The Wilson Realty Group

How much do you think you need for a down payment for a home? Chances are it’s a lot less than you think! There are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too!... In todays market you don’t need to come up with a 20% down payment to buy. If you’re planning to put down just 3%, the research shows it can be possible to have enough saved for a down payment in about a year. That puts home ownership in a much closer reach for many potential buyers! How can you get help with my down payment? Regardless of the loans available, many buyers still need assistance with a down payment. The great news is, there are a lot of ways to tap into down payment assistance options. Here are just a couple of them: Assistance from Family Members The National Association of Realtors (NAR) said, a third of recent first-time buyers received down payment assistance from family members. They also mentioned, the average net worth of those aged 75 and over stands at $264,800They just might offer the boost the next generation needs to become homeowners. That means one of the ways to find help with a down payment is to accept a gift from a family member. If this is an option for you, make sure you talk to your loan officer before you accept the money, to ensure you document the process the way it is required by your loan. This way, it will be received properly and you can still potentially qualify. Down Payment Assistance Programs The reality is, not everyone has a loved one or a family member who can provide help with a down payment. There are, however, more than 2,500 down payment assistance programs available (by local areas like city, county, or neighborhood), and some of them are even specifically for first-time buyers. The gap, as mentioned in the same survey, is only 23% of consumers are familiar with low down payment programs. That’s why it is so important to get familiar with these options by doing your homework before you plan to buy a home. Determine what is available in the area where you ultimately want to live, so you have all the details you need to take advantage of the down payment assistance option that is best for your family. Bottom Line If buying a home is one of your long-term goals, you may be able to get there sooner than you think by tapping into one of the many down payment assistance programs available.

There's been a lot of talk in the news about the possibility of a recession. After the 2008 Great Recession, it seems like everyone equates recession with housing crisis. I thought this was really interesting because 3 out of the last 5 recessions have not affected housing. What are your thoughts?

When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you. According to a recent article on realtor.com, In a nutshell, an HOA helps ensure that your community looks its best and functions smoothlyThe number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation fo...r Community Association Research. An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R), Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be used, restrictive covenants are established by HOAs to maintain the attractiveness and value of the property. It’s important for homeowners to understand that each HOA is a little different, and they usually have monthly or quarterly fees required for homeowners. These fees can vary based on property size, number of residents, amenities, and more. There may be additional fees charged to homeowners if the reserve fund for the HOA cannot cover a major or unexpected cost, like severe storm damage. The fees, however, also help maintain common areas such as swimming pools, tennis courts, elevators (for high-rise buildings), and regular wear and tear. Although they are an added cost to the homeowner, an HOA can be a major benefit when it comes to maintaining the value of your neighborhood and your property. The same article continues to say, After your offer to buy a home is accepted, you are legally entitled to receive and review the community’s CC&Rs over a certain number of days (typically between three and 10)If you spot anything in the restrictive covenants you absolutely can’t live with, you can bring it up with the HOA board or just back out of your contract completely (and keep your deposit). Most lenders will factor your HOA fees into your loan package, ensuring the amount of the loan is appropriate for what you can truly afford. There are some great benefits to having an HOA oversee your neighborhood, and it’s important to understand what fees, structures, and regulations will come into play if there is an HOA where you’d like to live. Bottom Line When you’re looking at a potential property to buy, be sure to work with a professional who can help you understand the neighborhood’s HOA structure and fees. This way, you’ll feel confident and fully informed when buying a home.