Plantation Lakes in Millsboro, DE Offering Unbelievably Affordable Homes/Townhomes

Lennar has a new program called “Everything’s Included Homes” – Energy Star Certified Appliances, Home Automation and many Luxury Features are included in the price.

Yesterday afternoon, I attended a REALTOR open house at The Plantation Lakes Community- a golf course community in Millsboro, DE.  Lennar was introducing some of their new townhome and single family floor plans.  There were 4 models to tour, and I’m telling you they are fantastic homes at unbelievable prices.  Lennar has a new program called “Everything’s Included Homes” – Energy Star Certified Appliances, Home Automation and many Luxury Features are included in the price.  Just to give you an example, take a look at what they are offering in The Bellhaven townhome, starting at just $119,990.   Give me a call to discuss the other fine products that are available – Connie Cooper 302 841-4185.

Townhome priced from $119,990

THE BELLHAVEN

Priced New from $119,990
1,246 Sq.Ft., 2 Bedrooms, 2.5 Bathrooms, 1 Car Garage, 3 Stories,

Included Features:

All homes will now come with our HOME AUTOMATION PACKAGE this includes:

  • 1- LiNK Deadbolt (keypad, keyless entry – never worry about lost keys again!)
  • 1- Coordinating Paris Handle 1- Bridge (for internet connectivity)
  • 1- Light Module (turn a light on in your home from your computer or smart phone)
  • 1- LiNK Thermostat (control the temperature of your home while at work or on vacation)
  • 1- LiNK Camera wireless (keep an eye on your children/pets/nanny while you aren’t home)
  • 12 months of Subscription Fee waived (to monitor your home online)

FOR A LIMITED TIME: 1 extra wireless camera, 2 additional light models, and another 24 months of monitoring FREE

Now included at NO EXTRA COST our Designer Kitchen Package (a $1,500 value) this package includes:

  • Upgraded 36″ & 42″ staggered oak cabinets
  • Granite-top kitchen island
  • Matching black microwave
  • Recessed lighting in the kitchen

Kitchen

  • 30 inch flat-panel, oak cabinets
  • Moen® single-lever chrome faucet
  • GE® black appliance package
  • 30″ free-standing smooth top range
  • Built in microwave hood
  • 18 cu. ft. refrigerator with icemaker
  • Dishwasher
  • Stainless steel double-bowl drop-in sink with garbage disposal
  • Designer laminate counter with backsplash
  • Kitchen island (per plan)

Bathroom

  • Moen® chrome fixtures
  • Vinyl floors with 6″ x 6″ ceramic wall tile in master bathroom
  • Laminate vanity tops in all bathrooms
  • Oak cabinetry in all bathrooms

Interior Features

  • Brushed-nickel lighting
  • CAT-5 phone wiring in kitchen, master bedroom
  • RG-6 wiring in family room, master bedroom
  • Ceiling fan pre-wired in family room and master bedroom
  • Fire system – by county
  • 2-tone paint package
  • Upgraded carpet and pad
  • Digital Thermostat
  • 90% efficiency gas furnace – by community

Exterior Features

  • Poured concrete foundations (per plan)
  • GFl outlets
  • 2 hose bibs (front/rear)
  • Exterior house wrap
  • OSB exterior sheathing
  • Low-E glass windows

 

For home buyers who need to finance their purchase using a mortgage, a cash buyer can be their worst enemy.

CASH IS KING!!

 

CASH IS KING IN REAL ESTATE

For home buyers who need to finance their purchase using a mortgage, a cash buyer can be their worst enemy.

That’s because when a buyer makes a cash offer, the seller knows it’s a solid deal – and that financing hiccups won’t delay a closing. Sometimes, that’s enough for the seller to accept a lower bid for a cash deal instead of a higher bid from a financing buyer.  It happened to a client of Dan Quinn, a real estate agent who works for Prudential Carruthers Realtors in Silver Spring, Md. Against a cash buyer, the financing borrower just couldn’t compete, Quinn said.

Short sales repay buyers

Lori Purcell was sick of being a landlady and wanted to unload her two-family house in Garfield, N.J. But she knew it would never sell for the $325,440 she had paid in 2004.

“We were wringing our hands over this because the offer that came in on this property was cash, and we were quite a bit higher than the offer,” Quinn said. The winning bid was for $370,000; his client’s offer was $395,000, he said.

It’s a scenario that is becoming more common with the number of cash buyers on the rise, swooping in for deals onlow-priced properties. Yet while cash is king, there are some things financing buyers can do to better their chances of having an offer accepted.

Perhaps the most important tip: “The smartest thing they can do is make sure they talk to a competent mortgage banker … to preapprove them ahead of time,” said Mike Litzner, broker and owner of Century 21 American Homes, which has locations in Long Island, Queens, Nassau and Suffolk counties in New York.

Also, remember that the more cash you’re willing to put down, the more secure your job and the better your credit, the better off you will be in getting the seller to accept your bid, he said.

In February, all-cash deals made up 33 percent of all home sales – a record high, according to the National Association of Realtors. In 2010, 59 percent of those who bought a home as an investment paid cash for the home, the group found.

People are plunking down cash on properties for a variety of reasons. One popular one: With low housing prices, some people are pulling their money out of the stock market and investing in rental properties, with a plan to own them long term, Quinn said.

That way, their money “is being put to work in what seems to be a bottoming housing market,” he said. “You can buy these things cheap enough and with a small amount of renovation … the rents pay the mortgage,” Quinn said.

Some parents may be providing the cash to help their children buy homes, at a time when financing can be out of reach for young adults, Quinn said.

Instead of applying for a loan from a bank, the kids make their payments to the Bank of Mom and Dad. Meanwhile, the parents can charge 5 percent to 6 percent interest on the loan – earning them more than they’d get on a safe investment such as a certificate of deposit.

Cash offers often win out when the bank is the seller. Those are most likely foreclosures now back on the lender’s books.

When dealing with a bank, remember that lenders are typically more analytical than a homeowner seller, Litzner said. And for an institution, they’re more apt to go with the safest bet.

“Time is money, and taxes are ticking away on [the house]. They want to get the bad loan off their books quicker and the money on their ledgers,” Litzner said.

Someone with cash on hand theoretically could close immediately, while a buyer who needs a mortgage typically drafts a contract contingent on the financing going through.

A typical home seller with equity is less likely to be motivated by a cash buyer, said Donne Knudsen, a mortgage loan originator with Cobalt Financial Corp., serving Los Angeles and Ventura counties.

“When you have an equity seller, they don’t have to take a lowball cash offer,” she said. Instead, they’ll most likely opt for the best and highest offer, since they may not be as motivated by time, she added.

To compete with a cash buyer, you’ll need a bit of strategy.

First, get prequalified – or better yet, preapproved – for a mortgage, Quinn said. Along with a high down payment, preparing to put down a high deposit could also up your chances of beating out a buyer who is bidding with all cash, he said.

Another tip: To beat the deep pockets, you might have to act quickly.

“What I found out is with these cash buyers, they act quickly. To compete, you have to act quickly. A lot of times, these are investors and they have a relationship with these listing agents,” Quinn said. It’s a good idea for the buyer’s agent – or the buyer if he’s representing himself – to develop a rapport with the listing real estate agent, too.  Before writing the offer, your agent – or you, if you’re representing yourself – should do some sleuthing: If possible, figure out what the seller needs, including shorter or longer settlement time. In some cases, your flexibility will be a bonus for the seller, Quinn said.  It’s also important to ask if there are other offers and if any of them are cash, Quinn said. In his experience, a well-prepared contract that is typed out, plus a cover page summary of the contract details, is another way to show you’re serious, he said.

Finally, have patience. If you’re interested in bidding on bargain homes including foreclosures, you might end up looking at 40 different properties and make seven or eight offers before you get one accepted, Knudsen said. “You have to be willing to do whatever it takes,” she said.

And remember, cash deals can fall apart, too, Quinn said.

“Is it $300,000 in green cash in someone’s bank account? Or are they tapping into their 401(k), are they going to be cashing in CDs, are they going to take cash out of another property?” Quinn said.

If investments need to be liquidated for the purchase, that can also put the deal at risk. Sometimes, “cash isn’t really cash,” he said.

(Part 3) 4 SIGNALS IT MAY BE TIME TO STOP RENTING AND BUY YOUR HOME!

The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy

Time to Buy

Your income and career are stable for the foreseeable future. The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy. Homebuying is a long, long-term endeavor these days. The goal is to be able to commit to staying in the same place, geographically-speaking, for 7 to 10 years before you buy (more in a foreclosure-riddled market, less in an area that has been more recession-resistant). Most lenders will require that you’ve been at your job – or in the same general field of work – for at least two years before you buy. But that’s the bare minimum – beyond that, you don’t want to be barely beginning a career in which you think you may need to move sooner than that, nor do you want to buy when you’re advanced in your career, but in an industry which is dying or downsizing the workforce in your region (unless you have a strong Plan B).

When you get to the spot in your career where you can realistically project a stable income 7 to 10 years out, life might be giving you a green light to move forward on your homebuying dreams.

Tomorrow’s post will wrap up this 4 part series.  Don’t miss it!!

Author~Connie Cooper

4 SIGNALS IT MIGHT BE TIME TO BUY (VS. RENT) YOUR HOME (PART 2)

Rising rents at a time when the prices of homes for sale are low and, in some places, falling?

Rents are going up. Rental rates in many areas are also on the rise – in fact, the foreclosure crisis has created additional demand on many markets’ rental housing inventory in several different ways. First, former homeowners who lost homes to foreclosure now need to rent; as well, buyers in foreclosure hot spots have been hesitant to buy, many electing to stay renters far beyond when they would have otherwise. On top of all that, super-tight lending guidelines have stopped even some who would like to buy homes from doing so. As a result, rental homes are in high demand – and rents are rising.

Rising rents at a time when the prices of homes for sale are low and, in some places, falling? One more signal that now might just be the time to buy. (Of course, where foreclosures are high, the chances of continued depreciation are, too – to offset this risk, have a long-term plan, to minimize the possibility that you’ll owe more than your home is worth when you need to sell)

Tomorrow, you’ll see how to plan for the long term and minimize your homebuying risk.

CHECK IN TOMORROW FOR SIGNAL #3

Author~Connie Cooper

WHY SHOULD YOU LIVE IN DELAWARE?

Did you also know that Lewes, Delaware is rated the number 1 town in which to live in the state of Delaware?

Why live in Delaware? 
According to MoneyRate.com, the state of Delaware is ranked number 5 as one of the best states  for making a living!  Rankings are based on adjusted average incomes- taking into consideration state taxes,unemployment rates and cost of living.  Did you also know that Lewes, Delaware is rated the number 1 town in which to live in the state of Delaware?  (Delaware Today Magazine March 2011).
What does this mean?  For us, who live here, it is a reassurance of one of the many reasons we reside here.  For those who don’t, you could be missing the boat (And not the Cape May Lewes Ferry).
Delaware offers many benefits;  low real estate taxes, pristine beaches and tax free shopping to mention a few.
Is it time to consider relocation to Delaware?  You could be enjoying life from your Lewes Canalfront Property, your Ocean View Delaware Property, or even your Waterfront Delaware property.
It just might be the time to stop thinking and start acting.
Call Cooper Realty Associates, and let us help you with your move to Delaware.
Author~ Paul Powalski

IT’S TIME TO GO FISHING IN DELAWARE!!!

Retiring, second home, or just relocating- whatever is the case, you can enjoy the Cool Summer breezes of The Indian River Bay.

Click on picture for more information.

Stop WISHIN AND GO FISHIN.  Retiring, second home, or just relocating- whatever is the case,  you can enjoy the Cool Summer breezes of The Indian River Bay.  This 90 x 90 Water view lot might be what your looking for.  Just waiting  for your new home and priced at only 87,500.

Conveniently located, you’ll be able to launch your boat at the state owned public boat ramps of Gull Point or even Massey’s Landing.  Shop the Tanger outlets or even sun on our famous beaches, which by the way one of my favorites happens to be located in the first town in the first state, Lewes De. at Cape Henlopen state Park.  Maybe you’d rather go golfing , then spend some time on the greens at Baywood Country Club and afterwards enjoy some fine dining in their restaurant.  Whatever your passion stop “putting” around and reel in this great value.
Author- Paul Powalski

THIS REHOBOTH BEACH DELAWARE OCEAN FRONT HOME IS BREATHTAKING!!

Can’t you just hear the sound of the ocean?…..Incredible Ocean & Silver Lake Views…..

Beach Front Property in Rehoboth Delaware

Can’t you just hear the sound of the ocean?  Enjoy The Serenity Of Oceanfront Living in this breathtaking Rehoboth Beach Property in Delaware! Incredible Ocean & Silver Lake Views From The Spacious, Open Floor Plan, Which Is Ideal For Entertaining. Features Include Gourmet Kitchen, Fireplace, Wet Bar, Elevator, Patio/Decks, Garage & Pool! Beautifully Kept, Tastefully Designed & Ready for you and your family to start enjoying! 

Click HERE for incredible pictures and information on this awesome home!

Call Connie Cooper to schedule your private showing 302 841-4185.

HOTTEST BUY IN LEWES, DELAWARE!!!

Do you like to live in a quiet, peaceful community? Do you like to enjoy the beauty of nature? How about being surrounded by beautiful trees? If this sounds inviting to you, then you must check out this home that I have listed in the Woods on Herring Creek in Lewes, Delaware!

Lewes Delaware Property

 

Do you like to live in a quiet, peaceful community?  Do you like to enjoy the beauty of nature?  How about being surrounded by beautiful trees?  If this sounds inviting to you, then you must check out this home that I have listed in the Woods on Herring Creek in Lewes, Delaware!  This lovely home, enhanced by wooded surroundings, has it all!  You will find 3 bedrooms, 2 1/2 bathrooms, a GORGEOUS sun room, inviting great room with gas fireplace, formal dining room, additional formal living room, a workshop with electricity, and the list goes on and on.  The HUGE attic can be finished off for an additional 2 bedrooms and another bath.  The community offers a swimming pool, tennis and community house for special gatherings.  This home is located just a few minutes from exceptional dining, tax-free shopping and all that the local beaches of Rehoboth Beach, Bethany Beach, Lewes, and Dewey Beach, Delaware.  Don’t miss out on this exceptional home!!  Call Connie Cooper at Cooper Realty for a private showing 302 841-4185.

CLICK THE LINK BELOW TO SEE VIDEO BLOG!

http://virtualtours.iwebbit.com/Property_Virtual_Tour.php?VT_ID=99C

Just Like New 4 Bedroom Home in Millsboro, DE!

Additional benefits of living in Stonewater Creek are full access to the clubhouse, exercise equipment, tennis courts, and swimming pool/jacuzzi. That’s like having a free membership to the YMCA without having to do all of the driving!

 FABULOUS HOME IN STONEWATER CREEK!
You really should check out this great house I found for sale in Longneck!  Well, the mailing address is actually Millsboro, but it’s a short drive on Beaver Dam Road to get to Five Points, Lewes, or northbound Route 1.  It’s less than 5 minutes away from Baywood Golf Course on Route 24 and the Peninsula Golf Course and Country Club in Millsboro.  It’s also very easy to hop on Route 24 and drive west toward Laurel, Seaford, or even Salisbury.  This house is in the great development of Stonewater Creek!  It’s fantastic!  It is much larger than it appears, with 4 bedrooms, 3 full bathrooms, a 2-car garage, a relaxing front porch, and a flagstone patio out back.  There is a custom-built shed and swing set, as well as flower gardens designed with PA fieldstone.  There is irrigation tied to a well to help maintain a beautiful landscape.  The house is only four years old and has been kept in great condition.  Additional benefits of living in Stonewater Creek are full access to the clubhouse, exercise equipment, tennis courts, and swimming pool/jacuzzi.  That’s like having a free membership to the YMCA without having to do all of the driving!  And it that’s not enough excitement for you, there’s even more….this house is being sold mostly furnished for only $269,900!  That is a steal!  I could go on and on about this house!  I absolutely love it!  Oh, did I happen to mention that it’s my house that’s for sale?  Well, as much as I have loved living there, there is a season for everything, and it is my time to move on.  It will be a bittersweet goodbye.  But, I will be very happy for the next owner who gets to enjoy living there!

Author~ Diane Archino

New, Irresistable 8 Acre Building Lot Near Milton, Delaware.

Milton, Delaware Building Lot.

Wayne Mitchell

Check out this new building lot on the Waples Branch near Milton DE, in Sussex County.  This is an 8.01 Acre lot with an existing 20’x60′ work shop/garage.  Land has large trees and a nice slope to the Waples Branch.  You must see this at a price of only $35,000/acre.  Call Wayne Mitchell for more information 302 381-0210.

ICE CREAM, ICE CREAM, WE ALL SCREAM FOR ICE CREAM!!

Ice Cream, Anyone??? Don’t miss this opportunity to own your own Dairy Queen!

Diane Archino

It’s official!  Spring is here!  Time to get out the shorts and sandals, plant some pretty flowers in the garden, and hit the boardwalk for some shopping and exercise.  But, when it comes to springtime food treats, my favorites are Mr. P’s Pizza, Thrasher’s French Fries, and Dairy Queen ice Cream!..YUM!!!!!!  Which reminds me of one of my exciting listings…how great would it be to own your very own Dairy Queen Franchise?!  Just in time for the summer, you can have your ice cream and eat it too!  This lucrative business on Forrest Avenue in Dover is for sale at $219,000.  The seller is VERY motivated and says “Bring ALL Offers”!  Call Diane For all the details….  302 644-2266.

Delaware Today Honors Southern Delaware Real Estate Agents With Five Star Award

Tommy and Connie Cooper win 2010 Five Star Real Estate Agent in Southern Delaware

Delaware Today formed a partnership with Crescendo Business Services to find Delaware Real Estate Agents whom “have most consistently wowed their clients”.

Tommy and Connie Cooper won the 2010 Five Star Real Estate Agent Award for their work in Southern Delaware. Tommy and Connie provide a level of service that puts them in the “Elite” of their profession. This honor comes from their clientele and other professionals in the Real Estate Industry.
If you have a free moment, stop by their Lewes Delaware Real Estate office to say hi…
Congratulations Tommy and Connie!

Delaware Today formed a partnership with Crescendo Business Services to find Delaware Real Estate Agents whom “have most consistently wowed their clients”.

Tommy and Connie Cooper won the 2010 Five Star Real Estate Agent Award for their work in Southern Delaware. Tommy and Connie provide a level of service that puts them in the “Elite” of their profession. This honor comes from their clientele and other professionals in the Real Estate Industry.
If you have a free moment, stop by their Lewes Delaware Real Estate office to say hi…
Congratulations Tommy and Connie!

You can read about the survey process here…

Nine Moving Tips You Should Know!

One of my friends has a moving business.  I asked him for some tips that the general public should know.  He made this list for me and his other customers and friends.  If you are planning a move in the near future, you should check out these nine tips.  Some are common sense–enough said.

 To learn more check here.

Fred Sponseller

I want to buy a home. Where do I start?

Where should you start when you want to buy a home? The first place I would start is by contacting a reputable mortgage broker, or your local bank. You should have the loan officer pull a tri-merge credit bureau to see if there are any mistakes. If so, this gives you time to correct any blemishes  on your credit bureau, before you formally apply for a loan. The loan officer will determine your eligibility, and the maximum purchase price you are eligible to purchase. They are aware of programs on the state and federal levels which offer help to people who need down-payment, or closing cost assistance and can help with credit repair and various other issues.

After determining eligibility, and the amount of house you are qualified to purchase, the next step is to find a Realtor who is qualified, and you are comfortable with. Your Realtor can be a big help. They will show you houses, help you determine the market value of the home, and help write the contract to make sure all your wishes are put in writing. Once the offer is accepted,it becomes a contract. Your Realtor will help you arrange inspections of the mechanical, structural, and electrical systems of the home. If the home is out of town then the septic and well should be inspected. Finally all homes should have a pest inspection, and survey to insure any unforeseen problems. At this point if any problems are found, your Realtor can help negotiate a solution to the problem.

After all the inspections are done, and the bank is satisfied reviewing the inspections, they will contact your attorney for a final review of all the bank documents, the inspections, the survey, and title work. When the attorney is satisfied, they will contact the bank and set up a settlement date and time.

Just before you go to settlement, your Realtor will arrange a final walk through of the property to ensure it is basically  in the same shape as you saw it in before.They will  also go with you to the settlement table. Usually the listing agent will be present with the sellers, and sometimes the mortgage company will be there also.

Once all the papers  at settlement are signed, the attorney will file the deed and survey under your name as the new owner of the property. This is the basic process for buying a home.  There are several scenarios, such as when you are building, or have a home to sell before you can buy. If you need help or have any questions about buying or selling a home please feel free to contact me. I will be more than happy to answer questions.  I can be reached by email mharding@cooerealty.com.

Can you afford to wait???

 

THE PERFECT STORM IN REAL ESTATE!!

Buy now or you might regret it later……Buying a home is one of the biggest decisions an individual can make.  So, it’s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment.  However, several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner.

“Current market conditions have created A PERFECT STORM of sorts that has made it an ideal time to purchase for first-time and trade-up buyers alike,” said James M. Weichert, president and founder of Weichert, Realtors.  “Those who have the means and the desire to buy now but don’t, aren’t likely to see such a great opportunity again anytime soon.”

LOCK IN ON THE HISTORICALLY LOW INTEREST RATES

Thanks to measures taken by the Federal Reserve including the purchasing of mortgage-backed securities, interest rates have remained historically low for several years.  With the economy beginning to show signs of recovery, it is widely believed that the government will soon put an end to these stimulus efforts.  If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result in a much higher monthly payment for those who wait.  For example, an interest rate increase of 1% on a 30 year fixed mortgage of $300,000 could cost a buyer $188 more a month or $67,000 more over the span of the entire loan.  Another way of looking at it is that for every 1/8% rise in rates, the “amount of home” you are able to afford reduces by $10,000.  For instance, if you can afford a $350,000 home with today’s interest rates, when the rates increase by just 1% you will only be able to afford to buy a $270,000 home.  So, I ask you….If rates are historically low, what is the likelihood they will go up”?

TAKE ADVANTAGE OF RECORD HOME PRICE AFFORDABILITY

Home price affordability is at its most optimal level in decades.  As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now.  In fact, home prices have already begun to rise slightly in some markets.  Instead of getting a better bargain, waiting to buy a home might net buyers a higher purchase price, less appreciation and less house for their buck.

THERE IS NO TIME TO WASTE for anyone who wants to take advantage of this great buying opportunity.  If you are prone to saying “what if” and wondering what could have been, you will thank yourself down the road for buying now.

Contact me, and let me show you how to take advantage of this Perfect Storm in Real Estate!!

~Connie Cooper

Myth #3 about short sales

Real Estate Myth # 3

Myth # 3: I can find more homes for sale by calling more than 1 agent!

It is possible but unlikely. Like any industry there are Great Agents, Average Agents, and Below Average Agents. Some agents specialize in neighborhoods, cities or other specific areas. Almost all agents have access to the Multiple Listing Service in their area, which means that they all have access to the same # of homes.

Today, if you are Internet savvy, you can narrow the search yourself. However, a Realtor should know the little things that make a neighborhood suitable for you. They are there to serve you, so take advantage of their expertise.

How does the “Real Estate Spread” affect you in today’s market

I am Tommy Cooper – President and broker of Cooper Realty, Associates.  I have been a real estate broker since 1976, and I established Cooper Realty in 1984, 26 years ago.This is the 4th recession I have been through, and let me categorically state that the previous 3 were amateur hour compared to our current recession, depression, or however you choose to describe it.

All the tried and true workings of real estate what we dealt with in the past, have been replaced by an all new set of scenarios.

Mortgages, appraisals, settlements, they all have new and more cumbersome regulations to deal with.  Add short sales, foreclosures, credit rating standards, and we have a whole new real estate world to address.

The good news, for buyers and sellers who have found the few realtors who have adapted, is there are tremendous opportunities to take advantage of.

To understand these opportunities, you must relate to what I refer to as “the spread theory”.  If your current property is worth 30% less than it was 3 yrs ago, (and it may very well be), who cares?  It makes no material difference if you are upgrading to a better and more expensive purchase.

“Is he crazy”? you may be asking yourself.  No, I am not, and here’s why:

Hypothetically, if your property was worth $400,000 3 years ago, and only $300,000 today, to upgrade to that just right property 3 years ago would have cost you $600,000.  Now, it can be purchased for $500,000.

The spread to live in your dream home 3 years ago would have cost you $200,000 ($400,000 to $600,000).  Today, the spread from the reduced value of $300,000 to your dream home cost of only $500,000 is still the same $200,000.  Everything is relative- the spread is still the spread.

Add to that, record low interest rates, and you have the perfect scenario-  the same spread as 3 years ago at the height of the market and a much lower monthly payment than would have been, because of  record low interest rates.

Digest my theory and think about it.  There has never been a better time to buy real estate.

Obtain the Best Home Mortgage

The following items are traditionally used to support your application; however, you do not have to provide all of the documentation to begin the loan process. Most Mortgage Companies have the ability to submit a loan application on your behalf electronically. The information they provide in their submission will be based on a brief Q & A with you (with the documentation to support the loan submission to follow) or the summation of the material you have brought with you.

Most people like definitive answers from their Loan Officer when it comes to their ability to purchase a home. So be prepared. Your Loan Officer wants to make this as simple as possible, for you as well. As a former Loan Officer, trust me when I say this, be honest and forth coming with information. If you hide certain information or neglect to discuss certain aspects of your income, employment or credit history; your Loan Officer will more often than not come back to you with more questions. If this has happened to you or if you are still thinking that this may be the approach you want to take…. DON”T! It is one of the worst mistakes you can make. You will lose the trust of your Loan Officer.

* W-2’s / 1099’s for each applicant for the 2 most recent years. Handwritten W-2’s / 1099’s will not normally be acceptable unless accompanied with a letter from the Employers CPA. If you are providing 1099’s, be prepared to also provide complete tax returns.

* 30 days of your most recent and consecutive pay stubs. You will want to make sure that your Social Security number is on the check, your name and year to date gross amounts. If this is not the case be prepared. Provide the Loan Officer with the Persons name, address and phone to provide verification of the information they will need for income and employment purposes.

* 3 months most recent complete (all pages) banking statements. Your Loan officer will be looking for the liquid or to be liquid assets used to purchase the property and also to verify that you will have two (2) months in cash reserves. It is a common mistake to not bring a page or two of your banking statement because it has absolutely no information in it at all. In fact the only thing showing on the page is an advertisement for an IRA. If the Loan Officer gets to page 2of3 and does not have page 3of3, they will ask where that 3rd page is. Please bring all your bank statement pages.

* If you are Divorced Copy of divorce decree for each applicant that either pays or receives alimony and/or child support. If you are using the child support to qualify for your new home loan be aware of two things 1) Proof that you have received Child Support payment for the last twelve months will be required, 2) Determination of how much longer you will be receiving Child Support will be made and used in the evaluation for qualifying for your new home loan.

* If you have Filed for Bankruptcy (within the last seven years), you will need to provide a copy of your complete Bankruptcy papers and an explanation letter why you filed.

* If you currently have a property under a Purchase Contract; Copy of sales contract or purchase agreement for property being purchased. This can be provided upfront or can be obtained in the loan process.

* Other Income:
If you derive a portion of your income from social security benefits, please provide the most recent Social Security Award Letter indicating the amount of your current monthly payments from social security. If you receive income from Bonuses, Commissions or Loan repayments, please provide proof and be prepared to document.

* If you have rental properties:

Copies of current lease agreements for each residential rental property that you own and be prepared to provide tax returns.

Additional Documents for Special Sources of Income: If you derive more than 25% of your employment income from bonuses or commissions, you must also provide:

* Tax Returns (Form 1040) for the 2 previous years. If you are a sole proprietor (report income on Schedule C of your Form 1040 tax return) or if you own 25% or greater interest in the business from which you derive your primary income, you must also provide:

* Tax Returns (Form 1040) for the 2 previous years.

* Year-to-date Profit & Loss Statements for that business.

* Business Tax Returns (Form 1065 or 1120) for the 2 previous years, if the business is a corporation or partnership.

* K-1’s for that business, if it is a Subchapter S corporation or partnership.

WHEN TAX RETURNS ARE REQUIRED, PLEASE PROVIDE ALL SCHEDULES, FORMS AND ATTACHMENTS TO THE RETURNS. If you have a CPA, provide their contact information.