Happy Mortgage News!

If you haven't bought a house in the last 5-10 years, you may not realize the costs involved having an FHA mortgage. You may know that whenever a buyer puts less than 20% down, the lender requires an extra monthly insurance cost. FHA loans require another additional monthly mortgage insurance (PMI)- so you can obtain a loan with as little as 3.5% down, but you're monthly payments can be quite high. A few years ago they RAISED their MI from .55% to 1.35% which was HUGE burden for some buyers. Now they decreased to .85%! This decrease is making a FHA mortgage a smart option for home buyers again. Here is an article with more details:
http://rismedia.com/2015-01-10/fha-to-reduce-mortgage-insurance-fees/?utm_source=newsletter&utm_medium=email

There other new and updated mortgage options too! 3% down, PFHA, 20% down options for investors and much more!
If you're looking to buy this year, it's never too early to speak with a professional and learn about financing options that fit your needs. Contact me today and I can refer you to some amazing, educated and dependable lenders!

New Year. New Goals

A new year gives us the opportunity to reflect on the previous 12 months then set goals to make the next 12 months even better! Whether it's personal, financial or physical goals, in order to reach your resolution, you must write it down and work towards it every day.

This year I want to become a better cook, increase my sales by 20%, go to South Africa and finally have our emergency fund where it needs to be.
What are your goals for 2015?

A popular New Year's Resolution is to buy a home. Maybe you're buying your first home, or need a bigger home for your growing family or possibly a smaller home for your aging family. Whatever the case, you'll probably need to plan and save.

According to the 2014 Profile of Home Buyer and Sellers Survey conducted by the National Association of Realtors, 37% of home buyers said it took them 6 months to save for their down payment, 15% said it took them 12 months and 10% said it took 12-18 months to save. By starting today, you could hopefully be in your new home by the end of the year!

Here's a bonus- saving for your home could help you achieve another common goal- losing or maintaining weight. Going out to eat is rough on your budget and belly! Cut down that cost by making more meals at home and buying certain foods in bulk.

You may not need as much money to buy a home as you think too! Down payment requirements are getting lower. There are 3% down payment programs and don't forget USDA loans! USDA provides loans with $0 down payment in eligible areas.
Read up on USDA here http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Talking to mortgage and real estate professionals early on in your house hunt is super beneficial. They help give you an idea of costs needed, determine your price range and assist in deciding your next best neighborhood. If you need mortgage lender recommendations, contact me today!

Happy 2015!