Levittown, PA

EASING YOUR WAY INTO HOMEOWNERSHIP: HOW YOUR REAL ESTATE AGENT CAN HELP YOU QUALIFY FOR A LOW DOWN PAYMENT MORTGAGE

For many renters, the first step in buying a home is becoming educated about the process. If you're like many people considering a home purchase, you've spent nights and weekends poring over your local real estate section. You've talked to friends and relatives about their experiences. Maybe you've even purchased a book or tow to help you become more familiar with real estate terminology and the various types of mortgages commonly used today.

Coming up with a down payment and finding a loan that meets your needs are the greatest hurdles faced by first-time homebuyers. So, you may even have leafed through stacks of brochures and flyers from lenders offering down payments that are far less than the 20 percent you'd always thought you'd need to save before you could buy. With so many excellent first-time buyer programs to choose from these days, you practically need to be an expert to sort through them all.

That's why if you're a first-time homebuyer seeking a low down payment loan, you'll save time by selecting a professional real estate agent who is experienced in working with people just like you in the area where you plan to buy. An agent who frequently assists first-time buyers will know from experience which lenders in your area offer a low down payment program that will most closely match your needs.

A professional real estate agent can help you determine whether you are likely to qualify for these special programs, since participation in some may be limited to buyers under a certain income level or for the purchase of homes below a certain purchase price. Your agent also will be able to tell you whether there are other requirements you must fulfill in order to be considered. With some programs, for example, you must attend an educational seminar before you can be considered for one of these low down payment loans.

`It's important that your agent become familiar with your current financial situation. Before you meet with your agent to discuss your financial situation and housing needs, you'll want to collect some basic information to make the process easier. Be prepared to show recent paycheck stubs or pay vouchers to certify sources of income; a complete list of current credit card, auto and other consumer credit payments you make each month; and recent bank and savings statements. These documents will help you and your agent determine how much home you can afford. It's also important that you disclose any prior credit problems or late payments. Your agent may be able to suggest ways to remedy any negative remarks on your credit report that could disqualify you from a low down payment loan program.

In addition, because most lenders will require that you have several months of house payments in the bank as a reserve, your agent may be able to suggest ways you can increase your savings in the weeks and months leading up to your home purchase. Don't forget that some programs allow you to apply a cash gift from a family member to cover the required down payment and losing costs.

Your agent also may know a motivated seller who would be happy to assist you in accomplishing your home purchase by caring a second mortgage. A second mortgage is helpful because it reduces the amount of the first mortgage you need to obtain. In some cases, a second monthly payment and generally is required to protect the lender when a down payment is less than the standard 20 percent of the loan amount. Even if your seller isn't willing to take a second mortgage to complete the sale, he or she may be willing to pay your closing costs, which will reduce the amount of cash you need to have on hand up-front.

With interest rates edging up, innovative mortgage financing programs that require a low down payment are even more important than ever to first-time buyers. A professional real estate agent can help you sift through the countless programs that are available and help find the one that's mortgage can eliminate the need for private mortgage insurance, which is added to your right for you.

The need to know the The Difference between a Short Sale Expert and a Short Sale Wanna-Be in Bucks County, PA is very important. It could very well be the difference in getting your financial life back in order and saving your credit or the cause of financial ruin and foreclosure.

Do you live in the Bucks County, PA or Philadelphia area? Are you a home owner in distress? Are you looking for help but don’t know where to turn?

Are you considering selling your home as a short sale but not sure what the process is or what real estate agent (if any) is capable of helping you?

Well keep reading and stay tuned, the answers to these questions and more will follow. Due to the complex nature of short sales it will take multiple blogs to get through it all. But before we start...a brief interruption.

I must first start by stating, I am not an attorney. If you are in a distressed situation with your home, you should most certainly contact one immediately or at least make sure the real estate agent you are considering hiring has one, or better yet, a few they can recommend. An expert will have attorney(s) and accountant(s) they deal with regularly to help them navigate the short sale maze.

What is a short sale?

A short sale transaction occurs when a property you want to sell is worth less than what you owe the lender(s) and/or lien holders.

How can I find and differentiate a short sale expert from a short sale wanna-be in Bucks County?

You should start by doing some research and be wary, short sales are the new “thing to do” for realtors and most have no clue what they are doing. Worse yet are those who know a little, yet act is if they know more than they really do. Total number of years of practice and short sale designations are something you should seek in your representatives but are not as important as number of short sale transactions actually completed and success ratios. Be warned some of those who have special short sale designations and have been licensed for years may not be all they claim when it comes to short sales. Just because they have been licensed for a number of years or have a special designation does not make them an expert in short sales. All this means is they sat through a 2 - 4 hour course (at most a one week course) on the subject. It is very possible they have not completed one short sale transaction at all, maybe done a handful or have not done one in a very long time and are not up to date on the current rules and regulations in the case of a more seasoned agent.

Ask yourself......... With your financial future and well being at stake, do you want to be their guinea pig while they learn on the fly? Negotiating short sales is not like riding a bike, the rules and regulations are changing rapidly and what worked as near as a few months ago may not work today.

So where do you begin your search?

Well, the usual friends and family may not work here. Maybe you’re a bit apprehensive about informing your family and friends about the financial situation you’re in and you don’t want them to know about it. You could always just blindly call a local brokerage office and start asking questions but who knows who will answer the phone on the other end. At the expense of being blasted by other real estate agents, I suggest calling a local real estate investment group like 1-800-Sell-Now or equivalent.

Why would I, as a realtor, suggest such a thing?

Shouldn’t I be wary of investors who “bottom feed” and take advantage of unsuspecting and uneducated (in real estate) sellers?

Are there some common questions I should ask a short sale professional to determine their level of knowledge and experience?

Answers to these questions and more will be answered in the subsequent blogs which will follow. If you are a seller in distress and don’t want to wait that long, please feel free to call me at 215-815-8195 or e-mail me at Kevin@Envirian.com

Disclaimer: While attempts have been made to verify information provided therein, the author does not assume any responsibility for errors, omissions, or contradictory information contained in this document. This document is not intended as legal, investment or accounting advice. The reader of this blog assumes all responsibility for the use of these materials and information. Each state has different rules and regulations that must be adhered to so before you act make sure your representatives know and understand the rules of the game in your state. I will be specifically talking about Bucks County, Philadelphia and surrounding Pennsylvania short sale regulations and rules.

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SOLD IN 1 WEEK! Expanded & Remodeled dream home in Tullytown Borough, home of the gift tax rebate ($5000 in 2008). Enter the home into the spacious family room with ceramic tile floor entry. Be sure to take notice of the striking bow window overlooking the front yard. The large remodeled eat in kitchen offers newer appliances, double sink, and a ceramic tile floor. Continue through to the bright and airy living room accented by a gas fireplace. The beautifully remodeled bathroom features all new fixtures, pedestal sink, ceramic tile floor, and a ceramic tile tub surround. Two bedrooms, a storage room, and a laundry room complete the first floor. Upstairs hosts the grand master bedroom loft with a vaulted ceiling, private bathroom and walk in closet. The master bedroom is illuminated by two skylights and a sliding glass door leading to 16 x 6 balcony. Take the spiral staircase down from the balcony to the lower 24 x 14 deck with hot tub. Privacy fencing encloses the sizable rear yard, which is ideal for entertaining or a family cookout. The home also features a newer roof, replaced sewer line, and garage. Call Carol Swain at (215) 757-7257 or visit www.SwainSells.com for more details.