Uncategorized • April 27, 2023

Can I buy a house with no money down?

by Lori Thurman

It is possible to buy a house with no money down, but it can be difficult and depends on your financial situation and creditworthiness. Here are some ways to potentially buy a house with no money down:

VA loans: If you are a military veteran or an active-duty service member, you may be eligible for a VA loan, which allows you to purchase a home with no down payment. You might also be surprised to know that VA loan are assumable and you don’t necessarily have to be a veteran to assume such a loan.
USDA loans: If you are looking to buy a home in a rural area, you may qualify for a USDA loan, which also allows for no down payment. The home must be situated ina a USDA eligible area. Your Realtor should be able to look at the official map and tell you if a specific house qualifies. Keep in mind that these are rural areas so there won’t be any qualifing properties within the limits of most cities.
FHA loans: The Federal Housing Administration (FHA) offers loans with a minimum down payment of 3.5%, which is much lower than the typical 20% down payment required for conventional loans. However, you will need to pay mortgage insurance premiums. Some lenders also have loan products that are 100% so ask your Realtor if they know of any lenders with a loan package like this.
Down payment assistance programs: Some states and local governments offer down payment assistance programs that can help you cover the upfront costs of buying a home. Most do have requirements for giving you the assistance funds so be sure and know what those are so you can know that you can comply. These are great programs for people who can afford a mortgage payment but haven’t been able to save money for a down payment.

It’s important to note that buying a home with no money down typically means you will have a higher monthly mortgage payment and may have to pay private mortgage insurance (PMI) or other fees. It’s important to consider your financial situation and whether you can afford the ongoing costs of homeownership before making a decision.

Uncategorized • April 18, 2023

Is a Spring Sale in Your Future?

by Lori Thurman

Spring is traditionally a popular time for home selling. There are several reasons for this. Firstly, the weather is more pleasant, which can make homes look more attractive to potential buyers. Secondly, families with children often prefer to move during the summer months when school is out. Thirdly, many people receive their tax refunds in the spring, which can provide the extra funds needed for a down payment.

If you are planning to sell your home in the spring, there are several things you can do to increase your chances of success. First and foremost, make sure your home is in good condition and staged to appeal to potential buyers. This may involve decluttering, painting, and making small repairs. Talk to your Realtor about professional pictures and maybe staging. These are most likely services that are included when you list.

It’s also important that your home is competitively priced. Research the local real estate market and work with a reputable Realtor to determine a fair and reasonable price for your home. Follow the Realtor’s advice as they are experts in this field and should have compared properties that are as exact as possible to your home.

Finally, be prepared to negotiate with potential buyers. Spring is a busy time for real estate, and you may receive multiple offers on your home. Work with your Realtor to evaluate each offer and negotiate the best terms for you and your family. Keep in mind, the highest price isn’t always the best offers. Make sure your Realtor provides you a net to seller sheet so you have a very close estimate of what you will clear after all the expenses of the sale.

The process can be stressful so make sure you work with a Realtor that helps to absorb some of that stress to make the transaction as smooth as possible.

Uncategorized • April 17, 2023

Spring House Hunting

by Lori Thurman

Spring is a popular season for house hunting because the weather is milder and many people prefer to move before the summer. It is definitely more competitive for a Buyer but the inventory is usually better making Spring a great time to start shopping. Here are some tips for spring house hunting:

Start early: Like I said, the housing market can be competitive in the spring, so it’s a good idea to start your search early. This will give you more time to find the right home and make an offer before someone else does. Making quick decisions will be key in getting that dream home!
Work with a real estate agent: A real estate agent can help you navigate the housing market, find properties that match your criteria, and negotiate with sellers on your behalf. Having an agent represent your interest in a transaction insures that someone is looking out for your best interest and helping to make sure that things are progressing appropriately toward a timely closing.
Get pre-approved for a mortgage: Getting pre-approved for a mortgage before you start house hunting can help you understand your budget and give you an advantage when making an offer. It never hurts to talk to more than one lender to compare what they have to offer. Afterall, purchasing a home is probably going to be your biggest financial investment so make sure you work with the right lender.
Attend open houses: Many sellers hold open houses in the spring to attract potential buyers. Attending these events can help you get a feel for the local housing market and see what types of homes are available in your area. You can visit opens on your own and then contact your agent if you are truly interested in a home you see. Your agent can schedule a private showing to get a better look and write your offer if you decide to pursue it.
Be prepared for bidding wars: In a competitive housing market, it’s not uncommon for multiple buyers to make offers on the same property. Be prepared to make a strong offer and potentially enter a bidding war if you find a home you really want. This is where having your own Realtor will be most advantagous to you.
Consider the location: Spring is a great time to explore different neighborhoods and consider factors such as proximity to schools, public transportation, and amenities. It is a great time of year to just drive in different areas and get a feel of the neighborhood and the activities on any given day.
Get a home inspection: Once you find a home you’re interested in, it’s important to get a home inspection to identify any potential issues with the property. This can help you make an informed decision about whether to move forward with the purchase.