This is a mortgage loan program.
I am the Realtor! The person who helps you find the house, negotiate a good price etc.
Don’t forget about me, when you get to the home search part!
I’m always looking for ways to help make it easier to purchase a home. And, I found a good one this time!
It is called NACA or Neighbor Assistance Corporation of America. Their goal is private and fight predatory mortgage lending. So, they have teamed up to create a loan that will allow future homeowners to purchase homes without the high interest rates, fees, points… and the list goes on!
So, they offer a true no money down, no closing program. And, the best part is you DON’T need perfect credit! Okay, this is how the program works.
- You must attend their mandatory informational seminar. It explains how the program works and gives complete details on what is needed to qualify for the loan.
- After the seminar, you will make an appointment with the Housing Counselor.
- The counselor will run your credit and go over your payment history, as well as go over your overall financial history. (Credit score does not matter.)
- *Note- You can NOT have any accounts late, in collections, or liens (including medical) within the last 24 months. They will need to be paid off, settled for less with documentation to confirm, or on a payment plan.
- Must be able to show at least 12 months on time payments for all accounts. (There are exceptions to this rule.)
- Your out-of-pocket cost will be approx. $3,500. Consisting of Earnest money $1,0000, home inspection between $350-$500, homeowners insurance $600, pre-paids $1,200.
- Maximum loan amount $251,713 anywhere in Dallas/ Fort Worth area.
- Requires at least 1 year steady employment for W-2s. Self-employed requires 2 years tax returns.
- Must show a steady monthly savings pattern in one bank account. Not through multiple accounts. Specifically, savings for the difference of current monthly rent payment and future mortgage payment. For example, your current rent is $800 a month, but your mortgage payment will be $1500. You must be able to show you can afford the additional $700 in mortgage shock.
- You don’t have to be a first time buyer. However, you cannot currently be named on a mortgage.
The seminar is of course more detailed, but those are some of the main points. You can sign up for the seminar on www.naca.com. They are generally held every Saturday of the month at a church in the area.
Let me know if you need help signing up!
So, I was out and about yesterday prospecting for new clients. Doing what I love best, meeting new people and talking real estate. So, I meet this nice couple who asked “Is this really a good time to sale?” And I thought I would share my answer.
And that is: “It Depends.”
I can’t say what is right for your situation. Are we in a really good real estate market? Yes we are. But, does that necessarily mean it’s good for you. Let me give you a few scenarios.( This is where I start numbering!)
So, first determine your reason for selling.
1. If you are looking to get money out of the house, contact your mortgage company to get your loan pay-off amount. The second thing is to get a Professional Real Estate Agent/Realtor to give you a market analysis of your home. Or, how much your house is worth if you were to put it on the market today, based on homes that have sold in your neighborhood. (Also, known as a CMA and this is FREE!!) If the agent comes back with $150,000 as your listing price you will subtract your new listing price from your pay-off amount.
Recommended listing price $150,000
Pay-off amount – 80,000
Profit before fees/closing cost 70, 000
2. Now if prices have not rebounded in your area this could be your scenario. In this scenario, you would actually have to pay to get out of the house!
Recommended list price $100,000
Pay-off amount -120,000
Loss before fees/closing cost -20,000
3. Then there are those who just want to move on with their lives and not be tied to this God-forsaken money pit of a house!
Recommended List price $100,000
Pay-off/fees/closing cost $100,000
Break Even $zero owed
You see it depends on your expectations that determines if this is a good time for you sell!! Hope this helps!
Good Luck on your decision!
If you’re in the Dallas/Ft. Worth area, CALL ME for your free home valuation (Listing price) or CMA (Comparative Market Analysis)! <<Suggested list price!
Just call me we’ll figure it out!! (972) 863-1944
As a Mother, I understand how difficult it can be trying to make important decisions like searching for a home, with your kids in tow. I have a view ideas that hopefully make house hunting with your kids a little more painless.
1. Look for a kid friendly real estate agent/Realtor.
2.Depending on their age get them involved in the house hunt. Let them know why you are looking for a home and how it will benefit them when you find the right home. (Ex. they get their own room, a pool etc.).
2. Give them a check list marking off what they like and dislike about each house.
3. Don’t view more than 5 houses in a day. More than that is enough to wear on anyone’s nerves.
4. If your kids are more active perhaps, you and your spouse can take turns viewing the home while the other stays outside with the children.
6. If you have infant to toddler aged children, make sure they are well rested and take lots of snacks!
Hopefully, this helps take some of the anxiety out of taking the kids along. If you have other ideas, please add them in the comments section!
Being a real estate agent you encounter all kinds of people and can end up being the star of some pretty funny situations. Here is one that makes me chuckle.
Generally when showing a property, we(the real estate agent) makes an appointment to view the property. We take the client(s) to the property at the appointed time and show the property. Sounds simple enough?
When I get to an occupied house or a house the owner is still living in until the house sells, I ring the doorbell to be on the safe side.
This particular day, I rang the doorbell waited a couple of seconds, no answer. So, I politely let myself in. It was a two story house with all bedrooms upstairs. We walked and talked loudly throughout the bottom floor and basement discussing the likes and dislikes of the house. We get upstairs, still talking in full voice opening and closing doors, turning on and off lights the whole house viewing shebang. We get to the master bedroom and the door is closed. We open the door and there is a body in the bed. We are stunned silent. The person is not moving and in all of our silence we didn’t hear any snoring, deep sleep breathing, nothing. My overexposure to crime T.V. shows led me to believe…
Yes, I called the police!
Hey, don’t judge me. My clients thought the exact same thing, at the exact same moment we all realized we didn’t hear any breathing. We hightailed it out of there tripping down the stairs. I missed the last three steps twisting my ankle trying to run in heels. We stood on the porch for a good ten minutes debating what to do next. Client #1 wanted to go back into the house and check for a pulse, but didn’t want to be the person checking. Client #2 (the sensible one) wanted to jump in our cars and pretend we were never there. Problem. The little blue box on the doorknob knew we were there. So you see, we had no choice but to call the police.
Long story short.
There was no dead body in the bed. The owner had worked a double shift and was in a dead sleep. But, not dead to the world.
And no, my clients did not buy the house!
Okay, enough laughing at me. Time to talk interest rates!
First things first.
1. Detach yourself emotionally from the house! Putting an overpriced emotional price on your house is the first way to set yourself up for a long haul trying to sell.
We understand you think your house is valued more than your neighbor down the street, because they never cut the yard. Yes, you added granite counter tops, updated the bathrooms, and even threw in a pool. Those upgrades help in selling your house faster, but may not necessarily translate into dollar signs.
2. Allow a professional Real Estate Agent to perform a Comparable Market Analysis or CMA on your home to determine the current market price. <<< NEVER EVER PAY A DIME FOR THIS!!
* This part is very important!* >>> Have the agent explain in detail how they came up with that price. If they are a professional that should not be a problem and they should answer with no hesitation. If they start hemming and hawing around the question. Show them the door.
FYI- Home values are based on houses sold in your surrounding area. Hence, the reason home prices have been so low. There has been a large market of foreclosures, which are sold well below market value. So, although your home is worth more if your neighbor sells cheap it ultimately affects how much you can list your house for sale. Luckily, the Texas real estate market is seeing a significant rise in home prices this year.
3. Find out how much you owe on your house!
You have to pay the loan back first and left overs go to you. Which brings me to #4
4. Determine how much you are trying to net after expenses.
It does cost money to sell your house, so keep this in mind. Common charges would be:
A. Real estate agent commission
B. Buyers closing cost (It is common for the sellers to help with closing cost. Though not required it helps close the deal.) So, decide how much you are willing to contribute to their closing cost if anything. FYI- Closing cost can be approximately 4% of the price of the home on the buyer side.
C. Taxes, title fees, repairs, insurance…
and a lot of other fees a real estate agent can run down for you.
Last but not least.
5. How much time do you need to move out of your house?
The Dallas TX real estate market has picked up tremendously and we are moving into a possible sellers market(FYI- a sellers market means there are more buyers than there are sellers. Which is why we are seeing a rise in home prices and homes being sold faster.)
So, you have to ask yourself if I listed my house today and had a buyer come in next week who wants to close in 30 days, can I make that happen. If so, where are you going and how much time do you have to get there.
If not? Figure it out before listing that house. You could lose out if you are not prepared.
These are a few of tips I seen in my experience people don’t consider or do before selling their house. Hope this helps!
Let me know what you think!