first time home buyer: You don't need a 20% downpayment ....
- 08/25/16 04:36 AM
For many first-time buyers, saving for a down payment is the most difficult step in the home-buying process. However, it's a common misconception that you need 20 percent down to buy a home.
Actually, lenders across the country offer mortgage products with very affordable down payments — some as low as 3 percent.
Owning a home has always been a key component of the American Dream; in fact, many surveys show that 65 percent of Millennials agree that homeownership and the American Dream go hand-in-hand. Home ownership also comes with several benefits like building equity, receiving annual tax deductions … (6 comments)
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first time home buyer: Home Buyer Down Payment Assistance Programs
- 04/12/14 12:47 AM
Working with a good loan officer is paramount in your home buying success. Let's face it, no one has the cash to purchase a home outright anymore so everyone turns to a lender for advice and guidance. (updated 3/25/17)
What you should look for in a loan officer is their ability to fit you into particular programs that you didn't know about that might be a benefit to you. Here's a great example if you need down payment assistance. Instead of waiting a few more months to save up that complete down payment this program can help you out. You must meet certain … (4 comments)
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first time home buyer: Schaumburg Area Home Buying Road Map
- 10/13/13 02:32 AM
Looking to buy a home soon? In the planning stages and want to do it right? Here's a great infographic that tells you the step by step of how to proceed. Of course, you will need a good Realtor® acting as your buyers agent after these prelim steps.
Any questions, please don't hesitate to give me a call so I can clarify any of these important steps!
by infographicworld.
… (2 comments)
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first time home buyer: Schaumburg Home Buyers - 3% Down Conventional Financing Program
- 04/16/13 12:57 AM
For Schaumburg Home buyers this is good news and another alternative to FHA which has raised it's fees recently. Another value based option when thinking of purchasing a home in our Schaumburg area.
You want to work with a lender, like Gene Mundt, that can offer differing financing programs rather than just one product that they try to ram down your throat. Most lenders will not tell you what programs they don't offer!
Again, in your home purchase, you want to work with a knowledgeable lender that can offer many programs.
Once Again an Option for Home Buyers:
3% … (0 comments)
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first time home buyer: BUYING A HOME? I Can Help Buyers Make a Smart Decision!
- 05/28/12 06:59 AM
BUYING A HOME SOON? You want to find the best home or property for your needs and to make the wisest investment possible. Lyn Sims understands the importance of this major purchase to you and has the essential knowledge to ensure your buying experience is a smooth and successful one!
Here's some great reasons why Lyn Sims can help:
Determine your buying power and criteria. Research available properties in your market via many resources such as the Multiple Listing Service (MLS) and a broad network of REALTORS - even if you are locating to another city. WE HAVE ALL THE PROPERTIES LISTED … (1 comments)
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first time home buyer: FHA Increases on the horizon for Buyers!
- 03/06/12 08:50 AM
Homebuyers will be paying higher fees on mortgages backed by the FHA after the agency announced last week that it is hiking fees in an effort to bolster its reserves and encourage the return of private capital to the housing market. Since when is increasing fees a 'bolster' to the economy? Personally I feel this is not the time to penalize buyers for trying to buy a home despite the FHA's loses! Here is what is going to happen: Starting April 1, 2012 the FHA will increase its annual mortgage insurance premium for loans under $625,500, from 1.15 percent of the … (4 comments)
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first time home buyer: Schaumburg Homes - What types of financing did buyers use?
- 01/14/12 11:30 AM
Schaumburg IL Homes - What types of financing was used? While compiling this year end report for 2011 the total sales in Schaumburg IL I noticed a few striking differences between Schaumburg single family homes and multi-family home sales.
Two completely different animals!
Depending on what type of property you have will figure into your buying or selling strategy. Types of financing that buyers use have different criteria and variables that sellers must pay attention too. On FHA purchases the home must have minimum standards to protect the buyer from unknown future mechanical breakdowns. When the appraisal is done on these … (5 comments)
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first time home buyer: FHA Loans plummet in the Chicago Area
- 12/18/11 12:33 AM
FHA loans plummet in the Chicago Area is a recent article I saw that intrigued me. According to my statistics FHA loans are running a little behind conventional financing in the Northwest Suburban area but 36% overall is quite a dip. FHA a mortgage crutch? I think that phrase is somewhat jaded as we should be able to give buyers any and every type of financing to get them in a home in this market. I think this article doesn't recognize the major contributor is the MIP charges for FHA have increased immensely and possibly make conventional financing a better deal for buyers … (2 comments)
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first time home buyer: Survey shows Buyers tire of Short Sales
- 10/03/11 07:26 AM
Survey shows buyers tire of Short Sales ........My response? Duh .... where have you been? I love these type of real estate related articles where the person offering up the data is not currently selling real estate and probably never has.Here's the report breakdown -
Short sales take 17 weeks to complete. 54.1% of Shorts in 11/2009 were 1st time buyers, now it's down to 39.7% in 8/2011. Short Sales generally sell at 27% lower than non-distressed properties. Always wonder where they get these numbers? First time buyers are making multiple offers on Short Sales to try and expedite the process … (11 comments)
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first time home buyer: Everyone has their fingers in my buyers wallet .....
- 08/04/11 09:56 AM
Everyone has their fingers in my buyers wallet ......I've got a recent deal going FHA where we switched from the standard FHA 203B to a 203K loan. To me it seemed pretty easy but I knew that the transfer would probably be a problem. Buyer took it all in stride because they really didn't understand what was going to happen to them next. Loan officer requests a 30 day extension. Hmmm, seems a little excessive asking for 30 days? I started to pop off angry emails asking what he'd done for the past 45 days that we needed another 30 day … (10 comments)
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first time home buyer: Schaumburg IL First Time Home Buyer Program
- 03/22/11 07:39 AM
Schaumburg First Time Home Buyer Program
Yes, it's true and I've used it with a Schaumburg buyer. It was very easy to do and many first time buyers do not realize that this kind of help is available (neither do Realtors). I'm living proof that the program exists and I've got one happy buyer that was grateful for the help. There are guidelines that you must qualify for and you must live in the property for 5 years.
Schaumburg has identified in the Community Development Block Grant (CDBG) Program that a first time homebuyer's program is needed to increase homeownership opportunities. CDBG are … (5 comments)
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first time home buyer: Schaumburg IL Homes - What types of financing was used?
- 02/24/11 11:05 AM
Schaumburg IL Homes - What types of financing was used? While investigating the total sales for each property type in Schaumburg IL I noticed a few striking differences between Schaumburg single family homes and multi-family home sales.
Depending on what type of property you have will figure into your buying or selling strategy. Types of financing that buyers use have different criteria and variables that sellers must pay attention too. On FHA purchases the home must have minimum standards to protect the buyer from unknown future mechanical breakdowns. When the appraisal is done on these properties the appraisers check the attic … (4 comments)
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first time home buyer: Look Mr. Buyer .... I'm not going to do it
- 12/12/10 04:47 AM
Mr. Buyer .... I'm not going to do it I am currently working with an REO buyer and we have looked at many a house now that needs WAY too much work. Finally we happened upon just the right house and we made an offer. We submitted the offer to an unlocal REO team (national it says?) to present the offer to the bank. They tell me that the bank requires 5 to 7 business days to review the contract. That seems just about right but I was hoping for a response sooner never the less.The buyer has no patience, not … (8 comments)
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first time home buyer: 10 Reasons for Buying a Home in Today’s Market
- 10/06/10 03:41 AM
In spite of the media, I believe that buying a home is still a good opportunity & investment. This excellent post by John Mulkey gives the reasons why.
If you are looking for a home in this market with plenty of opportunities and great rates, please give me a call.
I will begin by stating that I’m not a real estate agent and derive no income from real estate sales. The information provided is to help potential home buyers make the most prudent choices regarding the purchase of a home.
As a former home builder, I have built and sold … (6 comments)
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first time home buyer: The Chicken and the Egg of Real Estate
- 10/02/10 04:16 AM
Why should you get preapproved as a Buyer? This is a great post that spells out the reasons why. Lenders have changed the rules and if you are a first time homebuyer - you don't even know the rules!
We're not being nosy, trying to jump the gun, trying to be pushy. It's just common sense to be sure we know what is affordable for you.
Sage advice from Cynthia Larsen in CA.
The chicken and the egg. Which comes first? When a potential buyer calls and wants me to show them a home, one of my first questions I ask is … (4 comments)
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first time home buyer: Is there a minimum square footage requirement for a loan?
- 09/26/10 03:44 AM
Interesting question brought up on my 'Smallest House' post about financing problems on this 'peanut' of a house (I mean cozy of course). Perrin Cornell brought up a point about lenders having a minimum square footage amount for a property. I had never heard of this but it's better to be proactive right?I started with email questions to all the lenders that I normally use. My fingers were setting fire to my computer keys!"The square footage on this house is only 580 are we going to have a problem? Is there such a thing as too small of a house to lend … (9 comments)
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first time home buyer: Newest Discrimination: PREGNANCY and Your Mortgage App
- 08/14/10 04:11 AM
Schaumburg Home Buyers, IF you hear this ... get up and walk out of your loan application!
Can we say gender discrimination?
There are many great lenders who would not ask that question. Contact me to find out about a lender who would not subject you to this discrimination!
I closed on a house today where the buyer was asked by BANK OF AMERICA about their future child plans! Not if the wife was pregnant now, but FUTURE plans.
This is a young couple moving from their first to second home. At the last minute, the underwriter (of course) requested several more forms and … (0 comments)
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first time home buyer: Aren't All Lenders The Same?
- 08/11/10 08:42 AM
All Lenders are not created equal! They don't even offer the same mortgage plans! I would love to refer you to someone that values my business referrals and gets you home you desire!
Aren't All Lenders The Same?
A lot goes into your process when buying a home. It is a big event. Finding the right neighborhood, a great floor plan, the right number of bedrooms and of course, the right price! The purchase of a home will be one of the biggest investments you will make in your lifetime.
One of the primary details in any home buying process is how you plan to pay for … (8 comments)
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first time home buyer: 7 Tips for Coming Up with Down Payment Money
- 08/06/10 03:55 AM
LOOKING FOR DOWN PAYMENT HELP? Here's a great post that might give you suggestions to come up with some extra $$ for that home purchase you're planning. Be aware that there are MANYprograms to help homebuyers so if you would like to discuss them, please call or email me.
There are many communities or counties that offer help and there is only a certain amount allotted per year and some income requirements might apply.
Zero down loans are (almost) entirely a thing of the past. While many wanna-be buyers are tucking their down payment pennies away, many of these folks … (3 comments)
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first time home buyer: The Top 17 Features Generation Y Looks For When Buying A Home
- 07/18/10 07:06 AM
What the new crop of buyers are looking for in today's homes. See if you agree with this list.
A thank you to Bea Fields in North Carolina.
I want to start this post by saying that, as with all demographics, not all Generation Y home buyers are going to want the following list in a home. But, the trends with this age group seems to be leaning in the direction for certain amenities and features when buying or renting a home.
I also will just add that as Generation Y begins to marry and have children, a few of these … (2 comments)
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For many first-time buyers, saving for a down payment is the most difficult step in the home-buying process. However, it's a common misconception that you need 20 percent down to buy a home.
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