevant and useful information about current FHA-insured programs and related topics. Occasionally, we’ll post content from our other sites based entirely on its value to you. Please let us know what you think in the comments section. Thanks and God Bless!

humor

If the government can’t run business, how come businesses always run to the government for a bailout when it runs into trouble? FHA-insured mortgages, government run for 75 years. Lest we forget?

As of July 1, 2009 a recent housing initiative was expanded to allow Las Vegas borrowers who are up to 125% underwater on their mortgages to seek mortgage refinancing. Thanks to the Making Home Affordable program!