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Kevin Zenstein's Blog - Allied Mortgage Group, Inc.

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A home inspection checklist is essential when selling a home. While the inspection is an important part of the home buying process, it is equally as important for sellers to also prepare. What can you do as a seller to help the inspection process go smoothly? Here are five top tips from Realtor.com to keep in mind:

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  • De-clutter. You’ll want to make sure the inspector can easily access the area beneath your bathroom and kitchen sinks and the areas around your hot water heater, furnace and any major appliances.
  • Clean your home. A clean and tidy home makes a better impression than one that’s a mess.

  • Provide paperwork. Create a file detailing all maintenance and repairs you’ve completed on your home over the years, including any inspections of important components such as your furnace or chimney.
  • Provide access. Make sure your inspector can get into any locked rooms or exterior storage buildings as well as the attic or other storage areas.
  • Leave your home. Inspectors find it easier to do their work with the homeowners, children and pets around.

Making dreams possible

May 1
7:10
AM
Category | General

37247968_MOwning a home. It’s a dream shared by many people. But for those who have lower income, especially if they have less than perfect credit, that dream may seem out of reach. Impossible. Fortunately, this is not true. An FHA loan can be the answer to turn the dream into a possibility.

An FHA loan is a viable option for people who don’t make lots of money and/or who may have had some credit issues. This loan is designed to help those who may not have the opportunities others have when it comes to financial stability and success.

People who seek an FHA loan may not have enough money for the standard down payment that most loans require. However, with an FHA loan, a buyer is able to put down just 3.5 percent of the cost of the home instead.

The lower down payment isn’t the only advantage. FHA loans are also easier to get because they aren’t as strict when it comes to the qualifications. As long as the person has enough money for the down payment and to pay the monthly mortgage payment, the loan is more likely to be approved.

The most important thing you need to make this dream possible is the down payment for the home. Set a goal, create a budget and start saving. This is a great time to contact your lender to see how much house you can afford. This will allow you to calculate how much you need for the down payment. And you can get some idea of how long it will take you to come up with the down payment.

Your FHA lender is a great resource to help you learn about FHA loans. Don’t find the perfect house then start asking about loans. Visit with your lender first. Your dream of owning a home can become a reality, and there’s nothing sweeter than that.


32498400 - mortgage concept. isolated on white background 3dThink you need a huge down payment in order to buy a home? Then you’re in for some good news.

The “need” for big down payments is a myth in today’s lending environment. Truth is, programs offered by three federal agencies are helping borrowers buy a home with little or no down payment.

Wondering where to look for a program like that? Maybe this will help:

Federal Housing Administration: With a minimum down payment of 3.5%, FHA-insured loans are the low-down option that’s available to the most borrowers.

Department of Agriculture. The biggest myth about the department’s Rural Development mortgage guarantee program is that it’s designed only for people who are buying farm land. But it’s simply not true. To qualify for a low-downpayment home loan backed by the Agriculture Department, you must purchase a home in a “rural” area, but you may be surprised at the number of areas that fit the definition. (Many do.)

Veterans Affairs. Formerly the Veterans Administration, this agency guarantees no-down payment mortgages for qualified veterans, active duty personnel, reservists/National Guard members and some surviving spouses.

For more details about these programs, give us a call.


Closing on your first home

Apr 3
7:28
AM
Category | General

27613902 - happy couple looking blueprint about new houseHave an appointment with a title company to close on the purchase of your home? Here’s what you’ll need to bring with you on that big day:

Money: At closing, you’ll be paying for your share of the closing costs and any down payment. Since cash and a personal check won’t do, you’ll need to bring a certified check or cashier’s check. You’ll get the amount you need to bring with you a few days before closing.

A pen: You’ll be doing a lot of signing and initialing. None of the numbers you should see at closing should be a surprise. Shortly before closing, your loan officer should provide you with documentation of what your final numbers should be. These documents spell out all the financial details of your home purchase, including your closing costs and who – the buyer, seller and lender – pays what.

Your ID: You will be required to show proof of identification, such as your driver license or passport.

Proof of insurance: You’ll need documentation proving you have obtained homeowner’s insurance, and perhaps flood insurance, if it’s required as a condition of your loan.

Once you’ve completed the process of closing, your home purchase will be recorded with the county or other government entity. Then, you get the keys and you’re officially ready to move in!


Yes, a bankruptcy can stay on your credit report for up to 10 years. But, that doesn’t mean you have to wait that long to buy a home. In fact, you could be eligible to apply for a mortgage sooner thank you think.

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It all depends on what type of bankruptcy was filed – Chapter 13 or 7 – and the type of loan program you’re applying for. It also depends on how hard you work to rebuild your finances and credit score. Here are three important things to focus on:

Save, save, save: The more money you have saved for a down payment, and the more money you have squirreled away for emergencies, the better your chances will be of getting a loan approved down the road.

Make monthly bill payments on time: Ideally, you’ll want to aim for at least 12 months of consistent, on-time payments for all your monthly obligations before you apply for a home loan again. Keep all your documentation showing you made the payments on time.

Rebuild your credit: After a bankruptcy, you’ll want to take on small amounts of consumer debt and pay them off as promised. You want to show a housing lender that since your bankruptcy, you are handling credit responsibly. Part of doing this is using only a modest portion of the credit that’s available to you and paying your bills promptly.


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