first time home buyer /relocation help
TRANSCRIPT
PowerPoint Presentation
Home Buying/ RelocatingInformation for First Time Home Buyers
JT & Jamie HaynesBroker/Agent/Owners
About Us
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular3
About Us
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular4
About Triangle Realty
Over 20 Licensed AgentsOver 49 million in sales in 2015
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular5
About Triangle Realty
JT Haynes licensed in TX & NMBrokerage gave over $17,000 to local charities including donations to First Fruits program
Honor the LORD with your wealth, with thefirstfruitsof all your crops. Proverbs 3:9
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular6
This presentation is online as a slideshareLinkedIn Page: Jamie HaynesLinkedIn Page: JT Haynes
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular7
Topics We Will Cover:When To BuyPreparing To Buy Where To BuyUnderstanding the Buying ProcessSelecting A REALTOR
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular8
When To Buy
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular9
When To Buy
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular10
When To Buy
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular11
When To Buy
What does this mean? Now is a good time to buy!
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular12
Preparing To BuyWhat can you do to prepare for your first home purchase?
Review your CREDIT (www.creditexpert.com)Develop a BUDGET you can live withPRE-QUALIFY for a mortgage
Many people sign up for Credit Karma and other credit monitoring agencies and this is a great first step, but when getting a credit report for mortgage lending purposes the credit scores are lower 99% of the time. This is based on different scoring factors that are set up for mortgage lending versus retail lending. The best practice is to have a mortgage lender pull your tri-merged credit report.
13
Most Common Home Buyer Programs**Down Payment & Closing Cost Help**
Affordable 1st Mortgage
Mortgage Credit Certificate (MCC)
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular14
Where to go?YOUR LENDER (Credit, Budget, Pre-Qualify)www.downpaymentresource.comwww.myfirsttexashome.com
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular15
Preparing To BuyTEST TIME
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular16
Preparing To BuyTrue or False?
You must be a first time home buyer to qualify for a program.
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular17
Preparing To BuyYou must be a first time home buyer to qualify for a program. FALSE36% of programs have NO first time home buyer requirementDefinition of a FTHB is you havent owned a home in 3 years
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular18
Preparing To BuyTrue or False?
I have to be on my job for 2 years.
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular19
Preparing To BuyI have to be on my job for 2 years.FALSELenders would like to have 2 years of employment, but it doesnt have to be with the same employerEducation / trade school counts as part of the 2 year historyExceptions are allowed
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular20
Preparing To BuyTrue or False?
I have to have 20% down.
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular21
Preparing To BuyI have to have 20% down.FALSEFHA is 3.5% downConventional FTHB is 3% downVA 0% downBOND LOANS (SETH, TSHAC, USDA) 0% down
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular22
Preparing To BuyTrue or False?
I must be a US citizen.
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular23
Preparing To BuyI must be a US citizen.FALSEPermanent resident and some VISA residents are allowed
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular24
Preparing To BuyTrue or False?Grant programs are for First Time Home Buyers.
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular25
Preparing To BuyGrant programs are for FTHB.FALSENot all gift/grant programs require you to be FTHB
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular26
Where To BuyLOCATION, LOCATION, LOCATION!!
27
Where To BuySchool data (tea.texas.gov)
When clients ask you about crime in an area, suggest they visit CrimeReports. It overlays Google Maps with police reports from the area displayed. Crime data is available for the previous six months, and filters exist for types of crime and dates of the offenses. If the map displays areas with more than one police department, you can choose the source of the data.28
Where To BuyCrime data (crimereports.com)
When clients ask you about crime in an area, suggest they visit CrimeReports. It overlays Google Maps with police reports from the area displayed. Crime data is available for the previous six months, and filters exist for types of crime and dates of the offenses. If the map displays areas with more than one police department, you can choose the source of the data.29
Where To BuyWalk Score (www.walkscore.com)
When clients ask you about crime in an area, suggest they visit CrimeReports. It overlays Google Maps with police reports from the area displayed. Crime data is available for the previous six months, and filters exist for types of crime and dates of the offenses. If the map displays areas with more than one police department, you can choose the source of the data.30
Where To BuyAsk your REALTORSchool, Crime, Transit, Demographic dataGeneral Neighborhood information / historyHomes built Ex. 1950sHome StyleIssues Ex. Clay Pipes, No water/bad wells
When clients ask you about crime in an area, suggest they visit CrimeReports. It overlays Google Maps with police reports from the area displayed. Crime data is available for the previous six months, and filters exist for types of crime and dates of the offenses. If the map displays areas with more than one police department, you can choose the source of the data.31
Where To BuySales Data About NeighborhoodAverage Price Per YearPrice Low-High Per YearAvg Days on Market Per Year# of Sales Per Year
When clients ask you about crime in an area, suggest they visit CrimeReports. It overlays Google Maps with police reports from the area displayed. Crime data is available for the previous six months, and filters exist for types of crime and dates of the offenses. If the map displays areas with more than one police department, you can choose the source of the data.32
Where To BuyAsk your REALTORCMA /Tax Appraisal on the propertyCMA = Comparative Market Analysis
33
Understanding The Buying Process
How much does it cost to hire a REALTOR?
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular34
How much does it cost to hire a REALTOR?
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular35
Understanding The Buying ProcessA: 100 BILLION DOLLARS
Well, not really
Q: How much does it cost to hire a REALTOR?
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular36
Understanding The Buying ProcessIf you are buying a property, the seller pays the buyers agents commission.
Q: How much does it cost to hire a REALTOR?A: NOTHING
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular37
Understanding The Buying Process
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular38
Selecting a REALTOR
Hire ExperienceHire ExpertiseHireaNeighborhood ProDont Work with Friends or FamilyYou Get What you Pay For
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular39
Selecting a REALTOR
Houses Dont Just Sell ThemselvesPeople are more likely to buyaproduct that their friend likesPast Performance is the Best Predictor of Future PerformanceWho are you Actually Hiring?
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular40
Selecting a REALTOR
Great Realtors have Great PartnersGet a second opinion (shameless plug call us!)
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular41
Selecting a REALTOR - Where to go?ReferralInvestigate YourselfFind MLS (Multiple Listing Service) board Ex. AAOR, LAOR, HAORWho were the top 15 agents in sales for the previous year
Online reviews (Google, Yelp,Facebook) & testimonials on their webpage.42
Selecting a REALTOR - Where to go?Find them onlineTestimonialsTheir websiteREALTOR.com profileReviewsFB, Google, Yelp
Online reviews (Google, Yelp,Facebook) & testimonials on their webpage.43
Final TipsFind a REALTOR!!Find a LENDOR (Credit, Budget, Pre-Qualify) Use Realtor.com (Not Zillow/Trulia)
1 Most popular by far; 2 From State Financing Agency TDHCA; 3 Tax credits, becoming increasingly popular44
JT & Jamie HaynesBroker/Agent/Owners