1. Innovative Floor Plans: Builders today design homes the way you live today! Open floor plans, large mud rooms, 1st or 2nd floor laundry rooms and more places for storage! They offer the latest designs such as Mufti Levels or the 5 level split homes, 1st floor masters, updated 2 stories and Open ranch floor plans. Building a new home ensures that home offices no longer need to be created out of converted bedroom, as they're conveniently located on the main floor. New homes offer bonus and flex rooms, which allows you to customize the space to your family needs!
2. Energy Efficiency: Buyers today are concerned with throwing away extra money on high utility bills. Builders are now taking advantage of the latest products available such as: Low E Glass Windows, the latest HVAC systems, Energy Star appliances, superior insulation, and Green Homes. In fact some local builders are offering a guarantee on the utility bills! Ask me how this program works!
3. Better Financing: Builders are able to offer buyers the best rates in town! They generally have a lender they have partnered up with to offer rates lower than any bank can offer you. For example if you are pre approved with you credit union or bank now for $150,000 than typically when you talk to the builder’s lender they may qualify you for $190,000. Why? Because the builders have the ability to add certain expenses into the home offering the lowest rates available!
4. Personalize the Space: One of the best things for new buyers is the ability to personalize your space before you move in without lifting a finger. Most builders offer a design studio so that you can design and customize the entire home. You can pick items such as: Siding, Shutters, Cabinets, Countertops, faucets, flooring, lighting fixtures, railing systems, paint color and appliances. A decorating consultant will be on hand to guide you through he selections and make the process absolutely painless!
5. Warranties: When you build a new home you can rest assured that you'll be taken care of before, during, and after the sale! Most builders offer warranties on the home and the structure of the home. Each builder offers a different warranty plan. So ask me what the differences are if you are looking to buy a new home!
****If you are considering a new home, please call me today to sit down and discuss your options~! It is extremely important to work with a realtor when looking at new homes. I have experience first hand working at Dominion, M/I Homes, Maronda Homes, & Epcon Communities. My experience will ensure the process goes smoothly and that you get the best deal in town! ******
Tuesday, May 31, 2011
Thursday, May 26, 2011
Need to improve your credit score in 30-45 days to buy a home?? READ THIS....
How to increase your credit score by 10-100 points
To improve your score you have to know where you currently stand. You can get 1 free report a year to see what is reporting on your report. To know exact FICO scores you will have to pay. Here is exactly what you need to do.
- Do you have a Judgment? If so pay it off immediately! Go to the courthouse directly and ask for a receipt. After paying it off send a copy of the receipt to each credit bureau to show that it has been paid.
- Do you have a credit card? If so make sure that your balance remaining is only at 10% of your limit. No more than 30%. For example if you credit limit is $1000.00 you should only have a balance of $100.00. Anything over 30% drops your credit score. If you do not have a credit card than you should look into getting one. If you can’t qualify for a credit card look into getting a secured credit card. A secured credit card is where the bank issues you a line of credit equal to what you give them in a security deposit.
- Do you have any installment loans? This would be loans such as cars, personal loans, mortgages and/or student loans. These types of loans increase your score faster. Especially over time this shows you are consistent and responsible.
- Do you have old accounts that are still showing active? If so close those accounts! The more lines of credit you have open could hinder your scores.
- Do you have items reporting incorrectly? If so dispute those items through that credit bureau. This could help increase your score drastically! Find out the credit bureau that is reporting this wrong and go to there website. You can either dispute it on line or fill out their dispute form and fax it over to their office. They will ask for a brief explanation and if the item has been paid they may ask for proof so be prepared!
Doing these items can increase your score in the next 30-45 days! If you need help please feel free to contact me. I helped 4 home buyers last year increase their scores so that they can buy their dream home!!
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To improve your score you have to know where you currently stand. You can get 1 free report a year to see what is reporting on your report. To know exact FICO scores you will have to pay. Here is exactly what you need to do.
- Do you have a Judgment? If so pay it off immediately! Go to the courthouse directly and ask for a receipt. After paying it off send a copy of the receipt to each credit bureau to show that it has been paid.
- Do you have a credit card? If so make sure that your balance remaining is only at 10% of your limit. No more than 30%. For example if you credit limit is $1000.00 you should only have a balance of $100.00. Anything over 30% drops your credit score. If you do not have a credit card than you should look into getting one. If you can’t qualify for a credit card look into getting a secured credit card. A secured credit card is where the bank issues you a line of credit equal to what you give them in a security deposit.
- Do you have any installment loans? This would be loans such as cars, personal loans, mortgages and/or student loans. These types of loans increase your score faster. Especially over time this shows you are consistent and responsible.
- Do you have old accounts that are still showing active? If so close those accounts! The more lines of credit you have open could hinder your scores.
- Do you have items reporting incorrectly? If so dispute those items through that credit bureau. This could help increase your score drastically! Find out the credit bureau that is reporting this wrong and go to there website. You can either dispute it on line or fill out their dispute form and fax it over to their office. They will ask for a brief explanation and if the item has been paid they may ask for proof so be prepared!
Doing these items can increase your score in the next 30-45 days! If you need help please feel free to contact me. I helped 4 home buyers last year increase their scores so that they can buy their dream home!!
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Low Credit Score Financing Options
Do you have less than perfect credit? Do you have a credit score between 600-640? You may be eligible for the OHFA program. OHFA has multiple programs available for the first time home buyer.
To qualify for an OHFA loan, you must also qualify as a first-time homebuyer.
•Someone who has never owned real estate.
•Someone who has not owned or had an ownership interest in his/her principal residence in the last three years.
•Be a qualified military veteran.
•Purchase a home in a target area.
Check out our Target Area Loan Program.
•Be creditworthy. Minimum credit scores may apply.
•Have a signed Purchase and Sales Agreement for a qualifying property.
•Qualify for the loan being requested. Lenders will assess your ability to afford a home by considering income, assets, job stability, liabilities, and other criteria.
OHFA offers a down payment assistant program as well! If you need help with the normal 3.5% down you may be eligible for the grant money!
If you qualify for one of OHFA's home loan programs, you can choose to take advantage of the Down Payment Assistance Grant.
•OHFA will issue a grant in an amount up to 2.5% of your home's purchase price.
•You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the grant will greatly reduce your expenses, you may still be required to pay for some costs out of pocket.
•If you take advantage of the grant, your mortgage interest rate will be .5% higher than OHFA's current mortgage rates.
Stop worrying about your less than perfect credit score and down payment! Call me today to get started on the right path! As you can see there are options available!!I have a process in place to help you find your dream home in 30 days or less!!
Molly Hay 614-581-2086
To qualify for an OHFA loan, you must also qualify as a first-time homebuyer.
•Someone who has never owned real estate.
•Someone who has not owned or had an ownership interest in his/her principal residence in the last three years.
•Be a qualified military veteran.
•Purchase a home in a target area.
Check out our Target Area Loan Program.
•Be creditworthy. Minimum credit scores may apply.
•Have a signed Purchase and Sales Agreement for a qualifying property.
•Qualify for the loan being requested. Lenders will assess your ability to afford a home by considering income, assets, job stability, liabilities, and other criteria.
OHFA offers a down payment assistant program as well! If you need help with the normal 3.5% down you may be eligible for the grant money!
If you qualify for one of OHFA's home loan programs, you can choose to take advantage of the Down Payment Assistance Grant.
•OHFA will issue a grant in an amount up to 2.5% of your home's purchase price.
•You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the grant will greatly reduce your expenses, you may still be required to pay for some costs out of pocket.
•If you take advantage of the grant, your mortgage interest rate will be .5% higher than OHFA's current mortgage rates.
Stop worrying about your less than perfect credit score and down payment! Call me today to get started on the right path! As you can see there are options available!!I have a process in place to help you find your dream home in 30 days or less!!
Molly Hay 614-581-2086
Can I borrow more money than the purchase price of the home to make repairs?
This is the most common question I get from buyers today. The answer is YES!! There is a loan program called the 203K Streamline Loan. This loan is designed for the FHA buyer in mind. If you are looking at properties that are distressed and in need of repair than this loan is an option for you. FHA's Streamlined 203(k) program permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements.
This program was designed to let the FHA buyers buy homes that are in need of repairs without the worries of a complicated loan program. This loan offers low interest rates, little down payment options, and 30 year fixed rates!
Requirements:
-Owner Occupants Only
-There must be a minimum of $5,000 in repairs needed
-The work must be completed 30 days after an executed agreement
-Single Family Homes and one to four unit dwellings are eligible
- HUD Homes are allowed. However, the property must be advertised that it is eligible for financing with a 203(k) loan
To see if you and the home you are looking at are eligible for this program call Raub Warner at The State Bank (614) 571-0626. If you are in the beginning stages of owning a home and this program sounds like something you are interested in, Please contact me at (614) 581-2086. I will send you a FREE list of eligible homes!
Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements.
This program was designed to let the FHA buyers buy homes that are in need of repairs without the worries of a complicated loan program. This loan offers low interest rates, little down payment options, and 30 year fixed rates!
Requirements:
-Owner Occupants Only
-There must be a minimum of $5,000 in repairs needed
-The work must be completed 30 days after an executed agreement
-Single Family Homes and one to four unit dwellings are eligible
- HUD Homes are allowed. However, the property must be advertised that it is eligible for financing with a 203(k) loan
To see if you and the home you are looking at are eligible for this program call Raub Warner at The State Bank (614) 571-0626. If you are in the beginning stages of owning a home and this program sounds like something you are interested in, Please contact me at (614) 581-2086. I will send you a FREE list of eligible homes!
Wednesday, April 20, 2011
Wednesday, March 23, 2011
Is Rent to Own for you??
Rent to own has its pros and cons. I have been getting so many calls this week from buyers asking if I had any homes available for rent to own. I decided to write this note about the pros and cons for a buyer if they decided to do this. It was scary to see how many people were so uneducated about it and who weren’t even going to research it to find out what their risks were! They were just desperate to live in a home they weren’t researching this.
Here are the advantages:
1. Perfect solution to live in a home if you have past credit problems
2. If you are going through a divorce with children and need to live in a home
3. If you can not afford a down payment
4. It is very easy to qualify most of the time credit score isn’t even considered.
5. You can try the home out before you buy
Here are the disadvantages:
1. The tax benefit of OWNING doesn’t exist.
2. You do not get a huge variety of homes
3. You have to settle for a home that you wouldn’t normally settle for if you were able to buy
4. The sales price in some cases isn’t negotiable
5. Most of the time the homes that are available for rent to own is a home that the seller can’t sell. In most cases the home has been on the market for a year or longer
6. What are the penalties if you can’t buy or decided not to buy? READ THE AGREEMENT!!!
7. Are there any liens on the property? This is something that is checked by a title company when you are purchasing the home. When you are renting the home you skip this process! When it is for you to purchase the property the title must be clear of all liens.
8. What happens to you and your family if the owner stops making the payments to the mortgage company? What happens to your down payment?
9. What happens if your contract states you must pay X amount for the home and values drop again! Are you stuck paying the higher amount? Do you lose your upfront money?
10. If you are renting a new home from a builder READ THAT AGREEMENT!! The first year payment may only include the rent without full assessed taxes! This could change your 2nd year payments by $100.00’s per month!!!
There are so many problems that exist with this program. I had a girl call me yesterday in tears because she had signed a lease to own a year ago. The agreement said that she had to buy the home after 2 years. During this time she paid every month on time. She found out that the seller wasn’t making the mortgage payments and the bank had begun foreclosure!! She is now going to lose her $3000.00 deposit and has to find another home in 30 days for her and her 3 children before she ends up on the streets.
Today a couple called to ask me if I could help them get out of their lease to own contract. After reading through the small print the builder was charging them a $6,000 penalty if they couldn’t close when the rent to own period was up!! They couldn’t buy because their credit scores were still very low. Now they are out their upfront money they put down and on top of that a $6,000 penalty for not closing!!
Please read the fine lines!! If it sounds to good to be true it probably is!! Why would you want to settle on a house that has been sitting on the market for YEARS!! This is a buyers market, rates/prices are low, and there are many programs available with little or no money down!! Even if your credit scores are low work on getting them up so you can actually take advantage of this BUYERS MARKET!! A rent to own is ONLY HELPING THE SELLER!!! Call me if you need help building your credit! I have a program in place to help raise your credit scores so you can buy your dream home when the time is right!
Here are the advantages:
1. Perfect solution to live in a home if you have past credit problems
2. If you are going through a divorce with children and need to live in a home
3. If you can not afford a down payment
4. It is very easy to qualify most of the time credit score isn’t even considered.
5. You can try the home out before you buy
Here are the disadvantages:
1. The tax benefit of OWNING doesn’t exist.
2. You do not get a huge variety of homes
3. You have to settle for a home that you wouldn’t normally settle for if you were able to buy
4. The sales price in some cases isn’t negotiable
5. Most of the time the homes that are available for rent to own is a home that the seller can’t sell. In most cases the home has been on the market for a year or longer
6. What are the penalties if you can’t buy or decided not to buy? READ THE AGREEMENT!!!
7. Are there any liens on the property? This is something that is checked by a title company when you are purchasing the home. When you are renting the home you skip this process! When it is for you to purchase the property the title must be clear of all liens.
8. What happens to you and your family if the owner stops making the payments to the mortgage company? What happens to your down payment?
9. What happens if your contract states you must pay X amount for the home and values drop again! Are you stuck paying the higher amount? Do you lose your upfront money?
10. If you are renting a new home from a builder READ THAT AGREEMENT!! The first year payment may only include the rent without full assessed taxes! This could change your 2nd year payments by $100.00’s per month!!!
There are so many problems that exist with this program. I had a girl call me yesterday in tears because she had signed a lease to own a year ago. The agreement said that she had to buy the home after 2 years. During this time she paid every month on time. She found out that the seller wasn’t making the mortgage payments and the bank had begun foreclosure!! She is now going to lose her $3000.00 deposit and has to find another home in 30 days for her and her 3 children before she ends up on the streets.
Today a couple called to ask me if I could help them get out of their lease to own contract. After reading through the small print the builder was charging them a $6,000 penalty if they couldn’t close when the rent to own period was up!! They couldn’t buy because their credit scores were still very low. Now they are out their upfront money they put down and on top of that a $6,000 penalty for not closing!!
Please read the fine lines!! If it sounds to good to be true it probably is!! Why would you want to settle on a house that has been sitting on the market for YEARS!! This is a buyers market, rates/prices are low, and there are many programs available with little or no money down!! Even if your credit scores are low work on getting them up so you can actually take advantage of this BUYERS MARKET!! A rent to own is ONLY HELPING THE SELLER!!! Call me if you need help building your credit! I have a program in place to help raise your credit scores so you can buy your dream home when the time is right!
BUY A HUD HOME for 50% OFF OF LIST PRICE!!!!
Listen up!! Are you or someone you know a Firefighter, Teacher, Law Enforcement, or Emergency Medical Technician?? If so please contact me to get a list of HUD Homes that qualify for the Good Neighbor Next Door Program! This program offers a 50% discount off of HUD Homes!! That's right!! If the house is $100,000 you can buy it for $50,000!!!! What are you waiting for!!
Please have them contact me at hay.molly@gmail.com or 614-581-2086! This is a new program and I am not sure how long it will be around! Message me for details!!
I am an experienced HUD agent and would love to help you or anyone you know that may qualify for this program!
Molly Hay, HUD certified REALTOR
Re/max Town Center
Please have them contact me at hay.molly@gmail.com or 614-581-2086! This is a new program and I am not sure how long it will be around! Message me for details!!
I am an experienced HUD agent and would love to help you or anyone you know that may qualify for this program!
Molly Hay, HUD certified REALTOR
Re/max Town Center
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