Virtual tour of beautiful, vintage cottage for sale by owner in Durham, NC. Built in 1929 and located in historic Old North Durham, this home features modern style and amenities with classic, old-time charm! Original hardwoods, designer mock pocket doors and tons of upgrades make this home the most unique in its class. To view more of this home, visit 113.new-homes-nc.com Property for sale by owner. Virtual tour by Virtual Sidekick.
Resolutions: Palm Hi-Res (320×320), Palm Standard (160×160)
Product Description Provides tools, advice and organization to help the house or condo buyer find the right home. Includes real estate database, mortgage calculator, searchable guide and glossary. Find the Right House at the Best Price Finding and purchasing the right home is a complex task that many people do rarely. However, few purchase decisions can have a greater impact on your quality of life. We designed and built PDA Home Buying Guide to help PalmOS consumers get a better handl… More >>
I’m a first time home buyer, and I have no idea about the process. I can’t seem to find any good resources on the web regarding this issue: Is hiring a buyer’s agent a good idea, or is it better to go it alone (especially considering my knowledge of real estate is limited to what I’ve picked up on the web)? How is the buyer’s agent commission usually paid? Does anyone have any good websites they can refer me to regarding the home buying process?
In a perfect world, every buyer would apply 20% of the purchase price toward a down payment on a loan transaction. They would have 720 credit scores and have worked at the same company (which they do not own themselves) for the past 10 years. They pay their credit card balances off every month, own their car outright, and have a savings kitty equal to their yearly income. Trust me, these people do exist. We lenders just don’t see them every day. But doing a loan for these individuals is a walk in the park.
Most of us try to save what we can. That’s important when buying a home. However, many mortgage products allow for varied down payment options from 20% down plus closing costs to coming to the table with no money at all.
To come to the table with no money at all, you must either be a first time homebuyer or your income is under a certain mandated amount. These programs are designed to boost the home buying segment of our population and allow modest income receiving individuals to be homeowners. Providing they have a good credit and work history and haven’t owned a home in the past three years, they are perfect candidates for 100% financing. If the value of the property allows it and the seller is willing, oftentimes the seller can contribute anywhere from 3-6% if the closing costs. Mortgage insurance (MI), incorporated into the monthly payment, will be required by the lender, and normally it’s at a reduced rate. If you’re income is below a certain level, you can deduct the mi from your taxes. That’s how you can show up, buy a house and put no money down.
There is a certain something to be said for having confidence when purchasing a home. The financial concerns that come with home buying can be a confusing thing to deal with at first. However, there are a few steps that a new home buyer can take in order to build their confidence and streamline the buying process.
