10 Ways to Prepare for Homeownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15- year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

Source: http://realtormag.realtor.org/ sales-and-marketing/handouts-for-customers/for-buyers/6-creative-ways-afford-home

The above article can be found in the consumer, handout section on Realtor.org.

I hope you find this information helpful, and please call me if I can assist with your real estate needs. 

Active Homes on Market = 142  ($60k to 2M)
Pending Sales Under Contract = 42  … ($50k to 550K)
SOLD within last 30 days = 7 ($45K to 475K)
Call me for more info… or to get the market value of your Florida home… Or to gain access to the local Multiple Listing Service with my FREE ListingBook account that enables you to search for properties just like a real estate professional!

Analysts at Credit Suisse and FTN Financial Capital Markets predict that mortgage rates will stay between 5 percent and 5.25 percent for the rest of the year. Moody’s Economy.com projects about 5.7 percent, and Barclays Capital says 6 percent.

“There is a lot of private money on the sidelines waiting to buy mortgage securities once the Fed stops gobbling most of them up,” says Laurie Goodman, senior managing director at mortgage-bond trader Amherst Securities Group.

Source: The Wall Street Journal, James R. Hagerty (03/13/2010)

Posted using ShareThis

With a short sale:     You sell your home for less than what you owe on your loan

• You avoid foreclosure but do not receive any funds from the sale
• Your lender accepts a ”short” payoff amount as payment on your loan
• Your lender does not report a foreclosure to the credit bureaus

A short sale may be your answer to sell your home and get a fresh start when you are facing difficult possibilities like foreclosure or bankruptcy. Lynn is an experienced short sale Realtor with expertise in handing short sale transactions and she works closely with a negotiator to get your property approved for the short sale process and then sold as quickly as possible.  The REAL Team is currently helping many other Tampa area homeowners and families needing knowledgeable professional real estate advice and assistance.

As your Tampa Short Sale Realtor, Lynn Seevers can explain to you the ways a short sale may be able to:

1. Sell your home without you having to pay anything out-of-pocket
2. Eliminate negative cash flow caused by rising mortgage payments
3. be eligible to buy another home much sooner than if you had foreclosed on your property
4. Release you from your mortgage obligation
5. Avoid foreclosure and/or bankruptcy and preserve your credit standing

The real estate market decline in the Tampa Bay area may have significantly reduced the value of your home and it could take years before your home’s value catches up to the amount you owe causing you great hardship. Plus additional factors that might lead to the short sale option include salary cutbacks/reductions, divorce, unemployment, medical bills, and adjustable rate mortgages that have reset to a higher monthly payment.

If you would like more information about the possibility of a short sale for your home, please contact Lynn for a confidential consultation at your convenience.