Homestar Home Loans with Xavier

If you're considering purchasing a new home, we have some exciting news! HOMESTAR is now accepting conforming loan limits up to $726,200 for single-family Conventional loan programs.

An appraisal happens after you sign a home purchase agreement and before your lender approves your loan. Here are some tips to help you prepare for your appraisal:

- Be ready to pay for the appraisal.
- Home appraisals are typically completed within 14 days.
- With an appraisal in hand, you can negotiate the price of the home, appeal the appraisal assessment, or ask your lender for a second appraisal.

HOMESTAR launched a new loan product! The 40-year mortgage loan allows a buyer to have an extended payment term for their home purchase, which in turn helps affordability with rising rates.

With a fixed rate option or interest-only period, homebuyers can expect:
- Lower monthly payments
- Increased buying power
- More flexibility
- Gain home equity

Q: Are there any mortgage loan programs for buyers with little or no credit?

A: Yes. You can look at our FHA program, where non-traditional credit can be used. Learn more about our FHA loans here: https://www.homestarfc.com/home-loans -loans

Thank you, Veterans, for your service to our country.

HOMESTAR is proud to offer the VA loan program, which includes the following benefits:
- No monthly mortgage insurance premium
- Limited closing costs
- No money down is available

Contact me today for more information.

Wondering how your property taxes are calculated?

Your property tax bill is calculated based on the following:
- Assessed valuation of your home
- Property tax rate
- Any exemptions for which you qualify

Paying your bills on time can help establish and maintain a good credit score, which is very important when seeking a home loan.

If you are in the process of obtaining a mortgage loan to purchase a home, you may have already heard the term PMI. Private mortgage insurance (PMI) is required when you put less than 20 percent down on a home.

Here are 3 ways you can avoid or stop paying PMI: https://bit.ly/3WaysToAvoidOrStopPayingPMI

What are the requirements for a cash-out refinance?

Eligibility requirements for a cash-out refinance may include:
- How much home equity you have
- Credit score
- Income and employment verification
- Loan-to-value ratio (LTV)
- Debt-to-income ratio (DTI)

If you're considering purchasing a new home, we have some exciting news! HOMESTAR is now accepting conforming loan limits up to $700,000 for single-family Conventional loan programs.

Benefit of cash-out refinancing: Take out a larger loan. Ready to refinance and make those home improvements? Contact me today!

Tip to negotiate the price on your dream home: Get personal.

Take things to the next level with your offer by getting personal. A home is a place filled with memories, and the seller may have a deep connection with the home. Make your offer stand out amongst the rest by including a letter with your offer detailing why this is your dream home, how you plan to use the home, or how you and your family will treasure it for many years to come.

Freddie Mac is reporting 56 percent of renters are spending more than 30 percent of their monthly income on housing. Ditch that rental and learn about how buying a home builds stability, equity, and wealth. Reach out to your local HOMESTAR Trusted Mortgage Advisor to learn more about the homebuying process!

Tight on money to cover the costs that come with buying a home? There are loan programs available that require little or no down payment and closing costs, such as FHA, VA, and USDA loans.

Why is it better to work with a Mortgage Loan Originator to purchase a home?

Here are a few reasons:
- Personalize the experience to you
- Knowledgeable and understand every detail of the mortgage process
- Guide you and answer your questions at every step
- Help you with paperwork and determining the right mortgage loan to fit your needs
- Assist you with options to help pay for a down payment and closing costs
- Stay in contact with your real estate agent to keep things moving forward

If you’re considering purchasing a new home, we have some exciting news! HOMESTAR is now accepting conforming loan limits up to $715,000 for single-family Conventional loan programs!

Through December of 2022, Freddie Mac forecasts that 17 percent of homeowners may sell their homes, and 23 percent may refinance their homes.

As reported by the National Association of Realtors for 2022, homebuyers are more worried about finding the right property than a mortgage. Do you need help learning the process of buying a home? HOMESTAR is abundant with educational tools to help you find the easiest way home!

Learn more:https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf

As a single person, homebuying is not something to fear. You can see the NAR 2022 homebuying trends for single women and men across all age groups. Single women are nearly doubling the percentage of men. Learn more:https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf

Talk to your local Mortgage Loan Originator to learn more about applying with a single income!

Across all age groups in 2022, personal savings and proceeds from selling a previous home were the most significant sources of a down payment for a new home. But did you know having a 20 percent down payment is a myth? Learn from our leading mortgage advisors about settling fears of saving for your new home. Contact us today!

DO make it easy for potential buyers to see the home. Small details could put your home top of mind for buyers.

DON'T attend the showing(s). Let your real estate agent be present to walk potential buyers through the home, highlight its features, and sell it for you!

Debt-to-income ratio (DTI) is the monthly debt payments divided by your gross monthly income (measures your ability to repay the mortgage loan).

Examples of debts that are typically included in DTI:
- Rent or monthly mortgage payment
- Homeowners insurance premium
- Monthly HOA fees
- Credit card payments
- Student loan payments
- Auto loan payments
- Personal loan payments
- Child support or alimony payments

Mortgage News Daily reports that “properties typically remained on the market for 16 days” in May 2022. Pre-approval is crucial to have a competitive advantage over other buyers.
Learn more: https://www.mortgagenewsdaily.com/news/06212022-existing-home-sales-nar-inventory-prices-appr

Knowing how quickly inventory is moving makes it essential to know your budget before shopping for your forever home. With HOMESTAR, you can trust we will guide you in the right direction!

The homebuying process seems intimidating, but it's easier than you think!

I'm here to walk you through each step so you can walk through your front door. Contact me today for more details!

What makes a great tenant?

The answer to this question depends on what matters most to you as the landlord. Consider a tenant who will:
- Make payments in full and on time.
- Take care of the property.
- Notify you when something goes wrong.
- Live in the property long-term.

From Q1 of 2021 to Q1 of 2022, the average homeowner’s equity has grown by $64,000, reports CoreLogic.
Learn more: https://www.corelogic.com/intelligence/homeowner-equity-insights/

In 2008-09, there was an overabundance of inventory. As we recover from a strange last two years, inventory is now rising. It’s important to remember that a “recession” doesn’t mean a housing crash.

Want to take your home search to the next level? Check out these sites and sources:
- School ratings: greatschools.org and the school district's website
- Crime rates and stats: crimereports.com, neighborhoodscout.com, and the local police station
- Walkability and public transportation: walkscore.com and apta.com
- Hospital ratings: leapfroggroup.org

Searching for the right homeowners insurance?

Contact multiple carriers of homeowners insurance, request quotes, and compare rates. The easiest way to do this is to contact an insurance broker with the details of your home, and they can compare and find the best rates for you. Look into and ask about discounts as well, such as bundling your auto insurance with your homeowners insurance.

It’s also a good idea to ask family and friends for recommendations and to share their experiences with insurance companies.

Lock or float your interest rate?

Lock = Interest rate will not change as long as you fund your loan before its expiration.
Float = Interest rates can go up or down until you decide to lock it in.

Received extra funds lately? Maybe you recently got a bonus at work or have cashback rewards from your credit cards?

Put them towards your mortgage! You can make payments towards the principal on your mortgage, rather than both the principal and interest, helping to lower your long-term interest costs.

Once you're ready to purchase rental property and become a landlord, familiarize yourself with local landlord-tenant laws.

View them for each state here: https://www.american-apartment-owners-association.org/landlord-tenant-laws/

HOMESTAR offers flexibility in calculating income for borrowers with a temporary loss of employment or reduction of hours/income during the COVID-19 National Emergency for FHA loans. This can help many borrowers with currently stable incomes who had a gap during this difficult time.

Learn more: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_22_129?utm_medium=email&utm_source=govdelivery

To determine your eligibility for a VA loan, you must meet at least one of the following requirements:
- You served 90 total days of active service during wartime or 181 continuous days of active service during peacetime.
- You served less than 90 days of active service during wartime or less than 181 days of active service during peacetime if you were discharged for a service-connected disability.
- You served six creditable years in the Selected Reserve or National Guard.
- You are the surviving spouse of a Veteran who lost their life while serving or as the result of a service-connected disability, and you have not remarried.

Life offers unexpected experiences and sharing them brings you HOME.

Have you had the desire to become a homeowner but don’t yet have enough money to do so? There are options to buy a home with little or no money:
1. Work with a lender and consider all loan options.
2. Receive a down payment as a gift from a family member.
3. Require that the seller pay closing costs.
4. Consider Down Payment Assistance programs.