I was sitting at a model home for a local builder when a young woman entered and asked: "How do people afford these homes?" It is not unusual for a statement I've heard many times before.
"If you're interested, " I asked.
She replied: "Oh, I'd like to own a home but can not afford it. I do not make enough money and my credit is not very good ."
and I introduced and asked her to headquarters. She accepted my invitation and told me that her name is Mary.
Mary, how much you currently pay for rent per month, "I asked.
She replied: "I pay $ 850.00 a month plus utilities ."
I asked: "Have you filed your tax return for last year ?"
"Yes I am. I had to pay $ 200.00, " she said.
I asked, "Do you have any credit problems? you are behind on making any payments ?"
She replied: "If anything does not have any credit. I pay cash for most things so you do not have any late payments ."
"That sounds great Mary. the last question. working with a real estate agent at this time ?"
She replied: "No ".
Now when I had the most answers I needed, I presented Mary with the following.
"Mary, what if I could get in this brand new 2000 sq.ft., 3 bedrooms, 3 baths, full house, with fireplace and all appliances have been around $ 700.00 a month. Would you be interested in that ?"
Mary said: "The boy would, but I have a lot of money to put down a deposit ."
, I replied, "Except for a small down payment deposit, no down payment required, no closing costs and I can probably get a fixed interest rate of about 2% or less, which is why your monthly payment will be so low ."
smile on Mary's face literally lit up the room and his eyes glistened when he actually asked, "Are you serious? you can help me buy my first home? I was the second model homes and they just tell me to come back when I have more income. How can you do when you can not ?"
"Mary, there are numerous programs available for home buyers these days. Unfortunately, most customers are unaware of these programs, and most real estate agents rarely speak about these programs, due to lack of knowledge or because the transaction radijebrže . Some of these programs can take several months to implement and complete. I do not mind filling pipe, if it helps someone like you to meet her. No additional cost for me to help you. If you want to get started ?"
Of course, Mary gave me a big YES, and we completed a brief application process. Less than a month later, Mary came back and wrote a contract for their first home. Using a combination of available programs, such as Charlotte House, Community Link, NACA, NC Bond, MCC, and USDA first buyer tax credit, I was able to secure a monthly payment of $ 720 per month for Mary. This includes payment of principle, interest, property taxes, insurance, PMI and HOA costs. There was no down payment required and closing costs just to pay were pre-paid for a pro-rated taxes, etc.
current market conditions requires that real estate professionals will be better equipped to assist users with less than perfect credit, limited income and / or little to no down payment resources. I recognized this need several years ago and I and my staff, and continue to assist customers on a daily basis in an effort to achieve their dreams, no matter how long it might take for the closure occurs. Since January, we have placed more than 50 customers in the home purchase program, many of whom who have already completed the program and purchased homes.
One of these customers, I met by chance. I was visiting a new community home builder to see a specific inventory of homes still under construction. Once the key for the home from the spot, an agent, I drove to the house and parked, I noticed a couple sitting in a car through the house. As I exited my car, the woman rolled down her window and asked: "Do you know anything about this house ?"
I asked, "Are you currently working with a Realtor ®?" She replied "No"
, I replied, "OK then, you want to come inside to look like?'ve got the key ."
A woman and her husband quickly exited their car, and familiarize ourselves with each other. As we toured the house for the first time together, I asked them some pretty basic questions and found that they had a lot of revenue and very little data available for a down payment. As we left home, I asked: "Have you ever considered getting some home buying help from a real estate professional like me? I think I can help you buy a nice home for less than you would think ."
My comment sparked their interest and for the next hour we talked about different programs that are available to them. Long story short, about 60-days later they moved to a new home in Rock Hill, SC. The house was purchased for $ 197,000.00, but with no down payment and no closing costs, their total monthly payment of only $ 832.00. The couple originally said another source that they could only afford a $ 86,000 home, and now lives in a really big house in a very nice community. Not only did they buy much more house than they ever thought possible, they just get the $ 8000 tax credit check as well. husband calls me when he got the check and said: "It is as if we were paid a bonus for." Over and above the check tax credit, a homeowner, he can now claim his interest and property taxes and expenses on his taxes. Some renters do not realize that it is not just a way to say bye-bye to the landlord, it is also tax relief.
Home Buying Programs are not only for the credit challenged. Many of these programs are used by people with great credit who just want to ensure the lowest possible interest rate. Some programs will allow you to buy-down interest rates as low as 0.01%. There are some restrictions on the purchase price, but for the vast majority of homebuyers, these programs are the main tool. Some programs are for first time homebuyers, but others are not. In most cases you can not currently own a home and use these to buy a second home or investment property.
There are several credit repair programs and lease / purchase programs available for consumers as well. Remember, credit repair programs may not charge a fee up front for credit repair. Fees can only be charged a credit repair process is completed. This is the FTC Act. small fee for pulling credit report is acceptable, but it's usually $ 30.00 or less.
Lease / purchase programs are great for someone who has a home for sale and can close on a new home until close to their current home. They can be rented at the new conditions. The second time lease / purchase program is a great option if the buyer has one year left before their 2-year anniversary date of bankruptcy discharge. If you have a stable and good income they can usually qualify for a lease / purchase a new home, but the final date is scheduled for 12-months down the road after the discharge has reached the mark two years. (In most cases, the buyer can not secure a mortgage, if the discharge date is less than two years .)
If you're already working with a Realtor ®, ask them about these and other home buying programs. If you do not work with a Realtor ®, please feel free to contact me directly. I'll be happy to assist you.
Buying a new home need not be difficult. Like most things in life, it boils down to what and who you know. My name is Barry. Nice to meet you.
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