Are You Spending TOO Much on Rent?

Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.

According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning theyspent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.

When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.

But there is hope for those who are able to save at least a 3% down payment! The percentage of income needed in the US to buy a home is significantly less than renting at 17.1%!

The chart below compares the historic percentage of income needed to rent and buy from 1985-2000 to the first quarter of 2018. As you can see, the cost of renting has climbed above historic numbers while the cost of buying dropped over the same period of time.

Bottom Line

If you are one of the many renters who is spending too much of their monthly income on rent, consider saving money by getting a roommate, moving into a less expensive apartment, or even moving in with family. These are all ways to save for a down payment so that you can put your housing costs to work for you!

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2018! Meet with a local real estate professional today who can help you evaluate your situation and assist you along the way!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS. Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress! Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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VA Loans: Making a Home for the Brave Possible

Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them.

If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream!

Top 5 Benefits of a VA Home Loan

The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!
Primary Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)
Credit Score requirements are also lower for VA Home Loans. The average FICO^® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).
There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.

Who Qualifies for a VA Home Loan?

One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies to the lender that you are eligible for a VA-backed loan.”

You Can Apply for a VA Loan if You:

Serve 90 consecutive days during wartime
Serve 181 consecutive days during peacetime
Have more than 6 years in the National Guard or Reserves
Are the spouse of a service member who has died in the line of duty or as the result of a service-related disability

You Can Use a VA Loan To:

Purchase a Home
Purchase a Condo
Build a Home
Refinance an existing home loan
Make improvements to a home by installing energy-related features or making energy-efficient improvements

Bottom Line

For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, contact a local real estate professional who can help! Thank you for your service!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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8105 Rasor Blvd #140 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
Collateral: The home, or type of home, that you would like to purchase
Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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Branch Manager

8105 Rasor Blvd #140 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years

f you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed.

Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years (1975-2016). Their research revealed that:

“Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the median household could only afford about 3/4 of the median home price.

Despite relatively stagnant incomes, affordability has grown due to the sharp drop in mortgage rates over the last 30 years – from a high of over 16% in the 1980s to under 4% by 2016.

Of the nation’s 100 largest metros, only Miami became unaffordable between 1990 and 2016. Meanwhile, 22 metros have flipped from being unaffordable to becoming affordable in that same time frame.”

Here is a graph showing the Affordability Index compared to the 40-year average:

The graph shows that housing affordability is better now than at any other time in the last forty years, except during the housing crash last decade.

(Remember that during the crash you could purchase distressed properties – foreclosures and short sales – at 20-50% discounts.)

There is no doubt that with home prices and mortgage rates on the rise, the affordability index will continue to fall. That is why if you are thinking of moving up, you probably shouldn’t wait.

Bottom Line

If you have held off on moving up to your family’s dream home because you were hoping to time the market, that time has come.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

You Can Save for a Down Payment Faster Than You Think!

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Ohio can save for a down payment the quickest in just under 3 years (2.44). Below is a map that was created using the data for each state:

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes possible in a year or two in many states as shown on the map below.

Bottom Line

Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today.

BONUS – If you have 680 FICO and make less that $73,400 per year – 1% Down + 2% Guild Grant = BEST WAY TO BUY A HOME.

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www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Is Now a Good Time to Rent?

People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, meet with a local real estate professional who can help determine if you are able to today!
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Bottom Line

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www.MortgageXperts.com

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Branch Manager

8105 Rasor Blvd #140 Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Your Opportunity to Achieve the American Dream Keeps Getting Better!

Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”

The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.

The national index score was rounded out to 100.0 in January as a baseline for comparison and it rose the fourth straight month in a row to 101.8.

Alaska, coming in at 89.4, represented the lowest score on the index due in part to the recent collapse in oil prices. In contrast, Wyoming came in with the highest score at 115.1. The full results can be seen in the map below.

Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index last month:

“The American Dream Index rose for the fourth straight month to 101.8 propelled by gains in goods-producing jobs and building permits, as well as declines in unemployment claims and mass layoffs.

Goods-producing jobs (manufacturing, mining, construction and agriculture) were up for the ninth straight month in May…Building permits rose for the fourth straight month compared to the prior year.”

Bottom Line

The American Dream, for many, includes being able to own a home of one’s own. With the economy improving in many areas of the country, that dream can finally become a reality.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
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Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
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M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

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Singles Are Falling for Their Dream Home First

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Number of Buyers Putting Down Less Than 10% Hits 7-Year High

According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.

Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out,

“Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers are gaining equity in their homes quickly.”

Low down payments aren’t just great for first-time homebuyers. These programs have allowed homeowners who want to capitalize on the equity they have in their homes to use the profit from their sale to pay off high-interest credit cards, fund education or even start a business.

According to a new Census Report, the Annual Survey of Entrepreneurs , home equity was used to start 7.3% of all businesses in the United States, which equates to over 284,000! The industries that saw the most growth from home equity are accommodation & food services, manufacturing and, retail trade.

Bottom Line

Gone are the days of ‘20% down or no mortgage.’ What could you build with the equity in your house? Meet with a real estate professional who can evaluate your ability to achieve your dreams today!
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
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Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

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6900 Dallas Parkway #610
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M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

The Cost of Renting vs. Buying a Home

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Tag Archives: 100% Financing

Are You Spending TOO Much on Rent?

Bottom Line

Bottom Line

VA Loans: Making a Home for the Brave Possible

Top 5 Benefits of a VA Home Loan

Who Qualifies for a VA Home Loan?

You Can Apply for a VA Loan if You:

You Can Use a VA Loan To:

Bottom Line

Getting Pre-Approved Should Always Be Your First Step

Bottom Line

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years

The graph shows that housing affordability is better now than at any other time in the last forty years, except during the housing crash last decade.

Bottom Line

You Can Save for a Down Payment Faster Than You Think!

What if you only needed to save 3%?

Bottom Line

Is Now a Good Time to Rent?

Bottom Line

Your Opportunity to Achieve the American Dream Keeps Getting Better!

Bottom Line

Singles Are Falling for Their Dream Home First

Number of Buyers Putting Down Less Than 10% Hits 7-Year High

Bottom Line

The Cost of Renting vs. Buying a Home