Andrew And Associates

Seven Helps in Going from Renting to Owning…
It’s Easier than You Think

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One of the biggest challenges in purchasing your dream home is getting the down payment. There seems to be at least two problems. Either there is never enough money left over each month to save for that down payment or the prices of homes in your neighborhood continue to appreciate faster than you can save. You may not be aware of some opportunities available to help you purchase your first home. You should explore those avenues and make every effort to purchase a home sooner than later. Then, you can begin enjoying the appreciation of your home and the income tax advantages that come from home ownership.

There are many government programs that have grant programs to help first time home owners purchase their home with little or no down payment. Two of these agencies are the Federal Housing Administration (FHA) and the Veteran’s Administration (VA). In addition to these government agencies, many states also have programs available to first time homebuyers.

Thousands of people are realizing their dream of home ownership every year. Here are a few things you need to be aware of when purchasing your first home:

1. You can make a much smaller down payment than you think.

There are many state and national programs designed to help first time home buyers. As long as you’ve never had your name on a home loan, you can qualify… even if your spouse is a former homeowner. It’s is absolutely critical that you work with a professional real estate agent that is knowledgeable in this area. He/she can provide you some very relevant information for first time home buyers.

2.  Ask your lender about help with your down payment and closing costs.

Don’t assume you can’t get a loan. For example, if you own a car outright, your lender may be able to use that asset as a means for securing a loan for your down payment. Don’t be afraid to ask questions. A good lender will be glad to help you in any way he/she can.

3.  Be aware of Seller Financing.

In some cases, the seller of the home may consider taking a second mortgage in what is called a seller take back. The seller is acting as the lender. Under this condition, you may make regular monthly payments to the owner instead of making a large down payment.

4.  Get a cash down payment without going into debt.

There are investments available that can generate tax refunds for you. In turn, this money can be used as a down payment for your new home. Generally, the amount you pay each month is small. This money and your home will be yours when everything is done.

5.  Perfect Credit is not required.

If you can come up with the minimum down payment in cash or secure a loan to get the down payment, many lenders will find a way for you to get your mortgage. Keep in mind that finding a seller that will take back the mortgage can be very helpful as a first time home buyer.

6.  First things first… Get pre-approved for a loan.

It does not take a lot of time to get pre-approved for a loan. Once you have this approval, you will know where you stand financially. This will facilitate your search and purchase of your new home. A major benefit of being pre-approved is that it will add clout to your offer to purchase a home. The seller will know that you are a serious buyer. If the seller receives another offer from someone not pre-approved you will be given a higher priority in the final consideration. Ask your real estate professional to assist you in finding a quality lender for your home mortgage.

7. Choose your agent wisely.
You should always work with a full-time professional real estate agent. It will save you time, money and effort. A good agent will be knowledgeable about all of the areas discussed above. Don’t hesitate to ask your agent a lot of questions. This will help you evaluate his/her abilities to help you through the entire buying process.

Do you have questions or 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 help!

I offer a five star guarantee. I appreciate your business, loyalty, trust and referrals. My goal is to provide the very best counsel and advice to meet your real estate needs. If I can assist you, a relative, friend or co-worker, please give me a call. I look forward to the opportunity to serve you.

For prompt, courteous, professional service, call Larry Andrew: