Zero-down loan programs are few and far between these days, but one that remains available might be of interest to you –especially given some changes that make it more accessible.
USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. Seriously, I said NO monthly PMI. While there are some geographic limitations for this program, if you are interested in eligible properties, you should take notice.
Income restrictions for this program are based on the number of people living in your household, however these limits were loosened beginning April 20, 2009, which means more people may now qualify and be able to afford higher value homes under this program. Previously, the income limits were based on the exact number of people living in the home. For example, the limit for two people was different from the limit for one person; the limit for three people was different from the limit for two people, etc. As of April 20, the household income limitations are grouped into two categories: 1-4 Person Households and 5-8 Person Households.
This is great news!
It means that higher income earners with fewer people in the household may be more likely to qualify.
In non high-cost counties, where 1-4 people reside in a home, the income limit will now be $70,750. In homes where 5-8 people reside, the limit is $93,400. While these figures serve as a guide, there are certain situations in which people can earn more and still qualify.
Now just because you see the word “rural” in the program name, it doesn’t mean we’re talking farmland here. No, you don’t have to raise cattle or chickens to qualify. Rural generally is defined as areas that are not densely populated and have fewer neighborhoods – but you might be surprised at how many neighborhoods qualify. To check eligibility on a property you may be interested in, email me or visit the following web site.
Is this property eligible for USDA Guaranteed Rural Housing financing?
I am very excited about what this can represent to you. More buyers will have the ability to buy a home without a down payment and that could be you. Also, when it comes to USDA Rural Housing loans, the seller can pay closing costs up to 6%. When you combine these benefits with the available tax credit of up to $8,000 for eligible first time home buyers, buying that “house in the country” – or even the suburbs – is suddenly a lot easier.
To learn more about how this program, give us a call. This is a great opportunity and I hope you can take advantage of it.
Buying a home is a major investment no matter which way you look at it. But for many homebuyers, it’s an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either paying too much for the home they want, or losing their dream home to another buyer or, worse, buying the wrong home for their needs.
A systemized approach to the homebuying process can help you steer clear of these common traps, allowing you to not only cut costs, but also buy the home that’s best for you.
An industry report has just been released entitled “Nine Buyer Traps and How to Avoid Them”. This important report discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avoid them.
To hear a brief recorded message about how to order your FREE copy of this report, call 1-800-787-4601 and enter 1018. You can call any time, 24 hours a day, 7 days a week.
Call NOW to learn how to avoid costly buyer mistakes before you purchase your next home.
Do you own a home that has a mortgage that is higher than the market value? Have ypou experienced a hardship? Many Orlando Homeowners have experienced a hardship which may qualify them for a loan modification. Benchmark Real Estate group, Inc. has conducted a substantial amount of research and we have teamed up with a group of lawyers that can help you if you are experiencing difficulty with making your mortgage payments on your Orlando Home. You are not alone. Call us today and we will determine if you qulaify for a loan modification or some other solution to assist with your financial concerns. Orlando Homes that need to be sold do not need to stay listed on the market for several months. There are solutions. Contact us today for additional information.
A showing of fine art, 6pm-10pm Friday, 10am -10pm Saturday and 10am – 5pm Sunday, surrounding beautiful Lake Lily in Maitland, Florida.
One of Florida’s finest art festivals. Only 150 artists vying for $20,000 in awards. New for 2008 The Maitland Rotary Art Festival joins the elite group of festivals around the country offering night-time hours. With subtle live background music and sparkling lights the evening hours are certain to make for a memorable experience for artists and customers alike.
Orlando, FL – There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let’s examine the pros and cons of both strategies. Leveraging Your Property. In order to understand why you’d want to borrow as much as possible for your home purchase, you must first grasp the concept that equity has a zero rate of return. Here’s an example: If Consumer “A” buys a home for $300,000, and puts 20% down, then they have $60,000 in equity. Over the next 5 years, the property appreciates $100,000 in value. Consumer “A” now has $160,000 in equity. Consumer “B” buys a home for $300,000, and puts no money down. At the end of 5 years, that same home is now worth $400,000. Consumer “B” has $100,000 in equity, which is the same appreciation as Consumer “A”, a net $100,000. As you can see, your down payment has nothing to do with your rate of return. What becomes important is how you choose to manage the $60,000 you didn’t use as a down payment. If you use it for frivolous activities, such as buying toys or going to Las Vegas, it would be more prudent for you to use that money as a down payment. Especially since this will enable you to obtain a lower interest rate. However, if you were to invest the $60,000 in a vehicle that can out-earn the cost of that debt, then this could be a formula for success. This is why some lending professionals suggest putting as little down as you possibly can, maximizing your tax write-off, and investing the rest. This principle has been applied for many years in the life insurance game. The old saying goes, “Buy term and invest the rest.” The key component is taking the money you would have used as a down payment and creating an asset accumulation account. This account should earn a significant enough rate of return to enable you to pay your mortgage off entirely and achieve the ultimate goal of being debt-free. Paying Your Home Down Rapidly. There are very few times over the course of my career that I have seen a client with zero debt and no financial difficulties. Choosing to pay off all of your debt can reduce stress and help you to gain freedom of cash flow for investment opportunities. A 15-year mortgage or a bi-weekly payment strategy provides structure. It can also put you on track to have your mortgage paid off within a set timeframe. Simply put, it contains built-in discipline. It’s important, however, to understand that regardless of how rapidly you pay your home off, you’re not getting any greater rate of return on your investment than if you paid it off slowly. Conclusion. So how does one determine which scenario is best? The choice depends entirely upon the individual. Savvy consumers who are disciplined, and are comfortable taking chances from an investment perspective, would do well with the first scenario. Over the course of time, it’s been proven that your rate of return over the long-haul will be far greater than the rate you’d pay for a mortgage in today’s rate environment. It’s important to seek the advice of a skilled investment advisor to ensure success with this strategy. The second scenario is best for those who have a difficult time managing their money or who’ll sleep easier at night knowing they have a plan in place to pay their loan off more rapidly. Be sure that your budget can handle accelerated payments. When consumers “bite off more than they can chew” with a 15-year mortgage, they frequently end up having to refinance back into a 30-year schedule. If you find this subject intriguing and would like to know more, I recommend that you read a book titled, Missed Fortune 101, by Douglas Andrew. It’s an outstanding read that is very simplistic and goes into far greater detail than I can cover in this column. Douglas is a financial planner who advises safe-structured investments such as whole life policies and tax-free fixed income instruments.
Garage sales can be a great way to get rid of clutter – and earn a little extra cash – before you sell your Orlando Real Estate Invetsment. But make sure the timing is right. Garage sales can take on a life of their own, and it might not be the best use of your energy right before putting your home on the Orlando Real Estate Market. Follow these tips for a successful sale.
1. Don’t wait until the last minute. You don’t want to be scrambling to hold a garage sale the week before an open house. Depending on how long you’ve lived in the home and how much stuff you have to sell, planning a garage sale can demand a lot of time and energy.
2. Get a permit. Most municipalities will require you to obtain a special permit or license in order to hold a garage sale. The permits are often free or very inexpensive, but still require you to register with the city.
3. See if neighbors want to join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up with neighbors. However, a permit may be necessary for each home owner, even if it’s a group event.
4. Schedule the sale. Sales on Saturdays and Sundays will generate the most traffic, especially if the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and be prepared for early birds.
5. Advertise. Place an ad in Orlando free classified papers and Web sites, and in your local newspapers. Include the dates, time, and address. Let the public know if certain types of items will be sold, such as baby clothes, furniture, or weightlifting equipment. On the day of the sale, balloons and signs with prominent arrows will help to grab the attention of passersby.
6. Price your goods. Lay out everything that you plan to sell, and attach prices with removable stickers. Remember, garage sales are supposed to be bargains, so try to be objective as you set prices. Assign simple prices to your goods: 50 cents, 3 for $1, $5, $10, etc.
7. If it’s really junk, don’t sell it. Decide what’s worth selling and what’s not. If it’s really garbage, then throw it away. Broken appliances, for example, should be tossed. (Know where a nearby electrical outlet is, in case a customer wants to make sure something works.)
8. Check for mistakes. Make sure that items you want to keep don’t accidentally end up in the garage sale pile.
9. Create an organized display. Lay out your items by category, and display neatly so customers don’t have to dig through boxes.
10. Stock up on bags and newspapers. People who buy many small items will appreciate a bag to carry their goods. Newspapers are handy for wrapping fragile items.
11. Manage your money. Make a trip to the bank to get ample change for your cashbox. Throughout the sale, keep a close eye on your cash; never leave the cashbox unattended. It’s smart to have one person who manages the money throughout the day, keeping a tally of what was purchased and for how much. Keep a calculator nearby.
12. Prepare for your Orlando Real Estate Investemet Home sale. Donate the remaining stuff or sell it to a resale shop. Now that all of your clutter is cleared out, it’s time to focus on preparing your house for a successful sale! Garage sales can be a great way to get rid of clutter – and earn a little extra cash – before you sell your home. But make sure the timing is right. Garage sales can take on a life of their own, and it might not be the best use of your energy right before putting your home on the market. Follow these tips for a successful sale.
Many potential first-time home buyers feel it is necessary to save money to buy a home. This is a great step towards home ownership but you may miss out on today’s opportunities. With gas prices on the rise, house prices at an all time low, great interest rates, FHA and multiple down payment assistance programs there is no need to wait. Why not purchase now with someone else paying your down payment for you? No need to pay someone elses mortgage where they have a tax advantage, pay your own and have a tax write off especially since driving has hit you a little harder in the pocket!
Down payment assistance programs are here to help you become homeowners today! You can take advantage of these tax savings, and call your house a home! Where do you go for accurate and reliable Down Payment Assistance Information?
Benchmark Real Estate Group, Inc. has experience and expertise to help you achieve your homeownership dreams! Our professional team has put together the information for you!
- Down Payment Assistance Overview
- Home Buyer Education Information
- Live and Online Classes
- Predatory Lender Prevention
- Access to all of the Down Payment Assistance Programs Available
- Resources for Credit Repair
- Access to Lenders with Expertise in Down Payment Assistance
Contact Us Now to find out How
These questions will help you decide whether you’re ready for an Orlando Real Estate Investment Home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.Benchmark Real Estate Group, Inc. believes it is very important to remain educated and make decision based on facts. Selling your home and moving into a larger home is very exiciting. Informed decision make that moving up experience a magical experience.
1. W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every
4. Copies of two to four months of bank or credit union statements for both checking and savings
6. Addresses where you’ve lived for the last five to seven years, with names of landlords if
Make sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.
While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.
2. What designations do you hold?
Designations such as GRI and CRS®, which require that agents take additional, specialized real estate training, are held only by about one-quarter of real estate practitioners.
3. How many Orlando Real Estate Investment Homes did you and your real estate brokerage sell last year?
By asking this question, you’ll get a good idea of how much experience the practitioner has.
4. How many days did it take you to sell the average Orlando Real Estate Investment Home? How did that compare to the overall market?
The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.
5. How close to the initial asking prices of the Orlando Real Estate Investment Homes you sold were the final sale prices?
This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.
6. What types of specific marketing systems and approaches will you use to sell my Orlando Real Estate Investment Home?
You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.
7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction?
While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.
8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done?
Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.
Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your Orlando Real Estate Investment Home.
While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.
Again, this is not a question with a correct answer, but how you judge the response will reflect your own desires. Do you want updates twice a week or do you prefer not to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?
Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.