How much money do I need for a down payment?

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Your down payment will be based on the cost of the home and most likely one of the following popular loan programs…

1. Conventional financing – For conventional financing, you will probably need a minimum of 5% up to a maximum of 20% down.
2. FHA financing – You will need a minimum of 3.5% down.
3. USDA financing – You may not need a down payment.
4. VA financing – You also may not need a down payment.

Here are a few more things to know if you go with conventional financing. If you put less than 20% down, you may be responsible for paying private mortgage insurance. Also, the lower your down payment on a home, usually the higher your interest rate and monthly payment. Mortgage lenders tend to offer better terms to those with a high credit score, a higher down payment, and a stable employment history.

Learn more about down payments by calling and asking for my Free Consumer Report called “4 Quick Ways To Buy A Home With Little Down.” I’ll send a copy right over to you.

What’s the purpose of a home inspection?

A home inspection is generally performed after the buyer and seller have entered into a written contract. It’s a review of the home’s condition, including the heating system, attic, foundation, and a mold review. The point is to identify any area of the home that needs replacement or repair. Some buyers use the report to negotiate the final price of their purchase.

You may choose to buy a home and make repairs, or you may walk away from the property if the costs would be too high for your budget and the sellers refuse to lower the price or make the repairs. You can get your earnest money back provided your contract has a “sale contingent on inspection” clause.

You’ll also need to get an appraisal, which helps you know that the property you’ve selected will appraise at or above the amount you’ve contracted to pay/finance for it. Want to learn more? Ask for my Free Consumer Report called “Top 10 First-Time Homebuyer Mistakes To Avoid.” I’ll send a copy right over to you.

What factors affect the value of my home when I sell it?

If you’re thinking about putting your home on the market, here are some of the most important factors affecting its value:

Comparable homes in the area that sold in the past 30-90 days. If some of the recent sales were short sales or foreclosures, it may affect the value of your home. Also, the more homes currently available for sale, the lower the value your home may have.

Your location. Access to highways or public transportation, the quality of your school district, and too few (or too many) commercial or residential developments can have an effect on a home’s value Major home systems. If your water heater, electrical, or heating and air- conditioning systems aren’t working properly it can have a significant affect on the price a buyer pays for your home.

Want to learn more? Ask for my Free Consumer Report called “6 Steps For Selling
Your Home For TOP DOLLAR.” I’ll send a copy right over to you.

If you are looking to sell your home or buy a home, please don’t hesitate to contact me.

Thank you in advance for allowing me to earn your business!

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