Buying a home in the Fall

Fall could be the best time to buy a home in metro Atlanta, Conyers Ga. area

Negotiating the best price for a home could possibly be in the fall and winter season.   Mortgage lenders and home sellers are aware that there are more homes on the market than there are home buyers during the cold season.  Most home buyers are budgeting for the upcoming holidays and have placed buying a home on the back burner. But in essence, this time of year is the best time for one who is in the market to buy a home for the holidays.  Sellers and home builders are more willing to negotiate during this time, because their property did not sell during the peak time to sell a home, which is generally in the spring and summer.

Mortgage lenders are aware and quite clever to begin rolling out mortgage programs to make it easier for a home buyer to be able to qualify for a mortgage loan.

Fannie Mae’s HomeReadyProgram

Fannie Mae’s HomeReady  program is one of those programs that will be premiering before the end of the year.  This program was previously named “MyCommunityMortgage” and has been renamed “HomeReady” ; overhauled to help low-to-moderate income households.  

A home buyer applying for a mortgage to buy a home will now be able to qualify by including the income of a non-borrower who will live in the home.   So if your current house hold is multi-generational  such as adult children and/or grand parents, their income can be used to qualify to purchase a home, without making them a co-borrower.  Click here for more details.

The Highlights of the HomeReady Program

Contact me for more info on this program and others as well as info on how to buy a home.

Buying a New Home Might Be Easier

The Solution to a Low Inventory Market just might be

 "Buying a New Home"

Buying a new home might be easier than buying a resale, as short sale listings  have increased, because banks are no longer quick to foreclose,  but instead allowing the homeowner to stop foreclosure via a short sale.

Home buyers  are getting discouraged from the long wait of getting offers accepted on a short sale listing and investors have begun focusing on lower priced inventory homes, making it tougher for owner occupants.   This is causing stiff competition in the housing market for home buyers in the  median to lower priced "homes for sale" range.  According to realtor.com,  "finding a home in a low-inventory-market" has become challenging.

 What's the solution?  The new housing market is now
prime for the consumer in the market for a new home or for the "first-time home buyer.  Banks have begun to relax the qualifications for a mortgage; Fannie Mae has reduced their conventional mortgage program to 3% down for
first time home buyers and builders are offering ridiculous specials on standing inventory of new new homes.

                                                                                

Buying a new home may not be in your budget, or is it?  When factoring in the cost of repairs or renovations on an "as is" or budgeting for unforeseen repairs of an older home - investing in a new home and taking advantage of builder's specials may be a smarter move.  A good loan officer will ensure that the DTI's (debt to income) ratio will not be a factor.  All mortgage programs have a debt-to-income limit, with FHA having the highest.

Before you begin your search for your new home, don't forget the important steps to buying a home.

                                                           Atlanta New Homes Specials

       

  

First Time Home Buyers Can Now Buy With Less Money Down

CLICK HERE to search New Homes in metro Atlanta

First Time Home Buyers Can Now Buy With Less Money Down

2015 will be a great year for first time home buyers to become home owners.   

If you are one of few that can boast "good credit", a Fannie Mae or Freddie Mac insured home mortgage will be in reach for as little as 3% down of the purchase price of a home. The standard 5% to 20% down for a home loan insured by Freddie or Fannie will soon be lowered for first time home buyers with qualified credit . 

  At three percent down, a home priced at $200,000  will only require $6000 compared to $40,000 having to put 20%  or $10,000 having to put 5% down. As a first time home buyer, this is an excellent opportunity for the buyer who lacks sufficient down payment.

Close Outs on NEW HOMES in Atlanta

                         SPECIALS on New Homes In Atlanta

Home for sale with "No Money Down", in Lilburn GA.

    This lovely brick traditional features 4 bedrooms and 3.5 baths

FHA Mortgage loans requires 3.5% down of the contract price and conventional mortgage loans  requires 5%, but there are d own payment assistance programs like Georgia Dream, Invest Atlanta, Neighborhood Stabilization, USDA and others  that will provide money for the down payment of a home in the form of a grant or a "soft second" (when the debt/lien is discounted or forgiven over time).  However, to qualify for these programs, the buyer must credit qualify for a home mortgage. 

Most mortgage lenders do not work with down payment assistant programs, but the team of mortgage professionals that ATL Real Estate Group works with, not only offer these programs to the home buyer, but they are highly familiar with the majority of these programs available to home buyers in the metro Atlanta area.

If buying a home is in your is in your heart, but your credit has flat lined;  the very first step is to put in the work to improve your credit.   Improve your credit to purchase a home for "no money down".

LENDERS ARE LOWERING FICO SCORE

Lenders are now lowering their minimum                              

credit score requirement in an attempt 

to boost loan volumes that were on the decline since long term interest rates are now going up.

Despite gradual rising home prices and the slight recovery of the housing market, the mortgage lending rules still remained tight, cramping housing demand and economic growth.  In an attempt to to regain the market for government insured loans, it appears that lenders are loosing the tight reign on qualifying for a government insured home loan; 
like FHA, Fannie/Freddie and VA

 According to government-sponsored enterprises or GSE , FHA is losing borrowers at the higher end of its credit score spectrum and lowering its average credit score to as low as 550  for some lenders like Wells Fargo .

Although FICO score requirements have been lowered other required lender   guidelines still have to be met such as down payment amount and income to ratio. 

 FREE HOME BUYERS GUIDE

7 TIPS TO GET YOUR HOME READY" FOR SALE"

 

See How We Serve Sellers

 
Spring Cleaning Time is here and also the best time to sell your home.
Now that Old Man Winter has finally left the building, this is the perfect time to check
your properties for winter damage and to get them ready for the spring selling season.


Here are 7 TIPS  of quick Spring cleaning "To Do" to get your properties in tip-top shape.

1. Take a look at the roof – Roofs take a beating during the heavy rain, snow and ice of winter.
 Check the roof to look for any loose, buckling, cracking or missing shingles and get them replaced right away. Taking care of these now could avoid costly roof repairs later on down the road.

2. Check the plumbing – Make sure no pipes are leaking or were damaged during the winter season.Check faucets to make sure they are not dripping and check around pipes for any signs of dampness or previous leaks that could indicate water damage.  Don’t forget to also check outside faucets for damage.

3.Get the fireplace cleaned and inspect the outside of the chimney for any winter damage.

4.Get debris out of your gutters.  Clean out all the leaves and make sure the gutters are clear and able to flow cleanly.

5. Clean and repair screens.  You want those windows to look nice when your clients are doing a walk through and checking out the great views around the house.

6. Touch up cracked and peeling paint. Doing touch ups is fairly inexpensive and can go a long way in making a property look more appealing.

7. Rake up dead leaves and mow the lawn. We all know how important curb appeal is when attracting clients so make sure the yard is tidy.

Getting your home in tip top shape "For Sale" can ensure a quick and smooth closing, not to mention
keeping your Home Inspection repair list to a minimal.  

Another detail for a quick sale is make sure your home is not over priced.   Even though we are currently in a "Seller's Market",  over pricing your home can equal a long time on the market.
Visit our Seller's Center to see how we serve sellers.

THE PITFALLS OF REVERSED MORTGAGES

I can remember when an elderly aunt asked my opinion about reverse mortgages.  My question to her, was why would you be interested in a reverse mortgage?  Although I could understand that she thought it was a quick solution to an existing problem, she could not understand my explanation, that a reverse mortgage, proposes pitfalls in the future.  You seem a reverse mortgage will rob your heirs of any inheritances.  Soon after the parents die, the heirs are plunged into a bureaucratic maze as they try to get lenders to provide them with details about how to keep their family homes.

There is no data to disclose how many heirs are facing foreclosure because of reverse mortgages.  But  housing counselors for the elderly suggest that it is a a growing problem that is effecting tens of thousands.

The Laymans Guide to Fighting Foreclosure,Click Here!

It's All Free For Seniors! Click Here, to discover what!