With interests rates still low and the great selection of homes on the market right now it only makes sense that this spring is a perfect time to buy your new home. Not only that but as I’m sure you have heard that often times a house payment is actually less than your current rent payment. The issue that many of us run into is having enough money for the down-payment on a new home. This is especially true for first time home buyers who have not built up equity in their current home. This is why this spring is ideal for buying since you can use your tax refund for a down payment this year! Even if your refund is not a huge one it will probably still be enough. Many people mistakenly think that you need to have a 20% down payment on a home when in fact many lending companies only require 5% as a down payment amount. By using this tax refund money you could also qualify for a larger home or more importantly allow for smaller monthly payments because you are taking out a smaller mortgage.
So take advantage of this time of year and start looking for your new house today. If you have questions as to what you can afford with your tax refund or what the next step is that you need to take feel free to contact us today! We look forward to helping you fulfill your dreams of home ownership!
Let’s face it, so very many of us are just a few paychecks away from facing financial turmoil. So with the loss of a job or a significant decrease in income it’s no surprise that many people face foreclosure or a short-sale option. Often times within a year or so the previous home owner is back on his or her feet and ready to regain home-ownership in an affordable house. Unfortunately the typical waiting period to get an FHA mortgage after a foreclosure is at least 3 years and even that is dependent upon how quickly the paperwork is filed. Fortunately there is a new lending program in place that will reduce this waiting period to one year so that you are able to regain your way of life and create some roots for your family. With this amazing program does come some requirements. The first requirement is that you are able to provide documentation showing loss of employment or a reduction of your income by at least 20%. During this shortened one year waiting period you would also be required to have no late housing payments (rent), no more than 30 day late payment on all other accounts, and no accounts in collection. If you feel you can meet these simple requirements and want to take the next step to regaining your old life quicker than you ever thought possible than contact us to help get you started in the right direction.