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3 Tips For Getting The Most Out Of Your Time House Hunting
In the ideal home-buying scenario, you’d have plenty of time to find the perfect home. However, this is not always possible. Maybe you are relocating for a job and have to buy a house from across the country. If this is the case, you might have to limit the time that you spend house hunting.
Here are some tips to help you make your search as productive as possible.
#1 Get A Mortgage Pre-Approval
Before attending open houses and searching for a home, you should get pre-approved for a mortgage. Getting pre-approved for a mortgage will help you identify the exact price range that you should be shopping for. It will also let home sellers know that you are a serious buyer. If you are competing with other buyers, a seller will be more likely to take your offer seriously if they know that you can afford the home.
Sometimes you’ll hear the terms pre-qualification and pre-approval thrown around interchangeably. However, these two terms are very different. A pre-approval is much more valuable when it comes to buying a home. Although you will have to provide a lot more information for a full pre-approval, this qualification will provide you with a specific loan amount that you are approved for. A pre-qualification is just an estimate of the amount that you can afford based on your income and other factors. It is not as personalized or customized for your specific situation as a pre-approval.
#2 Find A Good Real Estate Agent
Find a good real estate agent who is knowledgeable of the area that you want to buy in. Ideally, they have lived in the area for a long time and know the community. A good local agent can bring invaluable knowledge to the table about the city. They should be familiar with the homes in the area. They might even know about homes that aren’t on the market yet but will be soon. This knowledge can be invaluable when you are in a time crunch and want to get the most out of your house hunting time.
#3 Make A List Of Your Must-have Amenities
You don’t want to spend time looking at homes that won’t meet your needs. There are probably some things that you’d like to have in a house, as well as things that you must have. So, if you’re in a time crunch, the first thing you should do is make a must-have list. Make a second list of things that you’d like to have but that are not required. Don’t bother looking at homes that lack the qualities on your must-have list.
First things first, contact your trusted home loan professional and get your pre-approval started today!
3 Programs That Allow You To Buy A Home With No Money Down In 2018
Home buyers are typically advised to put at least 20% down for a mortgage. Coming up with that amount can seem almost impossible if you have little to no money left over after paying bills each month.
Fortunately, if you want to buy a house but are worried about coming up with the 20 percent down needed for a downpayment, you still have plenty of options. There are still plenty of programs that allow you to buy a home with a low down payment or even no money down in 2018.
Here are some of the best programs that designed for homebuyers who don’t have a massive chunk of cash to put down at closing. Maybe one of these options will be the perfect solution to make your dreams come true.
#1 VA Home Loans
If you are a veteran, in the National Guard and Reserves or an active-duty service member, then you may qualify for a VA home loan. The VA offers 100 percent financing. So, you don’t need any money down. The VA does not require mortgage insurance. There is a funding fee, which must be paid by the borrower. However, the lender can roll the fee into the loan amount. The funding fee is typically 2.15 percent of the loan amount.
#2 USDA Loans
The U.S.Department of Agriculture (USDA) offers a zero-down mortgage for low to moderate-income families. This program was created to help rural development. The loans are only available in towns that have populations of 10,000 or less. However, this is quite a large area. In fact, the USDA program covers more than 97 percent of the United States. Many eligible smaller towns are located right outside major cities.
The USDA program was designed for first-time home buyers although there are some exceptions to this rule. USDA loans do not require mortgage insurance. There is an upfront guarantee fee of one percent. The lender can roll this fee into the loan amount.
#3 FHA Home Loans
The Federal Housing Administration (FHA) provides one of the most popular low down payment mortgage options in the country. Normally this loan product requires a minimum 3.5% down payment. However, 100 percent of the down payment money can be a financial gift from a relative or a non-profit organization. This allows a borrower to get into their home with no money down.
Contact your trusted mortgage professional to find out about these programs or others that might be right for you.
