buying a home: 10 Ways to Prepare for Homeownership - 11/03/14 09:09 PM
10 Ways to Prepare for Homeownership
 
Getting ready to buy a home? Here are 10 ways to prepare for homeownership:
1. Decide what you can afford. Generally, a home's sale price should not exceed 2.5 times your gross annual income or salary.
2. Develop your home wish list. Decide what you absolutely must have, and what you would like to have but can live without. Then, prioritize those features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in by taking into account items such as schools, proximity to family and friends, commute time and public transportation options, recreational … (0 comments)

buying a home: 7 Steps to Take Before You Buy a Home - 02/27/14 11:09 PM
7 Steps to Take Before You Buy a Home By doing your homework before you buy, you’ll feel more content about your new home. Read
  Visit houselogic.com for more articles like this.
Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®
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buying a home: Where You Can Find Money to Buy a Home - 09/19/13 03:51 AM
Where You Can Find Money to Buy a Home  
Think you can’t find any money for a down payment or the closing costs to buy a home in Southeastern Massachusetts? You may want to think again. There just might be some cubby holes that you haven't thought to look into yet.
 
First off ─ there are still 2 federally backed mortgage programs available where you can buy a home with no money down: the Veteran’s Administration (VA) loan and the US Dept. of Agriculture (USDA) loan. For VA loans, you must be either active duty military, a reservist, a … (3 comments)

buying a home: Buy the House You Love, Not Love the House You Buy - 09/15/13 08:03 PM
Buy the House You Love, Not Love the House You Buy
 
Are rising home prices and mortgage interest rates making you antsy? Are you afraid that you won’t be able to buy that dream home here in Southeastern Massachusetts you thought possible just a few months ago? Do you feel like you have to go out and buy a home ─ any home ─ right now before it’s too late?
 
Ever hear that song by Stephen Stills, where he sings in his refrain “if you can’t live with the one you love, love the one your with?” That doesn’t … (0 comments)

buying a home: What Do You Mean I Didn’t Get That House? - 09/06/13 12:32 AM
What Do You Mean I Didn’t Get That House?  
I put a full price offer in on that house! What do you mean I didn’t get it?
You diligently searched for homes for sale online, toured some that you really liked, and you found some winners. And there’s one you fell in love with. Then you waited. And waited. You weren’t able to make a quick decision. You have to talk to dad first.
So, after some hemming and hawing and talking it over with dear ol’ dad, you decide that you’re finally ready to make an offer on that … (1 comments)

buying a home: Is a Lease-to-Purchase Option Really for You? - 08/27/13 01:58 AM
Is a Lease-to-Purchase Option Really for You? Are you’re tired of renting? Do you want to buy a home of your own, but haven’t saved any money? Is your credit history ‘less than stellar’ and you haven’t been able to qualify for a mortgage?
When some people are in this situation, they often look for alternative ways to buy a home. One alternative they sometimes turn to is renting a home with an option to buy (also known as a lease-to-purchase option). With a lease-to-purchase option, you rent a home and have an option to buy that property at the end … (20 comments)

buying a home: Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage? - 03/05/10 03:20 AM
Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage?
Q: I have credit scores of 663 & 640. Will I be able to get pre-approved for a mortgage for under $100,000 with 10% down in today's economy?

A: Yes, you can get pre-approved for a mortgage. However, with those credit scores, your best option most likely will be either an FHA mortgage, a USDA loan, or a VA mortgage.
For FHA, you need only 3.5% down. For both VA and USDA, you can buy a home with no money down. Of course, with VA, you must … (0 comments)

buying a home: Habitat for Humanity Accepting Applications for Home Ownership in Mashpee, MA - 02/19/10 07:02 AM
Habitat for Humanity Accepting Applications for Home Ownership in Mashpee, MA
Habitat for Humanity of Cape Cod is now accepting applications for 3 affordable homes in the Town of Mashpee.
Habitat for Humanity of Cape Cod will be building three 3-bedroom homes, each on a separate Town-donated site. Construction of these homes begins in August and September.
The monthly housing payment is estimated to be $590 - $700/mo. Families must meet income eligibility requirements (within 65% of median income for family size; example - this is $50,440 for a family of 4), be willing to partner with Habitat for Humanity in … (1 comments)

buying a home: Frequently Asked Question: Can we qualify for an FHA mortgage with a bankruptcy? - 02/17/10 11:59 PM
Frequently Asked Question: Can we qualify for an FHA mortgage with a bankruptcy?
Q: We are in the process of bankruptcy due to health issues. My question is, if we sell our present house to downsize and get a smaller mortgage (by at least $70k), would we be able to get a mortgage? Now that we are discharging the other debt, we are able to make our mortgage payments. Would we qualify for a much smaller mortgage even with the bankruptcy?
A: By FHA guidelines, if you had a Chapter 7 bankruptcy, then you would need to wait two years from … (1 comments)

buying a home: Frequently Asked Question: Are USDA Loans Good? - 02/17/10 11:39 PM
Frequently Asked Question: Are USDA Loans Good?
Q: Has anyone used a USDA Loan? Are USDA loans good? How do they work, and where can one use it on Cape Cod?
A: Yes, the USDA guaranteed home loan is a great mortgage program. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no downpayment.
The purpose of the USDA loan program is to enable eligible low- and moderate-income borrowers (who earn up to 115 percent of the Area Median Family Income) to purchase modestly priced housing for their own use as a primary residence. The … (3 comments)

buying a home: Frequently Asked Question: Which is Better: An FHA Mortgage with 5% Down, or a Conventional Loan with 10% Down? - 02/09/10 01:44 AM
Frequently Asked Question: Which is Better: An FHA Mortgage with 5% Down, or a Conventional Loan with 10% Down?
Q: Which is a better way to buy a home? Getting an FHA mortgage with 5% down payment and with 5% emergency backup? Or a Conventional loan with 10% down and no emergency backup?
A: Let's use an example. Let's say you want to buy a house for $100,000. For a conventional mortgage, you will put $10,000 down. For an FHA mortgage, you will put $5,000 down. So, we will compare a conventional $90,000 mortgage with a $95,000 FHA mortgage.
With FHA, … (4 comments)

buying a home: Frequently Asked Question: Can I qualify for an FHA loan if my fiance and I both just got new jobs this year? - 02/04/10 09:22 PM
Frequently Asked Question: Can I qualify for an FHA loan if my fiance and I both just got new jobs this year?
Q: Can I qualify for an FHA loan if my fiance and I both just got new jobs this year?
A: FHA requires a 2-year employment history. It doesn't matter if you switch jobs - so long as you're in the same general line of work or you had an increase in pay and/or responsibilities.
What does matter is if you switch from a job that is paying wages to a job that is paid by commission (if full … (27 comments)

buying a home: Frequently Asked Question: Learning of closing costs one day prior to closing? - 02/04/10 09:15 PM
Frequently Asked Question: Learning of closing costs one day prior to closing?
Q: Am I correct when I read that you only find out the actual amount of closing costs one day before you are expected to close on a home loan?
A: Correct. You are required to receive the HUD-1 Real Estate Settlement Statement at least 1 day prior to settlement.
While you should have an accurate Good Faith Estimate from your lender at the time you applied for a mortgage, there are additional funds you may have to come up with at the settlement table.
Usually, at the time … (2 comments)

buying a home: Title Insurance: Who Owns What? - 07/29/07 04:31 AM
Owning a home is one of the most important parts of the American dream, but having the deed to a piece of land does not necessarily mean the property is yours free and clear.
Other people may have certain prior rights or claims that your deed will not erase. Such rights can go back all the way to the earliest owners of your new property. In order to protect your investment, you may consider purchasing title insurance.
There are two types of title insurance policies that may be purchased at the time a property changes from one owner to another: an … (0 comments)

buying a home: And Now For Something Completely Different: The Hapless Home Buyer’s Guide - 07/20/07 12:26 AM
The road to buying a house is paved with dwindling bank accounts, devious brokers, and home owners who (you hope) are desperate to sell. Yup, it's a challenge. But with the help of these easy to follow instructions, you can negotiate your way into unimaginable debt.
1. Decide you must buy a house because your present one is:
too small; b. too large; c. non-existent. 2. Review monthly budget. Go over it again. Accuse each other of fiscal malfeasance. Curse invention of cash machine. And credit cards. Figure how much you'd save by giving up meals and walking to work.
3. … (0 comments)

buying a home: Some Tips for First-Time Home Buyers - 07/18/07 10:43 PM
First time home buyers are having an increasingly tough time acquiring their first dream home. Prices continue to slowly increase along with mortgage interest rates, and lenders are more picky about qualification requirements. However, those young first-timers seem to be more determined than ever to find a way to purchase a home - perhaps even more determined than their parents a generation earlier.
To help first-timers during this active summer home buying season, some timely suggestions were offered by Freddie Mac, a major government-sponsored buyer of existing home mortgages. Here's a few of their tips:
While preparing for your home purchase, take steps … (0 comments)

buying a home: Do You Really Need a Lawyer For a Real Estate Closing? - 07/14/07 12:20 AM
Real Estate practices and procedures are all local. For example, here in New Jersey, things are done differently depending on whether you are located in North Jersey or South Jersey.
In North Jersey, people usually use a real estate lawyer to assist them with their real estate transaction. For as little as $700.00 or so, a lawyer can help you with the sale of your home. Prices do vary and it costs a little more if you are buying a home.
Many homes all over New Jersey cost hundreds of thousands of dollars, so the price of hiring a lawyer is … (0 comments)

buying a home: Why Own Your Own Home - 07/13/07 11:16 AM
You've probably seen lots of financial arguments about why you should own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you'll most likely have. Now I'm going to give you some reasons you probably haven't heard.
Freedom to pursue other goals in life once the major goal of home ownership is achieved.  Strange as it sounds, many of my first-time buyers have told me that once they bought the house, other things in their life started to fall into place. It's as if not owning took so much of their mental energy that … (0 comments)

buying a home: Buying a Home with Less than Perfect Credit - 07/13/07 11:12 AM
Are you less than perfect about paying your bills on time? Or maybe you pay your rent, utilities and other bills with cash or money orders so you have no credit record.
If that's your problem, you may still be able to buy a house or condo. Thanks to innovative outreach home mortgage programs from Fannie Mae and other major home loan lenders, if you have a reliable source of income you can probably buy a home.
For example, I talked with a hard-working immigrant Hispanic gardener whose steady income comes from about 30 homeowners. A few of his customers pay him in … (0 comments)

buying a home: Check Your Credit BEFORE Applying For a Mortgage - 07/07/07 04:09 AM
When you apply for a mortgage or other credit, the creditor takes a look at your credit report, among other documents and data, to determine if you qualify for credit and to determine how much credit it will grant you. Consequently, it's a good idea to keep tabs on your credit report so you can correct any mistakes that could adversely affect your application, and to take steps to improve your credit whenever possible. An unblemished credit report not only gives you fast access to credit, you also pay less in interest than you would if your report contains blemishes.
By … (1 comments)