If you’re looking to purchase a home for the first time, it can seem like a daunting task to undertake. Thankfully, there are several options out there that can help.
There are many great Truckee area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (530) 582-6900 for a FREE home buying consultation to answer any of your real estate questions.
Today I’m joined by a special guest, Suzi Cooper of RPM Mortgage, who is here to explain first-time homebuyer programs as well as how to purchase property in today’s market.
As you likely already know, our area is currently in somewhat of a housing crisis. But if you’ve been forced to move from place to place while renting under various, unreliable landlords, don’t give up. There are strategies you can implement to purchase your own home.
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A program called the Home Ready Mortgage, for example, is one Suzi was excited to share with us. With this program, buyers need as little as 3% down and the income requirements are very flexible. As long as you can prove it, you can have income coming from roommates, family members, or elsewhere.
There are strategies you can implement to purchase your own home.
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Actually, I’ve got a listing I think could be perfect. It’s a 3-bedroom, 1-bath, with a two-car garage and a view of Donner Lake. This house also has a studio right above it. Right now, it’s priced at $425,000.
At this price, you would need to pay 15% down—which in this case would be $63,750 with monthly payments of $2,314. The rent for the studio is currently $1,200. So, if you were to rent it out, you could take it out of your monthly payments and be left with less than half of what you were paying previously.
This is an opportunity that doesn’t come around often. In fact, you have several options you could implement here. If you would prefer, you could live in the studio and rent out the house, instead.
We also have a few single-family homes in this price range, as well. When it comes to these kinds of properties, you can put as little as 3% down with the Home Ready Mortgage.
To utilize this program you’ll need about a credit score of 660 to 680, and for the FHA you need a score of about 580. There’s really a lot of flexibility.
The first step is to speak to a local expert, like Suzi, who can look at your income, assets, and finances and help you determine what path to take moving forward.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
