Mooers Realty Maine Real Estate Blog
How To Pay For A Maine Home For Sale.
The problem with buying a Maine home for sale is often not the credit score, debt ratios, length of employment on a job.
But house down payment, only thing missing if the delay is not caused by having to sell another home first. Before buying the next house in Maine under the microscope. Showing up on real estate in Maine radar green sweeps.
So down payment options, how to buy a Maine home?
Well if you are a veteran, first thank you.
And please use that VA house loan mortgage elegibility certificate Uncle Sam printed off.
You've earned it as a veteran for the leg up to get yourself riding high, wide and handsome. Warm and cozy inside your own Maine home.
You don't need a down payment to buy a Maine home going the VA route.
There are down payment house loan assistance programs that give applicants loans, or could be a grant too.
To cover all or just part of the required down payment needed to grease the skids. To get things moving from just looking at a listing to actually getting the keys. To the Maine home shortly afterwards at a real estate closing.
More on the Nehmiah program , to help in the how to buy a home question haunting the real estate buyer all too often. Check out the American Dream Down Payment Fund from the Department of Housing and Urban Development. That's right, the HUD people.
The family could dig deep for a chunk of change, the down payment amount too. To provide as a house warming gift so to speak when you need it most.
To buy a Maine home is a pretty good, valid reason for stretching the hand out graciously.
To sigh in relief, with gratitude accepting the extra help.
In the purchase of the house of your dreams.
Or at least the one you can afford, currently available now that fits best when everything is added up. To gain a roof, four walls and a floor.
The loan or outright gift of money, or stepping in as a co-borrower, co-signer on the mortgage helps out when the junior "partner' has little credit history.
Often a slightly murky, muddy, bumpy credit can be better than no credit at all. When a bank home loan underwriter gives the paperwork a once over review.
The two thumbs go up, a smile forms and you get the green light. The memo cranked out to earn a "clear to close" instructions for the attorney.
After the appraisal, other house keeping chores are done. The paperwork all in order.
Family members also have the ability to hand over a tax free gift to use to help put the buyer in the drivers seat.
To be used to help afford the Maine home.
Talk to a tax counsultant, someone you trust, in the know and dependendable for solid advise.
Oh, and for another source of help in the quandry how do I buy a Maine home, make it happen, sellers can have a role in the house purchase production.
Sellers, owners may be willing to finance all or at least part of the purchase price of the Maine home.
And then let you slowly without killing the golden goose pay them back like you do with a mortgage. Everything has to be spelled out in easy to read, understand legalese.
Nothing under the table and everything above board.
Rules about insuring the place, naming the owner if a long term mortgage is taken back and recorded at the registry of deeds.
Have had cases of a home where the seller was anxious to sell, the local Maine bank allowed the owner to take back a second mortgage.
For the same length of the mortgage term, with a set payment to go with the first lien holder's settling up once a month. In the eyes of the bank this is an 80/20 loan to value ratio loan and like 100% financing for the borrower of the Maine home.
One home we did this creative financing with was a five apartment home where the buyer was going to live in one unit.
The other four pitching into to the flow of income to make the payments, pay the property taxes, insurance, upkeep, operating expenses.
Also, crowd sourcing, crowd funding is another method to consider as everyone scratches their heads.
Works together to make a Maine home loan happen. To find a way to hammer out an affordable solution to house buying. Your friends, family, a third party can buy into a portion of the Maine home loan. Sharing in the appreciation when the Maine home is put on the market.
When the home is sold, the profit is split with the "investors" while the primary house in Maine buyer, you, covers the operating costs along the way.
Multi units with family, friends and not total strangers can also mean rental income to afford more sticks and bricks with help.
Then buying on your own and not enjoying rental apartment unit income flow.
As long as everything goes smooth, you have the right "tenants that pay, they will stay". Or it's "they don't, they won't" in the Maine home you are trying to find an affordable way to buy.
MOOERS REALTY 69 North Street Houlton ME 04730