New Homes Garden Nursery Landscaping Guide
New Homes In Your Price Range
By James R Blunt
If you’ve been a lifelong renter thus far, then you may be wondering
if homeownership is right for you. First, you must have a steady
source of income. When you’re looking at the list price of new
homes, use a mortgage calculator to see what you’ll pay per month
and make sure it’s no more than 33% of your monthly income.
You’ll also want to ensure that you have a good credit history
so you won’t have to pay the highest mortgage rates. Thirdly,
you’ll want to have money saved for a down payment (usually 20%
to 25% of the total housing price). Be sure you’ve considered
other big expenses into your budget too, like a new car, a wedding
or college tuition.
Buying A Home With A Blemished Credit History
There are many myths that people believe, which stymie their
search for new homes. For example, some people hold off, thinking
that they need perfect credit or a 20% down payment saved up.
In reality, you may still be able to search for homes with blemished
credit.
Over time, your credit will improve and you may be eligible for
refinancing your loan. You can also find a rent-to-own property,
which will buy you another 3 years to get your credit up to par
if you need it. There are still realty options that allow you
to buy a home with little to no money down.
Assistance For First Time Home Owners
Some organizations like HUD help first time home owners with
down payment assistance, rent-to-own real estate puts aside a
portion of your rent toward the down payment and there is a first-time
home buyers’ credit of $7,500 this year.
When you start looking at new homes, you’ll find the process
is very emotional, fun and exciting. When you find your dream
home, you’ll know it instantly. You’ll envision your personal
belongings and furniture in the rooms and you’ll feel an overwhelming
sense of joy.
Questions To Ask When Searching For Homes
However, it’s important that you remain grounded, have a set
budget and stick to it. Avoid looking at homes above what you
can afford even if it’s "just ten thousand more." In
your search for homes, bring a camera, a note pad and someone
close to you.
Ask about utility and maintenance costs, consider your commute
and focus your efforts on a few key neighborhoods. With the help
of a trusty real estate agent, you’ll have access to the MLS where
there are numerous listings you couldn’t have discovered on your
own.
Qualifying For A Government Grant From HUD
First time home buyers may qualify for government grants from
HUD to help them buy their new homes. You will never have to repay
a government grant, which makes them more desirable than other
down payment assistance programs.
With a grant, a person making less than $16,000 could receive
$5,000 toward their realty purchase; a person making less than
$24,000 could receive $3,750 and a person making less than $34,000
could receive $2,500.
Look Out For Eligibility Rules
You may not be eligible if you have defaulted on a government
loan, if you have a tax lien, if you declared bankruptcy less
than 24 months ago, if you have unpaid child support or if you
have owned another home within the last three years.
These are just general examples, so you should check with the
US Department of Housing and Urban Development website for more
details.
About the Author:
James R Blunt has written a number of articles on architecture
and home improvement including The
Design, Architecture
And Design, Design
Development, Architectural
Digest, Architectural
Services, Architectural
Design, The
Architect, The
Architectural.
Keep a lookout for more of his articles on this website.
Little Known Home Owner Facts....
If you are a home owner then you know the importance of making
sure your house is something that you can afford. There have been
far too many home owners that have signed a mortgage or asked
for a loan only to find themselves in trouble when it comes to
paying it back.
You may be building an addition to your home or you may even
be considering making your house more environmentally friendly.
You need to make sure you have the resources you need right at
your fingertips. It might be a loan kit, a home improvement kit
or simply a resource on hiring out a contractor.
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