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Up with dp downpayment2015
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Transcript of Up with dp downpayment2015
Up with the DP - Down Payment
Smart Strategies
The
Dre
am H
ome
Init
iati
ve
Let’s Take a Meeting
Agenda
Cha
lleng
esThe biggest obstacles for first time home buyers is the down payment and closing costs required to purchase a home. Up with the DP is an initiative to help buyers afford their dream home.
Live Well Everywhere
Raise Y
our Credit Score
Mr. and Ms. Dream America first
challenge is to obtain the highest credit score possible.
Go get yourself a Personal Banker –get the type of credit report which tells you what you must do to improve your scoreInstitutions such as Wells Fargo or Bank of America have credit improvement programs. Ask for assistance at your current bank.
Lenders like to see a minimum credit score of 620 out of a high of 850.
Tip: Do not pay anybody to improve your credit.
Save Some Money
What ?
Check with that same bank for automatic savings programs.
Such as automatic savings of $1 every time you use your debit card (most programs require direct deposit).
Automatic savings of any amount you designate $25.00, $35.00 or more per month even $10.00 . Okay, start saving something. Just step it up from the penny jar, please.
Americans still have a total of $11.4 Trillion in debt to pay off.
Cre
dit c
ard
debt
750
Bill
ion
Auto L
oans $650 Billion
Get
Out
of D
ebt Transfer your balance to a
lower interest rate card.
Double up on payments.
Try to keep your car at least five years after you pay it off .
Purchase a nice used car and
pay cash – no car note –use money to pay down other bills and save.
Stud
ent l
oans
$65
0 B
illio
n
Pay
Off
Stu
dent
Loa
ns(1) Ask your employer to pay off your student loan. A
little-known way to eliminate college debt is to appeal to your boss for a compensation package which includes periodic payments on your student loans based on performance.
(2) When it comes to Stafford, Perkins, PLUS,
and Direct Consolidation loans which make up 85 percent of education debt with five repayment options. The standard plan requires a minimum payment of $50 every month for up to 10 years.
A new income-based plan caps your monthly payments at a “reasonable percentage” of your income (determined by the federal government) and forgives any debt remaining after 25 years.
(3) Consider Consolidation.
(4) Sign up for auto-deductions. Lenders will reduce interest by 0.25%
Use O
nline Financial Tools
Check out online budget tools such
as mint.com, or budgetpulse.com. Use apps such as accounts to checkbook and bill tracker.
Practice not spending any money for one week (fill up your tank, load up on food), then do it
for another week, and another……
Get an F
HA
Loan
Federal Housing AdministrationRequirement for an FHA loan is 3.5% down and closing costs and points are financed into the loan. For example, a home with a list price of $200,000 dollars would require a down payment of $7,500.00. FHA charges an upfront premium for private mortgage insurance of 2.25% ($4,500 on the $200,000 loan). The upfront PMI can be financed into the loan if you so choose.
Low Down Payment Loans
FHA allows a seller to pay up to 3 percent of the closing costs.
Negotiate a 3% concession or down payment assistance from the Seller.
Get
Con
cess
ions
from
the
Selle
r
Ask the seller take care of all or of any repairs that are revealed by an inspection.
If applicable, have the seller convey appliances, furniture, one year worth of Home Owner Association fees . Transactions are negotiable in real estate.
NO
MO
NE
Y D
OW
N F
OR
VE
TE
RA
NS If you are military, you can obtain a
Veterans Administration loan with no money down. Gather your proof of service- DD214 card.
Active duty and qualified veterans are eligible.
Before applying for a VA loan check with your local VA Office.Directory for local VA offices
Local Home Buying Programs – States have local buyer programs which assist with down payments
State/Local Home buyer Programs
For example, Virginia Individual development accounts offers $2 for every $1 dollar you save.
Local Home Buying
Programs
With the help of a Real Estate Agent, you may be able to find a home where the seller is willing to lease you the home until you can find financing.
To find out more about lease options…….
go to www.propertyagentwww.com, then send a message stating you are interested in a lease purchase. You will be contacted by an agent who will help you find a lease purchase home.
LE
ASE
OP
TIO
N A
ND
OW
NE
R C
AR
RY
Rent with option to buy…at the end of the lease you are not obligated to buy.
You can get a gift money from
a family member or close friend to purchase a home. Talk to your lender about gift letter guidelines -see sample gift letter.
.GIF
T F
OR
DO
WN
PA
YM
EN
T
GET ADVICE FROM A Housing & Urban
Development QUALIFIED HOUSING
COUNSELOR
A HUD Housing Counselor can make recommendations specific to your situation which may enable you to purchase a home.
Check with your realtor to Request a list of banks which have
grant money for first time home buyers .
Typically if you meet bank income and credit guidelines you can get around $7,500 or more for down payment and closing costs. If you sell the house before the end of a certain period (5-7 years) you must return the grant money.
BA
NK
GR
AN
TS
BU
Y A
FO
RE
CL
OSU
RE
OR
A S
HO
RT
SAL
E
Typically you can get more for less bucks purchasing short sales and foreclosures. Banks have improved the amount of wait time to get an acceptance and close. If this is an option for you contact your realtor.
Along with housing alerts, you will be provided with a list of short sales in your desired location and price range.
GET A BETTER PAYING
Job
Helping you get a better paying job is part of our Up with the DP –Home Down Payment Initiative.
We have compiled a plethora of information to help you find a better paying job – skills assessments, continuing education and an amazing comprehensive list of job search engines.
We guarantee you a job or a better job in 30 to 90 days …..or we will refer you to private career coaching
resources.
Live Well, Everywhere
http: onespaceseeker.blogspot.com804-674-4077