For every consumer The American Dream starts with the most basic and fundamental desire “Home Ownership”, this is how families and individuals establish the foundation on how their planning to live their lives.
This is article is a guide for those consumers interested in purchasing a home right now, take a look at the followings steps you need to take in order to qualify for a home loan and achieve your American Dream. 1. Find the Right Home for You There are many factors to take into consideration before a prospective home buyer starts the journey towards purchasing their dream home. What areas or neighborhoods I would like to consider? Are schools in the area Public, Semi-private or Private? How big is my family? Is a single-family home ideal or should I consider a townhouse or a condo? What type of property do I qualify for based on my income and assets? Do I need a mortgage to purchase the property or do I have enough reserves to purchase the property cash? Is it worth it to purchase all cash? There are buyers that want their primary search criteria to be a specific area or neighborhood. Others prefer price range or specific details like a nice backyard with a pool or a beautiful kitchen and bathrooms but in reality sometimes you will end up making a decision based on other characteristics to adjust to the circumstances and market conditions. I suggest starting your search by making a list of the important features you want in a home, prioritize them, and decide what is most important to you and your family. Also, it is very important that you hire an experienced Real Estate Professional that can help you navigate the intricate road to find the right home for you. 2. Save for a Down Payment Conventional banks and mortgage lenders require a down payment at the time they originate a loan. This is usually your cash reserves as a down payment. If you are in the process of looking to purchase a house, I am sure you have planned and saved money to be able to do this. This is a key component in the process of purchasing a home and it will make a significant difference at the time you get qualified for a loan. Most mortgage lenders will require 20% down payment or higher to qualify for a conventional loan, but there are some other options where you can put down less of a percentage as a down payment. However, you should be aware that with a smaller down payment, you will be required to pay for mortgage insurance. 3. How to Prepare Your Credit for Buying a Home The housing market is already heating up and more people are considering buying. It is very important to understand the role of your credit score to be able to qualify for the best mortgage terms. Conventional lenders in most cases want your FICO score to be 720+, although if your credit score is above 580 you may still be able to qualify for a less conventional loan. (See your mortgage broker for more information about this). These are the six steps to prepare your credit for buying a home: 1. Check your credit report 2. Check for errors on your credit report and dispute any inaccuracies 3. Need to have several tradelines on your credit 4. Keep open old credit lines 5. Stop buying on credit 6. Do NOT open new credit lines 4. What Can I Afford? There are several factors that go into a lender’s decision to give you a mortgage. Debt-to-income ratio, income and employment history. Qualifying income is not just salary but other sources as well, such as Social Security, royalties, and alimony. Mortgage lenders use: Total Income - Debt And they use the 28/36 rule for underwriting. For example, your income: If you make $50,000 per year, you should spend 28 percent or less of your gross income on total housing expenses, including things like HOA fees, home insurance, and property taxes. $1,166 (28% of your monthly income). For example, total household debt: This includes everything, credit cards, student loans, and mortgage. This shouldn’t exceed 36% of your gross income (you shouldn’t exceed $1,500 of your total monthly income). Check with your mortgage broker as they may have lenders with more flexible programs. 5. Get Pre-qualified for a Loan By now, you should know what kind of home you want and the preferred neighborhood. You should also know how much you have for a down payment, which in turn will determine the type of loan you should pursue. You should request a pre-qualification letter from your mortgage broker. Now you can meet your realtor and present the pre-qualification letter. This is going to facilitate the search for the house as the realtor will know how much you qualify for.
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The Average Sold Price for single family houses in Palmetto Bay in the last six months is $583,416.72, home values have increased an average of 3.9% in the last year.
The Median Price of homes currently Sold in Village of Palmetto Bay is $550,000 while the Median Price of homes Listed is $580,000. While the Median Sold Price per Sq. Ft. in Palmetto Bay is $228.12, which is lower than the Median Listed of $241.32. For more information visit http://www.JamesRivera.net
CONTACT JAMES RIVERA 786-543-3222 [email protected] IF THIS PROPERTY DOESN'T FIT YOUR NEEDS FEEL FREE TO CALL OR EMAIL ME AND I MAY HAVE OTHER PROPERTIES TO PASS BY YOU. 3 BEDS 2 BATHS 2436 SQ. FT. PRICE: $4,000.00/M Step into this relaxing Zen House on Lake Catalina and live the Paradise Life! This is the only lake in Miami-Dade County allowing motor boats. The property has a boat dock, a sunrise/sunset deck, Jacuzzi and a gas outdoor kitchen. Beautiful, completely 3BED/2BATH renovated Villa "Koko" has 2426 sq ft and is sitting on a 9000 sq ft lot. The house has beautiful new porcelain floors, built out cabinets, new kitchen with Bosch appliances and a new washer/dryer. Bonus office in the 2 car garage. Broker/agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or other features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Presented by James Rivera PacificView Acquisitions Real Estate Group. CONTACT JAMES RIVERA 786-543-3222
[email protected] IF THIS PROPERTY DOESN'T FIT YOUR NEEDS FEEL FREE TO CALL OR EMAIL ME AND I MAY HAVE OTHER PROPERTIES TO PASS BY YOU. 5 BEDS 3 BATHS 2190 SQ. FT. PRICE: $399,900.00 ESTATE SALE, Cash Only. As is. A charming corner home exceptionally located one block from Coral Gables in the Red Bird area with easy access and commute to Downtown, Brickell, Gables, Grove, South Miami, Blue Lagoon; with five bedrooms and three bathrooms (two / one in a second story); a very large master bedroom; a Jack and Jill, big family room, formal living, dining area, kitchen, laundry room and one car garage. Kitchen was updated in the 1990s. Needs a new roof, TLC, replace carpeting, new landscaping , etc. Excellent fixer upper opportunity to rehab and customize your home to your taste. Broker/agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or other features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Presented by James Rivera PacificView Acquisitions Real Estate Group. CONTACT JAMES RIVERA 786-543-3222
[email protected] IF THIS PROPERTY DOESN'T FIT YOUR NEEDS FEEL FREE TO CALL OR EMAIL ME AND I MAY HAVE OTHER PROPERTIES TO PASS BY YOU. 4 BEDS 3 BATHS 2276 SQ. FT. TOTAL 6500 SQ. FT. LOT Location, Location, Location Priced to sell Good starter home, nice size family room, House is a 3/2 with In Laws quarter with full bathroom, Huge circular driveway, aluminum carport on the side of the house perfect for RV or a boat, Great cover patio with a full size bathroom with kitchenette, with sink and a wine cooler... Great for entertainment. Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or other features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Presented by James Rivera PacificView Acquisitions Real Estate Group. CONTACT JAMES RIVERA 786-543-3222
[email protected] IF THIS PROPERTY DOESN'T FIT YOUR NEEDS FEEL FREE TO CALL OR EMAIL ME AND I MAY HAVE OTHER PROPERTIES TO PASS BY YOU. 4 BEDS 2.5 BATHS 2431 SQ. FT. PRICE: $449,000.00 Price reduced!!! gorgeous home 4/2.5 split plan, huge family room, impact windows throughout, quartz kitchen top with new cabinets and appliances, "Touch" faucets, porcelain floors, 16-Camera video recorder security system, crown molding, two AC units recently installed under warranty, fenced yard with room for a boat. Broker/agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or other features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Presented by James Rivera PacificView Acquisitions Real Estate Group. |
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James Rivera is a Licensed Real Estate Broker in South Florida with 20 years experience in the Real Estate Market. ArchivesCategories
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