Owning Your Own Home May Be More Realistic Than You Think

GOOD NEWS FOR BUYERS!!!  NOW IS THE TIME TO BUY!

  • All time low interest rates
  • Large inventory of homes
  • Lots of available choices
  • Wide assortment of financing programs and incentives
  • Lower interest rates and stable prices mean a good investment opportunity

 

DISPELLING COMMON HOMEBUYING MYTHS

Knowledge is power   Especially if you are striving to afford your first home.  The homebuying process has many myths, though.  For instance, you don’t have to put 20% down, you don’t have to have perfect credit and you don’t have to accept a high interest rate or junk fees.

I am committed to dispelling these myths and making the American Dream of homeownership a reality for more people.  I have taken additional training in affordable housing through a program called United Texas:  Housing Opportunities That Work.

Here are a few things about purchasing a home which may interest you:

  • Many local, state and national programs are available in Texas offering downpayment assistance or low interest rates for first time homebuyers.
  • A first time homebuyer is defined as someone who has not owned a home in the past 3 years
  • You may be eligible for up to $2,000 in federal tax reductions through Mortgage Credit Certificates, which keep more cash in your pocket and make your mortgage more affordable
  • If you are a Texas veteran or currently in the armed services or National Guard, you may qualify for some of the best home loans in the country through the Texas Veterans Land Board.
  • You don’t need to have perfect credit, five years on the job or even any downpayment funds to get your start as a proud homeowner.

 

WHAT IS AFFORDABLE HOUSING?

Housing is affordable when a family pays no more than 30% of its total income on its mortgage, insurance, taxes and utilities if they own the hoe or no more than 30% of its total income on rent and utilities if the family pays rent.

 

BENEFITS OF OWNING YOUR OWN HOME

Here’s a list of some of the most frequently used home buying terms that you may want to get familiar with. When you own your home, you build equity (or ownership) as you pay your mortgage each month.

Your equity is a financial tool that can be used for a wide range of borrowing needs. In addition, you’ll enjoy a tax deduction on any interest you pay toward your mortgage.

 

 

  • Your home is an investment
  • It has the potential to appreciate in value over time.
  • You can sell your home and apply the proceeds toward the purchase of a new home or other financialgoals.
  • You can also use your home’s equity through a home equity loan or line of credit.
  • Benefit from potential tax savings -Because the interest you pay on your mortgage is typically tax deductible, your home can lower your tax bill.
  • Enjoy greater freedom and flexibility – When you own your own home, you have more freedom to renovate and remodel as you see fit. However, you may have to follow certain guidelines that may be set by your neighborhood association or city.

 

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