Posts with tag 'First-time Home Buyer'

I have spoken to a lot of people who would like to purchase a new home, or perhaps be home owners for the first time.  However, they are concerned about whether or not this is the right time to buy.  Interest rates have creeped up, and  in many cases home prices remain high.  So many buyers are deciding to wait until the home prices come down or interest rates drop.  One of the big issues  is knowing exactly how long to wait.  A buyer that is waiting for the perfect circumstances may be waiting for a long time.

Let's take a little different approach for a few moments though; let me ask a few questions:

1.) Why do you want/need to buy right now?  What is the goal?

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If you are a first time home buyer, you may sit down with a lender and discover that the loan you best qualify for is an FHA loan.  Maybe you have heard that sellers in our current market are hesitant to accept FHA loans, and statistically it does seem that FHA is being accepted less and less.

In August-September of 2017, 1,205 homes closed in York county.  785 of those homes (65%) stated they would accept FHA financing. 318 of those homes (26%) did closing with FHA financing.

In August-September of 2022, 1,190 homes closed in York county. 679 of those homes (57%) stated they would accept FHA financing. 141 of those homes (12%) did close using FHA financing.

In June-July of 2022, 1,275 homes closed in York county. 752 of those homes (59%) stated they would accept FHA financing. 175 of those homes (13%) did close using FHA financing.

While those sellers stating in their listing that they will consider FHA financing holds somewhat steady, the sellers...

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Mortgage rates are rising again.  As mortgage rates increase the price of houses will begin to decrease.   But, what is an mortgage rate and how does it work? 

Essentially, a mortgage rate is the amount percentage rate the lender is charging you on a monthly basis to borrow the money to buy your home.  Mortgage rates are determined by several different factors; those that are out of your control (inflation, stock market, federal reserve, etc..), and the factors that are in your control.  It is the factors that are in your control that we want to look at.

1.) credit score: your credit score will have a significant impact on the mortgage rate you will be able...

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Often when people begin to look for homes they do not consider mobile homes (also referred to as manufactured homes).  Maybe it's because they don't have enough room, are often in large parks, or maybe mobile homes were the subject of too many Jeff Foxworthy jokes to be taken seriously.  For whatever reason often first time home buyers do not consider them.  While, I will grant you that often, a mobile home is not a forever home for most people, it can be a good option for those buyers that are just starting out.  They are usually very affordable, and can help you build some equity.

There are a few things to bear in mind though if your going to look for a mobile home.

First, the famous Dave Ramsey line, "Cash is King," could not possibly be more fitting in the case of mobile homes.  Many mortgage lenders including a lot of banks do not want to take these on.  The reason for this is because they are not on a fixed foundation, which makes them subject to property...

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In the highly competitive seller's market we are currently in buyers are looking for any edge they can get.  Some buyers are choosing to waive the right to have the property inspected.  This leaves other buyers very nervous.  They want to compete.  They want the home.  But, is this the wise thing to do?

This is a complicated answer.  First, removing inspections has a level of risk.  The question becomes: how much risk are you willing to take?  I can never recommend to a buyer that they waive the right to these inspections. (I just don't think it is a good idea with this large of an investment.) However, there are some times that a calculated risk is not a bad thing.  If you, or someone you know is a good DIY person it could work.

Second, sellers are required by law to reveal any KNOWN defect in the property.  To assist this process sellers will complete a Seller's Property Disclosure.  In this disclosure we can find out details ab...

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