Home Buying Guide pptx

[...]... authorized to make VA home loans 4 Some loan officers simply don’t understand veterans home loans If you or a spouse has served in the military, then you should absolutely ask about a VA home loan Let’s be honest, not nearly enough is done for our veterans The VA home loan program is perhaps one of the few great VA benefits that really has value, so take advantage of it Why You Need a VA Home Loan ■ No money... Manufactured Home Financing HUD defines a manufactured home as a structure that is capable of being transported in one or two sections In what they call “traveling mode,” the home must be a minimum of eight feet in width and 40 feet in length If you are considering the purchase of a manufactured home, FHA may be able to help you with the Title II program To qualify for the program, the home must be... are stricter than they were before the housing bubble, FHAguaranteed loans still provide low-to-moderate income Americans a chance to purchase a home when they otherwise may not be able to Home Buying and Bridge Loans Bridge loans have been used for home buying and property investment for decades in order to fill the gap in capital when cash is tied up in other real estate But do they still exist?... have often been used in the past to fund down payments and finance home buying until equity in a held property can be liquidated Example: You want to purchase a new home but need a 20 percent down payment which you will only have access to once your current home is sold A bridge loan could give you the money you need to purchase your new home right away, and then you could pay it back once you sell your... Real Solutions for Repeat Homebuyers in Today’s Market The biggest problems for home buyers seeking financing and bridge loans today are a lack of equity and the fact that it can take so long for their homes to sell in the current market You can negotiate smaller earnest money deposits today and qualify for low down payment programs like VA home loans, FHA loans and even USDA home loans Though let’s... dream home for sale, you don’t need to be paying two mortgages, or you may end up losing both to foreclosure So what to do? If you are really determined not to let that home buying opportunity go and bridge loans aren’t an option, and then make sure you rent out your current home on a month-to-month basis while you are waiting for it to be sold Then consider leasing with an option to buy on your dream home. .. more to the monthly cost of owning the home 4 Energy and Utilities Add Up If you’ll be moving to a new area you most likely aren’t up to speed on how much residents typically pay for utilities every month Depending on where you are buying a home, your power, gas and water bills may come as a shock Las Vegans, for instance, pay upwards of $300 a month to cool their homes in the summer – a $500 power bill... options: ■ Take out a home equity loan ■ Refinance your current home to tap the equity ■ Get a hard money loan ■ Apply for a secured line of credit ■ Take out a signature/unsecured personal loan ■ Take out a new mortgage loan cross-collateralized by other properties you own Which is right for you really depends on what your credit looks like and how much equity you have in your current home Home equity loans... insures some types of loans to make homeownership more accessible through lower down payments and closing costs along with more flexible credit requirements If you are buying a first home or a fixer-upper, you may be eligible for an FHA insured loan The FHA also provides reverse mortgages for senior citizens who have paid off most of their mortgage and want to turn their home equity into cash for living... loans and understand your rights as a homebuyer, visit HUD.gov, the website of the Federal Housing Administration What is the VA Home Loan Program and What are the Requirements? The VA home loan program offers one of the few remaining 100 percent financing mortgage options alive Why have VA loans been ignored and how do you get one? Why Haven’t You Been Offered a VA Home Loan? During the recent boom years . overnight. The ideal time to buy a home is when both prices and interest rates are low. A Guide to Buying Your First Home Buying real estate, while once touted. guarantee your success. Welcome home! 5 Things to Consider When Buying a Home The list of the features you want in your new home is personal and, no doubt,