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!

We are so lucky to have found Jamie. From the moment we met her she was incredibly attentive to our needs and always had our best interests in mind. We always felt secure knowing that Jamie was looking out for us and finding us the best deal. She walked us through the process and made everything easily understandable and stress free. Jamie was also ALWAYS available to answer any questions we had at any time of day or night. This was so nice and unexpected and really helped to answer any random questions that came up and alleviate any stress that we had. Jamie was also able to get us approved and ready to go with our loan in under 13 days, which allowed us to close in under 20 days. Jamie even took the time to sit with us at our closing and was there to celebrate getting our keys at our new home. Her time and expertise was SO appreciated and I would not hesitate to recommend Jamie to anyone. She is truly the best! Thanks so much Jamie!!

- Brandon G.

Jamie Shield is such wondeful and very kind person, she helped me the loan and she also took time to help me to get the home insurance. I am very appreciated her time and cotinue to do business with her in the future. I will reffer her to my cousis, and friends if anyone needs to purchase properties.

- Vaseng A.

Jamie’s services were phenominal. The home I purchased is in the foothills, where it’s difficult to find insurance coverage. Jamie handled every detail.

- Anne F.

My husband and I met Jamie when we attended a free seminar she was offering for first-time home buyers. Before the seminar, Jamie sent us a simple questionnaire so that she could start to get to know a little about us and our goals, timeline, financial situation, etc. We forgot we even filled it out, but at the end of the seminar, she sat down with us and showed us our pre-approval options (completely tailored to us!) That was just the beginning of how impressed we were with Jamie. As first-time home buyers, she guided us through the entire process and patiently and thoroughly answered our (many) questions. She told us which forms to submit to her ahead of time and communicated seamlessly with our real estate agent to keep us updated on any new developments. Jamie was so proactive and worked her magic with the paperwork behind the scenes so efficiently, that when we found THE house, Jamie’s expertise enabled our deal to close so fast that we ended up getting rent-back from the sellers because they needed more time to pack and move out. THAT is the person I want on my team and I am so glad Jamie offered that class and made such an incredible first-impression. I have no doubt Jamie got us the best deal possible and I will always remember how genuinely happy she was for us when we closed on our home. I highly recommend Jamie!!!

- Sarah G.

Jamie has been so patient and helpful throughout our 8 month process. Our loan definitely took longer than normal with a new build but she was with us every step of the way, giving us great advice. She is quick to respond, flexible and available when we need her.

- Leslie L.

I am a first time home buyer and Jamie was very patient with me. She was happy to explain every detail with me and was always available. She has a great and positive outlook.

- Lynne K.

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 your first home loan in 60 seconds or less!