Paying Attention Can Save Money

Paying Attention Can Save Money




DON BURNS TEAM- REAL ESTATE

CDPE, CRS, ePRO®


http://www.har.com/donburns

don@donburns.com

(281) 491-6274

(281) 734-8715

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Welcome to my Blogger Page! Don Burns Team in Greater Houston Area

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Over 43 years experience as a full-time Real Estate Professional Native Texas and resident of Fort Bend County and Sugar Land since 1974 Certified Residential Specialist Helped over 2500 families sell their homes and find their dream homes. Member of the National, Texas and Houston Associations of REALTORS RE/MAX International Hall of Fame member and Lifetime Achievement Award Winner RE/MAX Chairman's and Platinum Club Award Winner Top 5% of REALTORS in the United States Recognized by the Houston Business Journal in their Top 50 REALTOR teams in the Greater Houston area Active in the local community INTEGRITY! EXPERIENCE! SUCCESS! Help buyers buy new and formerly owned homes in Sugar Land and surrounding areas. Help sellers get their homes ready with our free staging. DON BURNS TEAM- REAL ESTATE CDPE, CRS, ePRO® www.donburns.com http://www.har.com/donburns don@donburns.com (281) 491-6274 Houston, Texas Sugarland, Texas Meta tags: houston
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Start Early and Live Happily Ever-after

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As storybooks go, the character is introduced, they meet their love interest, a villain thwarts their intentions, true love overcomes, they marry and live happily ever-after.  It's a very familiar formula. Similarly, there is a formula that couples follow in real life.  They go to college, get a good job, rent a home, fall in love, get married and buy a starter home.  They start a family, move into a larger home, save for their children's education, start planning for their retirement and if they live within their means, they invest their surplus funds. An alternative to this might be to start investing in rental homes early in their adult life before their standard of living becomes so expensive that they don't feel like they have the money to purchase rentals.  There are infinite possibilities but let's say a single person, after getting a good job, buys a small three or four-bedroom home with an owner-occupied, minimum down payment.  They move int
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Gift of Equity

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There is a little-known mortgage program that could provide the vehicle for the right person to get into a home.  If a person sells their home to another for less than the fair market value, the difference in the appraised value and the sales price is considered a gift of equity for the buyer. FHA requires that borrowers receive gifts of equity only from family members transferring title to the borrower.  An appraisal is required to determine the value of the home.  The sales price is subtracted from the appraised value to determine the equity to be gifted.  If a home appraises for $300,000 when the owner will sell it for $250,000, the gift is $50,000. The gift is applied to the down payment.  In this example, the borrower would have to qualify for a $250,000 mortgage which would require private mortgage insurance because a 20% down payment on a $300,000 home would be $60,000.  If the buyer had an additional $10,000 in cash to put down, the PMI would not be requ
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