First Time Home Buyers

Rent to Own a home in Sandy or South Jordan

Thursday, November 19th, 2009

Wow, I just checked and there are over 30 homes in the Sandy/South Jordan area willing to let you Rent to Own or use Seller Financing to get into the home. The prices range from just $110,000 to all the way up to $2.9 million. Needless to say there’s probably a home that fits your budget.

Earlier this month I wrote a blog about the differences between Rent to Own and Seller Financing. Be sure to go back and read that post.

Don’t forget that if you use Seller Financing you may still qualify for the $8,000 First Time Homebuyers tax credit or the $6,500 credit available to those who already own a home.

Stop throwing your rent away. Let me help you get into a home using creative financing and start building up some equity.

Tags: 000 tax credit, build equity, buying in Sandy, down payment, financing, lease option, rent to own, stop paying rent
Posted in Buy a House, First Time Home Buyers, Homes, Homes for Sale | No Comments »

It’s the perfect storm to buy a house

Wednesday, November 11th, 2009

Interest rates are at lifetime lows, the median price of a home is the lowest it’s been in years and the government will give you money for buying a home. What could possibly be better than that!

You won’t see this again in your lifetime.

I would love to sit down with you to help you figure out how you can buy a house and take advantage of the Perfect Storm.

Borrow money from your 401k, your dad, your boss, your grandma. Figure out a way to get the 3.5% needed for your down payment. After you buy you can amend your 2008 tax return and with the $8,000 tax credit you’ll receive from the government you can pay back what you borrowed.

As the NIKE ads say, JUST DO IT!

Tags: 000 tax credit, 401 k withrawls for buying a home in Sandy & South Jordan, buying in Sandy, buying in South Jordan, down payment, stop paying rent
Posted in Buy a House, First Time Home Buyers | No Comments »

10 Steps to Prepare for Homeownership

Monday, November 2nd, 2009

1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment-assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Find an experienced REALTOR who can help you through the process.

Tags: buying in Sandy, buying in South Jordan
Posted in Buy a House, First Time Home Buyers, Questions and Answers | No Comments »

Why should buyers ask the seller to pay for a Home Warranty?

Wednesday, October 21st, 2009

What is the difference between my homeowner insurance policy and a home warranty plan?

A Home Warranty covers items not covered under your standard homeowner policy – filling a critical gap in the protection of your home. For example, if your dishwasher leaks and water damages the floor, your homeowner’s insurance policy may cover the damage to the floor, but not the repair or replacement of the dishwasher. With a Home Warranty, your dishwasher is covered!

Tags: buying in Sandy, buying in South Jordan
Posted in First Time Home Buyers, Questions and Answers | No Comments »

What’s the difference between being Pre Qualified and Pre Approved for a loan?

Wednesday, October 21st, 2009

Real Estate Question Corner…
Q. We entered into a contract with someone who wanted to buy our home. The agent representing the buyer presented us with a “pre qualification” letter from a lender. Today we discovered the buyer was rejected for financing. How can this happen?

A. You allowed the term “pre qualification” to lull you into a false sense of security. The loan amounts referenced in pre-qualification letters are conditional on verification of income, employment, funds on deposit, credit report, and more. A lender can issue a pre-qualification letter after just a simple 10-minute phone interview with a prospective purchaser.

As a seller, your best vehicle for peace of mind would be a pre-approval letter accompanying the offer to purchase. A pre-approval letter is a firm commitment to lend money and is issued only after verification of the crucial financial items mentioned above.

Tags: buying in Sandy, buying in South Jordan, loans, Mortgages
Posted in First Time Home Buyers, Mortgages, Questions and Answers, Uncategorized | No Comments »

Down Payment Assistance still Available in Sandy

Friday, October 16th, 2009

The Community Development Corporation of Utah together with Sandy is offering upto a $10,000 grant for 1st time homebuyers. This grant can be used as your down payment and you’ll still qualify for the $8,000 tax credit being offered through the Federal Government.

Applications are ‘first come, first served’ with no waiting lists.

Contact me to learn more about this seldom heard about program.

Incidentally, congress is currently considering extending the $8,000 tax credit for another 6 months. Check back for updates on this important item.

Tags: 000 tax credit, buying in Sandy, down payment, stop paying rent
Posted in Buy a House, First Time Home Buyers, Real Estate | No Comments »

Real Estate Question Corner…

Friday, October 9th, 2009

Question: What Things Should I Consider Before Making An Offer On A Home?

Answer: Even before starting to look at homes, find out what price home you can afford. In general, you can afford to buy a home equal in price to three times your gross annual income. More precisely, however, the price you can afford to pay for a home will depend on 6 factors: 1. Your income, 2. The amount of cash you have available for down payment, closing costs, and cash reserves required by the lender, 3. Your outstanding debts, 4. Your credit history, 5. The type of mortgage you select, and 6. Current interest rates. The process of buying a home is much easier if you start out by getting pre-qualified or even pre-approved with your lender for a home loan. This amount will let you know how much home you can buy, and makes you a more credible buyer.

Send me an email at SteveDuke@HomeRealty.com to request a free money-saving report, “8 Secrets For Saving Thousands When Finding, Buying And Financing Your Home.” It’s free as part of my consumer service program.

Please Call Me With ANY Real Estate Question At: 801 243-3020.

Tags: buying in Sandy, stop paying rent
Posted in Buy a House, First Time Home Buyers, Questions and Answers | No Comments »

You’ve Got 15 More Days To Use The First-Time Home Buyer Tax Credit

Monday, October 5th, 2009

The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today.

Considering it can take up to 60 days to close on a home, first-time buyers have 2 weeks at most to find a home.

Buyers not under contract by October 15 have little chance of meeting the November 30 deadline and, therefore, little chance of claiming the tax credit.

This is especially true for purchases involving short sales and foreclosures.

Congress passed the First-Time Homebuyer Tax Credit program as part of the 2009 economic stimulus plan. IRS Form 5405 outlines the program criteria which include the following stipulations:

Buyer may not have owned a “main home” in the past 36 months
The home may not be purchased from a parent, spouse, or child
Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers

The credit is capped at $8,000 or 10% of the purchase price, whichever is less. And don’t forget — the First-Time Home Buyer Tax Credit is a true tax credit. It’s not a deduction.

This means that a tax filer who claims the full $8,000 and whose “normal” tax liability is $5,000 would receive $3,000 cash from the US Treasury when their tax return is processed by the IRS.

If you can’t close by November 30, 2009, though, you can’t claim the credit.

The clock is ticking. If you’re planning to use the First-Time Home Buyer Tax Credit, the time to act is now.

Tags: $8, 000 tax credit, Add new tag, buying in Sandy, buying in South Jordan, stop paying rent
Posted in Buy a House, First Time Home Buyers | No Comments »

Purchase a home in Sandy or South Jordan for $100 down.

Thursday, October 1st, 2009

HUD is pleased to announce a special sales incentive for owner occupant purchasers who will be utilizing FHA financing. HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants (Any individual who purchases a HUD home as their primary residence for it for at least 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a HUD Home with FHA financing, with full price offers. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. It’s a great time to Purchase a HUD Home.

Don’t miss this great opportunity to get into a home of your own and get an affordable and safe loan product. Interested homebuyers can learn more about this by contacting me at 801 243-3020.

Tags: buying in Sandy, buying in South Jordan, financing, loans, Mortgages, stop paying rent
Posted in Buy a House, First Time Home Buyers, Foreclosures | No Comments »

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