Ok, so we have been bubbling over with excitement for the past few months waiting to release this news to you…and we’re finally ready to shout it from the rooftops!
Y’all have heard of HGTV right? You know, Home & Garden Television, where they broadcast all kinds of excellent home improvement, gardening, craft, and REAL ESTATE shows…yes, that one. Well guess who is set to feature on that very station this week. That’s right, it’s yours truly!
We are very happy to announce that Spectrum Enterprises will be featured on this week’s episode of Rent or Buy!
If you’re not familiar with the show, it follows along each week as couples look at several properties and make the tough decision between renting or buying. The show itself is a great insight into the market and the decisions facing those who are looking for a new home.
So, tune in this week on Thursday the 5th of December at 9.30pm e/p to see our very own Alethea help prospective buyer Chris to find the perfect home. Chris is moving from the Maryland suburbs to live closer to his girlfriend in downtown Baltimore. He’s looking for a home with some historical character and an outdoor roof deck…but will they find something they both agree on? And will it be in their desired location? Find out if renting or buying will be better for Chris, and see our broker in action on television! We’re rather proud.
Two bedroom apartment nestled in quiet community. Click on pic for more info.
First time home buyer mortgage loans are important for they essentially make it easier for you to purchase a house even if you’ve never purchased one in the past. By incorporating subsidies into the mortgage, this loan is promoted as a sort of stimulus for growth in some communities. In fact, this type of special financing for first time home buyers is also a part of the federal program. Here are some programs that are funded by the state or perhaps even private foundations
Function of first time home buyers mortgage loans
This particular type of loan functions to help young adults who are just about to start out in the workforce as well as older adults who are known to exist on limited incomes. This uniquely structured loan basically provides newbies the chance to own their own home while either reducing the necessary down payment or by financing the closing costs. Actually there remains a greater purpose behind this, and that is to maintain a healthy economy on the whole. New housing starts have proven to be a strong indicator of a prospering economy.
Various types of first time home buyer loans
First time home buyers happen to form a huge segment of the real estate market, hence it’s important that you know and understand the various types and the differences involved.
The FHA Loan: This happens to be one of the best programs for the first time home buyers, essentially because of the fact that it requires a low down payment on the lines of 3.5 percent and also has minimum credit score requirements. As for the terms, then it’ll range between 10 to 30 years and it’s for the fixed rates that are available to the first time home buyers. As for the monthly payments, then it’s calculated along with property taxes along with the insurance bit factored. This helps determine affordability for you as a first time home buyer.
The Conventional Loan: If you’re a first time home buyer and have got excellent credit, then you might as well consider a conventional loan. Herein the down payment would obviously vary within a range of 5 to 20 percent of the purchase price of the home. Now, the higher your credit score stands, the more you stand to benefit from the lower rates of interest. This would help you save thousands of dollars over time. As for the terms of the fixed rate conventional loans, then they range from between 10 to 30 years. As for the interest paid, then it’s at the standard market rate.
The FHA HUD Loan: These are essentially programs that are designed for those first time home buyers who are interested in purchasing an FHA foreclosure home. This loan program is rather beneficial for the simple reason that it’s known to offer down payments that can get as low as 100 dollars. Apart from this there’s closing cost assistance available along with a small amount of escrow on select homes that might be in need of repairs.
The VA Loan: This is for active duty and honorably discharged military veterans. VA loans do not require any down payment and the interest rate is generally 1 percent lower than the present market rate.
So, if you’re considering buying a house with a first time home buyers loan, then thoroughly explore all of the above options before moving forward.