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First Time Buyers FAQ

Hi there, friends. After lengthy consideration as to what to designate my first blog post to, I decided to go with a little First Time Buyers FAQ.

Never bought a home before? You are not alone.

Can I start out by saying that a buyer’s agent is traditionally FREE to the client? This is a little tidbit of information that many people I converse with are shocked to discover. But nonetheless, a real estate agent’s work on your behalf is payed for by the seller’s.

“So, what’s the first step???”

The home buying process can seem daunting, but it is definitely an experience that doesn’t have to be. By taking that first step and talking to a lender you can get a better idea of where you stand financially. Also, did I mention this step is free, too? Yep, that’s right. A good lender will give you all the information you need to get started. And if they say that you’re not ready to buy, I promise it won’t be the end of the world. In this case they will give you some helpful tips to get your credit where it needs to be and get you back on track money-wise (so that you can buy one day- soon!). We are all on your team here and want to help you reach your goals.

And wondering where to even find a lender? As real estate agents we work closely with lenders to be able to complete transactions. We definitely can point you in the right direction and introduce you to some incredibly helpful individuals. Also, don’t be afraid to do your own research. Ask friends who have recently purchased about their experience with their lender. See if you can get a good referral or let us help you find someone.

What’s Down Payment Assistance and do I qualify?

Down Payment Assistance exists to assist individuals like you in need of help with that initial down payment on their home. Each program offered is unique in its own way, but they are essentially designed to assist you in buying your home with free money. Some individuals who qualify for Down Payment Assistance are veterans, teachers, and physicians.

Even if you don’t meet any of that criteria, you still have a chance to qualify. Depending on how much you make per year and what area you are looking to purchase in, this may be available to you, too.

There are numerous Down Payment Assistance programs out (and these will not last forever). There is no knowing when the funds for these programs will run out, so definitely try to take advantage of them while you can. These programs are constantly changing so don’t be afraid to contact us if you have any questions as to what is currently available for you.

Still have questions? Pick up the phone and call me. I am always here for any questions you might have!

 

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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