Buying a Home

Buy a Home

 

Buying a home is a big deal. Where do you start?

How Much Can You Afford?

Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor. Visit our blog post How Much House Can You Afford? This post will help you understand how Inlanta Mortgage computes the amount you are pre-approved to purchase. Click here to learn more about the importance of getting pre-approved.

What Type of Loan Programs are Available?

There are a number of loan programs available – including no or low down payment options. An Inlanta Mortgage professional can help you decide which of the following programs is the best home financing option for you.

Conventional Mortgage Loans – Traditional program that usually requires 5% down and offers competitive interest rates.

Jumbo Mortgage Loans – A jumbo mortgage is a loan amount above conventional conforming loan limits. Consult an Inlanta Mortgage Loan Specialist to discuss if a jumbo mortgage is suited for you.

FHA Mortgages – FHA mortgages enable the borrower to put as low as 3.5% down and are available to borrowers with less than perfect credit.

USDA Mortgages – USDA mortgage loans are designed to help lower income individuals or households purchase homes in rural areas.

VA Mortgages – VA mortgage loans are federally guaranteed mortgage loans for veterans that don’t require a down payment.

Avoid First Time Home Buyer Mistakes

Review our blog posts on common first time home buyer mistakes:

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

4 Reasons To Buy a Home Now

Time To Buy

Although we risk sounding like a broken record (in May we posted that it was time to buy…) market conditions continue to be ideal for home buyers.

Supply Shrinking

Inventory levels are declining across the country. When supply shrinks, homes in the best locations with the most coveted features will sell quickly. With fewer homes on the market, finding the home of your dreams will become increasingly difficult.

Rising Prices

Although prices are expected to hover around the bottom throughout the winter, most industry experts project appreciation heading into 2013. According to a recently released study by Zillow, professional forecasters expect home price to rise by an average of 2.3% in 2012.

Rent is Rising

According to Trulia, rents are outpacing prices in 22 of 25 of the largest rental markets in America. Although housing prices have increased, rents have risen faster at 5.4% year over year.

Rock Bottom Rates

While interest rates continue to hover around record lows, they won’t remain this low for long. As the economy improves, rates will increase. The average 30-year fixed mortgage rate before the financial crisis was 6.57% (Freddie Mac, August 2007).

Would you like more information on the loan application process and programs designed for your specific financing needs?  Contact a licensed mortgage professional near you to discuss your home financing options or begin the loan application process today.  *No down payment or low down payment options available.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

*Programs subject to change and dependent upon credit approval. Contact your Inlanta Mortgage licensed loan officer for program details, requirements, and eligibility.

5 Things You Can Learn from Driving by a House

Can You Call it Home?

 Driving by a house can give you a better feel for its ability to become your home.

While the internet a is wonderful resource for today’s home shopper – there are still some things an old fashioned drive by can do that the internet can not!

It’s very easy to get wrapped up in a home’s features listed online –  here are a few important things you can learn just by driving past it:

1. How long is the commute to work?

You might consider driving to the house directly after or before work. Maybe you didn’t really think the drive was that far when you checked it out that leisurely Saturday afternoon –  but what’s it like when everyone else in the area is going to work? How long will it take you to find a break in the traffic so you can turn out of your driveway?  There’s really only one way to find out.

2. Who else uses your road?

What other vehicles or activity do you notice on the street in front of the house you want to buy? If you have bike riding children, it might be nice to see other children are safely using the road. If you have a dog that barks every time a noisy car goes by – it might be good to know if your neighbors maintain their mufflers…

3. What’s going on late at night on the weekends?

You may want to consider a few evening drives to the home to see what your neighbors are up to. We’re not encouraging spying – but if you drove by a few different nights and your neighbors were throwing a huge party each time …you might want to take that into consideration.

4. Is it easy to do errands?

So you may have noticed there’s a grocery store just a few minutes away. But does it sell items you want to buy and can you afford it? How about a gas station, library, school, hospital, or any other destination you frequent? Just some thoughts to consider before you commit to a future in the home.

5. Will it feel good to pull up to this home day after a long day and will you feel pleased and proud that you own it?

Money isn’t everything. It may be the greatest bargain you have ever come acorss….but at the end of the day, can you feel yourself calling this place home?

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.