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RENTERS: Kiss Your Landlord
Good Bye - Own Your Own Home!
The biggest problem many people face
when making the move from renting to owning a home is the down payment. You’ve been making regular payments every
month for rent and can’t seem to accumulate enough capital for a more permanent
home. Many times homes in your area
appreciate in value faster than you can save.
You should explore all possibilities and make every effort to purchase a
home now and begin benefiting from the home’s appreciation and the income tax
deduction that come with home ownership.
But saving for your down payment doesn’t need to be the mountain you’ve
made it out to be.
The Federal Housing Administration
(FHA) or the Veteran’s Administration (VA) and many other government programs
or grant programs are available for homebuyers with zero or little down. Hundreds of thousands of homebuyers are
realizing their dream of home ownership every year and you can too.
You can make a much smaller down payment than you think.
Certain government programs, such as
first-time buyers programs, are intended to assist people in getting into the
housing market. Even if your spouse is a
former homeowner, as long as your name was not on a home loan, you can still
qualify as a first time buyer.
It’s vital that your real estate agent has knowledge of this area and
can provide you with relevant information.
Your lender may be able to help with your down payment and closing
Even if you do not have enough cash
on hand to make a down payment, provided you own an asset (car, for example)
free and clear and have no debt, your lender may be able to secure a loan
against that asset to cover the down payment.
A seller may help you buy and finance your home.
Some sellers might consider holding a
second mortgage for you in what is called a “seller take back.” Under these circumstances, the seller acts as
a lending institution. Rather than a
large lump sum payment, you pay the seller a monthly mortgage installment.
Create a cash down payment without going into debt.
There are ways to borrow money for
certain investments that can generate major tax refunds that you can use as a
down payment for a new home. While money
borrowed for these investments are technically a loan, the monthly amount paid
can be small, and the money in both the investment and the home will be yours
when all is done.
You do not need perfect credit to buy a home.
Provided you can come up with more
than the minimum down payment or can secure a loan using other equity, many
lenders will consider you for a mortgage.
If you have a less-than-perfect credit rating, seeking a seller that
will take back the mortgage can also be very helpful.
You should get pre-approved for a loan before shopping for a home.
It is very easy to get pre-approved
and by doing so, you can shop for a home in peace. Mortgage professionals can obtain a written
pre-approval in very little time, often over the phone. A written pre-approval certificate is like money
in the bank. All it takes is a completed
credit application and a certificate that guarantees you a mortgage to a
specified level when you find the home you are looking for. This also strengthens your bargaining
position when competing with other buyers on the home you want.
You should only work with a professional who specializes in home
mortgages. Their services can make the
difference between obtaining a home loan or being trapped paying rent forever.
Have questions, need advice you can
count on or just want to discuss this further?
Don’t waste any more time; pick up
the phone and call me now! I’m here to
P.S. I appreciate
your business, your loyalty, trust and your referrals. It is my goal to provide
the very best counsel, advice and service possible for your real estate needs.
If I may ever be of assistance to you, a relative, friend or co-worker please
don’t hesitate to call me. I look forward to the opportunity to serve you.™