BUYING A HOME?

BUYING A HOME

Buying a Home

Thinking about buying a home? We have information that can help! Got questions? Talk to one of our housing counselors!

Need Help?

1. Figure out how much you can affordWhat you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.


2. Know your rights


3. Shop for a loan


4. Learn about homebuying programs


5. Shop for a home


6. Make an offer


7. Get a home inspection


8. Shop for homeowners insurance


9. Sign papers You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!


HUD is proud to lead the White House Opportunity and Revitalization Council, which helps spur investment in underserved areas like Opportunity Zones. For more information, please visit https://opportunityzones.hud.gov/

Business Loan Interest Rates: Your 2020 Guide

Business loans can be a big help to growing your business in 2020 and beyond. Use these tips to help get the best interest rate available for your company.
— Read on www.americanexpress.com/en-us/business/trends-and-insights/articles/business-loan-interest-rates-your-2020-guide/


Amazon Dogged by Price Gouging as Coronavirus Fears Grow – WSJ

The online retailer is struggling to stamp out third-party sellers charging exorbitant prices for virus-killing cleaning supplies, hand sanitizer and other products in high demand amid coronavirus fears.
— Read on www.wsj.com/articles/amazon-dogged-by-price-gouging-as-coronavirus-fears-grow-11583417920

What Fed’s Emergency Rate Cut May Do for Mortgage Rates | Realtor Magazine

Today’s interest rate cut is “an appropriate response to changing events,” says NAR’s chief economist. Will lower mortgage rates follow?

Source: What Fed’s Emergency Rate Cut May Do for Mortgage Rates | Realtor Magazine

The Real Estate Market Is 3.3M Homes Short, Study Says | Realtor Magazine

Homebuyers may be having a tough time finding a home they want, and the problem could get worse.

Source: The Real Estate Market Is 3.3M Homes Short, Study Says | Realtor Magazine

AMERICAN HISTORY HAPPENS EVERYDAY! 🇺🇸🗽📘🖌

The only reason Neil Armstrong said he would go was if Katherine said the numbers work…

“I was just doing my job”

That’s what Katherine Johnson said repeatedly about her mathematical calculations that helped take the first Americans into space and landed men on the moon.

“I was just doing my job,” she told Margot Lee Shetterly as the author researched her nonfiction book “Hidden Figures.”

The centenarian died on Monday, after blazing a trail into STEM for women and minorities through her three-decades long career at NASA. As a human computer at NASA, Ms. Johnson accomplished brilliant feats of mathematics, including calculating the flight path for the launch of the first American in space in 1961 and helping to land the first men on the moon.

Her impressive portfolio of work at NASA alone would be enough to put Ms. Johnson’s name in the history books. But even just a decade ago, her name was not known. As a female, African-American mathematician during the Jim Crow era, Ms. Johnson had to fight to be in the room and to be heard by the white men who were running the show.

Katherine Johnson is the name we know, but she wasn’t the only woman of color whose contributions were long overlooked. A cadre of other computers were responsible for vital calculations as the National Advisory Committee for Aeronautics (the precursor to NASA) got off the ground. They worked in a separate office and used different dining and bathroom facilities from their white male and female co-workers.

Ms. Johnson’s legacy is still being written, as more people learn about her life. As her story has been told, she has become a role model, and her visibility as a brilliant mathematician who battled racism and sexism to literally shoot for the moon will continue to show future generations that when you value every mind, great things can be achieved.

  • Eva Botkin-Kowacki, Staff writer

American History is Everyday🇺🇸🗽📘🖌

“I was just doing my job.”

That’s what Katherine Johnson said repeatedly about her mathematical calculations that helped take the first Americans into space and landed men on the moon.

“I was just doing my job,” she told Margot Lee Shetterly as the author researched her nonfiction book “Hidden Figures.” 

The centenarian died on Monday, after blazing a trail into STEM for women and minorities through her three-decades long career at NASA. As a human computer at NASA, Ms. Johnson accomplished brilliant feats of mathematics, including calculating the flight path for the launch of the first American in space in 1961 and helping to land the first men on the moon.

Her impressive portfolio of work at NASA alone would be enough to put Ms. Johnson’s name in the history books. But even just a decade ago, her name was not known. As a female, African-American mathematician during the Jim Crow era, Ms. Johnson had to fight to be in the room and to be heard by the white men who were running the show. 

Katherine Johnson is the name we know, but she wasn’t the only woman of color whose contributions were long overlooked. A cadre of other computers were responsible for vital calculations as the National Advisory Committee for Aeronautics (the precursor to NASA) got off the ground. They worked in a separate office and used different dining and bathroom facilities from their white male and female co-workers.

Ms. Johnson’s legacy is still being written, as more people learn about her life. As her story has been told, she has become a role model, and her visibility as a brilliant mathematician who battled racism and sexism to literally shoot for the moon will continue to show future generations that when you value every mind, great things can be achieved.

– Eva Botkin-Kowacki, Staff writer

What Type of Mortgage Fits You?

Understanding Mortgages: Types of Mortgages

by Amy Lillard

In the midst of one of the most uncertain real estate markets in history, it’s more important than ever to be informed. In a continuing series, we take a look at some of the most pressing questions about mortgages, refinancing, home equity, and other real estate options available to you.

Whether you’re a first-time home buyer, or you’re in the market for another real estate investment, there’s more involved than simply applying for a loan. Understanding the different mortgage options is the first step towards selecting a loan you can live with.

FIXED RATE MORTGAGE:
These mortgages are exactly as labeled – the interest rate stays the same over the entire term of the loan. These loans can extend for 15, 20, or 30-year terms. The benefit of these loans is always knowing what you will pay each month. But if you have secured a higher interest rate, that can work against you unless you refinance.

ADJUSTABLE-RATE MORTGAGE (ARM):
These mortgages usually begin at a lower interest rate than fixed-rate loans. After a specified period of time, rates can rise or fall according to market value and the terms of the loan. For example, one-year ARMs will pay low rates the first year, then each year after that the rates will change depending on current values. Terms can vary widely in these types of loans. Often borrowers like ARMs in order to qualify for higher loan amounts. But these mortgages can be risky, and are often not recommended for borrowers planning on owning the same home for over 10 years.  

FEDERAL HOUSING ADMINISTRATION (FHA) LOAN:
Designed for borrowers who may not qualify for typical mortgages, these loans are available at lower down payments and potentially lower rates. The total value of the loan may be more limited than those mortgages available from banks and other lenders. A similar type of loan comes from the Veterans Administration, offering guaranteed low-down-payment loans for eligible veterans, active duty personnel, and surviving spouses.

BALLOON MORTGAGE:
These loans offer fixed-rates with relatively low payments for a fixed introductory period. After this time, the entire balance of the loan is due. If borrowers are responsible and plan to sell before the introductory period is complete, this can be a cost-savings option. But it is also quite risky if the principal can’t be paid or refinancing won’t work.

INTEREST-ONLY MORTGAGE:
For an initial fixed term, borrowers only pay the interest every month on these types of mortgages. After this initial period, the balance of the loan is due. That could translate to paying a lump sum or being responsible for larger payments each month.

REVERSE MORTGAGE:

Designed for seniors, these loans turn home equity into cash. Borrowers do not have to pay back the principal or interest for as long as they live in the home. This type of mortgage can often be too good to be true depending on the lender, but federally insured options are available.

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