Homes for Heroes Blog - Hero Savings, Buying and Selling Tips

Teacher First Time Home Buyer Programs | Save with Homes for Heroes

June 23, 2023September 18, 2024 / in First Time Home Buyer / Homes for Heroes

Teacher first time home buyer programs deliver a variety of benefits to educators who are beginning their journey into finding a home. Some deliver financial benefits, some provide rewards, some provide help at different stages and some deliver resources. When you are looking at your first home, the blizzard of details can be daunting, partly because so much of it is new. Don’t let that stop you. Find the professionals and friends who can help you.

Teacher Mortgage Program | Help for Educators Looking to Buy

June 21, 2023September 18, 2024 / in Mortgage and Home Loans / Homes for Heroes

A worthwhile teacher mortgage program can help your search for a new home, or your next home, immeasurably. There are a ton of moving parts in a home search – offers, counteroffers, appraisals, inspections, closings – but none is more central than applying for and being approved for…the mortgage. It’s a complicated contract, and it’s a loan you will be living with for a long time. Your monthly mortgage payment will become a central part of your budget, so you want to do it right. Don’t panic. There’s help.

How to Save for a Down Payment | 13 Helpful Saving Tips

June 21, 2023September 18, 2024 / in Buy a House / Homes for Heroes

Learning how to save for a down payment on a house can seem like a daunting task, especially if you are living paycheck-to-paycheck (and most of us are). However, with the right strategies and discipline, you can make your dream of home ownership a reality. Let’s look at 13 ways that can help you save for a down payment efficiently and effectively. From automating your savings to improving your credit score, we are confident you can do this.

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Comparative Market Analysis | Benefits of a CMA

June 20, 2023September 18, 2024 / in Sell a House / Homes for Heroes

A comparative market analysis is a bit like a Swiss Army knife – it’s a multifunctional tool that can help both buyers and sellers as they enter the real estate market. It helps buyers understand the pricing of homes, including factors that have nothing to do with the actual structure. For sellers, it’s vital for arriving at an appropriate listing price. Misjudging the value of a home can result in financial losses, which underscores the importance of a reliable CMA.

Pros and Cons of Down Payment Assistance Programs

June 20, 2023September 18, 2024 / in Buy a House / Homes for Heroes

The pros and cons of down payment assistance fall into two categories: people love them or people like them. As with most financial assistance, there are usually hoops to jump through and requirements you must meet. When you weigh that against the benefits of getting free, or almost free, money for your down payment, you see what we mean.

Recommended Down Payment on a House in the U.S.

June 14, 2023September 18, 2024 / in Buy a House / Homes for Heroes

The recommended down payment on a house in the U.S. is a hotly debated topic. If you are old school, it’s 20%. If you are a first-home buyer, that’s a rather big hurdle. It makes the prospect of owning a home seem out of reach. There’s good news: there is no one answer to the question of what kind of down payment you need for a house. It all depends. Let’s look at some of the factors that can affect your down payment.

USDA Loan Down Payment | Here’s What You Need to Know

June 13, 2023September 18, 2024 / in Buy a House / Homes for Heroes

The USDA loan down payment and the USDA loan program, if it fits your situation, is a remarkable opportunity to save a lot of money when purchasing your new home. The initiative comes from the United States Department of Agriculture (USDA), which may seem strange. However, the loan program is designed to promote homeownership in rural areas of the country. Consequently it’s an opportunity that many potential homebuyers may not be aware of.

Second Home Down Payment | Here’s What You Need to Know

June 12, 2023September 18, 2024 / in Buy a House / Homes for Heroes

A second home down payment is a bit more complex than getting your first mortgage for your primary residence. Generally, if you can afford a second home, you have some financial resources and some credit history with your mortgage lender. The question is: do you have enough?

Typical Down Payment on a House

June 8, 2023September 18, 2024 / in Buy a House / Homes for Heroes

A typical down payment on a house in the United States used to be a straightforward 20 percent. However, due to the soaring home prices today, a 20% down payment has become unattainable for many, especially first-time home buyers. Lenders have adapted to this shift and now offer more flexibility, with some government programs even featuring no down payment options for eligible individuals. Instead of feeling discouraged, consider the evolving world of down payments and explore alternative solutions.

No Down Payment Mortgage | Buying a House with No Money Down

June 6, 2023September 18, 2024 / in Buy a House / Homes for Heroes

A no down payment mortgage is like the holy grail for first-time home buyers, and any home buyer for that matter. Everyone wants to find it, but finding one involves some luck, some preparation and some research. The requirements and eligibility are tightly regulated, but if you are willing to look at down payments that are almost zero, the options open up a bit more. Let’s look at both zero down payment mortgages and “almost zero” low down payment opportunities.

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