You've reached the blog for Santa Fe Realty Unlimited. Thank you for your visit. In this Blog, we intend to give insight into real estate and help educate the consumer in order to allow them to make great real estate choices. Real estate, in our eyes, is the backbone of our community. It provides a solid secure investment and a place to call home and raise our families. We at Santa Fe Realty Unlimited are dedicated to our clients and finding the best solutions to help them with their real estate needs. So please feel free to browse the content on this page and reach out to us if you have any questions whatsoever. Also, If you have a topic that has to do with buying or selling or real estate in general. whether it is in Santa Fe or at the state level of New Mexico or even nationally or internationally, We love a challenge so please do not hesitate to bring it up. Thanks for reading and we hope to hear from you soon.
What kind of mortgage loan programs are available to you if you’re thinking of getting into house flipping?
According to Stacy Crossingham of Finance of America, there are several options you can consider, but today we’ll focus on a program that’s great for both home builders and first-time investors.
This program offers a line of credit that takes your liquid asset total and multiplies it by five. If you have $50,000 in liquid assets, for instance, you’d be approved for $250,000 in your line of credit. This line of credit is then open for 12 months, and you can have anywhere from five to 10 properties on it.
It isn’t just for single-family homes, either—you can build multi-unit complexes that will count as one single property, which is what makes it particularly beneficial to home builders. Also, you can borrow against your limit anytime you want, which saves a lot of time going back and forth with the bank.
"You can borrow against your limit anytime you want, which saves a lot of time going back and forth with the bank."
This program’s qualifications are predicated more on experience than income, so the more properties you own as rentals, the better your interest rate will be. If you’re a first-time investor, you’d be seen as slightly higher-risk. Rates start at 6.99% for 12 months. After that, they renew your line and increase it as your experience increases.
If you’d like to know more about this and other loan programs designed for house flippers, you can give Stacy a call at (505) 577-4304.
If you have any other real estate questions for me, feel free to reach out to me as well. I’d love to help you.
Purchasing a home is a vastly important decision, so knowing every facet of the process beforehand will serve you well. Here’s what you can expect along the way.
The first step to the home buying process is to get pre-qualified with a lender. Pre-qualification will help you start the process on the right foot: You’ll know what you qualify for, what your price range is, and what your payments will look like. In the eyes of a seller, a pre-qualification shows you went the extra mile to make sure you were qualified to buy a home.
Once this is accomplished, we’ll start searching for the home. As your real estate professional, I’ll search high and low for homes online and show you the ones that line up with your criteria. I or another qualified professional can provide you with the most up-to-date information regarding your home search and market conditions.
Thirdly, once you’ve found a home that’s to your liking, we’ll make an offer on the home. By expertly negotiating with the seller on your behalf, your Realtor should be able to ensure that you’re not paying too much and that you buy for the best possible price.
"Everyone will collaborate together to get you into your new home, you’ll sign closing documents, and the house will officially become yours!"
You’ll then go under contract. This part of the process is comprised of dropping off earnest money, starting title, and other mechanisms that will begin to set the purchase of the home in motion.
Next, it’s time to go into inspection to make sure all major items in the home are in working order. If an inspector alerts us to problems with, say, the roof or plumbing, we’ll hire a roofer or plumber to examine each respective issue. Uncovering any issues that might not be immediately apparent in the home through the inspection is such a critical piece of the buying process. In the event that repairs are needed, you, as the buyer, will have negotiating power. My goal, however, is to get you the best home possible straight from the outset.
After inspections are finalized, we’ll get an appraisal on the property. Here, an appraiser will come to the property to guarantee that, based on comparables in the last year, the property’s value is congruent with your agreed-upon purchase price.
As you near the end of the process, you’ll get a survey done to verify the lot line, make sure the property is situated where it’s supposed to be, and verify that no part of the home has been built on a neighbor’s property.
Homeownership is now only a step away: You’ll close on the home. Everyone will collaborate together to get you into your new home, you’ll sign closing documents, and the house will officially become yours!
If you have any questions about the home buying process or you have any other real estate needs, don't hesitate to reach out to me. I'd love to help you.
Today I’m happy to be joined by Stacy Crossingham, a mortgage advisor with Finance of America Mortgage, who is going to talk a little bit with us about the loan process and dispel some common myths about the topic.
Stacy has been in the mortgage industry for nearly 30 years and has a wealth of experience working with all different kinds of buyers. She’s seen it all, from government-backed loans to VA loans, jumbo loans, and everything in between. She’s seen it all and can help you with it all. She has always done a very thorough and fantastic job for our clients who have worked with her.
If you’re a first-time homebuyer, the best way to start looking for a home is with a pre-qualification. You want to know exactly what your price range is and what you qualify for before you go out looking for homes. We’ll get all of your documentation in order, run a credit report, and decide how much you qualify for based on your financial picture. At that point, you will be provided with a pre-qualification letter so that things are simple for all the professionals involved. It makes the home searching process much easier.
"A pre-qualification letter makes the home buying process much easier."
One common myth about mortgages is that you need a huge down payment in order to buy. That’s simply not true. In fact, if you’re in the military or a veteran of the military, you can qualify for a VA loan with $0 down. Even if you’re not in the military, there are down payment assistance programs out there that can get you into a home with just $500 in cash. You don’t need a high credit score, either.
Another common myth is that you can only qualify to buy a home with a traditional W-2 tax form. However, if you’re a small business owner who uses a 1099 form, there are plenty of programs out there to help you as well. They don’t require much besides an application and some sort of income verification.
As you can see, there’s something out there for anybody and everybody who is interested in buying a home. If you have any questions for Stacy, don’t hesitate to reach out and give her a call at (505) 577-4304.
If you have any other real estate-related questions for me, don’t hesitate to reach out via phone or email. I’d be happy to help you out.
What’s the latest news from our Santa Fe market? Let’s take a look at the numbers:
Right now, we have 208 single-family homes available. The least expensive of those is priced at $204,900, while the most expensive is priced at $9.95 million. The average home price is right around $1 million, but the median price is $650,000.
It’s important to note that homes in the lower end of the market are moving faster than the ones in the higher price ranges. There are some great homes below the $300,000 price point, but if they’re priced right, they’re selling quickly, so you need to be on your toes if you’re a buyer.
If you’d like a more in-depth market evaluation, you’d like to know what your home is worth, or you have any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d be happy to help you.
Santa Fe Realty Ultd Talks Real Estate In Santa Fe NM Episode 3
Associate Broker David Themis gives a quick overview of the Heros Home Connection Program.
Hello everybody David Themis here. Today I would like to just talk for a couple of minutes about the Heroes Home Connection. Heroes Home Connection is the New Mexico nonprofit organization that helps with closing cost assistance for qualified heroes. These qualified heroes include but are not limited to; doctors, nurses, fireman, police officers, social workers, forestry workers, park rangers, foster parents, the list goes on and on. Basically, if you wake up on a daily basis and you’re striving to improve people’s lives, your striving to help people, well we want to help you back! That’s what we’re striving to do. Heroes home connection saved approximately $84,000 in 2017!!! That’s substantial, that’s a large amount of money that has helped a lot of people! So far 2018 we are at about 7000. But We’re looking forward to a good year. The only way we can help more people is through education, and that’s the reason I’m here today. The way this works is that all of your affiliates, your affiliate realtor like myself, your Affiliate lender like Miss Linsley, different title company affiliates, your home inspector affiliates, we all get together and we contribute toward your closing cost, we contribute to help you get into your new home. If you’d like more for information about the Heroes Home Connection please feel free to clean click on the link I posted below or simply go to www.heroeshomeconnection.com and read our testimonials, look at our pictures, look at all the information we have on hand. We are here to help and I hope you take avenge this program. Again, my name is David Themis with Santa Fe Realty Unlimited and I really hope you follow me on Facebook. Now see you later bye!!
Always get a home inspection!- Santa Fe Realty Ultd Talks Real Estate In Santa Fe NM Episode 3
Juan Carlos Mora explains the importance of a home inspection.
Hi guys, we are live this is Juan Carlos Mora of Santa Fe Realty Unlimited. I just want to thank Leland Titus for starting this challenge today. We are going to be having a video series letting you guys know the pluses minuses of buying a house. If you guys have any questions, feel free give us a call, we'd be more than happy to answer any questions you guys might have.
If any of them(questions) should come up as far buying a house goes, You should consult with somebody, friends, family, and then talk to Realtors. Today the topic is going to be home inspections. Home inspections are very important. even though you could be walking into a brand new house and think "hey it doesn't need an inspection, you know its brand new, what could be wrong with it"? I was watching a couple youtube videos of home inspectors, and they walk into houses that are being built and there are so many code violations, so many things going wrong. And sometimes they just make houses way too cheap and way too fast that they do not have enough time to pay attention to all the details. So if you guys are buying a house that is being made at this moment, run an inspector out there. Just because they can catch certain things and you guys can fix it before you have to pay more down the line. the other thing is that if you run into a house and you decide not to do an inspection and you decide not to do an inspection you run the risk of Caveat Emptor which basically means that the buyer runs the risk of taking a house with problems whatever is wrong with the house he should know. He has done his own walkthrough, he has done his own inspection. At that point in time if you find something wrong with the house and you would like to sue somebody... you chose not to get an inspection. So that is a risk that you run. but hopefully, any house that you get run an inspection
Hey Guys, Leland Titus here with Santa Fe Realty Unlimited. I was speaking with Juan Carlos Mora yesterday about maybe starting a video series that may help people that don't really know about real estate or the real estate purchase. Maybe they can ask questions and we can answer them or something.
So... anyways I arrived at my first closing today and had a little extra time and figured I'd shoot a video. I guess this is a live video this is my first time doing this so sorry if there are any mistakes. But, today I'm going to challenge Juan Carlos Mora, one of my fantastic talented brokers to do one next, and he'll have to pick a topic and help out a little bit.
Today what I was going to go over was the MFA loan program which allows you to get into a home for $500 down. Now, this takes a little working on our part as Realtors.
What an MFA loan is is it's a secondary loan. So you would get an FHA loan which would be your first loan and that can cover up to 96.5% of the purchase price (of your new home). Then the MFA loan will kick in and they will give you $8,000 dollars towards your purchase price. At that point what we will do is we will ask the seller to contribute up to 2% and that would cover any of your closing costs, anything to do with the purchase of your property. There is a law (or rule) that you have to come in with $500.00. That's $500.00 That's it! to purchase a home. If you qualify of course.
We use the FHA loan and we use the MFA loan so that we can get you into your new home for $500.00. This is a great program, it works great with homes at about the $200,000.00 to $250,000.00 range. Which is about the price of a decent starter home in Santa Fe a 3 bedroom 2 bath for people.....
Video Cuts out! Darn, you Facebook live!
If you have any questions I and Juan may be able to answer in this video series. We would love to help. If you know anyone that looking to buy or sell real estate please give me or Juan a call. We may bring in some of the other brokers in our office to cover other topics as well. So anyways thanks for watching and We look forward to hearing from you guys. Thanks, Bye.