Non-Traditional Home Buyers
Are you an unmarried couple, a millennial, a recent college graduate or a veteran? Do you want to have your own home?
Homeownership is not as hard as you think with the help of the latest episode of “How’s the Market: Real Estate. Real Answers.” Nancy Braun, your host and owner of Showcase Realty together with Wes Pruitt from Reliance First Capital and Laurie Baker, Baker Law discuss the process how each of these non-traditional buyers can have their own home with the different options available today.
It’s also extremely important – between unmarried couples – that these issues are resolved prior to the actual taking of title because you’re not gonna have the protection of the courts if there’s not an agreement in place as to how title is going be held or differentiated from being a married couple. – Laurie Baker
The FHA program is very very strong, allows a very very low downpayment program. And they do allow gift funds from a relative for the downpayment and closing costs. So with just a very little bit of money and the truth of the matter is, for most of them, they can actually get into a home for about what they are paying in rent right now and get bigger advantages come the end of the year. – Wes Pruitt
If you are veteran, when you’re talking about buying or refinancing your home, make sure you let your lending professional know that you are a veteran and ask what options are available from the VA right now. – Wes Pruitt
I think it’s so important to work with a lender that understands all the different advantages and options there are out there. In my practice, I see too often agents that may not suggest to their buyers all the alternative financing that’s out there. – Nancy Braun
A lot of institutional investors have come into the Charlotte market and just bought a ton of properties and they are using them as rentals now. And there is history showing that they are increasing rent. Rent is gonna exceed the cost to buy. Buying’s going to be less expensive. – Nancy Braun