Don’t have money for a down payment?

Shima 0 comments 02.02.2022

Those who have bought paid an average of 7% down. According to the FEDS, large student loan debt caused long-term financial damage to many millennials. 55% of millennials who have enough a home say that they had to make a financial sacrifice such as limiting vacations.

24% of millennials say they cannot purchase a home because they don’t have the down payment.

Fortunately, there are numerous C.A.R. down payment assistance resources, including FHA, FANNIE MAE, and FREDDIE MAC plans.

 Above are a few ways to buy a home with $0 down.

Benefits to owning a home.

Shima 0 comments 09.04.2016

Buying a home is the largest single investment most people ever make, and this also makes it one of the most important decisions they will face.

Below are 10 reasons why it is important for everyone to own a home.

Freedom and Privacy

When you own your own home, you are not subject to the occasional inspections of the premises by the landlord.  You can paint, decorate, or improve the property as you like.

Inflation Protection

Your rent can keep going up, as do house prices.  Once you purchase a home, you, not the landlord, reap the benefits of its appreciation in value.  Historically, home prices will maintain value even in recessionary times, and increase in normal or good economies.

Tax Benefits

Many interest deductions have been eliminated from the IRS regulations, yet mortgage interest on your home is a very healthy deduction, especially in the first years when the bulk of your payment is interest.  Other deductions are also available to homeowners for energy credits or other improvements.  Property taxes are also deductible.

Improvements

Speaking of improvements, a renter gains nothing when he improves the house he lives in.  A homeowner reaps a return on those improvements when the house is sold.

Retirement Security

Unlike rent, which goes on forever, a mortgage is paid off at some point in time.  This can provide a “rent-free” retirement dwelling for you.

Environment and Lifestyle

It is usually apparent whether a neighborhood is made up owners or renters.  Homeowners have a financial stake in their neighborhood, and consequently take better care of their property.  This, in turn, helps your property continue to increase in value.

“Trading Up”

In today’s real estate market place, not everyone can afford their ideal home as their first purchase.  By purchasing any home and gaining by its appreciation and any improvements made, many people are able to sell their first house and “trade up” to that ideal home of their dreams.

Investment or Income Property

A second home can be an excellent tax deduction and investment.  Interest on a second home is also tax deductible, and you will be able to gain profits and tax benefits from renters.

“Effective” Interest Rate

The interest you actually pay will be much less than you think, on the first impression.  Because the interest is tax-deductible, you may be able to change your withholding or receive a larger tax refund.

Curious if you're qualified to buy? Give me a call today to find out.

 

 

Don’t Show Up At The Altar Without Your Ring

Shima 0 comments 25.06.2015

One of the first questions I always ask my clients is, “Have you already been qualified?” I’ve noticed, this tends to cause two reactions.

1. The client suddenly feels concerned

OR

2. The client assumes it is because I think they are not capable.

This is not true.

Purchasing a home is very similar to planning a wedding. A home is one of the greatest investments you will make in your life, so you want to think things through so that you find the right fit for you. It is similar to searching for a venue, wedding dress, cake, etc.

 You don’t just show up on the wedding day. You do your research, plan, and prepare wisely. Qualifying is just one step before the fun begins.

 Jimmy Wakimoto, Vice President of Lending Operations at Civic Center Home Loans shares that…

“It’s important to keep an open mind about what you believe to be fact about mortgage lending.  For example, “Over 32% of Americans still believe that you need to have a 20% down payment to buy a home, even though that has not been true for over 30 years.  In fact, some special programs allow you to buy without any down payment at all.  There are a lot misconceptions out there about what it doable and what is not and it rules change very frequently.  Don’t let incorrect information lead you down the wrong path, talk to a professional mortgage lender and get the facts.”

Even if you are not planning on purchasing a home for another year or so,

It doesn’t hurt to get qualified for 2 reasons:

1. You will need to it, eventually.

AND

2. If you discover your credit is in fact low, it may take 2-3 months to fix.

Getting qualified does not cost a dime. Wakimoto can determine what you qualify for by simply running a report for you.

Prior to a quick meeting with Jimmy, you will need to gather

-Paystubs or evidence of income for most recent one month period.

-ALLpages of statements (bank, 401K, investment, etc.) for the most recent TWO month period.

-W2’s/1099’s for the past 2 years.

-Copy of your Driver’s license and Social Security card

-2 years (Federal only NOT State) income tax returns.. ALL pages

Remember, you wouldn’t show up at the venue not knowing if your ring will be there. Get qualified today and expedite the home-buying process.

To learn more, please refer to Wakimoto’s wonderful website here.

Did You Serve?

Shima 0 comments 28.04.2015

The military is very close to my heart and I stay committed to serving Veteran home buyers by constantly expanding my knowledge of V.A. loans.

I’m proud to have recently been certified with the “Did You Serve? Agent Certification!”

Thank you to all the troops who are dedicated to serving our country!