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6 Creative Ways to Afford a Home
1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.
3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.
5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.
16 Reasons why you need me as your real estate agent
- I have a total commitment to providing excellent service throughout the real estate transaction.
2. I have exceptional knowledge of the local Sarasota, Bradenton, Venice, Downtown Sarasota, FL area real estate market.
3. As a real estate professional, I will be committed to negotiating on your behalf to help meet your specific goals and objectives.
4. I will engage in a comprehensive networking strategy to assist in the purchase or sale of your home.
5. I will go that extra mile for you to make sure your next real estate transaction is a smooth one.
6. I take pride in providing personalized service which means that I will be highly involved in the actual purchase or sale or your home.
7. I will utilize technology to better meet your specific real estate needs, whether you are buying or selling.
8. I will take on the difficult tasks to make moving an easy process.
9. I will assist you in finding the related services that are necessary to buy or sell a home or other property.
10. I will keep you apprised of current local real estate market conditions that can impact the purchase or sale of your home.
11. I engage in a corporate level of marketing to make sure that your home gets as much exposure as possible if you are a seller and that you find the perfect home if you are a buyer.
12. I work as a full time real estate professional which means you will have the pinnacle of support throughout your real estate transaction.
13. I will utilize my experience both in and out of real estate to let you attend to your family while I do the work making sure your real estate transaction is processed in the most trouble free manner possible.
14. I will respect your time and work with you so your busy schedule is not interrupted.
15. I will uphold the highest moral and ethical standards throughout any real estate transaction I am involved in.
16. As your Realtor®, I can provide you with in-depth information on Sarasota communities, pertinent changes that can affect their surroundings, and negotiate on your behalf for the home you desire to purchase. It will cost you nothing to use my services as my commission is paid by the home seller. Your timing is right, my services are the best.
Web: www.SarasotaCommunities.com
Blog: http://sarasotacommunities.com/wordpress/
Email: wtravers@gmail.com | SarasotaCommunities@gmail.com
10 Questions to Ask Your Lender
1. What are the most popular mortgages you offer? Why are they so popular?
2. Which type of mortgage plan do you think would be best for me? Why?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of equity by paying down the loan.)
5. Who will service the loan — your bank or another company?
6. What escrow requirements do you have?
7. How long will this loan be in a lock-in period (in other words, the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if it drops during this period?
8. How long will the loan approval process take?
9. How long will it take to close the loan?
10. Are there any charges or penalties for prepaying the loan?
Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com.
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