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5 Useful Tips For Buying Real Estate

5 Useful Tips For Buying Real Estate

FHA Implements Strict Rules Against New Buyers

Those coming out of college or on their first job will be getting hit hard again. This time by the Federal Housing Administration. As if student loans aren’t supplying enough stress in young adults’ lives, the FHA has set some new boundaries and rigid barriers. If you’re fresh out of college and looking to purchase your first home, their rules may prevent you from doing so. According to FloridaRealtors, the FHA will no longer allow students’ debt to be deferred for the first year (at the least).

In addition, 2% of your outstanding student loan will be taken into your DTI (debt-to-income) when trying to purchase a home and will be accounted for in your monthly payment. The DTI ratio is used to assess whether buyers/borrowers will be able to repay their loan. If you don’t make the cut, you won’t be purchasing a house.

Scot Ulmer real estateAlong with these, another rule that went into effect on September 14th will affect all of those looking for a new home. Borrowers will now need 6 months working at a job after an extended period of absence before they become eligible. There is no reason or excuse that will be deemed fit enough to get around the rule. This includes raising children, which will not be popular among the public. Previously, children were viewed as an “acceptable employment situation”. The FHA devised the rule to magnify employment gaps and to tighten them.

Although these new rules will be strict on recent graduates and first-time homebuyers, they will help support the housing market overall and are intended to help prevent another crisis from happening like the 2008 housing market collapse.

All of the FHA’s intentions can been seen as necessary precautions, but time will tell if it actually aids the housing market by keeping it in the green zone or if it only creates more burdens for the new generation. For now, it appears this may mark the start of a larger influx of grads moving into their parents’ houses. Hopefully, it is only a short delay on their journey.

Selling Your Home

Buying and selling a home is an exciting venture. With the housing market improving from its titanic crash, selling your home isn’t the painful experience it once was. If you’re preparing to sell your property, or just curious about what it would take when the time comes. These tips will surely help you make the most of your home.

    When preparing your home for market, you want to ensure that it looks the best it can. Staging your home is the best way to show newcomers the potential of your space. When you do, remember to focus on areas that receive the most traffic. The living room, kitchen, and master bedroom should be your focal points when preparing a home for staging. Not only does it help your rooms feel alive, it encourages potential buyers to feel at home in the space they’re considering.

    In this modern age, you’re open to a bevy of options that weren’t available when your parents were selling their homes. Keeping a visual record of the work you’ve done using a digital camera is a great way to show that a home has been well taken care of. Home improvement projects are excellent ways to illustrate not only your dedication to maintaining your property, but that more than a little elbow grease went into keeping your home as beautiful as it is.

    Light is your friend when beautifying your home. Open blinds, replace bulbs, and if necessary, install new fixtures. Bringing brightness into the house is a surefire way to add life to a space. While doing so, check walls for fading or chipping. If necessary, tidy up your rooms with a fresh coat of paint. You’d be surprised how quickly your home can appear brand new with some minor touches.

    Preparing your home for market can be nerve wracking, but following these simple steps will keep it from wasting your time and money waiting to be sold. Simple, affordable and available to any homeowner with the time, these tips will surely bring your home to the top of anyones “to buy” list.