When's The Right Time To Buy?

A big obstacle to purchasing a new home could be the sale of your existing home. The equity you have built in your current home could serve as a down payment on your next home.

If you currently own a home, I would be happy to provide a market valuation to help you realize the potential gain if you sell your home. All I would need is some basic information about your home to provide you with a price range. I would also be happy to briefly visit your home and provide a more detailed evaluation, if you wish.

If you are a first time buyer, there are several programs that can assist you including a first time buyer 95% loan program that's called "risk-share" or "2% down" program.

The following is an outstanding article by Duan Hymber, distributed by Inman News:

Should I Buy Now Or Wait To Save A Larger Down Payment?

Coming up with enough cash for a down payment and closing costs can be a hurdle for many buyers, particularly first-time home buyers. But there are ways you can buy a home without much cash on hand.

For example, there is a new first-time home buyer 95 percent loan program. It's called the risk-share or 2 percent down program, and it lets you get into a house with only 2 percent cash down. The additional 3 percent cash can be a personal loan from your credit union or a relative. This 3 percent personal loan must be a fully-amortized fixed-interest rate loan with a five-year due date. An amortized loan is paid off in full during the term of the loan (five years in this case).

Many first-time buyer programs will only give loans to borrowers whose income is below a certain level. That level is often so low that many first-timers with high incomes can't qualify. One benefit of the 2 percent down program is that it's available to borrowers with annual incomes up to $80,000.

If you have any question about buying or selling property, don't hesitate to call or email the Davidson Team!