Posts Tagged ‘first time buyer’

  • Do You Qualify For A Down Payment Program? Here’s How To Find Out

    Do You Qualify For A Down Payment Program? Here’s How To Find Out

    Source:  Down Payment Resource Did you know the average down payment assistance benefit is more than $8,000? That could be a major jump start to buying your first (or next!) home. And, who wouldn’t want a boost to their down payment savings? Homeownership programs can help you get in a house much more quickly and give you a valuable cash cushion for those other expenses, like the home inspection and home repairs. You could save on save on your down payment and closing costs, or even get ongoing tax credits. But, who qualifies for down payment assistance? First, it’s important to know that there are actually two components—both you and the the home you are buying must meet certain criteria, which vary by program. Our Down Payment Resource program search gives you the opportunity to answer a few simple questions to determine if you (and the home you want to buy) may meet the basic qualifications for a program. What are the criteria for the buyer? Family finances matter. There are household income thresholds, credit score minimums and cash reserve requirements. Income thresholds are based on the area median income—up to 120 percent in high cost markets. Income limits are almost always based on household size, so limits for a family of five are significantly higher than for a single person. Most programs will require some money down from the homebuyer, as well as homebuyer

  • Mortgage Credit Certificates = More Money In Your Pocket

    Blog Source: Down Payment Resource – downpaymentresource.com – February 2, 2017 While the total number of programs remained consistent, the HPI saw an increase in Mortgage Credit Certificates (MCCs) across the country, representing more than 8 percent of all programs. Between 2010 and 2015, state housing finance agencies increased MCC issuances to homebuyers by more than 400 percent, according to preliminary data from National Council of State Housing Agencies (NCSHA). The MCC is a tax credit program that allows eligible homebuyers to claim a percentage of the mortgage interest they paid as a tax credit on their federal income tax return. The percentage of mortgage credit allowed varies depending on the state or local housing agency that issues the certificates, but the credit itself is capped at a maximum of $2,000 per year by the IRS. The buyer may continue to receive an annual tax credit for as long as they live in the home and retain the original mortgage. “The mortgage interest rate tax deduction has long been a core homebuyer benefit, but most homebuyers are unaware of Mortgage Credit Certificates. This credit directly impacts a homebuyer’s bottom line by reducing their annual tax bill,” said Chrane. “We see more lenders adding MCCs to their product offerings.” Qualifying homebuyers are permitted to use an MCC alongside another type of down payment assistance program, such as a grant or forgivable

  • Renters! 2017 Is Your Big Opportunity

    I was talking to a property manager this past weekend who has been managing rentals in San Diego for 30 years.  I asked him what he is seeing for 2017 and he said all of his properties are seeing on average 4% rent increases this year. This is true for the rest of the country as well.  Rent was up nationwide in 2016 so will that trend continue in 2017? So far the answer looks to be yes.  Here’s a better question for all the renters.  What is your pain tolerance for another rent increase in 2017?  And here’s an even better question.  With home value increasing how much equity did you earn last year by paying rent? If you are paying $2,500/mo in rent and you see a 4% increase that calculates to $100 more rent per month.  Right now with mortgage interest rates where they are that $100 = $20,000 in home price.  Another current fact is that mortgage applications are down and lenders are looking for ways to increase loan volume which means they have enhanced credit guidelines so that borrowing money is easier. Click here To Find Out How Much Your Rent Translates To Home Purchase Power.   By David Hughson Mortgage Planner / Turning Renters Into Homeowners

  • Will & Chelsea, “3rd Time Working w/ The GHG & They Always Blow It Out Of The Park!” | Testimonial

    Will & Chelsea, “3rd Time Working w/ The GHG & They Always Blow It Out Of The Park!” | Testimonial http://www.TheGreenHouseGroupInc.com And THATS what we love to do: meet great people, and help co-create great things, and leave them better than how we found them. If you are wondering whether now is the right time to own a home of your own, and want to make sure that you get the right team to help you get there, perhaps this sounds like something you might want to talk to us about. If so, feel comfortable contacting us at 858-863-0261. This was done with the help of Jesse Ibanez, Craig Sutliff as REALTORS, all from The GreenHouse Group in San Diego,

  • Foreclosures & “Squatters” #AskJesseHow Show | Home Buyer & Home Seller FAQ’s | Episode 8

    Dec 12, 16 • Boney • #AskJesseHow ShowNo CommentsRead More »

    #AskJesseHow Show | Home Buyer & Home Seller FAQ’s | Episode 8 http://www.TheGreenHouseGroupInc.com/AskJesseHowShow This episode we talk about Foreclosures back in SD County? What happens if you come across one as a buyer? Do you approach it the same way? And, what happens if the seller or tenant “squats” in the property and wont leave once you’ve bought it? Gang, Need your help here. First off, I’m looking for some feedback to see how I can make this series work best for you. Suggestions, format, etc. Thank you in advance for that. Secondly, I’m looking for some questions for our next show. I’d prefer they come from you, our immediate crew, versus “the internets.” Use this post, use twitter, use facebook, use instagram … which ever platform works best for you, by simply using the hashtags #FTHB (for first time home buyer) or #FTHS (for first time home seller) #FAQ’s (for frequently asked questions). Others that will work: #homebuyers #homesellers Looking forward to this being a cool tool for both of us: you to get some good questions answered and our opportunity to swim a little further upstream and meet you where youre at

  • $100 = $20,000

    A recent study by the personal finance website SmartAsset shows that having a roommate in San Diego will save a renter $6,768 a year or $564 a month.  While that certainly makes financial sense for renters what many prospective home buyers may not realize is that $564 in monthly rent could be paid to them as a future home owner.  This will dramatically boost their purchase power because with rates so low right now $100 = $20,000 in purchase price. Let me explain. Let’s say your budget shows you homes for sale in the $350,000-$400,000 range.  Knowing that you could rent out a room for $564/mo means you could look at buying a home in the $450,000 – $500,000 range.  I’m guessing that increase would really open up a lot of properties that weren’t previously available to you.  And this is a very conservative estimate for roommate rent given that the average rent for two people is $1,743 here in San Diego.  I know from personal experience that you could rent out a room for much more per month.   To find out exactly how much your purchase power would increase given a rental income boost click this link:  I Want To Know What My Purchase Power Is.   By David Hughson Mortgage Planner – Rental Income Expert 858-863-0264  

  • FHA for First Timers Only?!

    Sep 12, 16 • Fat Ashton • FHA Loans1 CommentRead More »

    FHA for First Timers Only?! Think FHA is for first time home buyers only? Think again. FHA is a great loan option for people with low down payment, recent major derogatory events, and those who are just looking to stretch their purchase power a little higher. For more information on FHA loan, or to see if FHA is a good option for you, email me at Scott@GreenMeansGrow.com or downloand my app at https://svanvugt.mortgagemapp.com/#

  • Charles & Alli, “This Is What Happened When We Were Referred To The GreenHouse Group.”

  • Is This Your Best Chance Yet To Buy A Home?

    For most first time home buyers the biggest challenge they face is coming up with the funds needed for down payment. This leaves few financing options that can mean many wait on the sidelines until the money needed is saved.  Here in San Diego county that can mean the difference between home ownership and being a life long renter.  With increasing enhancements to home loan guidelines being rolled out there usually won’t make a big difference but when several of these improvements are combined it can be a big boost to a person’s purchase power and dream of home ownership. Recently, Freddie Mac made some reductions to their Home Possible MI factors at 97% loan-to-value.  The table to the left outlines the advantages of the Home Possible program over the Home Ready program.  Combined with their updated income limits higher cost areas like San Diego County are now more accessible to those in need of a low down payment and lower monthly payment option.  This could be a great alternative to FHA financing because it could offer a better long term loan option.  Is this your best chance yet to buy a home?  To find out click that link in the previous sentence and let’s find out.  With the right mortgage plan you’ll know when your dream of home ownership will be a reality.   By David Hughson Mortgage Planner

  • #AskJesseHow Show | Home Buyer & Home Seller FAQ’s | Episode 5

    #AskJesseHow Show | Home Buyer & Home Seller FAQ’s | Episode 5 http://www.TheGreenHouseGroupInc.com/FAQ This episode we talk about How to navigate a sell then buy transaction? How is my home going to be marketed when I list it (BONUS: the best question to ask during the interviews of different agents)? How do I successfully negotiate my first time home buyer purchase? ********** Gang, Need your help here. First off, I’m looking for some feedback to see how I can make this series work best for you. Suggestions, format, etc. Thank you in advance for that. Secondly, I’m looking for some questions for our next show. I’d prefer they come from you, our immediate crew, versus “the internets.” Use this post, use twitter, use facebook, use instagram … which ever platform works best for you, by simply using the hashtags #FTHB (for first time home buyer) or #FTHS (for first time home seller) #FAQ’s (for frequently asked questions). Others that will work: #homebuyers #homesellers Looking forward to this being a cool tool for both of us: you to get some good questions answered and our opportunity to swim a little further upstream and meet you where youre at

The GreenHouse Group, Inc. | Real Estate Consulting & Mortgage Planning. "Moving People With Purpose."

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