The Money-Saving Secrets of the Home Purchase

If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:

Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.

Get pre-approved for a mortgage to do your research first.​ Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.

Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.

The Stats: What You Need to Know Before You Buy a Home

​Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.

You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.

The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.

Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

Arlicia was friendly, knowledgable, easy to communicate with. She was very thorough and exceeded my expectations by closing loan in 18 days. She kept me informed every step of the way through the loan process.

- realdealf bell678

Arlicia, is the best. She’s professional, knowledgeable and easy to work with. I’ve heard horror stories from others about purchasing a home but she made the home purchasing process a breeze. Any questions, I received a quick response, no hesitation. She is awesome and I’m very grateful to have chosen her as my loan officer.

- keashknowles

In the beginning of our first home you were there with us to make sure we were able to find what was a fit for us and our family. Who would have known 2 years later, we would be on another journey in which that same home you helped us with would sell in such a short time. In this next chapter in our family’s lives you went above and beyond what we expected. I can say that the professionalism and integrity you walk in was a great experience and you are great at what you do. Not only have you been a great help in our lives once again, you have been a great blessing. True destiny helper. May God give you an overflow of great abundance in your life and your future generations.

- fancyfay213

Arlicia Jones is a true professional she kept in touch to keep us on track she made me feel like we were her top priority she took my phone call and listened knowing I was full of anxiety answers my concerns and casting away my fears thank you Arlicia for making my dreams come true I’m a HOMEOWNER now much appreciation to you.

- mmciver76

I reach out to Arlicia months before for guidance to become a homeowner not only did she provide me with advise to boost my credit she got me into a house. I started my process with her and found a house in a week and close in 21 days. I’m still shock that she was able to make all this happen so fast. Mrs Arlicia again I’m very thankful for all that you did to make me a homeowner.

- shushgayle3526

I definitely will use her again, she was very detailed and helpful with everything I asked of her, yes she will be my next lender for my next house and my next house and my next. I was definitely satisfied with the outcome of everything

- alandochambers86

She was very informative, reliable, and attentive to my needs. I’ve already recommended her to friends. She made my experience easy. She was there every step of the way.

- bburton2013bb

Arlicia, was so helpful from start to finish with my refi. She walked me through all the processes and was very understanding of my needs. She made the process a whole lot easier. I will continue to do business with Arlicia in the near future.

- casavant69

Arlicia is knowledgeable, attentive, kind and experienced. She will help you to understand every step of the home buying process and make time to answer any question/concern you may have. Every time I do a deal (first time homeowner and refinanced home) I feel confident in knowing I’m getting the best deal under Arlicia’s guidance. She is that good!

- Brittany Dunkley

This is the second time Arlicia Jones has helped my family secure a safe home when other lenders wouldn’t bother to go the extra mile I highly recommend for anyone seeking a loan for new home refinancing or etc. thanks again for the help

- john liranzo

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

START HERE.Find out what you qualify for in 1 minute. Discover what you can do with an FHA Purchase or Renovation loan!

What You Need To Know About A Home Purchase

Why should I buy a home rather than rent?

Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.

How do I start the home buying process?

One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!

What kinds of financial commitments do I have to make?

There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.

Why is now a good time to buy a home?

Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.

What is the next step?

Click through our buttons above to find out whether you qualify for great terms on a new home purchase!

START HERE.Find out what you qualify for in 1 minute. See if you’re eligible for a home loan in 60 seconds or less