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1st Time Home Buyer ATL

Milla Murad | Realtor® | Real Estate | Atlanta | Georgia

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Can you own your dream house with student debt?

Did you know you can buy your dream home while paying off student loan debt?

It’s true and even quite common. While student loans are factored into your debt-to-income ratio, they shouldn’t prevent you from becoming a homeowner.

And fortunately, there are many programs and options available to prospective buyers, some you may not be familiar with. Here are four ways people with student loans achieve their homeownership goals:

1. Co-buying With Friends or Family
Purchasing a home with a roommate, significant other or sibling allows you to combine multiple incomes to qualify for a better mortgage rate. This can help lower your monthly payment and make home maintenance more affordable.

2. Receiving Financial Gifts From Family 
You can also accept gift money from your parents, grandparents or other family members to put toward your home purchase. Some loan programs have a cap on how much gift money can be used, so make sure you know the limits first.

3. Choosing Low (or No) Down Payment Loans 
There are many low down payment options, including FHA, HomeReady and Home Possible loans. For loans with no down payment, VA loans may be available to veterans and military members as well as USDA loans for those purchasing in rural areas.

4. Using Assistance Programs 
Down payment assistance programs can cover some or all of your down payment costs if you qualify. These programs vary by location, so talk with a lender to learn about potential options.

Working on your credit can also help you buy a home. Pay your credit card bills on time every month, aim to pay down your debts and never let an account go into collections. It also helps to get preapproved for a mortgage so you know how much you qualify for.

If you’re ready to make homeownership a reality or would like a referral to a trusted lender, get in touch today.

Posted in: Real Estate Tagged: atlanta, credit scores, first time homebuyer, housing market, interest rates, inventory, millennials, purchase, Real Estate

Mortgage Interest Rate Prediction for remainder of 2017

Stock Market words on a thermometer to illustrate rising prices and values of investments

Inflation is a key indicator for where mortgage rates are headed.  In simple terms, when prices of goods and services go up, investors of mortgage backed securities lose return.  That is why when prices rise, so too do interest rates.  The last report on inflation saw a slight drop; from 1.8% to 1.4% from January to May.   With three jumps in interest rates this year, many projected a steady increase, but recently mortgage rates dropped slightly.  While I’m not a prognosticator of interest rates, all signs from here to about December 2017 look like they will remain very low, perhaps even a slight decrease.   That is good news for borrowers; especially the huge number of millennials that are taking advantage of low down payment mortgages and looser credit guidelines.

Inventory is getting better.  After three consecutive months, pending home sales reversed course in June in all major regions of the United States with the exception of the Midwest.  Almost all regions saw an increase in contract activity according to the National Association of Realtors®.

How about some more good news?  As I’m writing this blog the Dow Jones Industrial average hit a record high, approaching the 22,000 mark; powered largely by Goldman Sachs, JP Morgan Chase and a few others.

The economy certainly is showing signs of legitimate growth built on the right foundation.  Unemployment numbers SHOULD be next to improve and if and when that happens, we should see a solid run of economic prosperity.

If you are considering a real estate purchase or are considering getting a mortgage, now is a very good time to act.  You have to simply balance the prices of real estate and interest; but when you look at an amortization schedule you quickly place the value of low interest rates over slightly higher real estate prices.  Please let me know if I can help you in any way or if you simply have any questions you need answers to.

 

Posted in: Mortgage, Real Estate Tagged: 000, 22, amortization, Dow Jones, economy, Goldman Sachs, inflation, interest rates, inventory, JP Morgan Chase, millennials, National Association of Realtors, pending home sales, record high, stock market, unemployment, United States

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Real Estate team of a Real Estate Agent, Lender, Attorney, and Insurance Agent to coach you on 1st time home buying process. Seminars held quarterly.
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FROM OUR BLOG

4 Tips for Decorating a Small Space

4 Tips for Decorating a Small Space

Whether it’s a cramped bedroom or an office nook, many homes have a small room that’s difficult to decorate.  Do you wish you could add more charm without forgoing square footage? Well, just because your space is limited, it doesn’t mean your style has to be.  Make your tiny area more usable and trendy with […]

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Milla Murad, Realtor® Village Realty 3423 Piedmont RD NE ATL,GA 30305
O: 404-965-4080
404-268-5565
MillaMurad@gmail.com
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