$5000.00 Grants for First-Time Military Buyers
The Dream Makers Program offers grants for down payments to first-time homebuyers of modest means who valiantly work to protect our country’s national security.
You don’t have to be a Pentagon Federal Credit Union member to benefit from Dream Makers, and you can apply the grant to a mortgage from any financial institution.
How Do I Qualify?
You’re eligible for a Dream Makers grant if:
You’re Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
You’re a first-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster.
The gross household income, including allowances, that you use to qualify for your mortgage loan is:
A maximum of $55,000 per year, or
A maximum of 80% of your community’s median income based on your family size
What Steps Do I Take? Read more
I Do San Francisco As Well!
I LOVE SAN FRANCISCO. Don’t get me wrong. I grew up in the peninsula in Daly City and South San Francisco and will always love and consider it home. But I LOVE “The City”. I guess you can say I’m a city-kind-of-guy who loves urban environment and living. I managed to find a home (complete with “Man Cave”) in SF for this lovely family just recently as a matter of fact. So that process was definitely a fun one for me since I drive to the city several times a week anyway.
I also love working with first-time home buyers! I enjoy guiding them, making the purchasing process as stress-free as can be. A lot of the time, their targeted type of home may be a condo. This article from my friend, Jay Sondhi (my office’s in-house lending team, Guarantee Mortgage) is only fitting to present. It’s an informative read and is beneficial for first-time condo buyers who are considering city life!
“I’m shocked to hear that there is still this notion out there that “condos are dead” as far as FHA financing goes. This is far far far from the truth. The rules regarding condo approvals for FHA insurance have changed, but they are far from impossible. Many of the new changes have actually had a positive impact on our local market. Read more
Open House Etiquette
For the last 17+ years, I have been selling real estate and, for the first 16 of those years, have hated doing open houses. I love meeting new customers, but if it is a slow day it can be incredibly boring. Nowadays, I enjoy them a lot more, because I bring my computer and can accomplish quite a bit (well, alright, sometimes I play word games and don’t actually accomplish too much, but I’m a lot happier!)
While doing my open house yesterday, I had plenty of time to contemplate, since it was pouring down rain and absolutely no one came. Fortunately, the house I was holding open was warm and cozy, so it was pretty comfortable. Since I had so much time, I began thinking about the whole open house process.
I thought it might be helpful for all of the buyers out there if I shared a few thoughts about the etiquette of open houses. A few helpful hints are: Read more
Miss The Federal Housing Tax Credit? Here Is Your Chance!
Many people missed the federal housing tax credit that ended a few months ago at the end of April this year. I personally met a good amount of potential buyers that were interested in purchasing a home and according to them they were motivated by the possibility of receiving the federal housing tax credit. It seems that now that the tax credit is no longer being offered many of those people are no longer interesting in purchasing home or at least would like to wait a little bit longer. Why I ask?
During the time that the tax credit was offered, Jan 1st 2009 to may 1st 2010 the interest rates did fluctuate. From my research I found the interest rates were at a high of about 5.75% and a low of about 4.75%. During this period I’m not sure how many of the people who purchased homes were waiting for the rates to go down or if they were mainly focused on closing before the tax credit deadline, My guess is the latter. Read more
Realtor’s are People, Too!
Recently, my colleague, Rommel, wrote an excellent blog on ethics in our business. There is another side to the story, however, and that is the ethics of the clients.
While answering phones in the office this weekend, I received a call from a man who wanted to see one of our listings in San Francisco. I agreed to meet him at the listing at 11:00 a.m. the next day.
That night, I was involved in a relatively minor car crash and when I awoke the next morning I felt exhausted and unwell….still a little in shock from the accident, I guess. Even though I didn’t feel well, I planned to do my job and attend our scheduled showing, as well as doing my open house later that day. Read more
Brisbane – Missing the Boat…
Many home buyers and Realtors are missing the boat when it comes to a nearby town that offers great weather, lots of amenities and darned good real estate prices. I’m talking about the little community of Brisbane. It is located 10 minutes (or less, if you drive like me!) from the airport and is only 10 minutes to downtown San Francisco. Yet, hardly anyone even knows of it’s existence.
Brisbane is a hidden gem here on the Peninsula. It is located on the side of San Bruno Mountain between San Francisco and South San Francisco. There are only 3,597 residents, which makes it one of the smallest communities in the area. It is very unlike your typical suburb in that it has a hodgepodge of all types of architecture, from shacks to mansions, with very few ranch style homes. Many of the homes have great views of the Bay and downtown San Francisco.
The people of the community are almost as diverse as the architecture. Living in the town are world renowned film makers, rocket scientists, artists and musicians…all living happily amongst all of us regular folks. Brisbane is known as the “City of the Stars” because for over 65 years the residents have put up stars on their homes during the holiday season and even have a “Festival of Stars” each year. Read more
12 Hidden Costs of Homeownership
Hi everybody! I know, it’s been awhile..but here’s an awesome article I found earlier this year that would benefit first-time home buyers especially!
-via Luke Mullins, USNews.com (April 8, 2010)
As the selling season gets underway, many Americans will be looking to take advantage of the lower real estate prices, attractive mortgage rates, and federal tax credit by purchasing a home. But remember: Not all of the costs associated with homeownership are reflected in the listed price. Indeed, many buyers — particularly first-time buyers — may be surprised by the amount of cash they’ll need to set aside for housing-related expenses that they hadn’t previously considered. These often-overlooked expenses can include everything from title insurance to lawn mowing. To give would-be home buyers a better sense of the budget they’ll need to buy and maintain a home, U.S. News spoke with a handful of real estate experts and compiled a list of 12 hidden costs of homeownership:
1. Home inspection. Since a home purchase is likely to be the largest financial investment of your life, it’s a good idea to have it professionally inspected beforehand. A home inspector can point out areas of the property that may need repairs. Buyers can use this information as leverage during home-price negotiations or simply to determine whether or not the property is worth purchasing. “It’s not required, but certainly I recommend it to buyers,” says Judy Moore of Re/Max Landmark Realtors in Lexington, Mass. “It is actually very helpful in that [buyers] learn about the property and how to maintain it and it also alerts them to any potential issues that may be coming up in the near future or need to be taken care of.” The cost of a home inspection, which can run several hundred dollars or more, is typically incurred by the buyers before they go to closing, Moore says. Read more
What Now?
It’s an important question, since it appears the homebuyers tax credits won’t be extended. But it’s a question not to be feared. We think it’s time the housing market stood on its own feet anyway. After all, we can’t gauge the health of a market if it’s still supported with taxpayer stanchions.
But that’s okay; we think the housing and mortgage markets are sufficiently healthy to stand alone. Pessimism is the intellectual position, but the fact is the economy is getting better: Despite worries that American consumers might hunker down for years — spooked by debt, lost savings, and unemployment — austerity has given way to shadows of a new shopping spree: households are replacing cars, upgrading home furnishings, and amassing gadgets. What’s more, wealth – at least wealth measured by equity holdings – is booming.
On the mortgage side, private investors are returning. A California firm recently completed the first private-sector sale of a security backed by mortgages in nearly two years, potentially reopening a market slammed shut by the housing crisis. The $238-million deal was of the highest quality, to be sure, with borrowers making an average down payment of 45 percent and mortgage payments comprising less than 30 percent of income. But as the economy continues to improve and investors become less risk adverse, less restrictive mortgages will be securitized.
Bottom line: we see a growing economy, improving employment, stable home prices, and less restrictive (though higher rate) mortgages in our future. In other words, we see a market for buying and refinancing today.
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