Tips for South Orange County Single First-Time Homebuyers

Was reading this post this am in the O.C. Register and wanted to share as it is comprensive post on what to look for when buying your first home, especially navigating the buying waters as a single home buyer.

Three Key Points:

Financing First - I don't know how many buyers contact me who have no idea what their credit score is or debt to income ratio.   In order to understand what you can afford these are two aspects that must be looked at months if not years before you buy your first home!

Shopping Smart: Shopping smart is a critical factor when not only choosing the home you are going to buy but also the team you select to help you find that home.  Do as much advanced research on the Real Estate Agent and the Lender you select as the home you choose. 

It is a Process:  It is hard work finding your first home, but once you find it, that is when the work really begins!  Remember it is a process in which you have to stay committed.  That means no spending sprees's during the transactions.  Meeting time-lines and understanding escrow isn't closed till it is Closed! 

Buying your first home is one of the most terrifying and exciting life events.  For me, it was all about the team I chose to help me buy my first home, were they looking out for my best interest, was always first in mind. If you have any doubt then the last thing to remember is you are in control!

Who would have thunk, Irvine is the place Singles want to live?

Saw this article today in the O.C. Register and have to agree. Though the city of Irvine is often described as a "family" town, it is also a sought after home location for many singles. The reasons why my home buyers have sought homes in this community are as follows:

• Location to the 405/5 freeways provides easy community to work, plus conveniently located to other social hubs, i.e. Newport Beach, Laguna Beach, etc.

• Community provides wide range of social amenities, with shopping, restaurants, movie theatres, etc.

• Design of homes offer diverse floor plans with in home offices, open living spaces, etc, i.e. no formal livings rooms, geared toward a more social demographic.

Of course, remember if you are a single home buyer looking to move to Orange County, Kelly is here to help. Our primary focus is the Single Community why because we understand single home buyers and homeowners have different priorities and goals. Though you may be looking for the "white picket fence" you also may not want to live across the street from a school.

Please do not hesitate to contact Kelly today for a complimentary review of your Real Estate Possibilities and your free Real Estate Report "The Power of One" Don't forget the $8000.00 tax credit available for first-time home buyers is scheduled to expire at the end of the year. Single-First-Time Home Buyers don't let this opportunity slip away from you.

Remember, It's Possible!

Going, Going, Gone - California $10,000 Tax Credit is just about done!

Did you hear, the state is offering a $10,000 tax credit on the purchase of new home. This credit was seperate from the $8000.00 tax credit the Federal Gov't is providing. That is still available.

California allocated $100 Billion to residents who purchase New Construction and many lucky homebuyers took advantage of it. Check out the details from the Franchise Tax Board to how much funds are left.

This is a perfect example of how fast this market is moving. Did you also know 29% of the current buyer pool was First Time Home Buyers. If you are considering the opportunity that is available to you, make sure to contact us today.

Rent vs. Buy in 2009

Excellent information for renters who are considering buying their first home. Best time to buy since 2003!


http://www.car.org/economics/currentresearch/2009rentversusbuyanalysis/

First Time Home Buyers-Do you see the opportunity before you?

More exciting news was released today for first-time home buyers. The California Assocaition of Realtors has developed a program to help ease the concern with jobs, which is one of the biggest concerns first time Home Buyers have today when taking the step towards homeownership.

The program is called the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP) and offers first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

The associaion is dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.

Requirements of the program include:

• Be a first-time home buyer – someone who has not owned a home in the last three years.
• Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009.
• Use a California REALTOR® in the transaction.
• Purchase the property in California.
• Be a W-2 employee (cannot be self-employed or military personnel)

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

This is so exciting for first-time buyers, along with the new $8000.00 tax credit, reduced interest rates and home pricing at 2003 levels, the stars are aligning to ensure success for first time buyers in this incrediable market.

If you are consideirng buying your first home, please give Kelly a call. It is her passion to help first-time buyers take the steps towards homeownership. She is here to help you every step of the way.

First Time Home Buyer's Just Got a Little More Help....

A quick look at the new Housing Bill signed into law today!

• A temporary increase in mortgage revenue bonds to refinance subprime mortgages. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide.
• Permanent Conforming loan limit of $625,000
• First-time home buyer tax credit, which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.
• New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize.
• Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.
• Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.
• The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.
• The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.
• The Treasury Department’s proposal to create a federal backstop program to insure the financial well-being of Fannie Mae and Freddie Mac.
• The FHA’s inability to insure loans that utilize a seller-funded down-payment assistance program. Down-payment assistance from family, employers and other nonprofits is still allowed.
• The Community Development Block Grant Programs’ $4 billion allotment for communities to purchase and refurbish foreclosed homes.

This is good news for home owners and future buyers, but there is a time frame associated with many of the provisions so if you are considering your options you will want to review them ASAP to ensure you are taking the right steps.

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Rancho Santa Margarita and Mission Viejo. Realizing Singles were being left out of the Real Estate market, Kelly has made it her passion to serve this demographic and help them take the necessary steps towards their real estate goals. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, Its Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

Portrait of a First Time Home Buyer

Have you heard the news, today’s real estate market is open for First Time Home Buyers. In fact just about 40% of new buyers in 2007 were First Time Home Buyers and the National Association of Realtors gives us a pretty good look at where those buyers came from.

Do you fit this profile?

• Status: 51% Married couples, 11% Unmarried couples, 25% Single Female, 11% Single Male
• Age: 52% were age 24 – 35 with 21% aged 35-44
• Income: $68k Married, $68k Unmarried Couples, $44k Single Female and $52k Single Male. Interesting Single Women earn an average of $8k less but purchase 14% more homes then Single Males.
• Down Payment/Mortgage: 73% used own savings, 22% received gift funds, 98% uses a mortgage to finance the purchase and 81% chose Fixed-Rate Mortgages.

Have you thought about buying your first home and know the window of opportunity is here, than we hope the above description gives you an idea that it is possible. Of course, all the rules apply, good credit, not over extending yourself and working with a trustworthy lender and Realtor® who understands the programs that are available for first time home buyers.

Though the lending standards are a bit more complicated, which I believe is a good thing for first time home buyers, there is the added benefit of the new FHA limits. In Orange County that limit is up to $729k. But keep in mind this program is currently only available till the end of 2008. So if buying your first home is something that you are considering then we want you to know, It’s Possible!

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, Its Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.