MADEIRA Real Estate's Blog
If you've been dreaming of buying a home or have started looking at houses and mortgages, you've likely seen ads and information that directly targets the first time home buyer. Buying your first home is a significant milestone and one of the most financially beneficial things you'll ever do, and there are some mortgage programs designed to help first time buyers succeed in this life changing endeavor. If you're buying a home for the first time, you should know what programs and perks are available to you so you can strike the best possible deal. Even someone who has purchased a home in the past (but is now a renter) may be able to qualify for some of these plans.
What is a First Time Home Buyer?
On the surface, its simple -- a first time buyer is one who has never owned a home or had a mortgage. For some programs, though, a first time buyer can also be someone who has not owned a primary residence in the past three years. If you fit either of these categories, you should check out the programs offered for this increasingly large group of buyers.
Programs for First Time Buyers
First Time Buyer Mortgage Perks: Just about every mortgage company now offers some kind of perk or benefit for first time buyers; talk to your real estate agent to learn more about your options as you shop for your home. FHA, VA and USDA loans are particularly good for first time buyers, since they offer low down payments and more relaxed credit requirements.
Grants: The Federal government and both state and local governments offer first time buyers assistance in the form of grants. The idea behind these grants is to bolster the buyer's ability to make a purchase, often by helping them out with a downpayment. Grants vary by location and do not have to be paid back; they are designed to help first time buyers get past one of the big barriers to ownership -- that 10 or even 20% downpayment. New Jersey has a grant program for first time home buyers; this plan is replicated by most other states as well. Search your state or city name and "first time home buyer grants" to learn more -- or better yet, work with an experienced real estate agent and get the scoop directly from them.
Good Neighbor Next Door: This plan can help you save up to 50% of the purchase price of a home if you are a civil servant - police officers, firefighters, teachers and others who serve the community can benefit from this national program, with details seen here. Because of the nature of the loan, most borrowers are first timers and can purchase homes they would otherwise be unable to afford.
HomePath: Fannie Mae offers this program for first time buyers; it can save you up to 3% on your closing costs. You'll need to attend a class, must be a true first time buyer and purchase a qualifying property to save. Other perks include a first look at foreclosed properties as they arrive on the market, making this an ideal program for areas with a lot of competition for buyers.
First Time Buyers Can Find Big Savings
The time to learn about first time home buyer benefits is now -- before you make a purchase. Once you have a mortgage, you no longer qualify and you could miss out on some substantial savings. Get in touch today if you are buying your first home -- we can help ensure you know about all the ways you can benefit and help walk you through the ownership process, every step of the way.
117 Ingell, Taunton, MA 02780
209 Anawan St, Rehoboth, MA 02769
The neighborhood you live in has just as much to do with the value of your home as the features of the house itself. The right amenities in a community can increase the value of your home significantly. Read on to find out the most desirable features of any area.
Places To Walk
Whether it’s immaculate sidewalks, hiking trail, or parks, anywhere that you can be outdoors and walk easily increases the value of the nearby homes. This is because it’s great for families to get out, get some exercise, and not have to go very far. This feature can bring in anywhere from a few hundred to over a thousand dollars above your home’s asking price.
We often take trees for granted, but trees that have grown up around a property can add some value to the home. Think of it in the context of, however natural a neighborhood is, the higher the value of the homes in it. Before you think about cutting down any trees around your house, consider the fact that grown trees can increase the cost of a home by up to 5%!
Neighborhoods that are surrounded by historic districts, landmark homes, or other places of historical interest have the higher value. For one, these are usually walkable neighborhoods. Second, your area has a story unlike any other. It’s a fun place to get out and explore. All homes in these historic districts aren’t ancient; you can find some newer construction homes in these areas, which means that there’s truly something for everyone!
A dog-friendly neighborhood is a valuable neighborhood. People love places that they can take their dogs like dog parks. This especially holds true in the city where yard space is limited. Even better is a neighborhood where dogs can be seen in restaurants and coffee shops. If you can drive around the block and see people walking dogs everywhere, it’s a good bet that it’s dog-friendly! People love their pets and want them to be a part of the family, so they need to live in a place that allows them to do that.
All The Essentials
If your neighborhood is near all of the essential things that people need on a daily basis, your home’s value may increase. Places like grocery stores, pharmacies, shopping malls, hospitals, and safety support services all play a role in improving the value of homes in a neighborhood.
A Sense Of Community
If a neighborhood has community groups, a neighborhood watch, or other organizations that help to bring about a community feel, your home may be a bit more valuable than you think it is.