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07/12/2019

Let Me Tell You A Home Buyer's Story: A recent client came seeking a down payment assistance program to purchase a home. I closed this buyers brother last year using a down payment assistance program, which was the best pathway for him, and they wanted the same deal. The brother had gotten into his home with very little out of pocket costs. After examining the client's credit it was determined that they, did in fact, qualify for a downpayment assistance program.
I however, recommended that my client not accept the program. Sure, they would have gotten 4% of the purchase price to assist with downpayment and closing cost, but what they didn't realize was that their long term costs would be much higher.
I informed my client that most down payment assistance programs have higher interest rates and a requirement to remain in the home for a specified period of time.
I was aware that this particular client has access to the required 3.5% necessary for the downpayment amount, in this case $7,500, and would benefit more if they use their own funds to purchase the home. Using their own funds will allow them to appreciate a market interest rate, which is lower then the program rate and allow them purchase more home.

Hence, the strategy for this client is to find a deal that will pay all or most of their closing costs as to reduce the out of pocket expenses.

Caution: This situation is unique to this specific buyer. I always recommend home buyer's assistance program to those who NEED them. My point today is, not everyone that qualify for a program should take one.

Work with a professional that can help you make the best long term decision when buying a home.

Happy Home Buying! ◾ 📍 Houston Realtor
◾ ☄ New Home Construction Sales ☄
◾ 📚 20yrs+ in Mortgage and Real Estate
◾ 📞 713-446-7300
◾ 📩 [email protected]

07/08/2019

4 likes

lindamoorerealestate

If you suffered an extenuating life circumstance that caused a foreclose, time and credit restoration will allow you to buy again. If you put in the work you can get back on the path to home ownership. Here are the wait periods for lenders after foreclosure. FHA has a 3 year waiting period after foreclose, conventional requires a 7 year wait and VA buyer's must wait 2 years. All loans require reestablished credit. Let's talk about your details. ◾ 📞 713-446-7300
◾ 📩 [email protected]

07/08/2019

4 likes

lindamoorerealestate

If you suffered an extenuating life circumstance that caused a foreclose, time and credit restoration will allow you to buy again. If you put in the work you can get back on the path to home ownership. Here are the wait periods for lenders after foreclosure. FHA has a 3 year waiting period after foreclose, conventional requires a 7 year wait and VA buyer's must wait 2 years. All loans require reestablished credit. Let's talk about your details.

◾ 📞 713-446-7300
◾ 📩 [email protected]