Hi everyone.
This is your Tampa Bay Realtor Lance Mohr and in this video, I want to go through five
great home buyer tips.
I get a lot of questions from home buyers across the country.
So instead of just answering one at a time.
I got some really, really good questions this week and I want to go over five of them with
you.
Alright, so let's start off with the first question.
The first question is what is the best advice you could give a first-time homebuyer?
The best advice I would tell you is to pick a really good real estate agent.
I did a video I'll put it up above on how to choose a great real estate agent but this
is so important because when you're buying your first home you don't really know what
questions to ask.
When I sit down with the first time homebuyer I always say or anybody for that matter what
questions do you have and a lot of times when people are buying their first home they don't
know what questions to ask because you've never done it before.
You don't know what you don't know.
You need someone who's been in the business.
Someone who's worked with a lot of first-time homebuyers because you need to have questions
answered before you even know what those questions are and if they're a really good realtor they're
going to have a great lender.
They're going to have a great home inspector and the whole process is going to be really
easy.
They’re going to be walking you through the entire process.
So it is easy so it is fun.
So that’s the best advice I could give you hire a really good real estate agent.
Do your due diligence and again watch the video I'll put above that will help you out
quite a bit.
The next question.
This is actually this is pretty funny.
How does a home across the street from a cemetery affect the property value and I laugh at that
because I've actually had this come up on a client one time?
He wanted to buy a home next to this Cemetery the Builder was building and he sort of liked
that idea and he asked me and I just I basically said don't do it because at the end of the
day it's going to be great 364 days of the year.
You know it's not going to be good at all.
The one day how it will be good because at the end of the day.
Perception is a reality.
People perceive being next to a cemetery is good luck or you know where there are problems
you won't sell it and if that's what they believe that's true.
I won't do it.
I would stay away from it.
People aren't going to like it.
You're not going to find a lot of buyers who do like it.
If you do find a buyer that wants to buy your home down the road they're going to know no
one else does and you're going to get a much lower price on it.
So I wouldn't do it.
Alright!
What are the pros and cons of buying a house without a down payment?
Wow!
You know the first thing when it comes to buying a home with it without a down payment
or buying a home in general.
You really need to sit down with someone.
A loan officer who's really good that's going to look out for your best interest.
That knows all the different options and goes over everything with you.
So obviously buying a home I guess without a down payment you know I would say this I
never think you should buy a home and deplete your savings.
I don't think that's a good idea.
I know a lot of people do that but I don't think that's a good idea at all.
So just make sure you're not in that situation.
You know one problem with buying a home without a down payment or even home with the low down
payment if you're going to have private mortgage insurance or you're going to have mortgage
insurance.
Mortgage insurance is FHA.
Private mortgage insurance is pretty much conventional if you're going on a VA loan
it's going to be a funding fee.
Unless you're a disabled vet than his wife but anyhow I'm so it's not a matter of buying
a home with the low down payment or buying a home with a high down payment or a little
down payment the end of the day when I was 20 years old I could have bought a home with
5% down.
My father told me I needed 20% down.
I saved like crazy for three years I saved up 20%.
I bought a home.
The home I was going to buy three years earlier outside of Los Angeles went up 90 thousand
dollars.
So we're in a good real estate market right now.
Home prices are rising.
Interest rates are going up.
So if you're going to buy now it's probably a pretty good time.
I won't be saving and saving and saving.
There's a lot of different programs out there.
There are bond money programs to help you.
If you're in a rural area USDA.
FHA's a low down payment program.
Conventional has a low down payment program.
Sit down.
Talk to your loan officer.
They should be able to give you some great guidance.
Let's see what is a good is is it a good time to buy a house?
I'm 29 years old should I wait?
Again I would say sit down with a loan officer I don't know your financial situation.
I don't know anybody's financial situation.
As a real estate agent, I have a fantastic loan officer here in Tampa Florida.
He could work through all throughout Florida but I don't go over people's credit scores
with them.
How much money they have in the bank how much money they're making every month.
What they spend their money on.
What are their respawn fee the credit cards or car payments?
I don't do that so I would sit down with a loan officer go over it with them again weren't
a good real estate market right now things are going up and up and up and up you don't
want to miss the boat.
So if you could afford it and you know you can't afford it don't buy that's how people
get themselves in trouble they buy things they can't afford.
So I would just say it's a great time to buy.
Home prices are going up, interest rates are going up but it's really between you and your
loan officer if it's a good idea I don't think any real estate agents are really going to
know.
So let's see what options exist for first-time homebuyers.
Well, there's a lot of options obviously.
If you're talking about the house.
If you're talking about the home you have a single-family house.
You have a townhome.
You have a condominium.
I mean obviously condominiums are usually the first choice but there's a lot of nice
condos out there just depending.
So again, hook up with a really good real estate but a lot of it takes place on the
lending side of it.
If you don't have great credit scores you know where what program do you go on?
FHA is pretty good for this.
If you don't have a lot of money as a down payment well there's like I said there are
different bond programs USAA, FHA has a low down payment.
If you're a veteran and you're eligible for a VA that's no money down.
There's a lot of good options out there more so for first-time homebuyers.
They can't really say this-this program or that program is for a first-time homebuyer
because then it would be discriminating against the non-first-time home buyers which you know
is it good.
So they don't want to do that so a lot of them have options which are primarily designed
for the first-time homebuyer and someone who's buying their first home.
That's it if you have any questions don't hesitate to leave them in the comments below
or shoot me an email.
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I do these for you.
I hope you enjoy them.
Have wonderful day you.