How Much Home Can I Afford?

Many buyers want to know how much home they can afford.There are a few factors that impact how much home you can afford. Some of those factors are: 1) What is your credit score?The higher the number you have concerning your credit score, the lower your interest rate will be. The lower your interest rate is, the lower your monthly house payment will be. Credit scores range from 300 to 850. All loans you have had in the past and how faithful you have been in making payments affect your credit score. If you would like to find out what your credit score is, call David Ruch today. He can help you find out what your credit score is and help you find a home with a credit score as low as 580. 2) How many dependants do you have? Dependants are how many people depend on you for financial help. Consider school costs, car payments and other monthly costs when determining your house payment budget. Make sure you leave some money in your budget for emergency funds. 3) Where would you like to live? Prices vary depending on which city and in which suburb you want to live. Sometimes just by changing the suburb you want to live in will give you more house for the money you are investing.

4) How much money do you have for a down payment on the home you are buying? The money you are using as a down payment needs to come from savings. The more money you can put down on the home you are purchasing, the lower your monthly payment will be. 5) What is the current interest rate? Interest rates are still very low and now is a great time to invest in a home. Lower interest rates will help keep your monthly payment lower. David Ruch has been in the real estate and lending business for over 26 years. David can help look at your credit scores and what loans would be best for you. If you are curious what your credit scores are and/or would like to see how expensive of a home you can buy, call David today at (303) 840-9252. www.real-estate-denver-colorado.com

Short Sale Pitfalls

When managing a short sale home, there are a few pitfalls and things to avoid. It's important to request the existing lender's information and request the loan number and bank info on a short sale home. As soon as you can, request the payoff information.

Some lenders provide a short sale

package. It's a good idea to request this information if available.

When handling short sale home, there are a few pitfalls and things to avoid.

Things to Avoid in a Short Sale

1. If the seller has a FHA loan, do not advise the seller to move out. It's a good idea for the seller to stay in the home.

2. Don't promise unrealistic

time deadlines.

3. Don't spend money on an appraisal until the lender has approved the short sale.

4. Don't send an incomplete

short sale package to the lender. There is a good chance it will get thrown out of the pile of considered offers.

Short Sales are more complex than normal real estate transactions. It's important not to make false promises about the short sale process.

If your offer is rejected by the lender, don't give up on the process. Many times you can resubmit the same offer. Sometimes lenders will do what's necessary to avoid foreclosure, so they might consider your offer the 2nd time.

The real estate industry will be dealing with short sales for many months to come. It's important to learn about things to avoid.

David Ruch has been in the real estate and nding business for over 26 years. He would love to help further explain what a short sale is.

When you find a home you would like to make an offer on, there are several types of loans that can be secured. David can help look at your credit scores and what loans would be best for you. If you are curious what your credit scores are and/or would like to see how expensive of a home you can buy, call David today at (303) 840-9252.

Should I Lease or Buy a Home?

In the real estate world, many times you will hear the words Rent to own or Lease Purchase. Rent to own is used in connection with real estate agreements where the renter has the option to buy the property at a fixed price at a certain time in the future. Many times the agreement is setup as a lease purchase or lease purchase option.

Many times when the housing market has suffered or taken a down turn, more buyers are interested in rent to own, lease purchase , or lease purchase option. In this type of agreement, the lessee resides in the lessor's home making monthly payments with the option of someday in the future purchasing the home at an agreed upon price.

Sometimes, the extra time in the home allows the lessee to clean up their credit scores, so that at a future point in the lease, they can get a better interest rate when actually purchasing the home. There are many advantages and disadvantages that can be further discussed with David Ruch

Call David today to find out more about rent to own, lease purchase, and lease pur-chase options. If you are interested in searching our database of 30,000 homes for FREE (without a realtor),click here.

Things to Consider When Buying a Home

When purchasing a home, there are many factors that need to be considered. Sometimes as a buyer, the sole focus is the sales price of the home.

The buyer must also consider the following items as well:

1. Mortgage Rates

2. Moving Costs

3. Utility and HOA Fees

Fortunately the mortgage rates remain low for now. When considering a new home, sit down with a loan officer and find out what the current rates are and how much home you can afford, while considering all associated costs.

If you would like to have a free consultation with David Ruch and find out what your credit score is and how expensive of a home you can buy, call today at (303) 840-9252.

If you would like to find out more about rent to own, lease purchase, lease purchase options or are interested in searching our database of 30,000 homes for FREE(without a realtor),click here.

Fannie Mae's 2010 Rent vs. Own Analysis

A common question among people today is whether to rent vs. own a home. Fannie Mae completed a 2010 Rent vs. Own Analysis. Below are some of Fannie Mae's findings for 2010.When a future home owner/renter is looking for a new place to live, there are factors that impact their decision on whether to Rent vs. Own their future home. These factors were placed in three categories: historic behaviors, economic conditions, and demographic and lifestyle shifts.

Most Americans desire to own their own home, in spite of the turmoil going on in the housing market today. Demographic trends show that the American household is shrinking, fewer married couples and less families with children. This trend along with the financial issues going on is influencing more people to rent instead of own a home.Eighty-nine percent of homeowners, as well as 44 percent of renters, believe they would be better off owning their homes,considering their current financial situation.

Eighty percent of people prefer to live in a neighborhood where people own their homes.The desire to rent is primarily driven by the financial condition of the one looking for the home.Fifty-one percent of people surveyed said that the housing crisis has not affected their willingness to purchase a home.Twenty-seven percent of the people said they are more likely to buy and 19 percent were more likely to rentOf those renting, 31 percent said they are more likely to rent as a result of the housing crisis, compared to 19 percent among overall responses.If you would like to find out more about rent to own, lease purchase, lease purchase options or are interested in searching our database of 30,000 homes forFREE (without a realtor),click here or call David Ruch at (303) 840-9252.

To read more info from the source of this article, seehttp://moourl.com/ntz7p (This analysis was based on telephone survey interviews with 2,041 people of the general population plus 1,566 additional people from geographic areas of interest)

Leasing vs. Buying

When looking for a home to live in, there are a few things to consider. Two of these things are whether the home should be purchased or leased. When making this decision there are a few things that will heavily impact what the buyer decides.

One very important thing is the condition of the buyer's finances. When purchasing a home, a buyer can obtain a home with as low as $1,000 down payment with some of the programs we offer at New Millennium Homes.

A benefit of owning a home is the tax benefits it provides. The property taxes and mortgage interest are both deductible on the buyer's federal income tax return.

If a home buyer stays in the market long term, they can sell their home at retirement age, and use the proceeds to purchase a less expensive home.

Also, an important consideration when purchasing a home is a buyer's credit scores. If a potential home owner to be does not have the credit scores necessary to purchase a home, leasing is a good option for them. They can lease a home with the option to purchase at a later time.

At New Millennium Homes we can help work with a buyer to improve their credit scores to allow them to purchase a home. In the interim, the potential buyer can lease a home that they really like and eventually purchase the home when they have improved their credit.

If you are curious what your credit scores are and/or would like to see how expensive of a home you can buy, call David Ruch today at (303) 840-9252.

Search our database of over 30,000 homes in California at http://www.californiahothomes.com/.

More on Rent to Own Properties

In the real estate world, many times you will hear the wordsRent to Own. Rent to own is used in connection with real estate agreements where the renter has the option to buy the property at a fixed price at a certain time in the future. Many times the agreement is setup as a lease purchase or lease purchase option (which was discussed in detail in a prior newsletter and is on our blog athttp://blog.real-estate-denver-colorado.com/ ).

Many times when the housing market has suffered or taken a down turn, more buyers are interested in rent to own, lease purchase , or lease purchase option. In this type of agreement, the lessee resides in the lessor’s home making monthly payments with the option of someday in the future purchasing the home at an agreed upon price.

Sometimes, the extra time in the home allows the lessee to clean up their credit scores, so that at a future point in the lease, they can get a better interest rate when actually purchasing the home. There are many advantages and disadvantages that can be further discussed with David Ruch.

Call David today to find out more about rent to own, lease purchase, and lease purchase options. If you are interested in searching our database of30,000 homes for FREE (without a realtor), visit our website athttp://www.real-estate-denver-colcolorado.com/.