Tuesday, November 15, 2011

Realty Times - Moving During the Holidays

Good Morning Fellow Bloggers:

I found some really good information I wanted to pass along to you. Especially during the Holiday Season, many people have way too much going on, and moving during the holidays just isn't all that much fun, but below is some great advice on how to make moving a little less stressful for your children!


Realty Times - Moving During the Holidays


As always if you ever have any questions, please don't hestiate to call me!
Have a wonderful holiday season!

Thursday, November 10, 2011

Realty Times - Colors to Fit your Mood

As the daylight hours get shorter some of you look for things to do to the inside of your home. You put off all those inside chores to enjoy the outside temps and I don't blame you for one second (I did the same) so for the winter days when you start getting the itch to change the inside please enjoy the below blog post regarding paint colors. Enjoy!


Realty Times - Colors to Fit your Mood

Tuesday, October 25, 2011

Realty Times - Keeping Up The Yard Through The Winter

Selling your home in the fall/winter? Make sure to read this blog post below for great tips on keeping up your home during the winter!

Realty Times - Keeping Up The Yard Through The Winter

Tuesday, March 8, 2011

Part 5 in our Series for First Time Home Buyers....

At Ameriserv Bank we offer the following programs for First Time Homebuyers:
FHA  -
·         Purchase price limit of $280,000
·         Minimum credit score of 640
·         Down payment is 3.5% of the purchase price. 
·         You can also get a gift for the down payment , it must be from a qualified person – usually a family member.  
·         There is an up-front funding fee of 1% - which can be financed. 
·         Seller assist is allowed, which can be up to 6% of the sale price. 
PHFA –
·         You cannot have owned a home in the last three years. 
·         Income limits and purchase price limits in Centre County based on family size.
·          All income from any occupants over the age of 18 that are working are used when qualifying. 
·         With a minimum credit score of 660 the borrower only needs 3% for the down payment.  If your score is below 660 you would have to complete a credit counseling course and the required down payment would be 5%. 
·         Closing cost assistance available for those who qualify. 
USDA –
·         Homes must be located in a rural area – which is determined by zip code.  
·         There are income limits based on family size for Centre County.
·          There is a onetime guarantee fee of 3.5% of loan amount and may be financed. 
·         No mortgage insurance
·         100% financing is available along with Seller assist towards closing costs.  
·         Minimum credit score of 640. 

VA
·         100% financing available
·         2.125% upfront funding fee
·         No mortgage insurance
·         Minimum credit score of 640
·         Seller assist is allowed
For More Information about these programs please contact: 
Wendy Cable, Mortgage Loan Officer, Ameriserv  Bank – 814-533-5432 or 814-933-2739.
It is very important to be pre-qualified before you begin your home search and it makes you a much stronger buyer in todays market!

Monday, March 7, 2011

First Time Home Buyer Series Part 4

First Time Home Buyer Qualification Requirements

Buying a home for the first time can be an exciting process. Prepare ahead by gathering the proper paperwork and ensuring your finances are in order.

    Identification

  1. According to the Internal Revenue Service (IRS), first-time home buyers are taxpayers who have not owned a principal residence in the three years prior to the purchase date.
  2. Preparation

  3. If you are not prepared, the excitement of buying your first home can fade behind a pile of paperwork. If you are considering buying a home, planning is key. Having on hand the appropriate documentation and a reservoir of cash will help ease the process, saving you, your lender and your realtor time and money along the way.
    When it comes to qualifying for a mortgage, first-time home buyers should be prepared with either a a letter of pre-qualification or pre-approval. Pre-qualification provides your lender and realtor with a letter or certificate that outlines how much money you are qualified to borrow, based on your monthly income, credit score and debt ratio. This helps narrow your house-hunting to a certain dollar amount, helping you secure a manageable monthly payment.

    A pre-approval, on the other hand, provides a more thorough assessment of your financial situation. This letter shows that a lender has closely verified several key factors, including your credit references, employment status and income-to-debt ratio.
  4. Budgeting

  5. As you begin the mortgage application process, examine carefully how much house you can afford. A lender may be willing to lend you more so that you can buy a more expensive home, but you will be the one making the monthly payment. Consider all the costs that go into home ownership: mortgage payment, property tax, maintenance costs, utilities, mortgage insurance, homeowner's insurance and other relevant costs.
  6. Documentation

  7. Long before you begin the mortgage application process, you should get organized. Organizing documents and clearing potential credit hazards can take weeks or months, and preparedness can prevent snags along the way.

    Before you begin shopping for a new home, check your credit report. You can purchase a copy from one of the major credit reporting agencies (Transunion, Experian or Equifax). Check it for accuracy, and clear up any errors that may have been reported against your name or your spouse's name. Errors typically take 30 days to be erased from a credit record, and you will need to request a written letter from the creditor. Under federal law, you may receive a free copy of your credit report each year from the three major credit report agencies (see Resources).

    Credit scores are important because they reveal a borrower's track record in repaying loans. A low score does not necessarily mean you won't be approved, but it can lead to a higher interest rate on the loan.

    Your lender will also require copies of checking and savings account statements for the previous six months, as well as evidence of other investments, like stocks and retirement accounts. Also, keep a file of paycheck stubs as proof of your monthly income, as well as a list of all credit cards, their balances and monthly payments. Other outstanding debts, such as automobile loans, will also need to be included. And finally, provide copies of the last two years' income tax returns.
  8. Money

  9. When it comes to financing your home, the larger the down payment you can make, the better your financial outlook will become. A higher down payment can lead to a lower mortgage interest rate and can possibly prevent a monthly PMI (private mortgage insurance). And with a higher down payment, your principal drops, leaving you with a lower monthly payment.

    Lending programs vary, with eligible buyers required to make as low as a 3 percent down payment. Under certain guidelines, qualifying buyers may not be required to make a down payment.

    When you make an offer on a home, you will be required to sign a contract and pay earnest money. The amount of this payment varies--typically as low as $1,000--and is used to help validate the contract. This money is usually held in an escrow account and will go toward the down payment at closing.

    Closing costs range from 3 to 4 percent of the home price, but these expenses are often negotiable between buyer and seller and even with the lender through special lending programs.


Read more: First Time Home Buyer Qualification Requirements | eHow.com http://www.ehow.com/about_5128525_first-home-buyer-qualification-requirements.html#ixzz1Fwjhz4dc
 
 
 
Alot of these information was covered in our first Blog but I thought there was some valuble information in this article... we will be doing another series with Ameriserv in our next Blog......

Thursday, March 3, 2011

3rd part in our First Time Home Buyers Series " The Closing Process"

CLOSING PROCESS
________________________________________________________
The closing process is not difficult, but sometimes very time consuming. Whether you are paying
cash or financing your purchase there are certain steps that must be followed to assure that you
are purchasing a property free and clear of any liens, mortgages or defects in title, and that you
understand the terms of your purchase.
Once you have made a commitment to purchase, then a Sales Agreement is prepared for your
review. This is a binding contract. Although most Sales Agreements contain standard language,
there are several things to look for:
1) identity of the property you wish to purchase (address and tax parcel number),
2) purchase price and deposit money (agreed price and down payment),
3) seller assist (where seller agrees to pay a portion of your closing costs), if
applicable,
4) mortgage contingency (contract binding only if the mortgage amount is approved
by your lender), if applicable,
5) mortgage commitment date (you must have a written commitment by this date),
6) last date to settle (closing must occur on or prior to this date),
7) rights to inspections (pest, radon, home inspections, etc.)
8) type of sewer and water (public or private),
9) anything checked off or hand written by the agent,
10) special clauses (additional conditions),
11) default clauses (example: your rights to the deposit if the appraisal is less than the
purchase price; mortgage contingency, etc.),
12) disclosures regarding defects, lead-based paint, etc..
In some cases, a buyer has already been pre-approved by a lender prior to negotiating or entering
into a Sales Agreement to purchase the property. This is a wise approach since you will be
making a financial commitment with a down payment, and it’s always wise to know that a bank
is willing to loan you money.
Once everyone has signed the Sales Agreement, the closing process can begin.
If you are financing your purchase, you will need to provide your lender with a copy of the
signed agreement. This will allow the lender to begin their process and order an appraisal to
assure that there is enough equity to justify the mortgage amount. At this point your realtor will
assist you with any inspections, including termite, radon, septic/water if applicable, and a home
inspection.
If you are not financing your purchase, you should ask your realtor to assist you in ordering an
appraisal and any inspections, including termite, radon, septic/water if applicable, and a home
inspection.
Whether you are paying cash or financing your purchase, you now need to select a closing agent.
If you have not already selected one, your real estate agent and/or your lender can provide you
with a list of approved agents. It’s not a bad idea to contact different agents to find out what fees
are involved.
The closing agent will be responsible for the following:
1) search the courthouse records back more than 60 years on the property,
2) assure that there are no defects, liens or judgments against the property,
3) be sure that any defects, liens or judgments can be cured prior to closing,
4) issue a title commitment or title certificate to your lender (if you are financing)
5) explain your right to purchase Owner’s Title Insurance and the cost (this insures
the title to the property) which can be waived (you are not required to purchase
this),
6) prepare a Settlement Statement disclosing all settlement charges and fees,
7) work closely with the buyer and seller’s real estate agents to assure that all fees
are accurate and properly disclosed on the Settlement Statement
8) work closely with the lender to assure that all fees are in compliance and
accurately disclosed on the Settlement Statement (if you are financing),
9) provide you with a preliminary draft of the Settlement Statement for your review
prior to closing (this is normally accomplished through your Realtor),
10) prepare an accounting to assure that the books balance for disbursement,
11) prepare all disbursement checks and assure the availability of funds for same,
12) attend closing and explain the Settlement Statement and any loan documents, and
assure that you understand everything prior to signing, and assure that you receive
copies of your closing documents,
13) conduct one final search of courthouse records to assure that nothing has changed
since the initial search,
14) record your new deed, mortgage and any other recordable documents applicable
to the transfer, and
15) disburse funds (this includes any funds due to seller).
Once this process is complete, you will receive your recorded deed from the courthouse (this can
take several days), and your closing agent will assure that any Title Insurance Policies and/or
Title Certificates are completed and submitted to the appropriate parties. Once the closing agent
has confirmed that everything is done correctly, the closing process is complete.
Steven F. Smith
Mortgage Settlement Services
107 South Spring Street
Bellefonte, PA 16823
814-357-0515
814-357-0583 fax
mtg.smith@verizon.net

Monday, February 28, 2011

First Time Home Buyer

Being a first time homebuyer can be a scary yet exciting time for a family. Along with the freedom and pleasure of owning your own home come many responsibilities. You will now have to pay property taxes, homeowners insurance, maintain the upkeep you your lawn, landscaping and exterior of your house, be prepared for inside home maintenance and take care of old worn out appliances in your home. When you furnace goes in the middle of winter there will be no landlord to call to come over immediately and have it fixed or replaced. However the rewards of owning your own home tremendously overshadow these minor responsibilities. Being a homeowner allows you to have the freedom you have always desired to have with YOUR OWN HOME. This home will belong to you and is yours to do with as you please. No more rules from parents or family members, no more landlord restrictions, no more neighbors that live above you and below you as in the apartment you just moved out of and no more having to be quiet as a mouse so that you will not disturb your neighbors through the paper thin walls in your apartment building. You make your own rules now. Being a homeowner gives you tax advantages during income tax time, it provides you with an investment of your money, and it provides you with a place to grow memories for yourself and your family. A good mortgage professional can help you understand what to expect during your first years of homeownership and will walk you through step by step of the mortgage process so that you understand what is going on throughout the processing of your home loan application. Find a mortgage professional that comes highly recommended from a family member or friend, or make sure you find someone you can TRUST when you are looking to buy your first home. This will truly make a big difference.
There are many programs for purchasing a new home with no money down. Perfect credit is not required and in most cases closing cost up to 6% of the loan amount can be financed into the loan.
Not only can you acquire 100% purchase which entails no down payment money, but a good real estate professional can also get the seller to pay closing cost. Which means no money out of pocket at all.
Find a good loan professional in your area to give you an overview of the process and also get pre-approved so that you know what price of home you can purchase.
Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you'll want to know about a neighborhood you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more.
VA entitlements are an excellent way for certain borrowers to get into their first home with little to no money down, and a great helping hand from the government.

We will be posting information from Local Lenders to help with What type of Mortgage do you qualify for and what programs are available...also we will have informatin about the closing process as well.  Hopefully you will find the information helpful and if I can help you with your Real Estate Needs Please let me know.

Monday, February 14, 2011

Mortgage rates are at rock bottom and won't stay there forever...

The national average on a 30-year fixed-rate mortgage dropped to 4.36 percent in Aug 2010 – lower
than it’s been in the past half century.
percent, representing a difference of $90 in the monthly payment on a $200,000 home with 10
percent down, as well as a savings of $32,460 over the life of the loan.

Doug Duncan, Fannie Mae’s
chief economist, notes that
the current market is highly
favorable for home buyers.
“Interest rates are at historic
lows. It’s hard to imagine rates
going any lower than they are
now. House prices have come
down considerably, and if your
credit is good, there’s lots of
money available.”
Interest rates for the same time last year averaged 5.19

Monday, February 7, 2011

Homes have never been more affordable...

For individual home buyers, there are only a few facts that really matter:
Can I afford this home?
Is it a good investment?
So it’s a bit surprising that the most important housing
statistic has gone largely unreported:
been more affordable
median mortgage payment on the current medianpriced
home ($182,400) as a percentage of the median
household income ($64,400), is lower than it’s been in
a generation. The chart below, which tracks housing
affordability for the past 10 years, shows incredible
improvements in affordability since the height of the
real estate boom in 2006.
Does it meet my family’s needs?homes have never. Affordability, measured by the
1.
Median mortgage payment as a percentage of median household income
“Home buyers over the past
year got a great deal, and
buyers for the balance of this
year have an edge over sellers.
Affordability could reach a
generational high in the second
half of this year because of
rock-bottom mortgage interest
rates, helped partly by the Fed’s
very accommodative monetary
policy.”
-Lawrence Yun, Chief Economist
The National Association of REALTORS®

Monday, January 31, 2011

It is Prime time to buy a home!

I just read a great ebook called "7 Reasons Why Now Is a Great Time to Buy a Home!" It’s filled with positive, exciting information to help buyers seize the incredible market opportunities available to them right now. Over the next seven weeks, I’ll be sharing key excerpts from this ebook with you in my blog. For a free copy of this ebook, contact me and I’ll send it your way.

Tuesday, January 25, 2011

4 Tips to Determine How Much Mortgage You can Afford

4 Tips to Determine How Much Mortgage You Can Afford

Published: March 11, 2010
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.

1. The general rule of mortgage affordability

As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.

To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.

2. Factor in your downpayment

How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home's cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.
The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

3. Consider your overall debt

Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn’t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 41% of your gross annual income.

Here’s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don’t top 41%, or $3,416 in our example.

4. Use your rent as a mortgage guide

The tax benefits of homeownership generally allow you to afford a mortgage payment—including taxes and insurance—of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.

Here’s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.

However, if you’re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

More from HouseLogic

More on the mortgage interest deduction

More on the tax advantages of homeownership

Other web resources

A worksheet on home affordability

Freddie Mac information on home affordability
G.M. Filisko is an attorney and award-winning writer who’s owned her own home for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.