Wednesday, January 28, 2015

Can you Afford to Buy a New Home?

When you are considering buying your first home, there are many things to take into consideration including how much you can afford to spend, what your monthly payment will look like, and how a mortgage payment will affect your over all budget.

The first step in buying a home is to get pre-approved by a qualified lender. The only way to truly know how much home you can afford is to ask a lender. Getting pre-approved lets you know how much you can afford before shopping for your home. Remember, the amount that you are qualified for (the total amount a lender will allow you borrow) may be much more than the monthly payment you can actually afford! Speaking with a qualified lender will allow you to not only find out how much money you can borrow, but what your final monthly payments will be, which will allow your real estate agent to search the right homes for you.

For the next five steps in deciding if you can afford to buy, download the PDF of First Time Homebuyers Tools for a Successful Homebuying Experience.
_________________________

The Foster Beckman Group would love to help you find your new home. We work closely with all of our home buyers and renters to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695.

Friday, January 23, 2015

3% Down Payment Financing now Available for 1st Time Home Buyers!

Low Down for 1st Time Borrowers
Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent.

Freddie Mac launched the new program, Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It's a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.

With Fannie Mae's 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie's loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance.

From the Daily Real Estate News,  Tuesday, December 09, 2014 edition.
________________________________________________
The Foster Beckman Group would love to help you find your new home or sell your current home. We work closely with all of our home buyers and sellers to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695. 

Wednesday, January 21, 2015

Low Rates and Great Loan Programs Make this a Great Time to Buy a Home

This week sees some of the lowest borrowing rates since May of 2013, making this a great time get back into real estate! Here is a breakdown of some of the great deals out there on loans.
  • 30-year fixed-rate mortgages: averaged 3.73 percent this week, with an average 0.6 point, dropping from last week’s 3.87 percent average. The 30-year rate has not averaged this low since May 23, 2013, when it was 3.59 percent. A year ago at this time, 30-year rates averaged 4.51 percent. 
  • 15-year fixed-rate mortgages: averaged 3.05 percent, with an average 0.5 point, dropping from last week’s 3.15 percent average. Last year at this time, 15-year rates averaged 3.56 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 3.15 percent.
  • 1-year ARMs: averaged 2.39 percent, with an average 0.4 point, falling from a 2.40 percent average the previous week. Last year at this time, 1-year ARMs averaged 2.56 percent.
Fannie Mae has also introduced a new program for 2015 that allows first time home buyers to purchase with just 3% down! Here are some specifics on this great new program:
  • Just 3% down for first time home buyers
  • Entire down payment can be a gift
  • Minimum credit score of 620
  • Lower mortgage insurance for qualified first time buyers
  • Can be combined with grants for closing costs
  • Can be combined with a down payment assistance program
The Foster Beckman Group would love to help you find your new home or sell your current home. We work closely with all of our home buyers and sellers to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695.