Aug 072017
 

I love being a Remax Real Estate Agent. Nothing brings me more joy than helping my first time home buyers find the perfect home, at the perfect price. I always say that when you find your forever home, you will know it. It will just FEEL like home. But though the gasps of excitements, and tears of joy, I realize that many of my clients are more than first time home buyers. Many are first generation home buyers, as well, and being the first person in your family to purchase a home can be pretty overwhelming. I hope that this blog post can help alleviate some of that stress.

Things All First Generation Home Buyers Should Understand

  • Purchasing A Home Is A Financial Investment

Brachel Rogers explains buying your first homeI tell all my buyers that once you decide to buy a home, you should think of it as an investment. Most business minded people agree, that you should always position yourself to receive the greatest return on any investment. So I advise them to study the market, research the different school districts, and to check out different neighborhood associations. It is very important to see if the value of the home you plan to purchase will increase or decrease over the years.

  • Not All Home Mortgage Loans Require 20% Down Payments

There are many types of home mortgage loans. An FHA loan only requires 3.5% of the purchase price as a down payment. USDA home mortgage loans are 100% financed, and require no down payments. VA home mortgage loans are 100% financed, as well. In addition, lenders may require only 3%-5% percent down on conventional loans. The days of NEEDING 20% of the purchase price, as a down payment, are long gone.

  • Mortgage Lenders Use Your FICO Score, Not Your Vantage Score, To Determine If You Qualify For A Mortgage Loan

While there is a new Bipartisan Senate Bill being discussed, for the moment home mortgage lenders are still using FICO scores to help determine if a person will qualify for a home mortgage loan. Although your vantgage score may be much higher, your FICO score uses factors, such as income, and current debt, to determine qualification for home mortgage loans. In addition, in order to qualify to purchase a home, mortgage lenders will pull FICO scores from all three major credit bureaus, and use the middle FICO score.

  • Credit To Debt Ratios and Debt To Income Ratios Also Impact The Amount Of Your Mortgage Loan

Credit Scores are not the only factors that determine if a home buyer will qualify for a mortgage loan. Freddie Mac and Fannie Mae provide guidelines for all USDA, VA, and FHA loans. First, the lender will make sure that the buyer has sufficient income to purchase a home. Next, the lender will access the buyer’s prior financial obligations in order to determine the buyer’s debt to income ratio. The home buyer will need to be able to afford the new mortgage payment, still pay all prior financial obligations, and have a percentage of income left over in order to qualify for purchasing a home.

take that first step to buying your first homeSo many of my first time home buyers are first generation home buyers, as well. Many of my buyers want to purchase a home, and many of them qualify to purchase. However, they are overwhelmed with not knowing where to begin, and they don’t have the benefit of mom and dad’s experiences. I hope that this post has shed some light on a few topics. I also invite you all to contact me with any questions. I would love to schedule a consultation to place you on the path to home ownership!

Let Me Get You Those Keys,

Brachel

 

 

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Jul 142017
 

Home Buyers Should Always Sign A Buyer Agency Agreement With Their Real Estate Agent

Buyer Agency AgreementIt happens more more often than you would think. First time home buyers spend countless hours with their real estate agent while searching for the perfect home. They discuss the buyers’ likes, dislikes, and must haves. They finally find the perfect property, purchase their new construction home, and move into their new space.

It is only six months after the completion of the sale that they realize that they could have bought another home, with a similar floor plan, that was built two years ago, and only a mile away from the kids’ school, for much less than what they paid for their current home. To make matters worse, they had stressed the importance of being near the kids’ school to their realtor. What happened? Did the realtor really look out for their best interests?

If all home buyers would take the time to enter into a buyer agency agreement, it would ensure that the buyers will receive representation that protects the best interests of the buyer. Oftentimes real estate agents will attempt to make a buyer pay more for a property because sellers usually pay the real estate agent’s commission. The only sure way to guarantee that the real estate agent is truly representing the buyer is with a legally binding contract, or buyer agency agreement.

A Buyer Agency Agreement Protects Both the Home Buyer and the Real Estate Agent

The importance of a Buyer Agency AgreementNot only does a buyer agency agreement protect the buyer, an exclusive buyer agency agreement will also protect the real estate agent. Many times, a real estate agent will help a home buyer through many phases of the home buying process. They may refer them to a credit specialist, introduce the buyer to a mortgage lender, and spend countless hours helping them search for the perfect home, only to have another real estate agent present an offer on behalf of the buyer.

When this happens, the first real estate agent is not compensated for any of the work that was done previously. In these instances, it may not be the buyers’ fault. Many first time home buyers do not understand how the real estate industry works.

I always explain the importance of a buyer agency agreement to all of my buyers. It is not to force them into something–it is to protect all parties, so that we can work together efficiently to make the best possible home purchase!

Let Me Get You Those Keys,

Brachel

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Jun 282017
 

USDA Raises Income Limit For Home Buyers

I love it when Katy Kirby of Stark Mortgage drops by my office. It always means that  great things are happening in the home mortgage loan industry. Imagine how excited I was when she told me that the income requirements have been raised for USDA home loans. The new income eligibility requirements are still based on a 640 credit score, but allows more middle class families to obtain the help needed when purchasing a home.

A family of 1-4 people can now make up to $75,650, can still qualify for a USDA home mortgage loan. High income area residents are now allowed an even higher income bracket. In some areas, a family of 1-4 people can have an annual income of up to $153,400. I work with a lot of first time home buyers, and could not wait to tell them all about the new USDA eligibility guidelines.

USDA Home Mortgage Loans Mean
No Money Down Financing

As a buyer’s agent, I understand that getting approved for a USDA home loan may be very beneficial when purchasing a home. If the home buyer is approved for a USDA home loan, the entire loan amount is financed. Yes, 100% financing means NO MONEY DOWN! The USDA home mortgage program is a great way to purchase a home. You just can’t beat home-ownership with no money down financing. Many home buyers were already taking advantage of this amazing opportunity. I am so happy about the new guidelines. Now even more people will qualify to purchase a home with no money down.

Please keep in mind that appraiser’s fees and closing costs cannot be financed in any home mortgage loan. Debt to Credit Ratio guidelines will still apply, as well. Still, the real estate market is HOT right now, and this is the perfect time to purchase a home.

Let Me get You Those Keys,

Brachel

Brachel Rogers announces USDA mortgage rate changes

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Jun 212017
 

Are You A First Time Home Buyer
With  Questions About The Home Buying Process?

Brachel Rogers first time home buyers seminar

As a buyer’s agent, I am really excited about my upcoming First Time Home Buyers Seminar. The real estate market is HOT right now, and it is the perfect time to buy a house. However, I know that the process can be overwhelming for first time home buyers. So, I have teamed up with the staff of the Statesboro Regional Library to educate local residents about the steps of purchasing a home. The first seminar is scheduled for July 15, 2017, from 2:00 pm- 4:00 pm. The event is free to the public, so tell all of your friends and family!

A Home Mortgage Lender and a Credit Consultant
Will Also Speak At The Seminar

Mr. Landon Lanier of Renasant Bank will speak about the different types of home mortgage loans. So if you have questions about FHA home mortgage loans vs Conventional home mortgage loans, or USDA home mortgage loans vs Georgia Dream home mortgage loans, this seminar is definitely for you.

Ms. Kashiff Lanier of Focused Credit Solutions is also scheduled to speak at the seminar. She will explain how credit scores affect the home buying process, and she will discuss great tips for maintaining a good credit score. In addition, she will explain how credit to debt ratio affects your credit score. After hearing her speak, you will definitely understand why credit is so important during the home buying process.

Please mark your calendars for July 15, 2017. I can’t wait to see you there!

Let Me get You Those Keys,

BrachelFirst Time Home Buyers Seminar with Licensed Real Estate Agent Brachel Rogers in Statesboro, GA

 

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