First Time Homebuyers and Cash Back Real Estate
There are many great reasons to consider owning a home:
You'll have a place that is yours!
You'll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come.
You may pay less to own a home than you would to rent – and it's yours at the end!
Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.
Your monthly payments won't ever go up if you choose a fixed-rate mortgage!
If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan (if your taxes go up, your escrow will go up – increasing your monthly payment).
You'll build a good nest egg!
Owning a home and building equity is the single greatest source of financial security and independence for the majority of people who've taken this step.
6 Steps To Being A First Time Homebuyer
Step 1: Are you ready?
Do you have a steady job and income? Are you ready to budget and plan, in case things dont work your way?
Step 2: Get Qualified For A Loan.
Provide information to me or a lender and get the "pricing" on the home your interested in. Information may include tax returns, bank statements, w-2 forms, or cancelled rent checks if your renting.
You dont have to use me for the loan. But, I will be able to research over 100 different lenders at the same time for you, and find the best possible program for your scenario. This includes FHA / VA government loans and some government down payment assistance loans. In most cases, I will do the loan for you without origination points. FREE LOAN - Hello !
This will also narrow a price range for you to consider. I can help you figure in taxes and insurance, which most agents dont want to scare you off with.
This stage will also allow us to figure out what kind of closing costs to ask sellers for. Nowadays, we can make your seller pay for your loan. Why should you pay points and fees?
Step 3: Find out what's available
Now it's time to decide where you want to live and research what types of housing are available like one-story single family, condos, town homes, etc. Where do you want to live in relation to work, schools, or parks? Do a little research, go to Realtor.Com and peruse properties and maps.
Step 4: Choose a neighborhood.
Once you know the housing stock, you can look at specific neighborhoods. Cruise by at night time to see whether you get a "vibe" that it's a safe neighborhood. If you have children, you'll want to check out the quality of the schools. You may want to check out what types of large-scale facilities (airports, highways, chemical plants, etc.) are nearby, and whether you're convenient to shopping, work and schools. You can do much of this independently.
Step 5: Define your house and find it.
Now, you can narrow down the features you want in a house. Do you want an energy-efficient model? Do you want two stories, a basement, a bathroom downstairs or a large back yard?
Step 6: The Art of The Offer.
As your Realtor, I will work on a strategic offer for you. The offer is written up on a multi page form. The offer is presented to the seller's agent and the seller, who will discuss the offer. The seller may then accept the offer or counter back, stating what they really want from our offer.
Heres where other agents lack. I can exert various forms of pressure and negotiating tactics to get the best possible offer accepted. WE may include all costs for your loan, possibly also buying your rate down, at the seller's expense.
Once the offer or counter offer is executed and or accepted, you will have to put up a refundable good faith deposit of $1000. These funds and the now offer turned contract will then head to escrow, a neutral third party who will hold the funds and transfer title.
We have 17 days to clear issues with the property and / or the loan.
This offer will be contingent on us procuring a loan, value as identified in appraisal, and inspection or correction of defects found in a property home inspection. This is where the loan prequalification comes into play. Being prepared here, saves gut wrenching and worry. The appraisal is primarily for the lender who must have a benchmark on which to lend on. The home inspection will offer detailed information on the current state of the property and outline potential problems for correction before close of escrow or for negotiating power..
Once we are satisfied with the property, loan, and possibly, any repairs, escrow will then be able to close and you are fully committed. You have up to 17 days after you submit and have your offer accepted to do your due diligence and investigations with the home before you may be subject to penalties and fees from escrow - which come out of your earnest money deposit.
Why You Should Consider A Government Backed Loan
1. Government First Time Home Buyer Loans can offer a buyer a lower starting rate than a conventional 
mortgage.
2. Easier qualification and less stringent credit requirements
3. A government backed loan is normally assumable - an issue and selling point if you decide to sell your
home.
4. There is downpayment assistance still available !!!
First Time Home Buyers Qualify For Rebates Too !
