Buy A House
The Realty Group believes that buying a home can open the door to financial freedom! Whether it’s purchasing a condo, single family residence or multi-family home, acquiring your first piece of real estate can provide many options for you in the future.
- Build equity and pull cash out to purchase another property. With current rents at an all time high, you can convert your first home into a long-term rental that can potentially cover your mortgage and in some cases provide you additional cash flow.
- For the entrepreneurial-minded, use the equity to purchase another property for short-term rentals (i.e. Airbnb). This is a popular business model that can potentially maximize your cash flow.
- Build equity and use it as a down payment to upgrade to a larger home that fulfills the needs of your growing family.
- Build equity and use it to start up that business you’ve always dreamed of.
- Purchase a multi-family, live in one unit and rent the others to cover a portion of your mortgage or in some cases all of it.
The Buying Process: What to Expect
- Get pre-qualified for a home loan and determine your maximum purchase price.
- Work with a Realtor to help you find a home.
- Make an offer.
- Open escrow and submit your loan to underwriting.
- Order appraisal.
- Schedule home inspection.
- Review seller’s disclosures and termite report.
- Satisfy any outstanding loan conditions.
- Sign loan documents.
- Conduct final walk through.
- Loan funds and records with County.
- Hand keys to your new home.
FAQ
What is Earnest Money Deposit?
Earnest Money Deposit (aka EMD), is money given as “good faith” to express to the seller how serious of a buyer you are. It usually ranges from 1%-3% of purchase price and is brought into escrow for them to hold until the transaction is complete.
Earnest Money Deposit (aka EMD), is money given as “good faith” to express to the seller how serious of a buyer you are. It usually ranges from 1%-3% of purchase price and is brought into escrow for them to hold until the transaction is complete.
How much down payment do I need?
0% down payment if you are a Veteran. If not a Veteran, you’ll need a minimum 3.5%
0% down payment if you are a Veteran. If not a Veteran, you’ll need a minimum 3.5%
What other out-of-pocket costs should I be ready for?
Appraisal ($450 est.) and home inspection ($250 est.).
*if you choose to obtain your loan through The Realty Group, we can cover your closing costs (lender fees, title and escrow).
Appraisal ($450 est.) and home inspection ($250 est.).
*if you choose to obtain your loan through The Realty Group, we can cover your closing costs (lender fees, title and escrow).
Can I take out a home-improvement loan simultaneously to do repairs to the property?
Not generally, but you may qualify for an FHA 203K loan that will allow you to borrow additional funds (based on future appraised value) to improve the property.
Not generally, but you may qualify for an FHA 203K loan that will allow you to borrow additional funds (based on future appraised value) to improve the property.
How long will this process of buying a home take?
The amount of time to find a home depends on the amount of available inventory and your availability to preview these homes. Once you find the home, the loan process normally takes up to 30 days.
The amount of time to find a home depends on the amount of available inventory and your availability to preview these homes. Once you find the home, the loan process normally takes up to 30 days.