Tag Archives: House Hunting

What Homeowners Have to Say About the Benefits of Owning a Home

June is National Homeownership Month, so we’re celebrating all the wonderful things that come with being a homeowner!

There’s a lot of information out there that explains the benefits of buying a home — but don’t just take it from the experts. We wanted you to hear from real-life homeowners about the perks of owning, so we surveyed nearly 80 homeowners across the country.

Here’s what they have to say about the benefits of owning a home.

Why did you choose to buy a home?
“[It’s] part of the American Dream — the ability to make decisions about my home without the need for prior approval from a landlord. ‘Make it ours.’” — Vicki, Saginaw, MI
“Made more financial sense to own versus rent.” — Shmuel, River Edge, NJ
“Rent felt like a waste of money. With a home you gain equity over time. It’s an investment.” — Dustin, Pocatello, ID
What is your favorite memory in your current home?
“The day we started our first ‘remodel’ project. Being able to take our own vision and see it progress is a great feeling.” — Alyssa, Ottawa, IL
“Waking up in my own house the day after I moved in.” — Anonymous, Baltimore, MD
“The holidays. We have so many great memories of our first Christmas. Getting to decorate the outside with lights and decorations and having the indoor area for the tree and stockings.” — Jennie, St. Louis, MO
How does being a homeowner benefit you financially?
“The main benefit is that the money we’re paying in mortgage, plus our equity, will be given back to us when we sell. It’s practically a guaranteed savings account.” — Terri, Downers Grove, IL
“I started with a $99k home and have renovated and improved my way up to a $600k home.” — Glynis, Sacramento, CA
“15 years ago I bought my first home in an up and coming neighborhood for only $10,000 down. Using the equity that I gained from that home, I’ve since sold and bought a new larger home that is now worth $1.5 million! Being a homeowner has significantly improved my overall net worth!” — Anne, Brooklyn, New York
What do you get from owning that you didn't get from renting?
How does being a homeowner benefit you financially?
“[It has] given me a place of refuge that’s all mine and a place for my family to gather.” — Renee, Gulfport, MS
“Owning a home has surprisingly made me more financially responsible and more stable.” — Marissa, Sacramento, CA
“It keeps me emotionally grounded and connected to a place.” — Anonymous, Spokane, WA

More About the Survey

Charts

 

Happy National Homeownership Month!

If you’re ready to learn more about the benefits of owning and whether it’s right for you, contact Cason today!

Get Ready… To Own Your Own Home!

Do you have a credit score of at least 620 — or nonexistent credit?

Do you receive rental income from a friend, family member, or boarder who lives with you?

Do you have limited funds for a down payment? 

 

Then Fannie Mae’s HomeReady loan program may be for you!

Borrowers with low to moderate income now have a program they can turn to when they’re ready to take the plunge into homeownership. With this unique program, you can use the combined income of everyone in your household toward qualifying for a home loan, including rental payments you receive as income. And you don’t even have to contribute any of your own money. With a HomeReady loan, your down payment can come from a gift or grant.

In fact, you don’t even have to have low income to qualify for HomeReady. In some circumstances, borrowers who are purchasing a home in a low-income or high-minority census tract may be eligible — regardless of their income.

 

If you’re interested in owning your home but not sure if you’ll qualify for a loan, let’s see if the HomeReady program can help turn your dreams into reality. Contact me today to get started!

We are not acting on behalf of or at the direction of Fannie Mae or any government entity or program. Program rates, terms and conditions are subject to change at any time and may vary based on borrower’s credit history. Not all applicants will qualify.

Why Fall Is the Best Time of Year to Buy a Home

Fall is arguably the best time of year for many reasons. The weather becomes cooler, the leaves begin to change, football season begins, and pumpkin-flavored everything is in abundant supply. But there’s another great reason to love fall that might be less obvious…it’s the best time of year to purchase a home.

Prices Are Typically Lower

The concept that buyers can get a better bang for their buck in the fall has been a popular notion for some time, but two recent reports validated that line of thought with data from actual home sales. According to a 2015 report by RealtyTrac, sales prices are typically 2.6% below fair market value during October — a steeper discount than any other month of the year. Another report by NerdWallet found that sales prices drop about 2.96% from summer to fall, which is roughly an $8,300 discount for the median home. It’s also worth noting that while listing prices don’t decrease much, sales prices do, and that’s the price that counts for potential buyers.

 There’s Less Competition

The majority of people buy a home in spring or summer, when inventory is traditionally high. This gives families time to make their move before the school year starts, but the tradeoff is that buyers are faced with strong competition and often pay higher than asking price during that time. People who buy in fall, however, have less competition, and sellers are more motivated. This means more negotiating power for the buyer, which often results in a better deal.

There’s Still Inventory

It’s true that the inventory of homes for sale is at its peak during spring and summer, but when you buy in the fall, there’s still a decent supply of homes left to choose from. While it could be argued that buyers could get an even better deal if they wait ’til winter, by that time, it’ll be slim pickings. Buying a home in the fall gives you the best of both worlds — lower prices and less competition but still enough inventory to find the home you want.

If you’re serious about buying a home, doing so this fall may save you money or help you afford more than you expect. Plus, with interest rates on the rise, the longer you wait, the less buying power you may have.  Click here  to learn more about the impact that rising interest rates has on affordability.

Let’s Get HomeReady

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Have you been wanting to buy your own home but never thought you would qualify? Do you need to refinance your current loan to more affordable terms? Then it’s time we talked about the HomeReady loan from Fannie Mae.

Homeownership is now within reach for millions of Americans, thanks to the HomeReady home loan program. Homebuyers with low to moderate income and credit have more opportunities to qualify for a mortgage, using income and down payment sources other loans may not accept.

Program Benefits:

  • Down payment as low as 3%
  • Use a gift or grant for down payment and closing costs
  • Credit score as low as 620, with added benefits for scores of 680 or higher
  • Low mortgage insurance premiums
  • Rental and boarder income may help qualify
  • Gifts from non-occupying borrowers may be allowed

Borrowers who need gift funds to cover down payments and closing costs, or who live with extended family, or who have roommates who contribute rental funds, can use these alternative income sources toward qualifying for a HomeReady loan.

Some homebuyers who don’t qualify as low-income may also be eligible when they buy in low-income or high-minority areas. And even current homeowners may be able to take advantages of the HomeReady loan’s benefits by using it to refinance their current home loan.

If you want to own your home but you just need a little extra help, the HomeReady loan may be the chance you’ve been waiting for. Let’s set up a free consultation today.

We are not acting on behalf of or at the direction of Fannie Mae or any government entity or program. Program rates, terms and conditions are subject to change at any time and may vary based on borrower’s credit history. Not all applicants will qualify.

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