Buy A Home
As the seasons change, we often get questions from people who are considering a move: it is a good time to buy or sell a home? If you have flexibility with your move schedule, then it’s smart to talk to a real estate agent so you can choose the ideal time of year to maximize your equity.
Many people assume that summer is the best time to buy or sell a home. While it’s true that families often move during the warm summer months when the kids are out of school, it doesn’t mean that nothing happens in the real estate industry during the rest of the year.
Talk to our experienced real estate team, and we will tell you without hesitation: fall is an excellent time if you are ready to buy or sell a home!
Why Fall is a Great Time of Year for Real Estate
What makes fall a good time when you are ready to buy or sell a home? Here are a few reasons why:
- Serious Buyers: Spring and summer tend to bring out “tire-kicking” buyers. These people are considering the option to buy a home, but they aren’t serious enough to make an offer. On the other hand, buyers in the fall are feeling the pressure to move before the holiday season, which means there is a higher chance that they will act quickly when finding the right home.
- Less Inventory: Other sellers in the area might put their real estate listing on hold during this time of year, because they don’t want the hassle of showing a home and moving during the holidays. Often, sellers are rushed to close before September 30th. Then, people assume that it is best to wait until after the new year before taking a serious look at their options. As a result, fall is the perfect time to sell because there is less inventory, which means you will be up against less competition.
- Home Improvement Options: Contractors tend to be busier during the summer months due to the construction going on when the weather is warm. If you want to make a few improvements in your home, then you’ll likely find that contractors are more available during the fall months. Your old home could use a little bit of TLC, whether you are preparing it for a real estate listing or buying a fixer-upper.
If you are thinking about buying or selling this fall, then don’t delay your opportunity to talk to a real estate expert. Our team at DUFFY Realty is here to help you put together the right moving strategy based on the needs of your family. Contact us at any time to learn more about the local and seasonal real estate trends. We’re here to help: (678) 318-1700
Veterans and their families may qualify for a home loan through Veterans Affairs (VA). As an insurance program, the VA offers 100% financing of mortgages and guarantees them up to $424,100. They do not require any down payment and mortgage insurance can be included in the loan itself. Lenders have different requirements, but in general, qualifying borrowers should have no more than a 41% debt-to-income ratio. If you can obtain a Certificate of Eligibility (COE) from the VA, you can apply for a no down payment loan through this program.
First-time homebuyers that live in designated suburban and rural areas may be eligible for a U.S. Department of Agriculture (USDA) Rural Development Housing loan. The program is intended for those who live in remote areas, but there are places in suburbia that do fall under the locational restriction. Loan applicants must have at least a 600-640 credit score and make less than certain income amounts. A loan guarantee of 3.5% is required upfront, but borrowers can choose to include it in the loan itself so that no cash is required when the loan closes.
Navy Federal Credit Union Mortgage Loans
The biggest credit union in the U.S. in membership and assets, NFCU’s no money down mortgage loans are a lot like VA loans. You won’t be required to carry mortgage insurance, but there is a funding fee of 1.75%. This fee can be rolled into the loan balance. However, you need to be a qualifying credit union member to apply for the loan. Membership is exclusive to U.S. Department of Defense (DoD) employees and contractors at DoD installations, personnel from all military branches, and family members of any of these members.
Loans insured by the Federal Housing Administration are intended to stimulate the economy and housing industry by encouraging first time home buyers to buy a home. They do require a down payment, but it is quite low. You can pay as little as 3.5% of the home sale price.
Talk with a Pro
Buying a home is a big commitment, and for some of us, it can feel out of reach. That’s where no down or low down payment loans can help. They lend quite a bit more than just a helping hand, making it possible for many people to get their little piece of the American dream.
Here at DUFFY Realty, we can connect you with excellent lenders that understand the world of mortgage finance and will help you find a loan to meet your needs. Call us for a conversation today: (678) 318-1700
How to get a mortgage is a common concern, especially for the self-employed. The financial crisis of 2008 drastically altered the world of real estate and mortgage finance. Where stated income loans were quite common before the crash, they became less so after.