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Tag Archives: first time home buyers

Tips On Finding Your Dream Home

buyers agentMost people view each home purchase as a chance to buy a dream home. Their first home is their dream. Every acquisition represents the stage in which the household is at. Many home buyers once dreamed of dream homes, as well as homes built by exceptional home contractors. Many neighborhoods offer dream homes by top home contractors that are affordable for most home buyers. Find a Myrtle Beach Real Estate Agent to help you find what your looking for. These are five tips that will help you find your dream home.

1. Set up a budget

There are many types of homes to suit different stages of life. It is easier to choose the right residence or alternative by knowing what you can afford in terms of overall mortgage repayments. A home builder has the advantage of negotiating about the features and not just the cost. This allows for a simpler selection process.

2. Get to know the market

There are many home contractors. It is important to recognize which home contractors’ designs fit with your home. It is also important to know which contractors are still in the area during the home-buying process. It is important to know the location of your chosen contractor when choosing a plan for home building or in the neighborhood.

3. Establish a relationship

A real estate agent or a builder is almost always involved in the home buying process. No matter the specialty, forming a partnership helps to open up lines to interaction and settlement. It also gives you a better understanding of the process, timeline, and what to expect.

4. Zone

Find the best area or community for you. Many people find that suburban areas have lower tax obligations. Some people find that mass transit in cities is easier. There will be many options for you to choose from when it comes to your dream home. These are not essential elements, so don’t think you have to compromise. A lot of home contractors will create an area that has a variety of preferred qualities, such as comfort to major roads, zoning for favored institutions, and area swimming pools.

5. Know what you want and what you need

Like any other significant purchase or decision, the list of should riches’ and top qualities of a home usually includes both needs and wants. It is important to recognize the differences between them in order to determine when and how to make the deal. The needs will change depending on your life stage. For a first-time home buyer, a house that is within a reasonable budget and still in an attractive location might be ideal. There may also be a chance to sell quickly. Senior citizens and vacant nesters may require a home with a low home mortgage, in an easy-to-manage home in a safe as well as pleasant location.

Call Full Potential Real Estate if you are looking to buy your dream home in Myrtle Beach.

Full Potential Real Estate, LLC

Myrtle Beach, SC 29577

843-492-4537

http://fullpotentialrealestate.com

10 Features First Time Home Buyers Are Looking For

selling a homeNearly a decade of positive housing momentum has been interrupted by the pandemic that has forced governments around the world to issue “quarantine” orders. What was expected to be one the busiest summers of recent history has actually failed to live up. Instead of realizing historic home sales figures, buyers and sellers now sit on the sidelines, waiting for the right person to move. But, there is still demand. Despite the pandemic being an obstacle, buyers remain in the market and are likely to be more willing to purchase than ever.  This raises the question: What do home buyers really want? What can sellers do for their homes to make them more attractive to buyers?

Although the Corona virus has changed how buyers and sellers see the real estate market, some of the most desirable home features have remained the same. A Myrtle Beach Realtor will be able to find a home with your favorite features. How can sellers capitalize on this participation? What can homeowners do to ensure that their homes sell in the coming year? Lastly, what features are the most important for home buyers?

Updated Kitchens & Baths

What are the top priorities for new home buyers? It’s simple: modern kitchens and bathrooms. Millennials as well as first-time home buyers are making their intentions clear. Modern kitchens and bathrooms are essential. Metropolitan Regional Information Systems Inc. recently conducted a survey and found that 81% of respondents considered updated bathrooms and kitchens to be the most important features when deciding whether to buy a home. If you have the budget, you should  update your bathrooms and kitchen.  You don’t have to spend a lot to attract first-time homeowners.

Open Floor Plans

What is the most important thing home buyers want, other than more living space? After all, the whole point of buying a home is to improve on existing living arrangements. First-time home buyers are keen to have open floor plans, even if they don’t need modernized bathrooms and kitchens. Before selling a property, sellers should review their floor plan.

Proper renovations can increase the property’s value and appeal. It is possible to have more attractive floor plans that create demand. Your property will sell faster and more often if it has more exposure.

Low Maintenance Features

Many millennials are discouraged from participating in the housing market because of the high cost of buying a home. Even those who do make the leap should be cautious, as prices rise in every city. It’s not hard for first-time home buyers to save enough money to pay a down payment or make a monthly mortgage payment. First-time home buyers don’t have enough money to cover all the costs associated with the purchase.

Selling homes should consider the idea of saving money on home maintenance as a selling point. First-time buyers are often embarrassed by the idea of spending more on maintenance after making the biggest purchase of their lives. Therefore, it makes sense that they would prefer a home that is ready to move in than one that requires extensive maintenance. Sellers are encouraged to minimize the amount of work required after purchase.

Energy Efficiency

Energy efficiency is similar to limiting the maintenance that a property requires after it has been purchased. First-time home buyers are now interested in saving money. Energy efficiency can also lead to compounded savings over time.

If you want to attract first-time buyers, sellers should include as many energy-efficient upgrades as possible in their homes.

Today’s buyers are more interested in how much money they can save on their energy bills. Properly insulated homes can help owners save a lot of money on their energy bills.

When you’re looking to sell your house, make sure to mention any energy-efficient features you have. A first-time buyer is interested in any amenities that can save them money over the long-term. This includes low-flush toilets and attic insulation.

Wireless connectivity

What do home buyers really want right now? Connectivity. Millennials are more tech-savvy than any other generation. It is safe to say that millennials will be dependent on technology in their home buying decisions. Nearly a quarter (20%) of first-time buyers will place priority on homes that have strong mobile phone service and Internet connectivity (smart home features).

It’s not surprising that millennials are the first generation to expect their homes to be technologically compatible. Strong Internet connections and mobile phone service are not a luxury, but a necessity. Sellers will have a better chance of selling their home if they realize this sooner than later. If you don’t address this issue, your home will become stale.

Laundry rooms

Laundry rooms are often overlooked, but they’re not forgotten. According to Kiplinger, 91.0% want laundry rooms in their new homes. This includes first-time buyers. It could be that they need more space or because they have had enough of sharing communal laundry rooms in their apartment buildings. However, first-time buyers expressed the desire to have a laundry area.

Patios

Many first-time buyers will want more space when they move into a new home. New buyers often come from small living spaces and need more space. A patio is a great option because most buyers have grown to use a balcony. It’s also a simple upgrade that can make all the difference.

Garage Storage Space

It’s easy to accumulate way too many things, as any homeowner will tell. Garage storage is essential for homeowners who have a natural knack for excess. But efficiency is more important. The garage storage allows homeowners to store the items they want and need without taking up too much living space. Garage storage is often more accessible than an attic, shed or garage, so homeowners can store their items over the course of a year and not forget where they are.

Garage storage costs can vary greatly, with everything from DIY shelves to professionally built workbenches and cabinets. The effort, regardless of price, will attract more buyers.

Exterior Lighting

The exterior lighting can be a great way of adding curb appeal as well as functional lighting. A well-lit home will make you feel more welcoming and attractive to those who pass by it or stop in to visit. Anyone who plans to host outdoor activities will need exterior lighting. Exterior lighting can also be an additional safety feature. Even a few small changes can make your home safer. Home buyers are beginning to notice the importance of exterior lighting, whether it is for entertaining or hosting a party. Exterior lighting is relatively affordable at $50.00 per fixture. Although the price of more expensive fixtures can go up, the bottom line is that it can still be done at a reasonable cost.

Walk-in Pantry

What are the most important features for home buyers? This is the most important feature for home buyers. Walk-in pantries can be a great way for a home to have more space. A walk-in pantry can cost anywhere from a few dollars to a large sum. The style of your home will determine the price. Luxury homes, for example, will need larger pantries to meet their needs. Owners can spend upwards of tens to thousands of dollars on luxury walk-in pantries. Mid-range homes may be able to get something cheaper. A walk-in pantry is a must-have for 83.0% of today’s buyers. This makes the investment worth it. They also want more space than the current place they live.

 

It is important to tell your Myrtle Beach Real Estate Agent what is important to you and what you look for in a home. The remainder of 2022 will undoubtedly attract the attention of first-time home buyers. This leaves sellers with one question: What features are most important for home buyers? What are the needs of new home buyers? And what can sellers do today to meet their customers’ expectations? Sellers should not only offer a listing in a competitive market but also take note of the above amenities. Sellers should not only be able to find buyers with today’s most desirable home features, but they should also offer higher returns for their owners. Sellers have the responsibility to deliver if buyers are willing to pay more for the features they desire. 

If you are a first time home buyer looking for the perfect home, call Full Potential Real Estate, LLC today!

Full Potential Real Estate, LLC

Myrtle Beach 29579

843-236-0203

Tips for First-Time Homebuyer Qualifying For a Loan

Home Buyers Myrtle Beach SCMany potential first-time homebuyers put off applying for a mortgage because they believe it is too complicated and time-consuming. Many new mortgage programs were made available in 2021 so that first-time home buyers could qualify for loans much more easily. FHA loans are an FHA loan is a popular option for first-time home buyers to purchase a home.

First Time Homebuyer Options

FHA loans are popular due to their low credit requirements and down payment requirements. FHA loans are available to borrowers with bad credit scores below 500. However, a 10% down payment is required in order to qualify. A borrower who has a FICO score below 580 will not be approved by a lender.

If your credit score is less than 580, it’s important to first improve it before applying for a mortgage. A 3.5% down payment is required for FHA-insured mortgage loans if your credit score is less than 580.

Request a Copy of Your Credit Reports

First, you need to get copies of your credit reports from all three major credit bureaus. You can also visit annualcreditreport.com, which is a government operated site, to get a free copy of your report. This can only be done once per year.

Also, you should know your credit score. Visit the sites that offer free reports and scores. Credit Karma and Credit Sesame are good places to start.

Check Your Report For Errors

Once you have all three reports, review them one by one to ensure that no errors are found. If you discover any, contact the credit bureau immediately to file a dispute.

What to Look For:

  • Incorrect Employers
  • Phone numbers and addresses from the past and present
  • Incorrect account information
  • Accounts you don’t own
  • Late payments that shouldn’t be there
  • Credit Injuries Not Authorized

By contacting the credit bureau by phone or online, you can dispute incorrect information about your credit report.

Check your credit score

Your credit score is a key factor in securing mortgage approval. Before you apply for a mortgage, it is important to have a good credit score. Credit Karma, Credit Sesame and Credit Karma are two sites that will allow you to check your credit score free of charge.

Credit Scores can be improved

Resolve credit card balances. The amount of credit you have available is known as your credit utilization ratio. This is responsible for 30% your FICO score. You should pay off your balances in a amount that is less than 15% of the credit card limit.

Do not apply for new credit. A hard credit inquiry will be done on you once you apply for credit. This could lower your credit score. You may also be adding debts to your credit report which could negatively impact your credit score.

You must pay your bills on time – it is important to keep up with your payments. You must make timely payments if you plan to apply for a mortgage. It may be beneficial to set up auto-pay for your bills payments.

Be Preapproved Before you Go House Hunting

You must first get preapproved for mortgage financing before you begin your home hunting. A loan officer will assess your credit and verify your income, assets, and bank statements.

Most realtors will not show you houses until you have a preapproval letter. Most sellers won’t accept offers without the preapproval letters. It is easy to get a preapproval. In just minutes, you can get a preapproval. Important documents such as 2 years worth of tax returns, 2-3 month bank statements, proof that you have paid down, W2’s, and pay stubs should be brought.

Find out if you are eligible for an FHA loan

FHA loans are more flexible and suitable for first-time home buyers looking for a loan they can qualify for. FHA mortgages have a maximum loan-to-value ratio of 96.5%. This means that you only need to make a 3.5% down payment.

FHA Loan Benefits

  • Minimum credit score 580
  • 3.5% down payment
  • A down payment can be made as a gift
  • Programs for down payment assistance are available in many places
  • Low interest rates
  • Accepts higher ratios of income to debt
  • Available in fixed rate and adjustable terms

Decide your down payment options

The type of mortgage you receive will determine how much you’ll need to put down for your down payment.

Low or no down payment home loans are very popular for first-time home buyers who typically have less cash reserves. FHA loans only require 3.5% of the purchase price for down payments, which makes them a great option for first-time home buyers.

If you do not have 20% down payment, you can get mortgage insurance by taking out a conventional mortgage. Below are some down payment requirements for each type of home loan.

  • FHA Loans: 3.5% with a 580 credit rating
  • VA Loans – No Down Payment Required
  • USDA Loans – No Down Payment Required
  • 203k loans – 3.5%
  • Conventional loans – 5% to 20%
  •  Conventional97 – 3%

Hire A Reputable Real Estate Agent

A few home-buyers aren’t hiring a real estate agent when they first buy a house. Do not be one of these people. Remember that the buyer pays the realtor and that the cost of the house is already covered by the agent. A reputable and experienced realtor can help you navigate the home-buying process as well as negotiate a fair price. You can trust that he or she will look out for your best interests.

Budget for All Homeownership Costs

Apart from the mortgage, there are many costs involved in getting a mortgage. There are closing costs, mortgage insurance, homeowners insurance and HOA fees.

FHA loans require MIP (mortgage insurance) regardless of how much you have paid down.

Based on the amount of the loan and the down payment, the MIP for FHA loans can range from 0.80% to 1.1%.

If you have less than 20% down payment, a conventional loan is the best option. You don’t need private mortgage insurance, but MIP is required if you make at least 20%.

Calculate your debt to income ratio

The ratio of your monthly income to debt, or DTI, is the difference between your monthly income and your monthly debt payments. This includes things such as car loans and credit card payments.

The front-end DTI ratio, which is the ratio between your income and debt payments, excludes the mortgage loan, is the front-end DTI ratio. If you earn $5,000 per month and your monthly total payments are $1,000, your front-end DTI ratio would be 20%. Maximum front-end DTI ratio of 28%

The back-end DTI ratio (or income to debt payments) is your monthly income divided by your mortgage payment. If you have a pretax income of $5,000, and your monthly mortgage and debt payments total $2,000, your back-end ratio would be 40%. Maximum is 41% In some cases, however, the ratio may reach as high as 50%.

Look for Grants and Programs Available to First-Time Home Buyers

First-time homebuyers can take advantage of a variety of down payment assistance programs and grants. HUD offers several state programs to help first-time home buyers with the down payment.

Local programs can also be found on the websites of your localities. Some of these programs may require you to attend a homebuyer education class in order to be eligible.

HUD Programs

The U.S. Department of Housing and Urban Development created the Good Neighbor Next Door Program (GNND) to help law enforcement, teachers, and emergency personnel become homeowners. They provide them with 50% of the list price of HUD homes found at hudhomestore.com

HUD offers the One Dollar Program, which allows local governments to purchase HUD homes at $25,000 and below. These homes must have been on sale for at most 180 days. In an effort to revitalize their community, these houses may be offered to low-income families.

Learn What Loans are Available for First-Time Home Buyers

There are many loan options available for first time home buyers, including the FHA loan. Based on your situation, there may be other loan programs available that offer advantages over FHA home loans.

Conventional loan – If you have at least 20% down payment, then you should consider applying for a conventional mortgage. FHA requires mortgage insurance regardless how much you have down. You will not need to carry PMI if you have 20% down. This will save you thousands each year.

Conventional 97 loan – Fannie Mae created this type of loan to rival FHA loans’ low down payments. You can qualify for conventional 97 programs with a 3% downpayment and a 680 credit score.

VA Loan – If you are a veteran, you may be eligible for a VA loan. This mortgage option is the most straightforward. It doesn’t require mortgage insurance nor a down payment.

USDA Loan – This program was established by the US Department of Agriculture in order to help low-income homeowners in rural areas save money on their mortgages. You may be eligible if you live in an area that is eligible for a USDA Loan. The mortgage rate is only 0.35% and there is no down payment.

A 203 Loan – If you’re looking to purchase a fixer-upper, a renovation FHA loan (also known as a 203k Loan) may be available. A loan can be obtained to purchase a house that needs repairs.

Fannie Mae Freddie 3% down loan – Fannie Mae Freddie Mac are the largest buyers of mortgage loans. The conventional 97 mortgages were also launched by Fannie Mae and Freddie Mac. It is a 3% down payment program that allows them to compete with FHA loans.

FHA Energy Efficient mortgage or EEM – This helps borrowers finance the purchase of a home and gives them extra money to make energy efficient improvements.

Additional Important Information

Who are First-Time Home Buyers?

To be eligible for first-time home buyers, you must not have owned a home in the last 3 years.

Are You a Requirement for a Down Payment?

Some programs do not require a down payment, such as USDA or VA loans. Existing homeowners can also apply for them. A down payment is not required for any type of loan.

Which loan is best for you?

When it comes to home loans, first-time homebuyers have different requirements. One type of loan might be right for you, but it may not work for you.

FHA loans are the most preferred home loan for first-time homebuyers. FHA loans have lower down payments and stricter qualification requirements.

What credit score is required to be eligible for an FHA loan?

Federal Housing Administration requires that borrowers have a minimum credit score of 500 and a 10% downpayment. A borrower with a better credit score than 500, or at least 580, will be able to get the loan insured for 3.5% less.

The Key Takeaways

It doesn’t have to be scary to buy a house for your first time. Follow the above tips and work with a trusted Myrtle Beach loan officer and real estate agent to ensure that the entire process runs smoothly.

If you require professional help in purchasing a home, call Full Potential Real Estate, LLC

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203

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How Can A Buyer’s Agent Help You?

Buyers agentAs you begin your search for a house, you may think of finding the help of a realtor or a real estate agent. A buyer’s agent is a real estate agent that will represent the buyer in a transaction that has something to do with the real estate property. They could help you look for a house. However, a buyer’s agent could do much more and offer assistance in places aspects that you may have not considered before.

Maybe the best thing when it comes to a buyer’s agent is that their services, all of the work they are doing is for their client and they are free. These professionals get paid a part of the commission, which is generated form the home that you purchase. The seller of the home will be the one that will give the commission that will pay his agent and yours, too. So, it will cost you nothing to use the services that are provided by a buyer’s agent Myrtle Beach.

Finding out how much you can afford

How much you could afford for a house is actually based on several factors. These include the current interest rates, income, and how much you managed to save for a down payment, as well as your credit history. Many buyers could afford about three times of their annual income. A buyer’s agent could help you find out if you have sufficient income as well as down payment to qualify for a mortgage on the home you want. Your buyer’s agent could also lead you to sources of down payment assistance like government programs for first time homebuyers.

Find A Property That Fits Your Preferences and Budget

Your buyer’s agent Myrtle Beach will find a home on the market that matches your description and have the features that you would like to have in a house. This will save you hours of driving around and searching for homes that suit your preferences.

Most homes could be viewed online. However, the buyer’s agent would have seen most of them in person and will be able to help you in finding the ones that are best for you. Your agent will set up an appointment so that you could tour the ones that could be perfect for you and the agent will also attend the showings together with you. In case you have some questions about the house during the tour, your agent could get the answers for you.

Help You Find Financing

Your buyer’s agent will help you find lenders or a mortgage consultant who could help you get prequalified quickly for a maximum mortgage amount.

Imagine Changes

Your agent will be close to the market and work with different home buyers every day. They tour homes regularly and they can recommend changes that will help make a home that you like fit your needs more.

Negotiate The Best Deal

Buyer’s agent can help you get the best deal. They have all the information about the comparable sales in your area. They can help you deal with offers, contingencies, contract deadlines, and more. They know creative ways for you to get the most for you money.

Call Full Potential Real Estate, LLC if you need the help of an experienced buyer’s agent who can help you find your dream home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com

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