Buy Your Dream Home Even If You Have Low Down Payment or Bad Credit
The Buyer’s Market Has Returned! Interest rates are up; Now is the Time to BUY a Home
For Homebuyers: How to Go From Renting to Buying Your Dream Home For Less than Market Value in Maryland Even If You Have Low Down Payment or Bad Credit
Last year my clients received more than $250,000.00 in Down payment assistance and closing help…
Here are Results of some of my clients I helped buy last year in 2021
Buyer received over $20k in closing help; client now has over $65k in equity.
Buyer received over $18k in closing help; client now has over $50k in equity
Buyer received over $18k in closing help; client now has over $25k in equity
Buyer received over $12k in closing help; client now has over $77k in equity
Buyer received over $10k in closing help; client now has over $60k in equity
Buyer bought no money down, seller covered closing help; client now has over $25k in equity
Equity means someone in their neighborhood sold a home after they bought their home for a price higher than they purchased for, therefore their home is worth that amount now.
My client bought in 2021 for $274,500, their neighbor just sold for $335k.
$335k - $274.5k = 60.5k in equity
I have over 20 years experience, I have had clients cash out hundreds of thousands of dollars in equity over the years…you can do the same thing.
Of course you cannot get equity if you RENT!
These clients used me as their Realtor and had the same issue’s every renter has. Some lived with relatives. Some had been in the same rental for over 5 years, there landlord decided it was time to sell and gave them 30 days to find a new home. Some had to work on their credit score for a couple of months. Some had to get rid of their automobile and buy a new after closing. Some had slum landlords with creepy crawlers and mold in their units. Some had to clean up after every big rainstorm. They now own their own home have equity and are happy.
Remember that the Seller pays the Realtor’s commission; there are no fees involved in getting the process started. My lender does everything online.
Amazingly you cannot afford to buy a home BUT, you find away to PAY OFF your Landlord's Mortgage EVERY Month!
The buyer’s Market is back
Homes are still selling and going up in value, Sellers are giving Closing help again. Now is the time to buy.
When you turn on the TV and hear, economy slow down, recession, interest rates are up! This means it’s Time to Buy!
What goes up must come down, have a conversation with your parents and grandparents, if they bought in 1980 their interest rate was 18%!
If you are paying rent all your money goes to landlord, which means you are paying 100% interest!
The way it works is you buy now, get closing help and down payment assistance, then when the rates go back down; you refinance and keep your mortgage payment the same.
You can tap into your equity for, vacations, college funds, repairs, or down payment on a bigger home.
You can’t refinance if you RENT!
For example: My client bought for $274.5k in 2021, when the rates drop in a couple of years they would be able to refinance for $335k. Their monthly payment would remain the same, but they would have $60.5k tax free cash to use any way they want.
Interests rates are up too about 6%, but the rate will never surpass the rate you are paying your landlord if you are renting. All your rental payments go toward paying off your landlord’s Mortgage so you are paying 100% interest!
You need a minimum score of 600 to purchase a home.
You can BUY a home if your credit is 600+! NO DOWN PAYMENT OPTIONS ARE AVAILABLE!
Your score must be above 600 to receive down payment assistance.
SELLERS MARKET
For Example – in a seller’s market
$300k home
$10,500 down payment
$9,000.00 closing cost
You would need $19,500.00 to purchase
BUYERS MARKET
Now that it is a Buyer’s Market
$300k home
Down payment assistance pays your $10,500 down payment
The seller of the home pays your $9,000 closing help
You would need Zero dollars to purchase.
When you rent you are not building any equity or savings and you are missing out on tax deductions that homeowners receive.
Your rent is being raised every year, when you purchase your mortgage payment stays the same for 30 years.
If this message triggers your interest, feel free to request additional information.
IS YOUR AUTOMOBILE HOLDING YOU BACK FROM PURCHASING A HOME?
If you have a car you may have to sell it and buy another one after you purchase. If you have less than 10 payments left on your vehicle it will not be factored into the purchase of your home.
If you are about to buy a new car, you should wait, purchase your home first.
If you have a car note, above $800 a month and have multiple vehicles, you should consider selling this vehicle, the vehicle with the biggest note.
The car note will affect the price of the home you are purchasing. If you are a member of a credit union you should consider refinancing your car note. Check the interest rate on your car note, I have had clients with rates as high as 25%.
Don’t worry the car dealer loves putting you in debt and will sell you another vehicle after you purchase your home. Your score will be higher and you can patiently negotiate a better rate with the car dealer.
Other Sources of Funds to Purchase
Your adult children can help you purchase. I have had clients get help from their children to purchase. In one case, the buyer’s son was in the military, he used his VA eligibility to help his Mom purchase her home. The combined income of you and your children can be used to help you qualify for a home.
You can receive funds from your relatives.
You can also use funds from your 401k. You can have your money sit in a home or your 401k. When you borrow a portion of your 401k, your retirement account still grows. The portion you use to purchase your home grows faster, because you are now a homeowner that receives tax breaks and equity. When you retire you will have your 401k and a home with plenty of equity.
Credit Issues
I offer free credit repair for home buyers
http://www.1sthousenetwork.com/free-credit-repair.html
The credit repair people are a nonprofit, HUD approved housing counseling organization.
FHA loans allow you to buy again after 2-3 years with explanation if you have had:
Foreclosures, bankruptcy, eviction, repossession, short sales, student loans, you name it…we have to speak with my lender to get the process started.
Renting does not add up
If your rent is $1665 a month you are giving away $20,000.00 a year to your landlord
Simple Math (1665.00 x 12 months = 20k)
How long have you been renting (5 years = 100k )(7 years = 140k) (10 years_ when does this $top)
Get off the landlord treadmill...You have happily paid your rent on time for the last 5 years and your landlord has thanked you by Raising YOUR RENT!
Go click the link to see other Buyers I have helped get rid of their LANDLORD!
https://www.1sthomenetwork.com/blog/1st-time-home-buyers-say-byebye-to-landlord/
I know what you’re thinking: “My landlord looks so happy when I help pay his building/home off every month”, “I love paying pet fees, security deposits, and late fees to my landlord” “I love the four white walls that I cannot paint, fighting for parking spaces and listening to the neighbors argue every night”. Here is your chance to give up this lifestyle; you are only a call away from a quiet treed lined street with more space for the family and hosting holiday parties at your house where you make all the rules.
Would you buy today if you could?
How many reasons do you really need? The only reason you need to call is to get into your new home. I have already helped countless people just like you! Not only can I make sure you never pay your landlord another dime, I can get you in your new home with little money down! Contact me today for all the details. You will be glad that you did.
If we talked in the past, let’s talk again. The market is changing to your favor. Now is the time to buy.
It’s a great time to buy a home. Stop paying off your landlord’s mortgage, start building your savings,
Contact me today or send this email to a friend thinking about purchasing.
Thanks