Stay ahead of the game with current real estate information and tips that will save you time and money!
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How To Buy A Home With Zero Cash
The Zero Cash Down Payment Program offers you a way to buy a home with no down payment. That’s right zero down payment.
Program Qualifications:
- An excellent credit history
- Limited liabilities
- At least 3 years of employment stability
- The financial ability to carry larger monthly payments
9 Common Buyer Traps
A systemized approach to the home buying process can help you steer clear of these common traps.
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- Bidding Blind – Know the market value of the home.
- Buying the Wrong Home – Clearly define your wants and needs.
- Unclear Title – Have a preliminary title search done.
- Inaccurate Survey – Request an updated property survey.
- Undisclosed defects – Conduct a thorough inspection early on.
- Not Getting Mortgage Pre-approval – Know what you qualify for.
- Contract Misses – Make a list of agreed issues. Check them off.
- Hidden Costs – Uncover ALL costs.
- Rushing the Closing – See ALL paperwork BEFORE you sign.
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5 Facts About Fixer Upper Homes
Before deciding that your next home should be a fixer-upper, you should do some homework. Consider these facts:
- Necessary renovations can be a costly investment.
- Home inspections are necessary even for fixer-uppers.
- Location is key! Don’t buy in a bad neighborhood.
- No matter how much you invest, the market will only return what it can bear.
- Some single family homes cannot be converted to multi-family dwellings. Check zoning laws!
8 Reasons To Buy A Home Now!
- Pride of Ownership – Give your family a sense of stability and security.
- Appreciation – Over the years, real estate has consistently appreciated.
- Mortgage Interest Deductions – Home ownership is a superb tax shelter and our tax rates favor homeowners.
- Property Tax Deductions – Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes.
- Capital Gain Exclusion – You can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains.
- Preferential tax Treatment – If you receive more profit than the allowable exclusion upon sale of your home, that profit will be considered a capital asset.
- Mortgage Reduction Builds Equity – Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation.
- Equity Loans – Consumers can borrow against a home’s equity for a variety of reasons such as home improvement, college, and medical.
Reasons NOT to buy now…
Following are red flags that you may want to ponder before plunging into buying a home or making the decision to continue renting. Don’t by if…
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- You have NO down payment
- You have bad credit
- You have high debt ratios
- You have little job security
- Renting can be 50% cheaper
- You tend to move every year
- You have an unstable relationship
- You travel constantly
- Everyone else is doing it
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