Dispelling 3 Rumors that buyers are hearing about home purchasing

October 17, 2018

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As we begin the 4th quarter of 2018, (insert the “Where has this year gone” phrase) people are out in the market buying a selling homes and it’s a great time to update everyone on a few things.

 

  1. Millennials and Baby Boomers are competing for the same properties in NE Florida.
  2. There are great incentives when buying a home for first time home buyers. Free Money!!!!
  3. There is a lot of bad information out there, specifically online, that buyers are seeing that makes the idea of buying seem impossible.

 

But good news, we are here to help. Let me dispel 3 rumors that buyers are hearing that get in the way of their willingness to purchase.

 

Rumor #1- Buying a home requires a large Down payment.

False- Depending on the type of loan you can put anywhere form 0%, 3%, to 5% down. You might even qualify for Down Payment Assistance. Buying a home is easier than you think and cost less.

 

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10 Don’ts- When Financing a Home Purchase

September 14, 2018

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Posted by in News

The real estate market in northeast Florida is on fire and there are more buyers out looking for properties than there are homes for them to buy. If you are currently in the market or thinking about buying, It is important to position yourself to be a great looking buyer on paper to any seller. Once you have the contract to buy a home, here are some tips of things NO BUYER SHOULD EVER (EVER) Do!

 

 

 

10 Don’ts- when financing a home purchase.

These are the things that No Buyer should ever do when buying a home.

 

1.)    Spend the funds marked for closing or Borrow money to do so.

2.)    Change your employment/ income situation. Basically, do not quit or change your job.

3.)    Deposit large amounts of cash into your bank account.

4.)    Don’t move money from multiple accounts without talking to your Bank of England loan originator.

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2018 Down Payment Assistance Program

April 12, 2018

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Posted by in News

I’m Troy Silhan, Production Manager at Bank of England Mortgage and this is my very first blog post. Today I wanted to talk to you about our new Down-Payment Assistance program called the BOE100. The difference I’ve found with people buying and not buying is being able to get a down-payment together. This is our way to help make a difference to those in that situation. Here’s a few other reasons why I like this program:

  1. You don’t have to be a first time homebuyer. Unlike the FL Bond you could actually even own a home currently and still use this program to purchase a new place.
  2. Unlike the Bond $7,500 program, this is forgiven after 36 months. The bond has to be paid back.
  3. The Debt to Income Ratio is also much higher than compared to the FL. Bond and USDA. For USDA you have a max DTI of 41%, while for Bond it’s 45%. Using the BOE100 it goes up to 55% for the Debt to Income. Allows someone to find more home with their monthly income and monthly debts.

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Davidson Realty