A first time home buyer down payment is one of the big hurdles for folks just starting out on the home buying journey. It can stop some people from even going any further because they feel like they could never save up enough to make a down payment. Many still think that they need a 20% down payment on a home to get approved for a mortgage, even though the median down payment is much lower than that. If you are a first-time homebuyer, you may have a lot of questions. Here are some answers.
Conventional Loan Down Payment | Here’s What You Need to Know
The conventional loan down payment has undergone a very unconventional transformation in the last couple of decades. Home prices went nuts, interest rates spiked and the traditional 20 percent down payment – which was the default throughout the mortgage industry – has been downsized. Now the answer to “how much of a down payment do I need for a conventional loan?” is: it depends.
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VA Loan | In Depth Guide for Veterans, Active Duty and Reserves
This is everything we know about the VA loan, which is a process, a system, a benefit and a way to get a mortgage if you are a veteran or an active duty service member in a branch of the armed forces. The one thing that the VA loan is not , is a loan. That’s one of its confusing elements, and there are others. The reason veterans and active duty members are drawn to the VA loan is because it provides a list of benefits that, when you line them up, is almost unbelievable. No other program from the federal government comes close to the VA loan guarantee in terms of benefits, costs savings and scope. It’s easy to think it’s just a way to get a cheaper mortgage, but it’s a lot more than that, and here’s what you need to know.
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FHA Loan Down Payment | Here’s What You Need to Know
An FHA loan down payment can put homeownership in your reach, even if you don’t have a great credit score. As you know, coming up with a down payment is one of the most significant hurdles to overcome, especially if you are a first-time homebuyer. How does the FHA system work, who is eligible and how do you apply? Let’s take a look at all of it.
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Average Down Payment on a House in the U.S.
The average down payment on a house in the United States used to be a straight-up 20 percent. But that doesn’t really work for a lot of people anymore. With the price of homes today, a 20 percent down payment puts buying a home out of reach, especially for first-time home buyers. Lenders have become more flexible and there are even some programs that feature no down payments if you qualify. Before you throw up your hands and think you’ll never be able to afford to buy a home, let’s take a look at the changing landscape of down payments.
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Is it a Buyers or Sellers Market?
Whether it is a buyers or sellers market – now and in the near future – will be the topic of conversation for anyone buying a new home or selling their current home. The real estate market is an ever-changing landscape that can shift between favoring buyers or sellers at different times. Understanding whether it’s currently a buyers’ market or sellers’ market is crucial for both home buyers and sellers. Let’s dive into the definitions of buyers and sellers markets. Then we will look at some helpful tips for sellers in a buyers market and buyers in a sellers market. Finally let’s discuss important questions to ask your agent in each scenario.
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What is Residential Real Estate?
Residential real estate is an industry word that describes what most of us are doing – buying new homes and selling our previous homes. It’s the default. Most real estate agents deal with residential real estate, so it’s a term that describes 73% of the market (according to the National Association of Realtors). What are residential properties and what makes them different? What makes them special?
Listing Agent vs Selling Agent | What’s the Difference?
The listing agent vs selling agent confusion is caused by the real estate terminology that gets associated with these roles. It’s a tangle, but it’s important to know the difference if you are shopping around for a real estate specialist to help you buy a new home or one to sell your current home. And sometimes, you need both.
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REALTOR® vs Real Estate Agent | What is the Difference?
The REALTOR vs real estate agent debate creates a common dilemma that comes up when it comes to entering the world of real estate. Both can help you buy your next home or sell your current house. But what is the difference between a REALTOR® and a real estate agent, or better yet, which one is better?
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Sellers Market | Is it a Sellers Market Right Now?
A sellers market is a situation in which the housing demand exceeds the number of homes available for sale. While that’s the simple definition, there is nothing simple about getting the best price for your home in a seller’s market. This kind of market creates an environment in which home sellers have the upper hand, as they can set higher prices and receive multiple offers on their properties. If you’re considering selling your home in a seller’s market, there are some important things to keep in mind.
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