Thursday, December 14, 2006

FIRST-TIME BUYERS GETTING BACK IN THE MARKET

The share of first-time home buyers dropped earlier this year to its lowest level since 1987, according to NAR. First-time home buyers now account for 36% of home purchases, according to a study released last month, down from 40% in the three previous years. But as more sellers begin to cut their asking prices and rates on fixed-rate mortgages have moved lower, some real-estate agents are reporting renewed interest from people shopping for their first home.
(Source: RealEstateJournal.com)

Tips: Buying your home with no money down with 100% financing.

The first step in buying your first home is to get pre-approved. Once you know what you can afford, the next step is to start looking for homes in an area which fits your lifestyle, budget, etc...

Start with your local bank. See what type of loan programs they can offer. When you finally partner up with a local real estate professional, that Realtor will also recommend you apply with a recommended lender. Go with the person who offers you the best terms, rate, and payment.

You can use my site: http://www.homes.la to begin your home search. This site covers the San Fernando Valley, Santa Clarita Valley and surrounding areas. Make sure to add your name, email, and phone number so you'll receive your daily property updates by email.

When you find a home you like, we can schedule a time to view and others in the areas your interested in. If your looking in the price range of $300,000, you can also search for homes in the $325,000 range as some sellers are willing to negotiate down the price of their home.

When making your offer, keep in mind that you will need to put anywhere from 2% to 3% as a good faith initial deposit of the purchase price. Though you are buying the home with no money down, this amount will be refunded back to you at closing. We'll also ask the seller to pay your non-recurring closing costs. Non-recurring closing costs are costs associated with closing the purchase; Title, escrow, mortgage broker, etc... This will ensure all of your initial deposit is returned at the close of escrow.

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