Today is the beginning of the future. I’m working on my marketing plan.
Lending has changed a lot in the last 5 years and all for the better and there are more changes coming in January, 2014.
If you have good credit, have something for a downpayment, & have a stable job you should be able to achieve the American Dream of owning your own home. Yes, there are a few 0 downpayment programs available (VA and USDA Rural housing), but you must qualify for them- meaning having good credit and be able to pay your bills.
Building new homes is going to grow again as the available housing inventory is shrinking and more Americans need a place to live and they want to own not rent.
This weekend the NorthCoast Building Industry Association kicks off it’s 2013 Parade of Homes. See 18 homes in Lorain county built by 12 local homebuilders. You can check them on-line and also visit them on the next four Sundays from 1-4PM- September 22 & 29 and October 6 & 13. There is also 3 remodeling projects you can view online as well to get some remodeling ideas if you’re planning on staying in your home.
For those homeowners with good credit, at least 5% downpayment and stable employment- a construction loan is still possible. Call for details or a preapproval at www.firstplacebank.com/lizschneider
Low downpayment programs are still available. FHA with 3.5% downpayment and a minimum credit score of 640 is a great option for first time buyers since the downpayment can be a gift or the State of Ohio’s OHFA program offers downpayment assistance and reduced rates for Ohio Heroes (police, fire, medical and teachers)- income guidelines must be met to qualify for this program.
For those buyers with good credit & higher income that may not qualify for OHFA, there’s a 3% downpayment conventional loan available also.
And did you know, if you have 5% downpayment, purchasing a single family, owner occupied home, and have good credit, monthly Mortgage insurance is a thing of the past. There’s an option for a one time financed mortgage insurance- save on your monthly payment!!
So as you can see achieving the American Dream of homeownership is possible!
Let me show you how!!