There is a new loan program available that will enable the purchase of a single family home with as little sas 3% down payment. What’s more is that this new program does not require mortgage insurance nor an appraisal of the property.

Fannie Mae’s Homepath program is designed to help first time buyers get into a home.  Now, as with all Federal programs, there are rules and restrictions that apply.

HomePath mortgage financing benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect (minimum FICO 0f 660 for 97%)
• Available to both owner occupiers and investors (10% minimum down payment required)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance
• No appraisal fees
• No declining markets policy
• No more than 10 financed properties
• No prepayment penalties

To be eligible the property must be listed on the www.HomePath.com website.  The site feature an easy to use search function.

Happy house hunting!

Everything you wanted to know about the Federal Housing Tax Credit.   Just extended to April 30, 2010 for first time home buyes and expanded to include current homeowners.

http://www.federalhousingtaxcredit.com/

FAQ’s re: Termite Inspection:

What is the purpose?

What is included in the inspection?

How is the inspection conducted?

How long does it take?

What is included in the final report?

An interview with Larry Brag of Clark Pest Control.

As see on Valley Homes on TV with Debbie Giordano and Todd Flesner.

In reality, there are only five things you need to know and do to make your home buying experience as simple as possible.

1.  Get pre-approved for your loan.

If possible, get “pre-approved” for a loan in the amount you’re willing to borrow.

With this pre-approval, you’re in a stronger position to buy a home when you’re ready – rather than finding your dream home, only to lose it to another buyer because you were waiting on the approval.

2.  Find a great real estate consultant.

Once you’ve decided to buy a home, find a great real estate consultant.  What you’re looking for is a Buyer’s Agent.

This means that the consultant represents YOU as the buyer, rather than the person selling the home.

They will have YOUR best interests at heart.  Really good consultants know their markets, and will help you find the best match for your needs and wants.

They can also recommend mortgage brokers with whom they’ve worked in the past.

3.  Look before you leap.

Drive around the neighborhood at different times of day.  Get out and walk around and chat with neighbors.  Some people like friendly neighbors, others think of them as nosy.

Drive to the local grocery store, laundry, anywhere that you frequent.

Visit nearby schools and see for yourself how the kids behave and how the grounds look.  The point is to see if this is really the type of neighborhood you want to live in BEFORE you make an offer.

4.  Be prepared.

Make sure your contract has reasonable contingencies included to protect you as a buyer.  Reasonable can be things like approval by a home inspector, and title clearance.

For the long-term investment, make sure that you buy homeowner’s insurance, andupgrade it as the value of your new home and its contents increase.

5.  Be reasonable.

No home will be without flaws.  Many times it’s these flaws that lend character to older homes, but nonetheless, it will take SOME work to personalize any home.

Preparing yourself with these five simple things – loan pre-approval, a great broker, getting to know the neighborhood, protecting yourself, and being reasonable – will help make the home buying process easier for you and your family.