Kim D'Elia - EXIT Real Estate Executives



Posted by Kim D’Elia on 11/10/2019

If you’ve been considering taking the next step toward homeownership, you’ve likely heard about FHA loans. Offered by the Federal Housing Administration (hence, “FHA”), these loans are great for a number of people hoping to purchase a home but who don’t have a large down payment saved.

There are many misconceptions about FHA loans since they’re often advertised by large, private mortgage lenders but are technically a government program. In order to clear up some of the confusion, we’ve provided answers to some frequently asked questions regarding FHA loans.

Read on to learn about FHA loans and how they might help you purchase a home.

Who issues an FHA loan?

FHA loans aren’t issued by the government. Rather, they’re issued by private lenders but insured, or “guaranteed,” by the government.

Since lenders want to make sure they’ll see a positive return from lending to you, they typically want you to have a high credit score and a large down payment (typically 20%). However, not everyone is able to meet those requirements. In this situation, the FHA is able to help you acquire a loan by giving your lender a guarantee.

Are there different types of FHA loans?

Yes. In fact, there are nine distinct types of loans guaranteed by the FHA. These include fixed rate mortgages, adjustable rate mortgages, refinance loans, reverse mortgages, VA loans, and more.

What do you need to qualify for an FHA loan?

It’s a common misconception that you need to be a first-time buyer to qualify for an FHA loan. However, if you have previously owned a home that was foreclosed on or if you’ve filed for bankruptcy, the foreclosure and bankruptcy have to be at least three years old.

You’ll also need to demonstrate a stable employment history, usually including two years of employment with the same employer.

Finally, the FHA will ask you for your current and previous addresses, the last two years tax returns, and the W-2 forms from any of your recent jobs.

What is the most I can borrow with an FHA loan?

The FHA sets mortgage limits on loans depending on the state and county you’ll be living in. For a single-family home, the limit ranges from $275,000 to $451,000. So be sure to check the limits for your state and county.

Can you refinance an FHA loan?

Refinancing a loan is a great way to receive a lower interest rate or to shorten the term of their mortgage to save in the total number of interest payments. In fact, the FHA typically only allows refinancing when it will result in lower interest payments on a loan.

What is the minimum credit score needed to qualify for an FHA loan?

While you don’t need excellent credit to qualify for a loan, the FHA will require you to have a score of at least a 580. You can check your score for free online from a number of companies, such as Mint or Credit Karma. Be aware, however, that scores vary between credit bureaus. So, it’s a good idea to check your FICO score once per year, which is the score used by mortgage lenders.




Categories: Uncategorized  


Posted by Kim D’Elia on 11/5/2019


44 Overlook Rd, Holland, MA 01521

Single-Family

$79,900
Price

4
Rooms
2
Beds
1
Baths
WOW ATTN CONTRACTORS OR 1ST TIME HOME BUYERS! THIS IS AN AMAZING OPPORTUNITY! GREAT CORNER LOT, FLAT PERFECT FOR ENTERTAINING. TONS OF ROOM FOR GARDENING OR PETS! GREAT STORAGE SHED PERFECT FOR LAWN EQUIPMENT OR BOAT! SIT AND RELAX AT A CAMPFIRE AND LOOK AT THE LAKE VIEWS ACROSS THE STREET! AS YOU ENTER THE SIDE DOOR OFF THE CIRCULAR DRIVEWAY, YOU HAVE A SMALL MUD RM AREA FOR COATS, BRIGHT KITCHEN WITH APPLIANCES! BEDROOM OFF TO THE SIDE HAS A SIDE DOOR TO THE OUTSIDE AS WELL. FULL BATHROOM OFFERS ROOM FOR A STACKABLE WASHER AND DRYER, ELECTRIC PANEL IN CLOSET! ADDITION ROOM COULD BE USED AS SECOND BEDROOM OR DINING ROOM, LARGE LIVING ROOM WITH HARDWOOD FLOORS, BEAMS IN THE CEILING AND A BEAUTIFUL STONE FIRE PLACE! ENJOY A NICE FIRE AS YOU LOOK OUT YOUR FRONT WINDOW AND WATCH THE SNOW FALL OVER THE LAKE! HURRY YOU CAN MOVE IN BEFORE CHRISTMAS! SOLD AS IS! PERFECT 203k LOAN PROPERTY!
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by Kim D’Elia on 11/3/2019

Post

Photo by Mohamed Hassan via Pixabay

It's easy to believe you don't have much leverage if you're getting ready to buy in a seller's market. Unfortunately, that sense of frustration can result in desperation, which can ultimately lead to overpaying on a home. Before you accept your fate, consider how you may have more power than you think. 

Start Strong

Being an early bird in a seller's market is a must, and this is especially true if you run up against a unique situation. For example, let's say a homeowner gets a particularly lucrative job offer. The only catch is that they need to move overseas in just a few weeks. In this case, a seller is going to be motivated by more than just the best offer. They want to see a buyer who can be flexible with their move-in date. If you can speed up the process, you can get the leverage in a seller's market. 

Prove Your Reliability

The seller will always look for someone with extremely reliable funding sources because no one wants to deal with the hassle of a lender pulling out at the last minute. When you're negotiating, it doesn't hurt to point out that you're a sure bet in more ways than one. This can encourage a seller to accept less than what they would have received if they'd accepted an offer from someone with a weaker financial history. 

Anticipate the Worst

While you do have some degree of control here, you should also be ready for equally prepared competition. Study the terms of the seller to ensure that your offer is made on time and your conditions are stated upfront. Make sure all your supplemental paperwork is airtight and ready to be processed. You can also consider limiting the number of contingencies you have. In a buyer's market, you can ask for the seller to update the plumbing or dismantle the shed. But in a seller's market, you might want to hold back some of your requests. 

Watch Your Back

Buyers may need to be more accommodating to sellers if they want to secure a home in a certain neighborhood, but there needs to be boundaries on bending too far backward. There are still money pits out there, even in prime seller's markets. Unsafe structures, dangerous grounds, and changing zoning laws can all be overlooked by an eager buyer in the heat of the moment. That's why it's so important to strike the right balance. 

When it comes to negotiating in any market, a real estate agent is usually the best place to start to hone in on the right tactics. They make it easier to spot the properties and sellers who deserve the effort. 




Tags: Seller   Seller's Market  
Categories: Uncategorized  


Posted by Kim D’Elia on 10/29/2019

This Single-Family in Rutland, MA recently sold for $264,000. This Raised Ranch style home was sold by Kim D’Elia - EXIT Real Estate Executives .


16 Summer Hill Dr, Rutland, MA 01543

Single-Family

$276,900
Price
$264,000
Sale Price

6
Rooms
3
Beds
2
Baths
BUYER GOT COLD FEET THEIR LOSS IS YOUR GAIN!!!!!!!!! WOW! TIME TO MAKE THIS HOUSE YOUR HOME!!!!! THE PROPERTY OFFERS A LARGE FLAT LOT PERFECT FOR OUTDOOR ENTERTAINING AND PLENTY OF SPACE TO THROW A BALL AROUND! THE INTERIOR BOASTS A LARGE LIVING ROOM/DINING AREA COMBINATION WITH GAS FIREPLACE AND HIGH CEILINGS. IF YOU ARE LOOKING FOR CABINET SPACE LOOK NO FURTHER THE KITCHEN FEATURES TONS OF STORAGE AND SMALL BREAKFAST BAR PERFECT FOR ENJOYING YOUR MORNING COFFEE. AS YOU WALK DOWN THE HALL YOU ARE GREETED BY THREE GOOD SIZE BEDROOMS AND THE FULL BATH WITH ACCESS FROM THE MASTER! STILL NEED MORE SPACE?? THE BASEMENT OFFERS TWO LARGE FINISHED AREAS PERFECT FOR AN OFFICE, MAN TOWN, PLAY AREA OR EVEN AN ADDITIONAL BEDROOM. THE BASEMENT ALSO HAS A FULL BATH WITH WASHER AND DYER HOOK UPS! ONE CAR GARAGE UNDERNEATH AND LARGE DRIVEWAY GIVES YOU PLENTY OF OFF STREET PARKING

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Categories: Sold Homes  


Posted by Kim D’Elia on 10/28/2019

This Single-Family in Charlton, MA recently sold for $208,000. This Ranch style home was sold by Kim D’Elia - EXIT Real Estate Executives .


10 Overlook Ave, Charlton, MA 01507

Single-Family

$199,900
Price
$208,000
Sale Price

5
Rooms
2
Beds
1
Baths
MULTIPLE OFFERS HAVE BEEN RECEIVED SELLER REQUEST HIGHEST AND BEST TO BE SUBMITTED BY MOMDAY 5pm!!WOW ATTN: FIRST TIME HOME BUYERS YOU DO NOT WANT TO MISS THIS GREAT OPPORTUNITY! YOU WILL LOVE THE FENCED IN YARD, GREAT FOR CHILDREN & PETS, SELLERS LEAVING FIREWOOD JUST IN TIME FOR NIGHT TIME CAMP FIRE WEATHER! GREAT SHED PERFECT FOR YARD TOOLS & STORAGE! HUGE DECK GREAT FOR ENTERTAINING! THE OPEN FLOOR PLAN WILL AMAZE YOU! AS YOU ENTER OFF THE DECK YOU WILL BE WELCOMED BY THE DINING ROOM W/ A GREAT CLOSET, OPEN TO KITCHEN! GRANITE COUNTER TOPS & CENTER ISLAND (ISLAND HAS NEW BUTCHER BLOCK THAT CAN BE REMOVED FOR SMALLER SURFACE AREA), PANTRY, KITCHEN IS OPEN TO THE LIVING ROOM THAT OFFERS AMPLE SEATING, BRIGHT & SUNNY ROOMS! OFF THE FRONT DOOR YOU WILL FIND AN ADDITIONAL CLOSET AREA/LAUNDRY, BEDROOM TO THE LEFT IS BRIGHT WITH SUN, UPDATED BATHROOM NEAR THE MASTER BEDROOM, MASTER OFFERS GREAT SPACE FOR KING SIZE BED & MORE, GREAT SLIDERS LEADING TO THE DECK

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Categories: Sold Homes  




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