Getting a home loan can seem like a daunting process. For a first-time home buyer in Georgia, all of the options can become confusing. However, once you know the differences and understand the qualification requirements, getting a home loan can be quick and easy. Learn about the different types of loans in our latest blog post! 5 Different Types of Loans You Can Use:FHA Loans:FHA loans are a popular choice among recent college grads, and people just starting out in the real estate world. They are appealing because they only require 3.5% down as opposed to a conventional loan which requires 20%. You must meet certain requirements such as having a credit score over 580. If your score is lower, you can still be eligible for an FHA loan, you will just need to make a higher down payment. You will also need to have 2 lines of credit, open and in good standing. As far as the property, it needs to be used as your primary residence. It will be subject to an inspection by your lender. Fixed Rate Mortgage:Fixed-Rate Mortgages are the most popular type of home loan available. Typically a 20% down payment is required. A fixed-rate mortgage means your payment will be the same every month. This makes things easy, and lets you plan accordingly. However, if rates drop, you will be stuck at your old rate. You can always refinance, but that will cost you as well. A fixed rate mortgage requires that you have 3 open lines of credit, all in good standing. There are also income, and credit requirements that will need to be met. Adjustable Rate Mortgage:An adjustable rate mortgage is a bit riskier as your interest rate will change when the market fluctuates. These loans are great for people with some buying and selling experience. First-time buyers might want to steer clear as these loans can be a lot more involved. VA Loan:VA Loans are given to Veterans and active duty members of the US Armed Forces. Members of the National Guard may also qualify once they have served for 6 years. In addition, widows of Veterans may also qualify if their partner lost their life while serving. VA Loans offer a ton of benefits including:
USDA Loans:THE USDA offers mortgages in rural areas of the United States. Before you dismiss this, take note that over 95% of US is eligible. These loans require zero down and have low insurance rates. You must have great credit to apply and there are strict income limits. A 4 member household cannot exceed $75,650 per yer. (And no single person can have income exceeding $49,900 per year.) When you begin shopping for your Atlanta home, you should be aware of all of the resources available to you. There are grants, down payment assistance and government sponsored resources that can help you become a homeowner right now! The process does not need to be as overwhelming as people make it out to be! Once you know what is out there, you can take steps to reach your goals!
If you want to learn more about the loan options available to you, give us a call or send us an email! We are happy to help point you in the right direction! 678-337-1165The post 5 Different Types of Loans You Can Take Advantage of in Georgia appeared first on Fresh Start Home Sales. via Blog – Fresh Start Home Sales https://www.freshstarthomesales.com/different-types-of-loans-in-georgia/
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It s often an opportunity to purchase a property at a price well under its normal appraised valuation. 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Then get a brand new mortgage and buy that house you are already living in No more moving from place to place finally you can settle down Sign up here now ⬇⬇⬇ https://www.freshStartHomesales.com Equal Housing Opportunity not everyone qualifies Fresh Start Home Sales Snellville,GA,30078 (678) 337-1165 https://www.freshstarthomesales.com/ https://goo.gl/maps/vY8iv8PAGD9qHWPJA 34.05614,-84.37946 https://FreshStartHomeSales.business.site https://www.FreshStartHomesales.com Find your Family A Forever Home Rent To Own via Fresh Start Home Sales https://local.google.com/place?id=6200808749148260999&use=posts&lpsid=3029259750398837146 first published via Fresh Start Home Sales On the face of it, buying a house on a short sale basis certainly sounds like a good deal, especially for investors. It’s often an opportunity to purchase a property at a price well under its normal appraised valuation. But before jumping in, you need to be aware of the disadvantages of buying a short sale in Snellville . Depends on Mortgage Lender’s ApprovalA short sale usually involves selling a house for less than is owed on it. A house listed as a “short sale” is still owned by an individual (unlike the case of a foreclosure). That person either makes up the difference between owed amount and sale price or gets the lender to write it off. What this means, then, is the owner isn’t the one who approves the sale price – it’s the lender. And since the owner is attempting to get the lender to accept less than is owed on the property, the lender isn’t always very eager to accept proposed prices. You could go through the whole headache-inducing negotiations process only to have the lender ultimately reject your offer. And then you’d have to do it all again. And on top of that, if there are liens against the property, you’d have to get more than one lender to agree to the sale price. Pricing ProblemsRelated to our first of the disadvantages of buying a short sale in Snellville is the fact that the advertised short sale price may not be a lender approved price at all. It’s often the case that the advertised price is just a ploy to get potential buyers on the hook. If the lender doesn’t accept your offer of the advertised price, they may give you a counter offer. But it may be more than you’re willing to pay for the property, and you’re out a lot of wasted time again. And, again, if there are multiple liens on the property and even if the first lien holders accept your offer of the advertised price, a lien holder further down the line may reject your offer. Lengthy ProcessIf you need to purchase a property quickly, a short sale probably isn’t the best option. It sometimes takes up to a year to get a short sale finalized. And of all the disadvantages of buying a short sale in Snellville , this one could be the most off-putting for investors. If you’re buying a short sale, you’ll need plenty of patience. Although a response from a lender usually takes at least a couple of months, it can (and does) take nine months or more in some cases. Other factors that come into play to lengthen the process are the lender’s experience with short sales, the number of lenders involved, and whether the seller has actually been short-sale approved. The upshot of this is that buyers can lose out on low-interest loans with rates guaranteed for only 60 to 90 days. Buyers could also lose tax credits during this protracted waiting period. “As-Is” SaleGenerally, sellers wanting to negotiate a short sale are suffering from some kind of financial distress or hardship. It’s very likely the case, then, that they don’t have and haven’t had the money to properly maintain the property. And because the lender is already losing money on the sale, they won’t offer any concessions for maintenance problems. That’s why most short sales are done on an as-is basis. So if you’re considering buying a short sale, you need to be aware that you may have to lay out some significant cash for thorough inspections. And, then, maybe a lot more for repairs. Buying an investment property isn’t always as easy as it seems, and a deal isn’t always as sweet as it appears on the surface. IF YOU’D LIKE TO DISCOVER MORE ABOUT HOW TO AVOID THE DISADVANTAGES OF BUYING A SHORT SALE IN Snellville , JUST GIVE US A CALL AT 678-337-1165 OR FILL OUT THE FORM ON OUR WEBSITE.WE CAN HELP MAKE THE WHOLE TANGLED PROCESS A LITTLE SMOOTHER.https://www.FreshStartHomeSales.com The post 4 Disadvantages of Buying a Short Sale in Snellville appeared first on Fresh Start Home Sales. via Blog – Fresh Start Home Sales https://www.freshstarthomesales.com/disadvantages-buying-short-sale-near-snellville-ga/ ? #RentToOwnHomesnearme Roswell ,Ga Do you want to own your own home but your credit is damaged from your past? https://www.freshstarthomesales.com fill out the short form tell us about the house you want and a little about you and your circumstances We dont judge we are here to help Lease a beautiful home in a great area for up to 3-5 yrs take that time to improve your credit and down payment then buy the house you are already leasing and loving Its easy credit 585+ or more Combined household income of $75,000 + Savings of $4000+ or better depending on the house Stop moving from rental to rental finally you can settle down in a home you can own soon See all the house and their requirements https://www.freshstarthomesales.com Equal Housing Opportunity not everyone qualifies Fresh Start Home Sales Snellville,GA,30078 (678) 337-1165 https://www.freshstarthomesales.com/ https://goo.gl/maps/5E7eQfoqxEzGUbDV7 34.05614,-84.37946 https://FreshStartHomesales.business.site https://www.Facebook.com/FreshStartHomeSales Find a Beautiful home Rent To Own in Roswell, Ga Your Family deserves this via Fresh Start Home Sales https://local.google.com/place?id=6200808749148260999&use=posts&lpsid=991265162801924294 first published via Fresh Start Home Sales |
AboutFresh Start Home Sales was created to help individuals and families rent to own homes in good areas with great schools. We help people who have damaged or bruised credit or are self-employed and cannot qualify for a mortgage to rent to own a beautiful home in a great neighborhood for up to 3-5 years. They will agree to take that time to improve their credit and save for a more substantial down-payment to buy the house they are already living in and enjoying. We also help people who are relocating to our area who want to live in a great home with the possibility of owning that home in the future. These potential home owners like the flexibility of rent to own homes because they are unfamiliar with the areas so don’t want to get tied into a mortgage until they are sure they want to buy the house. It is somewhat of a try it before you buy it arrangement that suites everyone involved. Should any of our tenant-buyers choose not to buy the house they simply have to after 1 year give 60 days’ notice leave the home in good condition and get their security deposit back and are fully relieved from any obligation to buy that home. Contact:
Fresh Start Home Sales Address: 2330 Scenic Highway Snellville, GA 30078 Phone: 678-337-1165 E-mail: [email protected] Website: https://www.freshstarthomesales.com/ Find Us Online: 500px Bitly Box Diigo Dropbox Evernote Postach.io Instapaper Newsblur Nimbus OneDrive OneNote Quip Todoist Toodledo Trello Tumblr Weebly WordPress Facebook Page MySpace Blogger Google Drive Youtube Google+ Page Recommended Links: About.me Alternion BrandYourself FollowUs Gravatar BeHance Linkkle Ello.co Carrd.co Scoop.it Zumvu iLink Archives
March 2023
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