Buying or Selling Home? Call Someone you know & trust

Contact me directly  if you're looking to lease, buy or sell a home in Houston,Katy, Missouri or Sugar Land

DON BURNS TEAM- REAL ESTATE
as one of the TOP 500 Top Producing Teams/Individuals in Texas
CDPE, CRS, ePRO®
http://www.har.com/donburns
don@donburns.com
(281) 491-6274
(281) 734-8715



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Down Payment Problem - Are You Sure?

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There is increasing difficulty for first-time home buyers to save for their down payment as indicated in the graph.  Several factors that contribute to this trend include rising rents, rising home prices, student loan debt and flat wages. Some would-be buyers feel they cannot buy a home today but a large part of those decisions may be based on inaccurate assumptions. Nine out of ten non-owners believe they need ten percent or more for a down payment. The typical down payment for first-time buyers is six percent. VA has 100% loan programs as well as USDA for certain qualifying areas and buyers. FHA is known for 3.5% down payments. And FNMA and Freddie Mac have down payments as low as 3% and 5%. There are gift provisions available for buyers who have an “angel” who would like to help them with their down payment. There are ways to borrow against a person’s qualified retirement program for a down payment. It isn’t necessarily limited to the buyer but could include a relati...
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Fast Track Rental Property

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FHA allows owner-occupants to purchase up to a four-unit property with a minimum 3.5% down payment.   The rent collected on three units could be used to make the payment and the owners' pro-rata share would be less than ¼ of the payment itself. The owner-occupied unit would be considered their principal residence.   The other three units are treated as rental property and eligible for cost recovery, a non-cash deduction plus all the normal business expenses.   The rental income of the three remaining units is calculated as income and assists the buyer in qualifying. A homeowner could buy a four-unit, live in one for two years, buy another four-unit with a minimum down payment, move into one unit, rent the other three as well as the previous unit in the first property.   Then, after another two years, repeat the same p...
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Valentine's Promotion Ideas for Real Estate

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