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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

Should you skip the starter house?

Gone are the days when a three-bedroom, two-bath starter home was the norm for first-time homebuyers. Today, many buyers are skipping that stage altogether and going straight for their dream homes. They’re buying bigger, more expensive properties with upgraded features, and they plan to live there for the long haul.

Not sure which type of property you should look for? Here are a few things to consider:

Why are you buying?
Are you mainly looking for a way to lower your monthly living expenses, or do you want a place to raise your kids and put down roots? Do you want this to be your only purchase, or are you willing to go through the process again in a few years?

What’s your budget?
Can you buy your dream home with what you can currently afford, or would that stretch your budget too far? It’s crucial to consider how much you’ll need to save for a down payment and how large of a loan you can qualify for. Your credit score and the expected interest rate will also play a factor.

How long do you plan to stay? 
Do you plan to be in the area for a long time or is there a chance you’ll need to move for your career, family or another reason down the line?

Is the market favorable?
What is the current housing inventory, and will you be competing with other buyers? Favorable market conditions mean you’ll get more house for your money, making it an ideal time to purchase a forever home.

Get in touch today if you’re ready to buy a new home. If you’re unsure about a starter home or forever home for your family, we can discuss what options are available to meet your needs and long-term goals.

Posted in: Blog Tagged: atlanta, economy, first time homebuyer, housing market, inventory, millennials, National Association of Realtors, purchase, Real Estate

Fixer-upper or move-in ready home?

Shows like HGTV’s “Fixer Upper” have popularized the idea of buying and renovating the worst house on the best block. Homes that need major remodeling, however, aren’t for everyone. Sometimes a move-in ready house is a better option. Whether you’re a first-time homebuyer or a seasoned investor, it’s important to understand the pros and cons of each.

Pros of Fixer-Uppers

  • Lower price – Homes that require some updating tend to be priced lower, and many renovations can quickly add value to your home.
  • Creative control – When you’re the one in charge of updating your home, you can customize it however you choose.

Cons of Fixer-Uppers

  • Delayed move-in – The planning and work involved to fix it up can significantly delay your move-in date.
  • Unexpected costs – No matter how well you plan, major renovations are always subject to unforeseen expenses.

Pros of Move-In Ready

  • Quick move-in – Can’t wait to begin nesting? With a finished home, you can start moving in as soon as you get your keys.
  • Energy-efficient technology – New and renovated homes are often outfitted with the latest energy-efficient options when it comes to kitchen appliances and heating and cooling systems, which can save your money over time.

Cons of Move-In Ready

  • More expensive – To recoup the costs of updating, sellers often price move-in ready homes much higher. These homes also don’t allow for easy customization.
  • Questionable quality – When you’re not there to oversee the update process, you’re unable to ensure that high-quality work and materials are used for your home.

Posted in: Blog, Real Estate Tagged: atlanta, first time homebuyer, housing market, inventory, millennials, purchase, Real Estate

2018 Real Estate Market Forecast

2017 was certainly an interesting year! We had more buyers, and looser mortgage guidelines, qualifying more people for a home loan. We still maintained incredibly low interest rates with noisy politics and uncertainty contributing a great deal to that. As supply and demand would have it, we saw an increase in demand for home ownership but a shortage of supply as low inventory was the only thing holding the housing market back from a sure explosion. That led to home values increasing and a shift from a buyers- market; to a sellers- market.

So here we are its 2018 and we are seeing incredible economic growth. The Dow Jones Industrial average is soaring to record levels, unemployment rates are at a 17-year low and job growth predictions are all leading to signs of a very healthy America in 2018; from an economic perspective.

So what does all of this mean to you? Well it’s always important to know what is going on in the real estate market because if you are a home owner, you should always know the current market value of your home. If you are considering selling, you of course want to know how much cash you can get out of your sale. And if you’re looking to own a home, you want to know what the interest rates are, what they are projecting to be and what the inventory situation looks like to make better, more informed decision.

It’s expected that historically low interest rates, still baffling to even the most seasoned analysts, will gradually rise to an average of 4.5% percent over the next 12 months. Inventory is expected to increase, but moderately; making 2018 thus far, a sellers- market.

“This will be the first of many years to come in which it’s all about the millennial first-time homebuyer,” said Mark Flemming, chief economist at First American Financial Corp, a title insurance company. “ Find ways to appeal to those buyers, and it’s likely to be a successful year.”

Millennials, first time home buyers and self-employed individuals finally have access to options they really didn’t have after the mortgage meltdown. Let’s face it, most rentals today aren’t as desirable and they are more expensive as sellers of nicer properties have opted to “cash out” and sell once the market recovered. What I have recommended to interested buyers in our community is define where you are at financially and what your credit score is; then learn what products exist today that will get you qualified. For my sellers or potential sellers, get a free market analysis and know the market value of your home; you might be pleasantly surprised.

Posted in: Mortgage, Real Estate Tagged: CMA, Dow Jones, first time homebuyer, free market analysis, home loan, housing market, inventory, low interest rates, millennials, politics, property value, self-employed, unemployment rates

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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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
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