My New Blog

So you're ready to become a new homeowner? Review the following three questions to determine your home readiness and if you are really prepared to take the homeowner plunge.

1. Do you have sufficient savings to cover the down payment and closing costs?
Expect to have 3% - 20% of the sales price in the bank to cover your down payment, plus another 2% - 7% to cover closing costs. Remember that the seller paying some closing costs can be a great bargaining tool and sales incentive!

2. Do you know how much home you can afford?
A mortgage payment should not exceed 25% of your gross monthly earnings. A home that drains more than a quarter of your monthly income may lead to financial difficulties.

3. Is your credit report accurate?
Inaccuracies on a credit report can cost you dearly in higher interest rates. Request your credit report from all 3 nationwide credit bureaus, Experian, Trans Union & Equifax and report any errors immediately. It is always a good idea to obtain your free credit report to check for mistakes. Good credit is as good as gold in today's real estate and home mortgage market.

If you answered yes to all three questions then you are probably ready to take the homeowner plunge! Congratulations!!! Let me help you find that dream home. I can also refer you to some preferred lenders that I trust that can assist you in getting pre-qualified and these professionals can also assess how much of a mortgage payment you can make realistically. Remember that there is the $8,000 federal tax credit for first time home buyers and the USDA rural housing federal funds recently made available. All of Pender County is deemed rural and part of New Hanover County.
Click here for more information on the $8,000 first time home buyer's tax credit.
Click here for more information on eligibility for the USDA funding.