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The First Step
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A Solid Foundation.
Buying your first home creates a myriad of thoughts and emotions, seemingly taking place simultaneously which can bring one to feel overwhelmed. You may search online for homes to view, or delve into inquiring about home loans. In a nutshell your quest for knowledge may provide you with too much information (TMI). Is there such a notion as TMI? Absolutely...if you don't know how to process the information succinctly and appropriately, the information will do more harm than good.
This is the story of your first home purchase. As with any good story, a simple yet detailed outline is the foundation needed to reach a happy ending.
It's all in the palm of your hand...
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Getting Started on your first home purchase is easy. Point-and-push or point-and-click. That's all it takes to begin the process of acquiring a mortgage qualification-- by phone or email. Knowing your personal buying power is paramount to getting what you want.
Buying Vs. Renting
No Money?... No problem. There is no better time to purchase a home than right now. The greater Phoenix area is nearing the end of its real estate market adjustment which means prices are leaner than they've been in the past 2 years! In addition, mortgage rates are at a historical point, below 6%*. There is a large supply of available properties for sale, and Buyers have the advantage in asking for Seller Contributions. With many zero-down loans available through Conventional and FHA programs, as well as downpayment and closing costs assistance the cost to get into your own home is less than getting tied up in a lease. Wouldn't you rather pay your own mortgage than pay for someone else's?
Downpayment Assistance - Virtual Zero-Down Home Purchase
Home Purchase Incentives are a plenty, such as the Bond Program. "Free" monies are issued to Buyers who are looking to get into their first home. Up to 5% of the total purchase price can be allocated to a Buyer and can be used towards downpayment or a combination of downpayment and closing cost assistance. These monies do not have to be paid back. There can be stipulations associated with the issue of these funds such as specific area of property, and/or Buyer's income.
Blemished Credit is not a rare phenomenon, especially considering recent housing trends. However, there is a light at the end of the tunnel-- it is called FHA, or Federal Housing Administration. Through the use of an FHA loan, Buyers with credit "glitches" or less than perfect credit scores have the opportunity to purchase through the implementation of this loan program, in conjunction with a Seller's willingness to contribute gift funds to a program that enables a Buyer the necessary downpayment. In addition, the Seller can contribute towards part or all of an FHA Buyer's closing costs.
* Mortgage Interest Rates are subject to market fluctuations daily, as well as a Buyer's credit rating. Until a purchase contract is fully-executed, a stated interest rate cannot be guaranteed. Speak to a home loan specialist for further details.
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In light of the media's negative blitz on the real estate market both on the local and national levels, one would be hard-pressed to remain objective and optimistic when attempting to assess an accurate depiction of the truth.
Trust, may be a more difficult reality to attain. As a first-time HomeBuyer consider the following a guide to your decision-making with respect to a home purchase:
1) Do not overextend your financial obligations
2) Ask Questions
3) Map out and plan your geographic area(s) of interest
4) Ask Questions
5) Utilize the services of the Experts (loan officer, Realtor
6) Ask Questions
7) Trust in your own Intuition
8) Ask Questions
9) Follow Common-Sense
If you find yourself in a situation that makes you uncomfortable-- from researching neighborhoods, talking about a loan, negotiating during a purchase contract, or at the closing table-- STOP. Ask Questions.
There is no reason for this exciting opportunity to be inundated with hassles or stress. Keep your dream of home ownership Moving Forward.
So for all those times in your life that you've said "shoulda, coulda, woulda" I invite you to say.... "I DID!"
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