By, Sandy Flores Broker
Making that leap from renting to owning a home comes with many strings attached both financially and emotionally. And even though home ownership comes with great responsibility, you might be surprised how achievable it can be.
You can make the Dream of Owning your Home a reality, absolutely! If you are paying monthly rent is very likely you would be able to afford a mortgage payment. The most important factor is to know how much you can qualify for and if the mortgage rates and term for your payments will actually fit your budget comfortably.
There are so many options and programs that will help you as a First Time Home Buyer, with low or no-down payment. Check it out!
For more information call me. I am here to guide you over.
The U.S. Department of Housing and Urban Development (HUD) on Friday announced significant changes to its Distressed Asset Stabilization (DASP) program meant to offer more protections to borrowers facing foreclosure and increase non-profit participation in purchasing distressed loans. This enhancements for HUD’s Distressed Asset Program will provide borrowers more Protection.
Under the new rules, loan servicers are required to delay foreclosure on a home for a year and evaluate all borrowers facing foreclosure for participation in the government’s Home Affordable Modification Program (HAMP) or a similar loss mitigation program. Loan servicers could previously foreclose on a home six months after they received the loan and were not required to evaluate borrowers for loss mitigation programs, though they were encouraged to do so.
U.S. Consumer Confidence rebounded strongly in March within optimism over the labor market while house prices increased in January.
Rising confidence and home prices adds to the belief that the first-quarter slowdown will be temporary.
While consumers were less optimistic about the short-term outlook, they had greater confidence in the labor market, with the share of those anticipating more jobs in the months ahead increasing significantly. The proportion of consumers expecting income growth also rose solidly, which should help to strengthen Consumer spending.
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Everyone’s drawn to the biggest, most beautiful house on the block.
But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell.
Your home is only going to go up in value as much as the other houses around you. If you pay $600,000 for a home and your neighbors pay $350,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the house that has the most deferred maintenance on the block, because the worst house per square foot always trades for more than the biggest house.