The Money-Saving Secrets of the Home Purchase

If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:

Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.

Get pre-approved for a mortgage to do your research first.​ Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.

Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.

The Stats: What You Need to Know Before You Buy a Home

​Homeownership is common. In fact, statistics from 2022 show that the homeownership rate was a staggeringly high 65.8%, which means the majority of people have gotten out of the rent cycle and into their own home.

You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.

The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.

Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

Marty was crucial with my first time home buying experience. Sitting down with him the first time he was honest and polite. We didn't leave our first sit down meeting without having all our questions answered. If you are needing a quick turn around escrow Marty is your guy.

- John Sandbrook

Marty's team helped me buy my first home, refinance to drop PMI and most recently refinance to lock in the best new rate! I keep coming back because of the excellent service. I always feel like I am being taken care of, all my questions get answered and and Marty and his team are always easy to get a hold of. They are local, transparent, best in the business and always looking out for their customers. Highly recommend and although the mortgage world seems daunting to homeowners or first time buyers, its always a pleasure to work with Marty and his team. Ill keep coming back. Thank you!!

- Luis Orellana

Marty Smith and his team are amazing! Our home loan process from start to finish was stress free.

- Cindi London

My experience with Marty was perfect. Very fast and professional. He is the only broker I recommend.

- Brian Thomas

Marty and team were able to accomplish what others (Quicken/Rocket) could not. Definitely recommend!

- Krisanne Caciola

Very professional and friendly service. This group went above and beyond to make funding a hassle free experience. Would recommend to all.

- Eric Shiver

Marty gets it done! I am so incredibly pleased with the help I received. I would highly recommend Marty and his crew to anyone wanting to purchase a new home, refinance or begin investing. Marty, Martha and Shandi get the job done!! Thank you so much!

- Marjorie Diaz

Marty and his entire team are simply a pleasure to work with. From the initial contact to the various requests for preapproval letters, Marty and his team always delivered. My client spoke so highly of Marty and his ability to do what another lender could not do for her. That is so important in this real estate market, particularly when representing a buyer in this incredibly competitive climate. It’s also a special treat when the deal can get closed before anyone thinks it can. That all gets done because Marty’s people are on it. The whole operation is a class act, total professionals, nothing but results. Gotta love Marty, Shandi and Martha !!

- Henry Plascencia

Marty and his team made our home loan experience very easy and very fast! They were able to get our preapproval in minutes and our full loan done in less than our 30 day time frame. Will definitely recommend them to our friends and family.

- Amanda Bowles

They handled everything great and were quick to respond to any questions I had during the process. Looking forward to working with Marty and his team in the future.

- Trinidad Ramos

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

START HERE.Find out what you qualify for in 1 minute. Discover what you can do with an FHA Purchase or Renovation loan!

What You Need To Know About A Home Purchase

Why should I buy a home rather than rent?

Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.

How do I start the home buying process?

One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!

What kinds of financial commitments do I have to make?

There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.

Why is now a good time to buy a home?

While it’s true that rates are up from last year’s historic lows, there are still many reasons why now could be a great time to buy. For one, falling home prices mean that you can get more house for your money. In addition, there is less competition from other buyers, so you may have an easier time negotiating a lower price. Don’t let rising rates scare you off – there are still plenty of reasons to buy the home you’ve always wanted!

What is the next step?

Click through our buttons above to find out whether you qualify for great terms on a new home purchase!

START HERE.Find out what you qualify for in 1 minute. See if you’re eligible for your first home loan in 60 seconds or less!