Yes, there are many programs available that may allow you to buy a home. You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local government to see if there are any local home ownership programs that might work for you. You can also contact us at (706) 653-1400 and we can put you into contact with several mortgage brokers that may be able to assist you.

The down payment is a percentage cost of the home that you must pay when you go to settlement. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That's why many first-time home buyers turn to HUD's FHA for help. FHA loans require only 3% down- and sometimes less.

Earnest money is the deposit you make on the home when you submit your offer. Earnest money proves to the seller that you are serious about wanting to buy the house. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies.

In a pre-qualification, you will be asked basic information about yourself and the type of home you are interested in buying. You will have the opportunity to view various mortgage programs and their rates. This will help you narrow down which mortgage programs best fit your needs before you apply. If you'd like to determine the maximum loan amount you may qualify for, you can visit the calculator section of the website.

Depending on your loan program and state restrictions, your monthly mortgage payment may or may not include funds to pay your property taxes. If your payment includes money for property taxes these funds are held in escrow by the lender and the lender pays your property taxes as they are due. If your payment does not include property taxes, you are responsible for paying them by the due date.

You may qualify to exclude from your income all or part of any gain from the sale of your main home up to $250,000 for single tax filers, or $500,000 for married tax filers, if all of the following are true. 1. If you are married and want to qualify for the $500,000 exclusion, you must file a joint return for the year. 2. You, or your spouse if filing as married, must meet the ownership test. 3. For married persons, both you and your spouse must meet the use test. Singles must also meet the use test. 4. You, nor your spouse in case of married filers, have not excluded the gain from the sale of another home in the past two years. Read the complete text on the IRS website at Excluding the Gain, you should also consult with your CPA or tax advisor on this subject.

Your homeowner's insurance policy should cover the cost to rebuild the home. This insured amount may be higher or lower than the actual purchase price as long as it meets the program requirements. The insurance company you choose can give you an actual quote based on specific information about the property.

Most standard homeowner's insurance policies do not cover loss due to flood. The law requires that if your home is located in a Flood Hazard Area you must purchase flood insurance. If you chose, you can obtain flood insurance coverage even if you are not required to do so by the lender. The law requires lenders to do a flood hazard determination on all properties securing a mortgage. Many properties in our area are located in flood zones. Be sure to verify your property's elevation above sea level as this can affect your insurance rates. Please visit FEMA for more information.

Title insurance protects the lender and homeowner against any loss resulting from a title error or dispute. Title insurance protects the homeowner until the property is sold. A title search is a search of public records to confirm the property's owner and to find out if there are any liens against the property. New title insurance policies are required on purchase money mortgages and traditional refinance mortgages.

For conventional loans, the investor or lender will require a termite inspection if there are no visual signs of infestation. All government loans require a pest inspection.

The term "as-is" means the seller is not going to make any repairs to the property. This, however, does NOT mean that the seller is exempt from disclosing known problems with the property. The seller must disclose all known defects to the buyer. Not disclosing known defects is fraud, a very serious crime. Homes sold "as-is" often bring a lower sales price, as the buyer will make price adjustments for known, necessary repairs. It is wise, and recommended, that the buyer have a professional home inspection done on the property. We also recommend that the buyer have a roof inspection done by a qualified roofing company, as well as have the pool and air conditioning system inspected by a service company.

Here are some things to consider on this topic of growing importance. There is no such thing as a mold-free home; and doorways, windows, and heating, ventilation, and air conditioning systems serve as the main points of entrance. Though mold is not hazardous to healthy people it can make asthma, hay fever, and allergies worse or cause infections in people with compromised immune systems. Mold thrives in moist areas and can ruin paint, wallpaper, drywall, and wood surfaces. To keep the substance in check, the American Society of Home Inspectors urges homeowners to quickly fix plumbing or roof leaks; immediately wash and completely dry mold-infested areas; replace ceiling tiles, carpeting, and other absorbent materials that have been contaminated; clean and dry air conditioners, refrigerators, and dehumidifier drip pans often; and use exhaust fans or open windows when showering and cooking. They also are advised to keep indoor humidity levels at 30%-50% relative humidity; use bathroom cleaning products that kill mold; add mold inhibitors to paint and carpeting.

The purchase price of your new home usually comes down to how much a mortgage lender will loan. Add in your down payment and it's that simple. Or is it? Let's discuss...call us.

Before you invest any time or money in fix-ups, ask a professional like Waddell Realty Co., LLC. Experience shows that we can save you time and labor by avoiding projects that are not valued or noticed by most buyers. Let's discuss your particular home.

For sellers, important advantages include expert help with: -Analysis and advice on our local market -Negotiations with buyers and their agents -Qualifications and screening of home shoppers -Contract details -Access to multiple listing service data For buyers we provide: -Time savings by finding prospective homes that meet your criteria -Essential information about the area, schools, taxes, etc. -Immediate notice of the newest listings on the market -Help finding the best lender and interest rate

Number 1, you will have a sense of personal satisfaction owning your own home. You will be able to create your own private space that is unique to you. When you own, you can do it all your way! Another benefit of owning is that you can deduct the cost of your mortgage loan interest from your federal income taxes. In the beginning, interest will compose nearly all of your monthly payment, for over half the number of years you will be paying your mortgage. This can add up to BIG savings at the end of each year. You are also allowed to deduct the property taxes you pay as a homeowner. Another financial plus in owning a home is the possibility of the home increasing in value over time. If you rent, you have nothing and face the possibility of increasing rental rates.

Yes! You have the opportunity to get pre-approved for a mortgage today. A pre-approval will take into consideration your personal information such as income, debt, and credit history. If you receive a pre-approval, we will use this information to determine your maximum loan amount. Once you find a property we can complete the remaining pieces of the application.

If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer and save up your money. But before you give up, why don't you contact us? We may be able to help you evaluate your loan potential and find something that fits your budget. We know about many kinds of mortgages that lenders are offering and we can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you will know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

The amount of money required to purchase a home depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money, down payment and closing costs. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.

The answer to this question is "No." You can apply for a new mortgage loan before you sell your current home. However, depending on your income and debt levels, you may be required to sell your current home before you can close on your new loan.

We can help you in this area by providing answers to these questions: Is the asking price in line with prices of similar homes in the area? Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You should get a professional home inspection before you make your offer. We can help you arrange one. How long has the home been on the market? If it's been for sale for a while, the seller may be more eager to accept a lower offer. How much mortgage will be required? Make sure you really can afford whatever you make. How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.

Your original offer is often rejected for one reason or another. But do not let that stop you. Now you begin negotiating. We will help you. You may have to offer more money, but you may ask the seller to cover some or many of your closing costs or to make repairs that would not normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember, do not get so caught up in negotiations that you lose sight of what you really want and can afford! We can help you keep on track.

Closing costs are the costs associated with processing the paperwork to buy a house. Closing costs, which is paid at settlement, averages 3-4% of the amount of your loan. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing cost.

For sellers, important advantages include expert help with: -Analysis and advice on our local market -Negotiations with buyers and their agents -Qualifications and screening of home shoppers -Contract details -Access to multiple listing service data For buyers we provide: -Time savings by finding prospective homes that meet your criteria -Essential information about the area, schools, taxes, etc. -Immediate notice of the newest listings on the market -Help finding the best lender and interest rate and explaining closing cost, so there will be no surprises at closing.