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For home buyers in the market to buy a home today, don’t let multiple offer situations get you down. There are some things you need to know and be prepared for the multiple offer game of tug-o-war in this real estate market. These things can help increase the potential for your success:
If you’re in the home buying market, or you own a home and you’re planning to remodel and you have limited down payment or equity and haven’t heard of an FHA 203K – you need to talk to learn more about the program. It could save you a great deal of time and money as well as open up possibilities that may not currently exist.
Our first game touched on some common terms and acronyms associated with buying your first home or current home owners looking to purchase a new home in today’s real estate market. This game is focused on current home owners who may be considering a refinance or a home sale in today’s real estate market.
I’ve recently seen a number of home inspections and home appraisals that have required repairs for some pretty commonly called items. In conversation with some excellent real estate agents over I begged the question – why wouldn’t a seller just fix these items prior to putting their home on the market? The answers varied, but in most cases, the answer was that they probably didn’t know it would be an issue.
You’ve just started the process of looking for a home in today’s real estate market and whether you’re a first time home buyer or a seasoned home owner moving up, some things have changed or, they just look a little bit different than they used to look. Here are some common terms as you start the process of buying a home or getting a mortgage today:
Down payment assistance programs for first time home buyers and FHA 203K loans are common needs in today’s mortgage market as minimum down payment requirements and closing costs, along with necessary home repairs are often the largest barriers that first time home buyers have in purchasing a home today.
At today’s record low mortgage rates, you can finance home improvements or home repairs with an FHA 203K right along with your home purchase price at the time of your initial loan closing and know that you’ve already got those items financed and under control.
Whether you’re in the middle of the mortgage pre-approval process or if you haven’t yet started the home buying process; understanding the FHA 203K program in today’s real estate market can come in handy. A large number of the properties on the market today are bank owned or short sale properties where the seller may not entertain doing any repairs on the property. Being armed with all of your options for mortgage financing upfront will help you to be best prepared.
FHA 203K loans are becoming quite popular in today’s market for a number of reasons, but mainly because buyers and real estate agents are being made aware that you can finance home repairs or improvements into the purchase of a home. These loans are also available for current homeowners who want to do remodeling or repairs on their current homes and stay put vs. buy a new home. Oftentimes, the house you’re in just needs a little face-lift and an FHA 203K refinance may do the trick and get you what you want at a much more affordable cost than trying to finance it with consumer credit.
If you’re in the home buying market today, it’s likely that you’ve seen some non-traditional seller owned homes (bank owned, foreclosed or short sale properties) that are in need of repair. We could be talking minor or major repair. No matter what the needs are; we have a mortgage loan program to help you make the necessary changes to your new home.
Watch this video for information on the upcoming First Time Home Buyer Class
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