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Why You Should Buy A House In 2010

February 8, 2010 By Leave a Comment
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If you are looking to buy a house anytime soon, there are some factors that you need to pay attention to coming up that are really going to effect your home purchase.

March 31st, 2010

You probably know that mortgage rates are pretty good right now, but how long will this low rate last? Many people don’t know that the Fed has been purchasing mortgage-backed securities to the tune of $1.25 Trillion dollars.

The result of this has been somewhat “artifically” low mortgage rates. Really, this is another way that the government has been doing to help with the housing market. Why not take advantage of it?

April 30th, 2010

This is the date that the first-time homebuyer tax credit is finished. You must have an acceped offer by this date and close by the last day in June to get the credit. Why not take advantage of it?

April 5th, 2010

This is the date that the FHA upfront mortgage insurance will go up from 1.75% to 2.25%. Many loans are going FHA these days because you only need 3.5% down and you can even get that as a gift, plus you don’t need as good of credit with FHA vs. Conventional. Why not take advantage of it?

These are pretty signifcant credits and discounts that you can use if you can find a house that meets your needs between today and the deadlines. Make sure to check out our home search to get access to the best homes.

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Filed Under: For Buyers

$549,000 :: 9 River Road, Garden Valley ID, 83622

February 6, 2010 By Leave a Comment

$549,000 :: 9 River Road, Garden Valley ID, 83622
See All 10 Photos at garden valley idaho real estate
Property Photo

3 beds, 3 baths
Home Size: 3,485 sq ft
Lot Size: 48,787 sq ft
Added: 06/24/09, Last Updated: 02/06/10
Property Type: Residential
MLS Number: 98406315
Community: Garden Valley
Tract: Pine Tree Ranch
The price of this listing was last reduced on 2/6/2010 by 8%

Custom built fabulous home on the Middle Fork of the Payette River! Enjoy easy living in this low maintenance home and property. 70+ feet of waterfront. Stunning gourmet kitchen, breathtaking views, stone fireplace, master on main level, master bath with oversized tub, shower & view, custom cabinets and built-in’s throughout. Bonus room w/bathroom. Large patio with hot tub overlooking the river. New 42×22 detached garage/shop w/unfinished upper level & 42×12 RV storage. Irrigation rights. BTVA

Listed with Garden Valley Properties, LLC

Brought to you by Ben Janke, Vizions Real Estate. Call me today at 208-860-0957, or visit my website at www.VizionsRealEstate.com!

Search the entire MLS at garden valley idaho homes

Filed Under: Featured, Idaho

Buying A Home: 17 Steps To Success

February 5, 2010 By Leave a Comment
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Buying a home is a very important decision in your life and there are quite a few components of the process that you need to pay attention to as you move towards closing on the new house. Here are 18 steps that you need to know about before you start the process.

  1. Hire a buyers agent. This is crucial because you need someone on your side who knows what to do and how to do it.
  2. Get prequalified. Ask any agent and they will tell you that some lenders are just better than others at getting the job done.
  3. Look for homes. Start looking for homes that make sure that you know what you’re looking for before you start.
  4. Write a purchase and sale agreement. This is where you lay out your offer price in terms of the home purchase.
  5. Negotiate and right counteroffers. This is when a good buyers agent comes in handy and their negotiation and experience can save you thousands.
  6. Deposit your earnest money. Usually after the offer is accepted your earnest money will be deposited in a trust account.
  7. Open escrow. Your buyers agent will coordinate the step and get all the required paperwork to the title company.
  8. Order an appraisal. Your lender will usually coordinate the ordering of the appraisal and the appraiser is someone who is essentially working for the bank to make sure the value is there.
  9. Seller disclosure forms. The seller list their home they typically fill out a seller disclosure form that discloses anything about the property that they know of.
  10. Homeowners insurance policy. Coordinate with your lender make sure your insurance policy and binder is ready for closing.
  11. Get your home inspection. This is probably the most important part of your home purchase even if it is a brand-new home.
  12. Inspection contingency release. This is a form that you provide to the sellers laying out your terms based on the inspection.
  13. Removal of all other contingencies. You need to take care of any other contingencies that you have that were written into the purchase and sale agreement.
  14. Do a final walk-through of the property. This is done to make sure that the repairs are done that were required in the inspection.
  15. Sign. This is when you go to the title company and sign your loan paperwork with the escrow officer.
  16. Deposit funds. You need to write a check for your down payment and closing costs and the bank needs to transfer money to the escrow company to close the deal.
  17. Close of escrow. Now everything is back into the escrow company they can find and record on your brand-new home.
    18. 2.5.2010 12:55 PM
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Filed Under: For Buyers, Idaho

Buying A House With Bad Credit

February 1, 2010 By Leave a Comment
MIAMI - MAY 20: Yera Dominguez uses a credit ...
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When you have bad credit, you can be a little bit more of a stressful situation when you’re looking to qualify for a new home. Keep in mind though, there are several ways you can still buy a house with bad credit.
After a bankruptcy.
  • You can file for bankruptcy every seven years, but keep in mind that the mark on your credit score can last up to 10 years.
  • If you want to get some better rates on a conforming loan, you probably need to wait about four years after filing bankruptcy to obtain a new loan.
  • According to the FHA guidelines, you can even get a loan truth FHA as soon as two years after a foreclosure. The great thing about FHA is that you can qualify for as little as 3.5% down payment.
  • If you want to get a loan even sooner for your new home after a bankruptcy or foreclosure, hard money lenders will typically start lending money as soon as six months after a bankruptcy or foreclosure. Keep in mind, with hard money lending, your interest rate is in the very high and the terms won’t be near as favorable.
  • Subprime lending is something we used to see back in the early to thousands but is not seen around these days.
  • Keep in mind too, that you can always purchase and owner-carry property at any time as long as the seller is willing to work with you and your credit history. This is when the owner of the home asked as the bank and you pay them monthly. This is typically done through a long-term escrow account or through a owner-carry service.
Here’s a breakdown in how your FICO score can effect your rates and payments.
FICO Score of 600 to 640: + 1.625% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 7.5%.
A $200,000 amortized loan at 7.5% would give you a monthly payment of $1,398.
FICO Score of 560 to 580: +2.875% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 8.75%.
A $200,000 amortized loan at 8.75% would give you a monthly payment of $1,573.
FICO Score of 540 to 559: +3.425% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 9.3%.
A $200,000 amortized loan at 9.3% would give you a monthly payment of $1,653.
FICO Score Under 540 to 500: +3.875% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 9.75%.
A $200,000 amortized loan at 9.75% would give you a monthly payment of $1,718.
FICO Score Under 500: +6.25% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 12%. With a FICO of less than 500, you will not qualify for a 90% loan, but you may qualify for a 65% loan, therefore, you need to increase your down payment from 10% to 35%.
A $200,000 amortized loan at 12% would give you a monthly payment of $2,057.
So, even if you have bad credit, don’t give up on homeownership.
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Filed Under: Idaho, Mortgages

$429,500 :: 52 Wapiti Ct, Garden Valley ID, 83622

February 1, 2010 By Leave a Comment

$429,500 :: 52 Wapiti Ct, Garden Valley ID, 83622
See All 10 Photos at garden valley idaho real estate
Property Photo

5 beds, 4 baths
Home Size: 4,324 sq ft
Lot Size: 7,405 sq ft
Added: 11/05/09, Last Updated: 02/01/10
Property Type: Residential
MLS Number: 98419722
Community: Garden Valley
Tract: South Fork Landing
The price of this listing was last reduced on 2/1/2010 by 4%

This Spectacular home is located in the Prestigious community of Southfork Landing. A Fly Fisher person’s paradise! Too many upgrades to list, this home has it all! If you are looking for a luxury Mountain property, this home cannot be missed!

Listed with 43 Degrees North Real Estate

Brought to you by Ben Janke, Vizions Real Estate. Call me today at 208-860-0957, or visit my website at www.VizionsRealEstate.com!

Search the entire MLS at garden valley idaho homes

Filed Under: Featured, Idaho

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