September 27, 2015

Deez Loans

I try to be in the know of the latest trends.  A lot of this information comes from my kids.  They are always the first to know about what's hot and what's not.  And they're very quick to tell me when I am "so yesterday."

Let's start with communication.  For instance, an emoji is the correct response to most texts.  If someone asks you how you're feeling, you should respond with the smiley face with shades...or the pirate ghost...or the annoyed cat...or the guy in a turban.  You get it.  And "hello" or "hi" is not the proper greeting.  "What are those?" or "Guess what came in the mail today?" is much more acceptable.  Also, don't throw shade.  It's just not nice.

Next, you need to know how to appropriately fit in at a party.  Dancing is paramount.  Don't bother with the The Dougie or Gangnam Style.  You must be able to successfully Whip, Nae-Nae, and do the Stanky Leg.  You must also refrain from talking altogether.  If you want to gab with your buddy sitting next to you, Snapchat him.  For God's sake, do NOT let anyone hear you speak.

As far a fashion is concerned, there aren't a lot of current dos or don'ts.  However, you should get a tattoo and/or grow a beard  Make sure you get at least 100 selfies to prove to everybody how on fleek you are.

Am I chasing my youth?  Maybe.  Do I practice all of the latest and greatest trends?  Well, I don't have a beard.  I just like to be trend-savvy.  I do admit, however, when I'm being circled by a bunch of 13 year-olds on the dance floor at a bar mitzvah, I may have gone too far.

So what does the nae-nae have to do with real estate?  It's more about being aware of the latest and greatest...especially when it comes to financing.  Many Realtors are still talking to their clients about 20% down Conventionals.  I, however, can tell you about the cool loans.

The 0 Down Doctor Loan - The physician mortgage is tailored specifically to medical doctors with an M.D., D.O., D.D.S., D.V.M. or D.M.D. degree. It includes benefits such as 100% financing with no mortgage insurance up to $500,000.  Loan amounts are available up to $1 million with a low down payment.

The 0 Down FHA IHCDA Next Home Program - A 4% down payment grant is given to home buyers who purchase a home priced within FHA guidelines and have a credit score of 660 or above.  Income limits apply.  You do not have to be a first-time buyer.  You do not have to pay the grant back as long as you live in the home for two years.

The 0 Down Conventional IHCDA Next Home Program - A 3% down payment grant is given to buyers purchasing a home priced at $417,000 or less with a credit score of 680 or higher.  Income limits apply. PMI is also reduced.  You do  not have to be a first-time buyer.  You do not have to pay the grant back as long as you live in the home for two years.

Various Portfolio Loans - Many individual banks offer programs which range from 100% financing to Jumbo loans ($417,001 or higher) with substantially reduced down payments and little or no PMI.

So, will being trend-savvy allow more people flexibility when buying a home?  You betcha.  Will knowing about the latest loan programs save you some cash?  Absolutely.  Sometimes it is good to get your head out of the sand and stay up on what's current.  Contact me to see what great program is out there to best suit your needs.  In the meantime, while some of you are still posting back-to-school pics on Facebook, I'll be hitting the Quan on my Vine.

Your Bae,Carrie

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