How Much Money Do You Need to Buy a House? The answer may surprise you ......it's much less than you think
How Much Money do you need to buy a house? This is one of the most asked questions that my team and I receive from home buyers, and we hear it most commonly from first time home buyers! Stay tuned because I’m going to answer that question in this Video, and the answer may Surprise you, because for some reason people seem to believe they need a lot more money they to actually do! Hi, my name is David j Moore, team founder, team leader and professional real estate agent in Maryland! Thank you for checking out this video. To make this simple, we are going to base this off you buying a home with a sales price of $400,000, located in Maryland and that you are using a low down payment, government backed loan, called an FHA loan. FHA loans are designed to help home buyers make the move from renting to becoming homeowner easy. This type of loan is very forgiving and flexible with credit scores and other things to make it easy for you to become a homeowner. The FHA Loan only requires 3.5% of the sales price as a down payment, which, on a $400,000 house, is $14,000. Now, I know you thinking … WOW, that’s a lot …… but hang in there I’m going to share with you to get that down to almost nothing! One of the great things about FHA loans is that are most used the 15+ different Home Buyer Assistance & Grant Programs from the County, State and or Federal Governments. What makes this important is that these programs allow home buyers like to get anywhere between $15,000 to $50,000 of the sales price of the home to use for the down payment and closing costs. Plus, you can combine these various programs to make it even easier for you and require less money out of pocket. The best part about the grant and assistance programs is they are very easy to qualify for, you do not need great credit and just about everyone qualifies for them. Ok, so let’s review this scenario, on a $400,000 house, using an FHA loan, the downpayment is $14,000, and the closing costs are about $12,000. So, the total is about $26,000. Next, we use the most commonly available and awarded Assistance program which gives you, the buyer, 5% of the sales price to help pay these costs, and that’s $20,000! So, $26,000 is due and you get $20,000 in help, that leaves you with only owing $6,000! which is much more affordable and easier to come up! Now maybe your thinking …. I don’t have $6,000, well that’s ok, we have several options here. One is we ask the seller to pay for some or all it for you … this is usually the easiest to do, the second is we’ll get you a second grant or assistance program to cover all or some of it, third is you can get a gift from a family member, employer or friend. We have helped quite a few people this year alone that were thinking of renting buy a home of their own with less than $2,000! hope you find this information helpful and call or text me anytime with any questions you can reach me directly on 410-777-5848. Your Home Sold Guaranteed or I’ll Buy It!* No Gimmicks! For a Free Special Report that Details my Guaranteed Sale Program visit www.ChesapeakeShoresRealtor.comOr call 1-888-306-5707 ID#1094 (free recorded message).Call or Text Direct to 410-777-5848. Remember, your referrals change lives! When you buy or sell with Your Home Sold Guaranteed Realty, Great Worthy Causes Benefit! If you or anyone you know is considering making move in the next little while, give me a call or pass on my number... 410-777-5848.
How to quickly build or improve your credit to buy a home
As an experience real estate professional who has helped hundreds of home buyers and seller since 2005, one of the biggest things I hear from home buyers is that they believe they do not have the necessary credit to buy a home. The good news is that in most cases you only need a 620 credit score or higher to buy a home. And if your credit score is not there yet, here a quick and easy way to get your credit score up in just a few months. Here are some steps to help you build your credit: 1. **Check Your Credit Report**: Get free reports from Equifax, Experian, and TransUnion at AnnualCreditReport.com or from our preferred lending partners. 2. **Establish Credit** and Pay off any Past Due Debts: For Establishing credit you can do one of the following: - **Secured Credit Card**: Requires a deposit as your limit. Use it responsibly. - **Credit Builder Loan**: Offered by some banks, helps build credit as you repay. For Past Due Debts: -**Contact the credit and either pay off the debt completely or enter into an affordable payment arrangement to pay off the debt. You will only have to pay on this for a few months before you can qualify for a loan 3. **Timely Payments**: Pay all bills on time, including your new credit card. 4. **Limit Inquiries and Opening of Accounts**: Avoid applying for multiple credit accounts at once. You really only need one credit account to build your credit. There is no need to get more than one credit card or credit account at this time 5. **Credit Utilization**: Keep usage below 30% of your credit limit. An Example is if you have a $1,000 credit line, do NOT charge more than $300 on it. 6. **Make the Minimum payments on the credit card / line for 3 months, and then reach back out to our preferred lender to see how much it has improved. This is time tested and proven strategy to boost your credit quickly and effectively. If you have questions or need help, please reach out, my team and I are happy to help. Call or Text 410-777-5848 to connect with David Today!
The Benefits of a Strong Online Presence outside of the MLS and Major Real Estate Websites
Selling Your Home? The Benefits of a Strong Online Presence & Marketing Outside of the MLS and Major Real Estate Websites. In today's digital age, having a strong online presence is more important than ever for real estate agents. This is especially true when it comes to selling homes. While listing your home on major real estate websites is essential, it's not enough to ensure that your property gets the attention it deserves. A comprehensive online marketing strategy that goes beyond the major real estate websites can give your listing a significant boost and help you sell your home faster and for more money. Here are 5 benefits of a strong online presence when selling your home: 1. Wider reach Major real estate websites are great for reaching potential buyers, but they're not the only game in town. There are many other online platforms where you can promote your listing, such as social media, classifieds websites, and local forums. By casting a wider net, you'll increase your chances of reaching the right buyer for your home. 2. Increased visibility When you have a strong online presence, your listing is more likely to be seen by potential buyers. This is because your property will appear in more search results and on more websites. Additionally, you can use targeted advertising to reach buyers who are specifically interested in homes like yours. 3. More control over your listing When you list your home on a major real estate website, you're often at the mercy of their rules and restrictions. However, when you market your home on your own website or social media page, you have complete control over how you present your property. This allows you to showcase your home's unique features and appeal to your target audience. 4. Build relationships with potential buyers A strong online presence can help you build relationships with potential buyers. By engaging with buyers on social media, responding to comments, and answering questions, you can establish yourself as a trusted resource and make a positive impression. This can make it more likely that buyers will choose you to represent them when they're ready to buy a home. 5. Get better leads Not all leads are created equal. When you market your home online, you're more likely to attract qualified buyers who are genuinely interested in your property. This is because you can target your marketing to specific demographics and interests. Here are some tips for creating a strong online presence for your listing: Create a beautiful and informative listing. Your listing should include high-quality photos, a detailed description, and a virtual tour if possible. Optimize your listing for search engines. Use relevant keywords throughout your listing to help it rank higher in search results. Promote your listing on social media. Share your listing on your social media pages and encourage your followers to share it as well. Use targeted advertising. Use social media advertising and other online advertising platforms to reach potential buyers who are specifically interested in homes like yours. Engage with potential buyers. Respond to comments, answer questions, and participate in online conversations about real estate. By following these tips, you can create a strong online presence for your listing and increase your chances of selling your home quickly and for top dollar. In addition to the benefits listed above, a strong online presence can also help you: Generate more leads. Get more showings. Sell your home for a higher price. If you're serious about selling your home, it's important to have a strong online presence. By following the tips above, you can create a comprehensive online marketing strategy that will help you reach more potential buyers and sell your home faster and for more money.
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