Builder Offering to Pay Off Student Loans for Buyers!

Millennials are on track to become the most educated generation in history. This means they are also the generation with the most student debt. Depending on the type of degree earned, as well as the prestige of the institution attended, there are some millennials who graduate college with what equates to a mortgage payment.

For those first-time buyers, and even some move-up buyers, who took advantage of the First-Time Homebuyer Tax Credit in 2008, there is an interesting program being introduced by Lennar Home Builders and Eagle Home Mortgage.

“Borrowers with Eagle Home Mortgage’s Student Loan Debt Mortgage Program can direct up to 3% of the purchase price (up to $13,000) to pay their student loans when they buy a new home from Lennar, one of the nation’s largest home-builders. The contribution doesn’t directly increase the purchase price of the home or add to the balance of the loan.”

The program allows borrowers, whose credit and income requirements qualify, to put down as low as 3% and have a maximum loan amount of $424,100. At the time of closing, Lennar contributes up to 3% to pay down student loans incurred while attending universities, colleges, community colleges, trade schools and other certificate-granting programs.

Jimmy Timmons, President of Eagle Home Mortgage, gave more context about the reasons behind the creation of the program,

“Americans are more burdened than ever by student loans, with $1.3 trillion in outstanding student loans spread out among 42 million borrowers.  

Particularly with millennial buyers, people who want to buy a home of their own are not feeling as though they can move forward. Our program is designed to relieve some of that burden and remove that barrier to owning a home.”

According to the Wall Street Journal, “housing observers said other builders are likely to look to mimic the program, which could help lure more of the critical first-time-buyer segment into home purchases.”

Bottom Line

If you are one of the many millennials who may have delayed purchasing your first home, or feel stuck in a house that no longer fits your needs, there are programs and options available to help you achieve your dream!

REAL ESTATE AT THE LAKE WITH VALERIE LITTRELL

BROKER/OWNER– 573-216-4991 – ABR, GR

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Are you looking for a great location to build your dream home? This beautiful lot in the highly sought after community of Porto Cima, with all the amenities that are offered, including a marina! Enjoy the beautiful cove location!

You will love driving home with all the gorgeous homes on your road! Includes 105ft  (A Lot) of Lake front and a FULL membership to the prestigious Jack Nicholas Golf Course! Enjoy designing your home from start to finish!

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REAL ESTATE AT THE LAKE WITH VALERIE LITTRELL

BROKER/OWNER– 573-216-4991 – ABR, GR

Builder Confidence is UP!

In several areas around the U.S., there are not enough homes for sale to meet the number of buyers looking to purchase. Experts have proposed that an increase in new, single-family homes constructed would be one of many ways to meet the demand for homes.

In a recent survey conducted by the National Association of Home Builders (NAHB) and Wells Fargo, the housing market confidence among builders has reached an 11-year high!

What does this mean for the Housing Market?

With a higher market confidence there will be more building and that means an increase in inventory for 2017!

With 2016 being the best year in Real Estate sales in over ten years, 2017 is looking to be an even better year!

Further growth in new home constructions will be stimulate employment gains and a rise in household formations. More and more are turning to new construction as the supply of existing homes remains limited!

Final Thoughts

Expect new constructions to pop up in the market come the spring!

REAL ESTATE AT THE LAKE WITH VALERIE LITTRELL

BROKER/OWNER– 573-216-4991 – ABR, GR

Why Waiting Until After the Holidays to Sell Isn’t a Smart Decision!

Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are six great reasons not to wait:

1. Relocation buyers are out there. Companies are not concerned with holiday time and if the buyers have kids, they want them to get into school after the holidays. 

2. Purchasers that are looking for a home during the holidays are serious buyers and are ready to buy.

3. You can restrict the showings on your home to the times you want it shown. You will remain in control.

4. Homes show better when decorated for the holidays. 

5. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year:

6. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2017, which will lessen the demand for your house.

Bottom Line

Waiting until after the holidays to sell your home probably doesn’t make sense.

REAL ESTATE AT THE LAKE WITH VALERIE LITTRELL

BROKER/OWNER– 573-216-4991 – ABR, GRI

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