Advice

  • (7 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

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Your Zestimate information is really misleading.

Answer

Zestimates are nothing to worry about - they don't take into account the updates or non-updates of the surrounding property.  Most people know that Zestimates are not accurate - especially those people who are being represented by an agent.  You can get a more accurate representation by contacting a local Realtor.

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I am getting close to retirement and we want to sell our home within the next two years.

Answer

Hello - I would be happy to give you advice on what needs to be done to your home to help it sell quickly and for the most amount of money!  And, I would be happy to recommend inspectors should you decide to get a home inspection prior to listing.  I do think it's a good idea should you want to know the major items that need repairing prior to listing.  Please contact me if I can help you further!

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How can I get a higher zestimate for my home?

Answer

Zestimates pull much information from the tax records; which unfortunately, are not historically accurate.  The tax records are not an "estimate" of value of your property; the price which the market is willing to pay (i.e., a market analysis) is a much better indicator of your home's current value.Also, Zestimates aren't factoring in upgrades and updates - there is no way for that system to know that information.  As Zillow states, the Zestimate is just a "starting point" to determine values; a local Real Estate Agent will have the best answers for you on home values.

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Closing

Answer

Typically, you can only get the discount points if it is spelled out in the "settlement charges" to include any discount points.

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NO DOWN PAYMENT.. AM I OUT OF LUCK?

Answer

If you are located in the Huntsville, AL area, there is a bank (they have branches elsewhere in the United States but I would have to get you that information) that does 100% financing; no down payment, no monthly PMI, no funding fee - but there is a "cap" on income (yours may be just a fraction above that).  Alabama also has what is called Rural Housing Development programs; you have to purchase in the County.  This is also a no down payment program and no monthly PMI - but there is a funding fee.  There is an income cap on that also; I'm not sure what that one has been changed to!  Depending on where you are located, you may have some viable options.

  (0)
NO DOWN PAYMENT.. AM I OUT OF LUCK?

Answer

If you are located in the Huntsville, AL area, there is a bank (they have branches elsewhere in the United States but I would have to get you that information) that does 100% financing; no down payment, no monthly PMI, no funding fee - but there is a "cap" on income (yours may be just a fraction above that).  Alabama also has what is called Rural Housing Development programs; you have to purchase in the County.  This is also a no down payment program and no monthly PMI - but there is a funding fee.  There is an income cap on that also; I'm not sure what that one has been changed to!  Depending on where you are located, you may have some viable options.

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Wife's bad debt/income ratio.

Answer

Definitely talk to your lender, but I will tell you this:  I have had several buyers where one spouse was pre-approved for a loan individually and by themselves (for many reasons) and the other spouse was not on the mortgage but was on the deed.  This can definitely be done, but you will qualify for your maximum mortgage based STRICTLY on your income; so while you may be able to afford "more" of a house with both incomes, it will be based solely on yours!  Good luck and talk to your lender!

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As a first time home buyer, what is the smallest down payment I can get away with?

Answer

Hello!  There are many programs that offer you options, such as FHA which is 3 1/2% minimum (you will have mortgage insurance included in your monthly payment).  There are several options with Conventional with 5% usually being the minimum down.  However, there are programs with certain financial institutions that offer Conventional with Lender Paid Mortgage Insurance (LPMI) which means you can put down 5% and not have to pay the monthly PMI (which is required unless there is a 20% down payment - or special programs).  These interest rates are usually a bit higher, but many times, it's still a lesser monthly payment than paying the PMI.  Locally, in the Huntsville, AL area, there is a private lender that offers 100% financing with no down payment and no PMI!!!  But - it is income related.  And, Alabama does have the Rural Development Loan; this is also 100% financing, no down payment and no PMI - but it does have a funding fee and, again, income related.  Definitely contact some lenders to get even more information!

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