If you have remotely considered buying your first home, a new home or just selling your existing home and buying a bigger home, you couldn’t pick a more perfect time than right now!  Interest rates are at historical lows.  The Federal Housing Administration (FHA) has just announced the increase in their insurable loan amount from $226,400 to now over $270,000.  These types of loans only require 3% down. The down payment can be given to you as a gift for your assistance or you can use one of the many down payment assistance programs.  Each loan is evaluated and in some case if you qualify you can receive a 100% FHA loan.  Last month we found a home for a buyer and three weeks later they closed on their 3 bedroom, 2 bath, 2 car garage home for $186,000.  The buyers received a fixed rate FHA loan and only needed $500.00 out of pocket at the closing close.  

 

When buying a home through FHA, credit score is not the main concern.  You have to show a steady payment history but with (DTU) desk top underwriting, every situation is different.  Younger buyers may have no credit but can show steady payments on other items such as cell phones, car insurance or student loans.  You may have been behind on payments in the past but if you can show a pocket time of reason for example: a job layoff or medical leave of absence from employment, these are just two examples a person may have that can benefit them in the underwriting process.  We make buying a home is a safe, profitable and fun experience.   

 

The reality of home ownership is one of the best ways to accumulate personal wealth.  Owning a home gives us a since of accomplishment, stability and security.  Owning a home is like having a separate savings account.  As you pay your payments the principle amount of your loan goes down and  the value of your home increases over time.  I like the example of a couple that bought a home and owned it for five years.  They paid $135,000 for their first home.  They lived in the home for five years.  They maid modest improvements such as painting, putting in new appliances and sprucing up the landscaping.  I listed and sold the home for this couple and watched as they made $30,000 at the closing.  They also received a tax savings from the IRS by righting off the interest payments they paid on their mortgage.  It was really neat to show them the $30,000 they made divided into the months they lived in the home in their case it was 60 months.  This means they received $500 in equity each month they owned the home.  If you subtract the $500 from their mortgage payment of $1100, they lived in a home for five years and only paid $600 a month.

 

To receive a private showing on any of our homes for sale call us today at 985-674-1111 or take a visual tour of any of our properties log onto:   www.WayneTurnerGroup.com