email: nyfraninflorida@aol.com
- Wellington/ West Palm Beach
- 2335 S State Road 7 Suite 500
- Wellington, FL 33414
- Tel: 561-868-2644
- Fax: 561-868-2645
- Dir: 561-307-0471
There are a couple of options, even if you think home ownership is way out of reach.
If you believe that you don’t have enough savings, and that you should put 20% down on a mortgage, do a little research first. You may qualify for a Federal Housing Administration Loan, which requires as little as a 3.5% down payment. A REALTOR® can help you navigate the details of an FHA loan and find the right place for your budget. Remember, though, that you’ll need more money for the closing costs as well, so budget that in on top of the 3.5%.
If you’re concerned that your credit is bad, you may want to talk to a lender, as your credit may not be as bad as you think. And if it really is that bad, then you should take steps improve your score right away. Order a copy of your credit report and make sure it’s accurate, then be diligent about paying down your bills. If you are proactive about repairing your credit, you can qualify for a loan sooner than you might think. I have access to an in-home mortgage company, WCI Mortgage, an affilliate of Wells Fargo. Together, we can complete the pre-qualification process to take the guesswork out of how much home you can afford and qualify for.
If you are worried about depleting your savings for a down payment, don’t forget about the $8,000 first-time homebuyers’ tax credit. Because it’s a credit, you can’t use it for your down payment as you won’t receive the money until after you’ve closed — but you’ll get some of your down payment back on tax day!
None of these may not be right for you. And of course, you should not go out and buy a house just because it’s a buyer’s market. But, if you’re hesitating, it’s worth a little research. The days of the zero-down mortgage are gone (and good riddance!) but you do have options!
Are you a first-time homebuyer? Do you have other questions about home affordability? Call me, I can help.
You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Wellington real estate expert, it's my job to guide you, from beginning to end.I will take the time to go through each and every step of the buying process. There are no dumb questions!
Together, we will consider:
- How much can you really afford?
- How to qualify for a mortgage.
- How much cash you should put down.
- How to buy a home with little or nothing down.
- What it takes to get approved for financing. What banks and other financial institutions are looking for.
- How much your payments will be.
- The tax advantages of buying.
- Is renting or buying better for you?
First Time Buyers - Structural Contingency
If you have a house for sale your buyers will probably include a structural inspection contingency in the contract. This allows them to have an expert check out the house, the major systems and the appliances.
A professional structural inspector can help buyers to "know" the house and to feel comfortable with it, but the inspection does not result in a pass or fail grade. The buyers will learn important facts about the house, such as where the water cutoff valve is located, in case of an emergency. The inspection may also help buyers set up a budget for repairs and determine if they want to invest in cost-effective measures to increase energy efficiency.
Buyers rarely back out of a sale after a structural inspection. Even if there are problems, you have the opportunity to negotiate a compromise and to avoid any obstacles that could seriously threaten the sale.
New to the home buying process? Tell me your concerns. Ask me questions. It's my job to help! There's no obligation, and I promise to get back to you.
