favorite this postTired of RENTING? Let me help you purchase a home of your own. (El Paso) hide this posting
license info: HOME PROS REAL ESTATE GROUP
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Allow me to introduce myself. My name is Lloyd Sumner and I am a licensed REALTOR with Home Pros Real Estate Group in El Paso. My license allows me to represent both home buyers and home sellers in the purchase or the sale of their home, but my specialty is helping first time home buyers purchase their own home.
Many people that are currently renting the home they live , do so because either they do not think they can afford to purchase a home or they believe their credit score is too low to qualify for a mortgage loan.
Typically, the monthly loan payment is less than the monthly rent on a similar house in a similar neighborhood. Usually a landlord has a monthly mortgage on the house he is renting out and he needs to collect enough rent to make that payment plus put some money in his pocket as a profit. By owning your own home, that profit stays in your pocket, not your landlord's pocket.
Another reason tenants don't think they can buy a home of their own is because of low credit scores and not having enough money saved up for the down payment and closing costs associated with a mortgage loan.
Most mortgage loans require a down payment, which is money the home buyer needs to provide at the time of sale. The best type of loan for first time home buyers is a FHA loan which requires a down payment of 3.5% of the purchase price. For example, on a house that costs $100,000, a down payment of $3,500 will be required. Depending on your income, the price of the house and a few other factors, there are bond programs available to help a first time home buyer with the down payment.
Another expense that the home buyer faces is closing costs. These are expenses related to the loan and are paid at the time of the sale. Closing costs vary, depending on the type of loan and the price of the house and usually don't exceed 3% of the purchase price. It is very common for a seller to pay for the buyers closing costs as a result of negotiations between the seller's agent and the buyer's agent.
I work with several home mortgage lenders that can work with you if your credit score is too low. A score of 620 is usually required, but some lenders can loan money with a score as low as 580. If your credit score is lower than that a lot of times the mortgage lenders will offer free advice on how to raise your credit score so that you do qualify for a loan, these service are free to you, they offer their advice and will work with you because they want your business.
Under some circumstances, it is possible for you as a home buyer to get into a home of our own with no or very little money out of your pocket and a monthly mortgage payment that is less than what you are paying in rent.
As a REALTOR representing you, I will help you find the perfect home for you to purchase, negotiate with the sellers agent, to get you the best price possible and if needed, I also negotiate to get any buyer related closing costs paid by the seller. Once a deal is reached, I will guide you through the entire purchase process from start to finish. Also as a REALTOR representing you, my services are free to you. I am paid by commission from the agent selling the house that you purchase because I bring a buyer to him/her
If you think that you may be interested in purchasing your own home, feel free to contact me and I would love to explain your options to you and work with you through the entire home buying process
Lloyd Sumner, REALTOR
do NOT contact me with unsolicited services or offers