An FHA loan down payment can put homeownership in your reach, even if you don’t have a great credit score. As you know, coming up with a down payment is one of the most significant hurdles to overcome, especially if you are a first-time homebuyer. How does the FHA system work, who is eligible and how do you apply? Let’s take a look at all of it.
Category: First Time Home Buyer
Average Down Payment on a House in the U.S.
The average down payment on a house in the United States used to be a straight-up 20 percent. But that doesn’t really work for a lot of people anymore. With the price of homes today, a 20 percent down payment puts buying a home out of reach, especially for first-time home buyers. Lenders have become more flexible and there are even some programs that feature no down payments if you qualify. Before you throw up your hands and think you’ll never be able to afford to buy a home, let’s take a look at the changing landscape of down payments.
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“Average Down Payment on a House in the U.S.”
What is Residential Real Estate?
Residential real estate is an industry word that describes what most of us are doing – buying new homes and selling our previous homes. It’s the default. Most real estate agents deal with residential real estate, so it’s a term that describes 73% of the market (according to the National Association of Realtors). What are residential properties and what makes them different? What makes them special?
Listing Agent vs Selling Agent | What’s the Difference?
The listing agent vs selling agent confusion is caused by the real estate terminology that gets associated with these roles. It’s a tangle, but it’s important to know the difference if you are shopping around for a real estate specialist to help you buy a new home or one to sell your current home. And sometimes, you need both.
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REALTOR® vs Real Estate Agent | What is the Difference?
The REALTOR vs real estate agent debate creates a common dilemma that comes up when it comes to entering the world of real estate. Both can help you buy your next home or sell your current house. But what is the difference between a REALTOR® and a real estate agent, or better yet, which one is better?
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Buyers Market | Is it a Buyers Market Right Now?
A buyers market in real estate means that you, as the buyer, have lots of choice and the ability to negotiate. And let’s be honest, the last time it was a buyers market…well, we don’t even remember. Is it a buyers market right now? Let’s take a look at the current real estate market to see if buyers should be encouraged.
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Homeownership | 27 Tips to First Time Home Ownership
Homeownership is the goal for many of us. There is the nuts-and-bolts side of the journey which involves finances, the mortgage loan (and all that goes with it), and the actual work of operating a household. There is also the personal development side that requires careful planning, diligence, and a willingness to learn. Let’s explore the essential steps to prepare for first time home ownership, the buying process itself, and the ongoing work required to maintain a home and budget.
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How to Choose a Real Estate Agent
How to choose a real estate agent may seem like a simple question, but it’s really two questions. First, we will look at how to find a real estate agent using the tools that are out there. Second, we will look at finding the right fit between you and an agent.
Military First Time Home Buyer | 5 Helpful Tips and 3 Resources to Save You Money
If you are a military first time home buyer, it can be difficult to know where to begin. Should you start searching online listings, or call a real estate agent, or start watching HGTV or investigate mortgage options? The good news is: you don’t have to know everything about this entire process, and some of the resources
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How to Avoid PMI Insurance AND How to Stop Paying PMI if You are Now
Private mortgage insurance (PMI) protects a lender from the risk associated with a borrower, if the borrower goes into default or foreclosure. Basically if you need to borrow money from a lender to purchase a home, but cannot afford to pay at least 20 percent down payment on the borrowed amount, the lender will likely require you buy PMI insurance from a PMI company before signing off on the loan. In this post, we look specifically at how to avoid PMI insurance and how to stop paying PMI insurance if you are now.
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