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It's a Great Time to Buy
This fall could be a particularly great time for first-time or buyers long out of the market to jump in, say a variety of real estate professionals.
Here are the reasons why:
Prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae.
Interest rates are likely to decline as Freddie and Fannie get government help.
The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It's going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.
The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.
The tax credit will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don't owe tax, will get the money as a refund.
The government's definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.
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| Fixed Rate Loans |
| Home Ownership Acceleration Mortgage |
| Fixed Rate Pick-a-Payment Mortgage |
| Jumbo Loan |
| Government Loans |
| First Time Home Buyer Mortgage |
| Adjustable Rate Mortgage |
| Construction Loan |
| Lot Loan |
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Fixed Rate Loans
Features of Fixed Rate Mortgage Programs
- 10, 15, 20, 30, and now 40-year terms
- Consistent monthly loan payments, allowing you to plan and budget
- Loans available up to $2 million
- No minimum loan balance
- Pay only the interest for the first 10 years of your loan
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| | You'll get a predictable monthly payment each month—and if you apply online, you could save up to $500 or more. Use that money for moving expenses, furniture or just put into your pocket.
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Home Ownership Acceleration Mortgage
The Home Ownership Accelerator functions as the borrower’s primary checking account, harnessing their money immediately!
Example:
Payday $10,000 bucks is deposited into the Home Ownership Accelerator; Loan Balance drops to $490,000 (Principal paid first); Less Money spent on interest, more money left to principal, compounded savings equals fast pay-off; No change to income, no change to spending, no gimmick, just math.
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American’s owe close to $12 Trillion on their homes. If you owed little or nothing on your home, would you be as concerned about depreciation?
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Statistically, enough money flows thru an average home owner’s bank account in 5 years, to pay off their primary home
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Fixed Rate Pick-a-Payment Mortgage
Here's a unique mortgage solution that lets you enjoy the stability of a fixed interest rate but also offers you the flexibility of choosing among different payment options each month to fit your needs.
Control your budget and your rate. This Mortgage gives you up to four different payment options each month—Minimum Payment, Interest Only, Full Principal and Interest, or 15-Year Payment Option.
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- Make a lower monthly payment in the initial years and temporarily increase your cash flow so you can free up cash for:
- Retirement savings
- Paying down high-interest debt
- Funding college tuition
- Make higher payments and pay off your home loan sooner
- Keep mortgage payments low during the initial years of your loan
- Control your budget based on your individual financial needs
- Enjoy the predictability of a fixed rate
- Get short-term stability with a 1-year, 3-year, or 5-year initial fixed rate that switches to an adjustable rate for the remainder of the loan.
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Jumbo Loan
With mortgage programs over $417,000, DFAMI can help you secure a jumbo loan to finance the home of your dreams. We offer various fixed rates and adjustable rate mortgages for loans that exceed the conforming loan amount maximum.
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Government Loans
A popular means for making a first home affordable is through either an FHA or VA mortgage program. FHA and VA mortgages offer the following features:
Available to most first-time homebuyers, FHA mortgages allow you to move into your new home with less out-of-pocket cash than required with most conventional loans. The federal government insures these loans to make home ownership affordable to people with modest means who can’t afford large down payments.
Available to veterans of the armed services, active-duty personnel, reservists, and their spouses, VA mortgages require no down payment and offer some of the easiest qualifying requirements of any home loan.
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First Time Home Buyer Mortgage
Providing 97% financing of the purchase price of your home, this mortgage is specifically designed for first time homebuyers who have limited available cash.
- Stable Monthly Payments—With a fixed rate mortgage, your monthly principal and interest payments stay the same throughout the life of your loan, so you're protected against any unexpected interest rate increases.
- Frees Up Cash—Existing funds can be used for closing costs or other needs, rather than a home down payment.
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| | Why apply for a mortgage online? Enjoy a 1/4% fee discount that could save you $500 or more*
- Get a pre-qualification letter within a few minutes of applying
- Apply now for pre-approval1
- Apply online 24 hours a day, seven days a week
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Adjustable Rate Mortgage
Adjustable Rate Mortgages can offer lower initial monthly payments. If you expect a rise in income over the life of the loan or you plan on moving in the next few years, an Adjustable Rate Mortgages (ARMs) may be right for you..
Features of Adjustable Rate Mortgage Programs
- Standard 1, 3, 5, and 7, and now 10-year programs
- Choose a 6-month, 1, 3, 5, and 7 Jumbo Loan
- A yearly or life-time interest rate "cap" can help protect you against dramatic increases in interest rates
- Pay only the interest for the first 10 years of your loan
- No minimum loan balance required
- Loans available up to $2 million
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| | Save you $500 or more by applying online 24 hours a day!
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Construction Loan
Building your own home is all-too-often fraught with delays, unexpected costs, and ongoing negotiations with contractors. To give you the flexibility you need to handle it successfully, construction loans are designed to help simplify financing during the home building process.
Construction loans operate as a hybrid between a line of credit and a loan. You close on the loan before construction begins, but you don’t pay interest until the money is disbursed, usually over a period of time. After the house is built the construction loan could convert to a standard mortgage, provided your loan terms or amount has not changed, potentially saving you the need to schedule a separate closing for your permanent financing.
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Benefits of a Construction Loan:
- Saves interest charges because you only pay interest on the money used as you build your home
- One-time closing feature is available and could save you hundreds of dollars in closing costs
- Available in both fixed and adjustable rates over a variety of terms
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Lot Loan
You've just found the perfect lot on which you'd like to build your dream home. If you can't build immediately, many banks can't provide appropriate financing. But DFAMI specializes in the unique needs of people seeking land-only financing as the first step toward building that dream home.
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| | Benefits
- Reasonable down payment plans
- A variety of long term payment amortization options with a 5-year balloon*
- Competitive pricing
- May be rolled into permanent financing when construction is complete
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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Flying the Empty Nest
Selling a family home is never an easy decision. If you are thinking of downsizing, use the experience and knowledge of a Seniors Real Estate Specialist® (SRES®) to carefully guide you through your transactions.
SRES® designees are REALTORS® who have demonstrated the knowledge and expertise to counsel senior clients through the major financial and lifestyle transitions involved in relocating, refinancing, or selling a family home.
A REALTOR with the SRES designation can also refer you to other professionals such as a C.P.A., estate planner, or attorney who also have a specialty interest in senior clientele issues.
linda@dfami.com
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