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6 First-Time Homebuyer Programs

There are many programs available to make it easier for you to become a homeowner. If you’re a first-time homebuyer struggling to come up with enough to make a down payment on a home, you should be aware of the following:

FHA loans FHA loans are loans are obtained through the Federal Housing Administration, a government arm that helps homebuyers by providing mortgage insurance to cover lenders and enable them to provide loans that require a smaller down payment. FHA loans require only around 3 percent down and this smaller amount makes it easier for first-time homebuyers to save enough for a home. To qualify for an FHA loan, you need a good credit history and sufficient income that your monthly housing costs won’t represent more than 29 percent of your gross monthly income.

Conventional loan products Many lenders offer conventional loan products specifically geared to first-time homebuyers. Some of these products require only a low down payment instead of the traditional 20 percent down, which can be daunting for a first-time homebuyer. Another available option is a second trust or “piggyback loan.” This is a second loan that closes at the same time as your first mortgage. The idea is to combine this loan with your down payment in order to reach the 20 percent needed for a conventional mortgage.

Private mortgage insurance As a first-time homebuyer, be sure that you’re aware of Private Mortgage Insurance (PMI). You may require this insurance if you’re applying for a low down payment mortgage to protect the lender in case you default on your loan. It is usually required on mortgages with a down payment of less than 20 percent and costs about one-half of one percent of the mortgage amount per year, or $500 for a $100,000 loan. The good news is that once you’ve paid down your mortgage to the point where you achieve 20 percent equity in your home, most lenders will allow you to cancel the insurance.

Check with lenders to see what kinds of first-time homebuyer programs they have to offer. They’ll find one that best suits your needs and brief you on the necessary qualifications. Owning a home can be easier than you think!

5 Owning A Home Is Easier Than You Think

Don’t let common misconceptions prevent you from becoming a home owner. Buying your first home can be intimidating. There’s a lot of misinformation floating around that can lead you to believe that owning a property is out of your reach. But it’s easier than you might think. Here’s what you need to know:

Buying versus renting Monthly mortgage fees can be lower than the cost of paying rent. Plus, unlike rental payments that almost always rise, you can request a fixed-rate mortgage to lock in your monthly payments for the life of the loan. You can also write off the interest you pay on your mortgage. (It’s tax deductible up to a limit of $1 million, though always consult a tax advisor about your situation.) And, to top it off, you’ll be increasing your net worth by building equity in your home.

Making a down payment Lenders no longer expect all buyers to have a down payment of 20 percent in order to qualify for a mortgage. According to the National Association of Realtors, today most first-time home buyers put 10% or less down on their homes. There are also government-backed down-payment assistance programs available to help you if you’re having trouble coming up with sufficient funds.

Qualifying for a mortgage Don’t assume you won’t be able to qualify for a mortgage just because you have a low credit score. If your score puts you in the category of a “risky borrower,” you may be required to pay for mortgage insurance. You may also incur a higher interest rate. But once you’ve paid your mortgage down for a year or two, and you improve your credit score, you should be able to cancel the insurance and renegotiate the loan at a better rate.

Meeting monthly payments If you can make your rent, you can meet your mortgage every month. Just be realistic. Make sure you have enough money left over to pay your other bills. Most lenders recommend that your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. When you first take possession, you’ll also need to factor closing costs (often two to five percent of the home’s purchase price), plus moving, redecorating and maintenance into your budget and allow for increases in ongoing expenses such as utilities and taxes.

Subsidizing your mortgage Still not sure your money will stretch as far as you need? Don’t throw in the towel just yet. Consider getting a roommate to help meet the mortgage payments or renting out the basement. If you’re self-employed, moving your office into your home may enable you to write off a portion of the expenses (check with a financial advisor).

4 Tarpon Springs Living - A Little Bit of Greece in Pinellas County Florida

Imagine a little piece of Greece transplanted to the northern part of Pinellas County. The delightful town of Tarpon Springs, which has a population of around 20,000 is famous for its unique Greek heritage and culture. It also has the distinction of being the oldest town in the St Petersburg area.

The first Greek immigrants were attracted to the area during the 1800s when they were employed in the thriving sponge industry. The town was given its name after residents spotted fish jumping out of the water and in 1905 sponge diving was introduced to the town. By 1930, millions of dollars a year were being generated by the sponge industry.

Today, although the sponge industry isn’t as profitable as it once was, Tarpon Springs retains its unique Greek culture and not surprisingly, has the largest percentage of Greek-Americans in the country. Today, more than 20 restaurants offer authentic Greek cuisine and the downtown area offers antique shops, boutiques and specialty stores.

The town is also well known for its Epiphany celebrations every year in January the largest such festival in the United States. Naturally, delicious Greek food and traditional music feature large in the festivities, as well as several religious services.

Undoubtedly though, the highlight of the event is the spectacle of several young men of the town diving into the cold waters of the bayou to retrieve a wooden cross. Tradition says that whoever recovers the cross will be blessed for the next year, and the proud winner is carried triumphantly through the town.

And, if like many others before, you have the urge to buy a home, a second home, a vacation home or even relocate - to this unique and fascinating town, property in Tarpon Springs is affordable and plentiful.

Homes for sale in Tarpon Springs range from sprawling waterfront properties such as Anclote Isles to exclusive gated golf course communities like Wentworth or Crescent Oaks to imposing mansions in and around Craig s Park. The more affordable end of the market has a wide selection of condos, modest single family homes, and mobile homes as well. Greece never seemed so easy to get to!

3 Saugatuck MI Real Estate: Buying A Home With Bruised Credit Or Selling Your Home In A Soft

Market

The median price for Saugatuck MI real estate is around $250,000. The state s economic issues have by and large not affected the value of Saugatuck Michigan real estate. If you have bruised credit, but are looking to buy property in Saugatuck, experienced real estate investors, like us, may be able to help. Likewise, if you are having trouble selling your Saugatuck property, you may not have considered all of your options.

But first, a bit about Saugatuck itself…

The driving force behind the Saugatuck MI real estate market is tourism. Situated in the area where the Kalamazoo River enters Lake Michigan and with numerous other lakes in the vicinity, the population triples in size during summer months. Many properties are advertised as summer retreats . You ll find boat slips in the Deep Harbor Marina for sale, as well as undeveloped lots waiting for you to build your own retreat.

The history of Saugatuck Michigan real estate began with lumber and shipping. From Lake Michigan, a ship can travel through the Straits of Mackinac into Lake Huron and beyond. Saugatuck was an art colony in the late 19th century, a destination for bands and those who enjoyed them during much of the 20th century and is currently a haven for city weary residents of Grand Rapids, Chicago and Detroit.

Included in the Saugatuck MI real estate listings are condominiums that can be rented-out to tourists at the rate of $250 per night. If you have problematic credit, you are probably not interested in this type of investment, right now, but you can probably find a property to get you started, if not in Saugatuck, maybe somewhere close by.

Many people have suffered financial setbacks as a result of changing employment opportunities in Michigan. Automobile manufacturing was the main source of employment in the state for many years. Some people were laid off, others were fired out right, and many lost their retirement pensions, as a result of buy-outs. These and many other factors could have affected your credit score. The old saying is true; sometimes bad things happen to good people.

Traditional lenders look first at a person s credit score. Some lenders will write a mortgage for a person with unverifiable income, if their credit score is high enough. You may know that you can afford the monthly payments. You are probably paying rent that is equivalent to most people s house payments. You may have even saved up for a downpayment, just to be denied financing because of your credit score.

If this is you, then you should know that a lease option (aka rent to own) plan can work for you. It is a simple agreement drawn up between a buyer and seller, similar to a regular lease agreement, but there is one big difference. A portion of your monthly rent will go directly towards the eventual purchase of a home. If you have credit problems, this is probably the fastest way for you to become a homeowner.

If you are having trouble selling Saugatuck Michigan real estate, the financial problems facing the citizens of most of the state are likely to blame. Those people who are no longer sure of their job security cannot consider buying a summer home right now. And, when you ve lost all or most of your pension, you are not looking for a place to retire. Already a few of the properties in the Saugatuck MI real estate listings have gone into foreclosure. It is likely that the market will improve over time, but if you cannot afford to wait, we may be able to help.

Our goal as investors is to help people with bruised credit buy rent to own homes with our unique and effective programs and help property owners that need to sell quickly with our lease option plan. The Saugatuck Michigan real estate market is just one place where the program can work.