Houston Texas Houses for Sale

Almost Free Grants for First Time Home Buyers

Posted on October 7, 2010 by Mike Tucker

Your dream of owning a home may soon come true if you are a first time home buyer.
You can take advantage of the many government grants for first time home buyers that are available to assist low income and first time home buyers get their first home.

These are specific government grants which are made to first time home buyers to provide them with part of the financial assistance needed for the initial down payments and acquisition costs of a new home.

Depending on the value of your property you could find that your down payment and closing costs can be paid up with this free money.
These funds are almost free with no interest or monthly payments to be made.They remain in the background as a second mortgage only to be repaid on the selling of the house. The government has also been known to forgive the loan in many cases after you reside in the house for 30 years.

Every state has a customized policy for granting such money. One needs to do an elaborate research work before applying for such grants.
Some of these grants assist specific groups for example the Federal Department of Veterans Affairs offers help for military personnel and veterans.

So if you’re a first-time home buyer or your income is low, look online for financing that is undertaken through your local or state board of housing.
Don’t miss this opportunity to own a house by taking advantage of the almost free government grants for first time home buyers.

For more information on these almost free government grants for first time home buyers visit http://www.countrywidehomeloanssite.info.

Am I a first time home buyer if my dad cosigned on a previous purchase?

I bought a townhouse in july of 2007 as a student(I ran an online business but didn’t really have the income to be the primary), so I had my dad cosign on the loan etc. Now I’m wanting to buy another and use the governments free $8000 offer. So my question is am I eligible for that when 2 years ago I had my dad cosign? Am I considered a first time buyer? Thanks

Answer
forget the loan. that does not matter.

if you were named on deed then you owned a home in last 3 years and will not qualify.

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Easy Approval for First Time Home Buyers

Posted on October 7, 2010 by Mike Tucker

As a first time home buyer you may think that you don’t have enough credit history to get approved for a loan. However, mainly due to government regulations, private lenders can obtain tax benefits when they lend to first time home buyers. There are also government grants and loans for first time home buyers that will provide you with the finance you need.

Approval for first time home buyers has become increasingly simple but there are still obstacles to be overcome when you want to get a home loan for purchasing your new home. In order to understand what you need for getting approved you need to know how credit risk affects approval and how you can avoid this problem.

First Time Home Buyers Difficulties

First time home buyers seldom have a credit history long enough to create a pattern a lender could use to analyze their credit behavior. Having no credit can sometimes be worst than having bad credit. However, as regards to home loans this is not the problem as we will analyze when examining secured loans.

The real problem with first time home buyers is the lack of experience. Purchasing a home is not a simple process and unless you know which steps to take, it may take a lot more time than you expected. Proper preparation can solve this problem, so you need to gather all the information you can and learn about the legal an economic components of a home purchase.

Secured Loans: No Credit Is Overlooked

Secured loans are guaranteed with an asset which means that the risk involved for the lender is considerably reduced. The lender can always recover the money lent by taking legal action of repossession against the property to claim the amount owed. Thus, as opposed to unsecured loans, credit score and history is not so important.

Secured loans overlook the lack of credit of applicants as long as they can show proof of having enough income to cover for the monthly payments and closing costs of the loan. Nevertheless, since no credit implies a higher risk, those who lack a credit history will have to pay more interests than those who can show a good to perfect credit.

Co-Signer Further Reduces Risk

By providing a co-signer, the already lower risk implied in a secured loan transaction is reduced even more. A co-signer is at the same time responsible for the loan payments. When applying for a home loan with the aid of a co-signer, the interest rate charged for the loan is also reduced and the loan term extended to suit the applicants’ needs.

A co-signer makes a home loan approval even easier. The income requirement is easily achieved by an applicant if the co-signer income is also computed to see if the incomes reach the minimum required by law. Also, the credit requirements are more flexible as there are two people obliged by the loan. If either of them qualifies, both do.

Melissa Kellett is an expert loan consultant who has worked for twenty years in the financial industry and helps people to repair their credit and get approved for home loans, unsecured personal loans, student loans, consolidation loans, car loans and many other types of loans and financial products. If you want to learn more about Poor Credit Personal Loans and Guaranteed Approval Mortgage Loans you can visit her site http://www.speedybadcreditloans.com/

First Time Home buyer. Can someone tell me how much down I would need for a $175,000 in CA?

Hi. I’m a first time home buyer in Monterey County of Ca. I’m trying to figure out how much I would need to put down on $175,000 home in my area. I would greatly appreciate any insight or tips on buying my first home as well. Thanks a bunch.

Answer
He’s right, FHA requires 3% total contributions. at least 2.25% of that have to be down payment and the other .75 can go to costs. Try and get a seller to conceed their 3% towards costs if you choose this route.

Some people will tell you not to buy a home unless you have 20% down and some will tell you that that money is better left in savings or investments since you wouldnt see it again until you sold the home. Personally, I think the FHA is a great way to buy a first home and carry interest rates right now around 5.25-5.75%

Know though, that all FHA loans require mortgage insurance (usually .5% of the loan amount amortized annually) and a large escrow desposit for taxes, insurance and mortgage insurance.

Hope some of that helps.

If you need some more detailed info feel free to call my office at 866-798-8940 ext2132

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Professional Home Inspection Tips

Posted on September 23, 2010 by Mike Tucker

You’ve searched throughout all the houses for sale in Kansas City. You’ve found the dream house. Now it’s time for the home inspection. But what do you know about home inspections? Well if you like most people, you may not know what to look out for when a professional home inspector is making the rounds. You definitely want to be there for the home inspection, and you definitely want to know what he is looking at during each phase of the home inspection. With that said, here are our professional home inspection tips that you can use when the time comes.

Professional Home Inspection Tips #1: Check the Foundation

The foundation of the home can be the biggest financial burden. Check for major problems and anything that may be going on currently. Does the foundation have cracks? Is it sinking? How is the drainage?

Professional Home Inspection Tips #2: Check for Dry Rot, Termites, and Mold

These can make a home too costly to buy. You definitely don’t want to be caught with these problems. Look at corners and the base around the outside of the home. For mold check the ventilation and the basement walls. Any discoloration or damage could be a major cause for concern.

Professional Home Inspection Tips #3: Pluming and Electrical

Anything that might cause your walls and floors to be ripped open is cause for concern. Make sure everything is hooked up right and in working order. Everything has to be current and up to code.

Professional Home Inspection Tips #4: The Roof

How old is the roof? Check for signs of wear and tear or any signs of patchwork. Has it caused any water damage? Cause an old roof will. Be sure that it is in great condition as a new roof can cost a bundle.

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Sell Your House Faster Agent Tips Part 2

Posted on September 19, 2010 by Mike Tucker

Still need help selling that house? Do not panic, we have more tips you can use to help sell your house faster. Here are four more agent tips from the experts that are proven to help.

The Sell Your House Faster, Agent Tip #5: Get at Home Inspection

Getting an inspection before you sell your house can help in a lot of ways. First, the professional inspection can identify all the problems that you may not be able to find. If the home is good to go, an inspector can then publicize his findings on your home giving security to the weary buyers. Every buyers has to hire their own inspection in any case. However, this shows that you are confident in your home.

The Sell Your House Faster, Agent Tip #6: Stage Your Home

What does this mean? Home staging is neutralizing your home to appeal to the greatest amount of buyers. This takes place after you have cleaned and uncluttered. There are a lot of things you can do to help your sale, first and foremost, arrange the furniture. Keep the spaces as open as possible. People like to see large rooms. After that, fresh flowers, proper lighting, and even the smell of your home can be extremely important. Think of it like this: you want people to feel like they are at home when they see the house. The more it feels like home, the better it feels to buy it.

The Sell Your House Faster, Agent Tip #7:  The Internet

This is probably one of the most important tools you can use. Online exposue isn’t just important, it’s extremely easy. You can put up ads on Craigslist or Zillow in a matter of minutes. Try networking on Facebook and LinkedIn. You can even set up your own website for cheap. The important part is getting information on your house online so people can find it.

The Sell Your House Faster, Agent Tip #8: Stay Focused

Don’t pay attention to sell your house faster scams. Stay focused on conventional methods. Although the economy is down, people are still looking for a good home at a good price. If you feel like your efforts aren’t producing simple examine more avenues and perhaps another agent.

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Sell Your House Faster Agent Tips Part 1

Posted on September 17, 2010 by Mike Tucker

Ready to sell that house but don’t know where to start? Maybe you have even already started, but just can’t seem to get the kind of results that you want. Don’t worry, you can sell your house faster. Agent tips from the experts that are proven to help. Here are just a few.

The Sell Your House Faster Agent Tip #1: Don’t over price your home.

As we all know, everyone’s looking for a good deal. That doesn’t mean you need to sell your house at a low price. It means you need to sell it at a fair price. Research the market and find out what homes like yours are selling for in your neighborhood. If you price the house above market value, you’ll have trouble getting it sold.

The Sell Your House Faster Agent Tip #2: Curb Appeal

Beauty is only skin deep, but when it comes to houses the outside matters more than anything. The curb appeal of your house is what attracts the passing potential buyer. You have to make sure that your house is clean and repaired on the outside. This means windows, gutters, the roof, and paint. Everything should be in top shape or as close to top shape as you can afford. The more you have to make concessions for improvement, the more the price goes down. Perhaps more importantly, less buyers will be comfortable with your house. If you’re on a budget, the biggest bang for your buck is landscaping. You can also get new shutters or drapes.

The Sell Your House Faster Agent Tip #3: Fix the Inside

You need to fix the home improvement project that you may have been putting off. Like I alluded to before, people want a house, not a project. Target the problems you can fix and see if they align with your budget. Again if you don’t have much to go on, a simple bathroom renovation can increase the value of your home drastically.

The Sell Your House Faster, Agent Tip #4: Clean the Clutter

Before you even think about getting people to come see the house, you need to clean out all of your clutter. Everything extra needs to go into storage, and this doesn’t mean sticking it in the basement or attic. These in home storage areas are important to keep open since potential buyers will want to visualize how much of their stuff they can fit in these all important spaces.

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Home Buying Requirements: HUD Homes

Posted on September 15, 2010 by Mike Tucker

What is a HUD home? A HUD home is any home across the United States from the Department of Housing and Urban Development (HUD). There are even HUD houses for sale in Kansas City. Simply put, they are residential foreclosures, but buying process for these houses can be different. With that said, here are some of the home buying requirements HUD homes can frequently have.

First you need to understand what’s going on with a HUD home. HUD homes are usually foreclosures from people that had FHA insured mortgage. Once they can’t make the payments, buys back the house from the bank and attempts to sell it to recover the loss on the foreclosure. Thus, home buying requirements HUD homes frequently have are very easy to meet since HUD is trying to sell these houses as quickly as possible. Basically, almost anyone can buy a HUD home.  All you really need is the cash or the ability to get a mortgage.

So why is a HUD home anything special? When HUD homes are appraised, the price is adjusted to reflect an investment a new owner has to make to fix the home. That means the range in price makes it within the range for low to medium income investors.

The big thing is that you need to know is that HUD Homes are sold “as-is,” and without any warranty. However, even if a HUD needs a little elbow grease, it can still be a real bargain. In addition, the home buying requirements HUD homes frequently have can be even easier to meet since HUD might offer special incentives. These can be grants to upgrade the property, helping to cover the moving costs, or even help for closing. Even further, due to the home buying requirements HUD homes frequently have, the buyer can request HUD some of the closing costs. For more information contact a realtor about the process of buying a HUD home.

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First Time Home Buyer Tips, Real Estate Agent Secrets

Posted on September 13, 2010 by Mike Tucker

So you want to be a first time home buyer? Purchasing a house is something that every renter dreams of, however actually getting a house can be a dose of harsh reality. Why do all the work? Because it is worth it! Besides the pride that comes with owning your own home, homeownership lets you build equity, and is the largest tax break e to most consumers. Sound good? Well here are some first time home buyer tips, real estate agent secrets to help you get started.

First Time Home Buyer Tips, Real Estate Agent Secrets #1: Pay Back Your Creditors

Here is the most common mistake home buyers can make. They focus on saving as much funds as you can for a down payment while they should be paying off other debts. A better approach is to use those precious additional dollars to get rid of high-interest consumer debt.

Why is that? Credit-card debt is way too expensive and limits what you can do to conserve. The average interest rate on credit cards is typically more than double the national average for a 30-year fixed-rate mortgage. Debt will simply limit how much you can borrow. That’s due to the fact lenders often won’t allow your total monthly debt — the combination of all your obligations – to exceed roughly 33% of your average monthly incom

First Time Home Buyer Tips, Real Estate Agent Secrets #2: Pick out the Amount You can Manage

How much can you really borrow and how much of a down payment you can put together? The annual mortgage payment, taxes, and homeowner’s insurance shouldn’t exceed a fourth of your yearly pay. After that, find out how many dollars you have for the advance payment. Remember closing costs, which can be another three to five percent.

First Time Home Buyer Tips, Real Estate Agent Secrets #3: Identify the Right Loan

At this point you need to start looking around for the right loan. A first-time home buyer that has a steady job and a decent credit score can buy a home with less than twenty percent cash. But the more cash you can put together, the more options you have and the less you will have to pay for PMI (private mortgage insurance).

First Time Home Buyer Tips, Real Estate Agent Secrets #4: Keep an eye out for the no equity loan offer or another loan scam. These are high-cost, high-risk home-equity loans but they are easy to spot if you stay sharp.

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Home Buying Advice: Credit Score

Posted on September 11, 2010 by Mike Tucker

Trying to get a mortgage so you can buy one of the houses for sale in Kansas City? You might be finding out early on that this little thing called your credit score holds the key to your success. You’ve no doubt seen commercials on TV and heard the term a thousand times, but do you know your credit score and how they calculate it? You should. So here is some home buying Advice, credit score advice, and a little lesson on how they are related.

As you should know by now, your credit score is the number that banks use as an evaluation of your risk. The higher the score, the lower the risk and these numbers are generated by plugging in certain variables into computer software. This software then analyzes this data and viola, you have a credit score.

Now it’s important to understand the each credit agency has different software that they have developed, but for the most part the contributing factors to your credit score remain the same. The variables your credit score is dependent upon are: your payment history, the amount of debt you have, the length of your credit history, the types of credit used, and any new credit you have obtained recently.

Your payment history includes a number of things. First is the number of credit accounts that have terms of payment. Next, is any collections on delinquent accounts, the number of past due items, and finally how long you’ve been past due or the time since your last past due payment. After that is the amount of debt you currently have against you. This is the combination of how much you owe on every accounts you have. Obviously a small amount of debt is good. Our home buying advice, credit score advice? Make sure you have paid your bills on time before applying for a mortgage.

Next, is the amount of time you’ve had a credit history. Your credit history starts from the fist time you opened a credit account. The longer you go with credit accounts and no negative activity, the better off you will be. Our home buying advice, credit score advice? Establish a history early in life.
When they analyze types of credit that means they are looking at the total number of accounts and types of accounts. A diversified portfolio is ideal. Our home buying advice, credit score advice? Try and have lines of credit like one or two credit cards, a student loan, a car loan, etc.

Last is any new credit you have recently obtained. More importantly, the number of your recent credit inquiries or the number of times you have recently applied for new lines of credit. The more attempts in a short period of time, the worse off you are. So our home buying Advice, credit score advice, advice in general? Do not go applying for several lines of credit when trying to get a mortgage.

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First Time Home Buyer Government Incentives

Posted on September 9, 2010 by Mike Tucker

The real estate investment crisis in this country has affected millions of people. The number of houses for sale in Kansas City has fallen and in addition to it fell the prices of homes. People simply do not have money to invest in houses even at low rates and even those who have the amount of money to get houses at the good prices are scared to invest their money into purchasing a dwelling when they are not sure of the future state of the market.

Luckily, there are first time home buyer government incentives. Some governments have already given quite a huge amount of aid. The US government was in the forefront by announcing advantages for the very first time buyers. The reason for these first time home buyer government incentives is for folks that do not have a dwelling. First time home buyer government incentives can encourage them into buying a home. This, in turn, helps to boost the real estate industry.

This plan has worked wonderfully well and there are various people who have caught this offer and bought their houses. Even now, the first time home buyer government incentives are still going strong, though the amount is not as huge as it was initially offered. All those who got the incentives benefited a great deal, but the others also have something to benefit as well.

Various governments have given other benefits to the first home buyer to make them happy. Some of the governments have offered tax rebates as first time home buyer government incentives for those who have purchased the houses. All these have reversed the losses suffered by many financial corporations in the real-estate sector and has changed the entire world for the better to an extent. The savings brought on by these first time home buyer government incentives have allowed the home buyer to pay less and get more in return.

The reversal in the housing marketplace and the change for the better has been good for the industry as it has made houses more affordable again. In fact, first time home buyer government incentives have even increased the number of home sales dramatically. The stimulus packages and first time home buyer government incentives have played a major role in the reversal of trends in the housing prices over the past year.

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