Tips to choose a Budget friendly home | Robert Measer
Tips to choose a Budget friendly home

Tips to choose a Budget friendly home

Planning to buy a house that’s in sync with your budget and lifestyle? If yes, then here are a few handy tips to help you. Take a look –

1. Decide the budget: consider factors like – gross income, monthly expenditure, down payment, credit rating and interest rate.

Credit history: Remember your credit history and credit score will affect:
• your eligibility for different loan programs
• interest rates – high or low
• down payment amount

Note: faults in your credit history will lower your credit score, which implies, paying a higher interest rate.

Stable income source: Your employment type and income history influence the amount of mortgage you can borrow. Borrowers who have a stable non-employment income like – alimony and retirement and are self-employed with a stable monthly pay are preferred by lenders. Lenders before giving a loan ensure that the borrowers have a stable income for at least 3 years.

Remember the lender can re-verify your credit history anytime. So, avoid taking a new debt while purchasing your house.

2. If you have a small family, then you can opt for ‘entry-level homes’ or ‘starter-homes’. Later you can move to a bigger house of your choice.

Note: Nowadays, there is a high demand for small houses. Your house (if it’s well-maintained) will always be a hot commodity when you plan to resell it.

3. U.S. Department of Housing and Urban development offers special housing programs to:

• law enforcement officers
• firefighters
• emergency medical technicians
• Pre-kindergarten to 12th grade teachers.

If you fall into any of the above-mentioned categories, make use of Good Neighbor Next Door Sales Program. Here you will get a 50% discount on the listed price of the properties, under the condition that you have to live in the house for 36 months.
For more information visit:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

How to participate in Good Neighbor Next Door Sales Program:

1. Check the online property listing of your state
2. Choose a house and submit the details

If more than 1 person applies for the same house, a random lottery will be conducted.

You will see new homes listed on the website weekly.

4. Check out other property listing websites. Here too you can choose from numerous listed homes.

If you live in Bethany, then you are in for good news. You will get several online properties listing websites to choose. Just search for them with keywords like – homes for sale in Bethany Beach Delaware or beach real estate

5. Choose a real estate agent: Understand that real estate is a fluctuating market. You cannot think of making a property investment without adequate knowledge. With an agent by your side, it will be much easy for you to choose a budget-friendly home.

Look for local real estate agents on the Internet. You will find many! However, remember all of them are not genuine. Choose an experienced agent who holds thorough knowledge about the local real estate and quotes a reasonable amount. Once you select the agent, mention what kind of house you want to buy. Tell him your budget, any preferred location, feature etc.

6. Neighborhood – Before choosing the house, check the locality. Make sure the house is in close proximity to grocery store, school, hospital and police station. Check the conveyance facilities from the house. Once you have zeroed in on 1-2 homes, hire a home inspector to check the house.

Author’s Bio: John Smith is a renowned author related to real-estate and multi business. He writes on several topics on that. In this article, he pointed out few essential tips to choose a budget friendly home.

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