Happy Monday Below is some info about a loan program available.  I would be glad to put you in touch with a lender should you be interested in Albuquerque Real Estate

• FHA has a loan program that the financial industry has lovingly labeled: The “Kiddie-Condo”
Loan (although, they are not limited to the purchase of a condominium … it can be a standard
single-family home.)
• Essentially, here are the highlights:
1. The maximum FHA loan for Sandoval, Bernalillo, and Valencia Counties for a single
family dwelling is $271,050.00. (This mode of financing might also be available for duplex,
triplex, and a four-plex … please check with a loan officer for verification.)
2. The min. down payment on single family dwelling is approximately 3.50% of the purchase
price. (You may be able to qualify & the funds are available, for the MFA program which
includes 3.5% grant money in combination with this FHA  Loan type.  If the purchase
agreement is orchestrated correctly and the buyers closing costs were shifted to the seller
… the minimum contribution required by the buyer is only $500.00.) Call to find out more
… as this program … as is all programs are subject to change.
3. Parents can purchase the home and place their son or daughter in it. (The reverse can
happen too. Let’s say the children have some elderly parents with a fixed income, they …
the children … can qualify for the home … adding whatever income and debt that the
parents have … and qualify based upon the combination thereof.)
4. They all will be on title for FHA purposes. Different for FHA/MFA which only the owneroccupant would be on title and the only eligible property is a single-family dwelling.
5. Qualifying is based on the strength of the buyers’ and parents’ credit scores, debt to
income ratios, etc. 
6.  The child is not required to have taxable income, however, credit must be
acceptable with at least 1 credit score.  If the child is a student with no income, non
traditional credit is NOT allowed.   FHA will no longer allow alternative sources of
credit for borrower’s who have no credit or taxable income at all.  
7. Borrower’s must have 2 months cash reserves for total PITI monthly payment of their own
funds.  No gift of reserves is allowed.
8. This program is used many times by families who choose, while their child goes to college,
to have them in a house … rather than in a dorm. Sometimes the program is used to help a
young family get a head-start.
9. During that time, everyone in the family is benefiting from home ownership and the
appreciation associated with it, while not wasting money for housing for the student (if
applicable).
10. The child also benefits, as he or she is establishing a credit rating of their own.
11. The parent benefits in as much as the normal down payment on “investment” property
can be as much as 30% and the interest rate would be higher as well. This would be
considered “owner-occupied” as the son or daughter is living in the home.

If you would like additional info give Joe Brooks Realtor a call at 505 977 3474

We have reported that almost six million adults between the ages of 25 to 34 are currently living with their parents. That number reflects an almost 50% increase since 2003. These young adults are now being advised to jump into homeownership.

Who are the people selling them on the American Dream? Their parents! It seems that parents of some adult children are strongly suggesting that their children take advantage of the low cost of homeownership available today. Some moms and dads are helping financially and are even co-signing for the mortgage. Middle age parents who have owned a home understand its true value. A home has always been a good long term financial investment. However, homeownership also has many other benefits.

In Fannie Mae’s most recent National Housing Survey, they asked the question directly:Is this a major reason to buy a home?

The study broke up the answers into financial and non-financial reasons. The top four reasons and six of the top ten reasons were NON-FINANCIAL. The top four are below:

1. It means having a good place to raise children and provide a good education.
2. You have a physical structure where you and your family feel safe.
3. It allows you to have more space for your family.
4. It gives you control over what you do with your living space (renovations & updates).

Should this surprise us? Aren’t these the same reasons our parents bought their home? Aren’t these the same reasons we purchased our home? These are the same reasons parents have suggested their children buy a home. They want the same things for their grandchildren that they believed to be important for their children.

And today, the cost of homeownership is at all time lows:

J.P. Morgan

“The numbers on housing have an important message for American families today, and particularly younger families setting out on life’s great adventure: Five years ago, at the peak of the home-buying euphoria, it was emphatically a time to rent. Today, when home ownership is depreciated more than ever before, the numbers tell us it is a time to buy.”

MSNBC.com

“Someone who plans on staying put for seven years would come out ahead by about $9,000 if they bought a median-priced home rather than being a tenant in a median-priced rental.”

HUD

“Homes today are more affordable for average families than they have been since 1971. Median-income families today have nearly double the funds needed to purchase the average home.”

Bottom Line

Now that the economy is beginning to show signs of stabilizing, people are getting back to the core values that families have always embraced. Homeownership is definitely high on that list. And today, from a financial standpoint, it may be the opportunity of a lifetime.

If you are interested in looking more into this option Contact Joe Brooks your trusted Realtor to get you on the right track.

Use Experts like Joe Brooks your Abq Realtor to Navigate Homebuying Process 

In a growing atmosphere of the do-it-yourself mentality, some wonder should I take on the homebuying process on my own. It’s certainly been done, but, more often than not, homebuyers turn to the experts when it comes time to making, what will often be, their most expensive purchase.  Read more…

Also Check out the community website www.ILovefoothills.com

I just wanted to outline the information about the tax credit to you all.

$8,000 First Time Homebuyer Tax Credit As per the American Recovery and Reinvestment Act of 2009 Read more…

Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, a real estate agent like your Joe Brooks from Keller Williams Realty can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.

Below are some basic pointers to prepare you for the journey ahead.

Selecting a builder Read more…