188 Litchfield Street, Thomaston, CT For Sale –Eligible for 100% USDA Financing

Recently remodeled comfortable colonial tucked away from the crowds but convenient commute is Eligible for up to 100% USDA Financing.

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The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified First Time Millennial Home Buyers
♦ No Down Payment Required! Up to 100% Financing of the home’s appraised value.
♦ Ability to Finance the Closing Costs into the loan when the appraised value is greater than the negotiated sales price.
♦ One 30 year fixed rate mortgage at today’s low interest rates.
♦ Reduced Mortgage Insurance is cheaper than PMI on Conventional and FHA loans
♦ No limit on Seller Contributions. No Limit on Gift Funds
♦ No cash contribution is required from buyer

 

https://www.zillow.com/homedetails/188-Litchfield-St-Thomaston-CT-06787/57820970_zpid/

Reach out to Rick Cignoli @ 860.945.9284 to find out if the USDA Guaranteed Rural Housing Development Loan is the right mortgage option for you and to take advantage of his FREE“Jump Start” Mortgage Pre-Approval with Rate Assurance service

Then call Sue Holway @ Keller Wiiliams 860.601.8217 to schedule a showing and be ready to make an offer

Home Buyers Big Hurdle: the Down Payment

Many prospective Millennial Home Buyers face a big hurdle: the Down Payment. Coming up with that initial investment doesn’t have to be a roadblock even if saving is difficult. These four options could make home ownership a reality sooner rather than later:

1. Pulling from an IRA: You, your spouse, parents or grandparents could withdraw up to $10,000 from a traditional IRA to put toward a home. Although it’s categorized as a first-time home buyer exemption, anyone who hasn’t owned a principal residence in the past two years may qualify. Note: Some differences exist when withdrawing from a Roth IRA.
2. Receiving a gift: If you have family members willing to help you out, you can get what’s called “gift money” for your down payment. The amount of gift money you can use depends on the loan type. And you’ll likely need signed documents stating that the money is indeed a gift, not a loan or anything earning interest.
3. Co-buying: Another option is to buy a home with a family member or friend. It’ll allow you to split the down payment and the mortgage payment. But co-buying does come with an important decision: how the title will be held.
4. Renting to own: Leasing-to-own is another possible route to home ownership, one that typically requires a smaller down payment called option money. Additionally, a portion of your monthly rent payment can go toward your purchase of the property. Pay special attention to the written agreement. Reach out if you want to make sure your lease-to-own agreement is mortgage-ready.

There are also low down payment options like HomeReady, HomeOne, Home Possible and FHA loans, as well as USDA and VA programs

Want to learn more, or know someone who’s looking to buy a home? Reach out to Rick Cignoli to discuss your mortgage options and to take advantage of my FREE JumpStart Mortgage Pre-Approval with Rate Assurance service. I’m here to help put the pieces of your puzzle together.

5 Tips for Millennial Home Buyers

The Millennial generation has a considerably more challenging road to homeownership in large part to increased student debt and challenges with credit. Oftentimes, Millennials looking to buy their first home are under the impression that it’s not possible and choose to rent instead. However, by following these 5 buying tips, the Millennial generation can make the goal of owning a home a reality.

1.) Stay Within Budget
It can be easy to get caught up in a passionate bidding war when you think you’ve found your dream home. Unfortunately, this often happens to First Time Home Buyers who forget to stick to their budget. Once Pre-Approved for a mortgage and a down payment is calculated, it’s imperative to stick to those numbers and not offer more. A real estate agent can run comparables of homes in the area you are looking at and help determine a reasonable offer.

2.) Save!
This might seem like an obvious tip, but for Millennials, it’s crucial. With surmountable student debt, high credit card bills, and the overall cost of living, saving is often easier said than done. However, by determining the cost of your potential down payment, even setting aside a small amount each month over time will help you reach your goal of owning a home within your set budget.

3.) Get the Help of Professionals
It might seem tempting to take on the home buying process on your own, perhaps with the idea of saving a little money in mind. In reality, enlisting the help of a loan officer and a real estate agent can save you a lot of headaches down the road. When it comes to any complicated closing issues, or language in contracts that might be confusing, you’ll be thankful that you have the help of people familiar with the process.

4.) Find Who You Like and Who You Know
Building off of the last tip, there are many professionals you can choose from to help you. Make sure that you are comfortable with who is helping you buy your first home. Take the time to find somebody you can trust and can communicate well with so that your needs and goals are being met throughout the entire process.

5.) Consider Doing it Yourself
It is a great idea to have an idea of what home repairs and projects you are willing to take on yourself as a new homeowner, and which you would want a professional for. In addition, which projects would give you more return on your investment should you decide to sell later on. By doing this, you’ll be sure you are submitting the best offer on the home you want and hopefully will minimize and surprise expenses down the road.

As they say, “where there’s a will, there’s a way.” And today’s Millennials are proof of that. Do you have questions about buying your First Home?
Reach out to Me to discuss your mortgage options and to take advantage of my FREE JumpStart Mortgage Pre-Approval service.

https://rickcignoli.norcommortgage.com/

 

Open House Tips for First Home Buyers

In the real estate market today, there is little chance that as a prospective buyer you are entering a house before you’ve seen pictures of it online. While these shots can give you a good idea of whether or not you like a house, visiting it is still a primary requirement. An Open House can be a great opportunity to see a property in a more informal setting, letting you explore a bit on your own.

Check Out the Neighborhood   The first thing you should look into intently doesn’t even concern the house at all. Explore the streets surrounding the house and take note of those who live there. Well-kept yards and kids playing outside can be signs of a great neighborhood while overgrown lawns and a lack of activity may be bad signs. Especially if a family is part of your plans, the neighborhood could be a crucial factor and is something that is difficult to get a feel for without visiting.

Check out the Curb Appeal   Once you arrive at the house, take a look at the outside before you head in. Does anything need repair or new paint? Does the roof look sturdy and intact? Chances are most things you notice will be cosmetic fixes, but if anything does jump out at you, you’ll be happy you took a look. Further, taking a lap around the house will let you know what level of privacy you have. Some people like to be able to always chat with their neighbors while some want to be left alone. Whatever your preference, it is good to know what you are getting into beforehand.

Check Out the House   Finally you should enter the house. Do a full tour and explore everywhere you are permitted. From the basement to the attic, you should look everywhere. It is always a great idea to take a tape measure with you to look at sizes of specific areas and the dimensions of drawers and cabinets. While you do not want to be overly pessimistic, it is vital to examine the home with a critical eye. Even the smallest spot of mold, for example, could be a sign of a bigger problem. Structural shortcomings can be tricky to spot as well, but are extremely important. foundation cracks, leaky walls and windows, and uneven floors can all easily go unnoticed, especially in darker areas like the basement. Besides crucial issues, there are some other factors to consider, many of them intangible. Things like the flow of the house and the way light enters are virtually impossible to tell through pictures, but can make a difference in person.

Check Out the Competition   Another great area to focus on is the people around you: the sellers, their agent, and other potential buyers. While you always want to remain extremely polite, you are certainly entitled to ask questions of the sellers and their agent. While they will put a positive spin on things, getting them talking about their reasons for moving can provide extremely valuable insight. Ask their opinion on the neighborhood, schools, etc. Also, keep your ears open to other buyers. They may know more about certain aspects of the area or point out something you may have missed. You should take advantage of every potential information source at your disposal.

Look At the Big Picture   While we focus on a lot of small things here, it is still very important to consider the bigger picture. Things like layout, number of bedrooms, bathrooms, and square footage are all extremely important. However, chances are you are aware of all of these things before you visit the property. Even so, verify all of the details listed online to be sure there are no surprises later on. Between what can be discovered online and what you’ll see in an Open House, you should be able to get a great idea of whether or not you are ready to proceed with an offer.

Call Me to discuss to discuss the right mortgage option for your family.

Take advantage of my FREE Jumpstart Mortgage Pre-Approval service and be ready to make an offer on the home of your dreams.

“When You Work With a Professional, You Get Professional Results”

3 Most Important Aspects of Real Estate for First Home Buyers is Location, Location, Location

When shopping for your First Home, few families will compromise on Location. Have you heard Real Estate Agents refer to the saying, “The three most important aspects of real estate are: Location, Location, Location”?

That’s because it is vital to ensure a property is in the most desirable location for the type of property it is and your lifestyle.You can make improvements to the house like getting new appliances in the kitchen, remodel the bathroom or get a new roof.  You can even go to extremes and knock the whole house down and build a new one, however, you cannot change its location.

So the question remains: What determines if a property is in a desirable location?

An appealing location will have several components, one of which is the neighborhood. If the neighborhood is unpleasant with noisy and problematic neighbors, then most people will not want to live there. The design of the neighborhood is also relevant. Is it near a busy street, or are the houses too close together? Here are some other factors to consider.

City vs. Suburb vs. Rural   The setting you choose within the city or town you select will affect the amount of peace and quiet you have, lot size, education options for your children, proximity to shopping, entertainment, medical services and anything else you might want or need, and more.

Affordability   Another component that makes a location desirable is the overall affordability of homes within a neighborhood. A homeowner’s budget is a very relevant part of the home buying process, and some may choose to live in a less convenient location because of price.

So be sure you talk to a mortgage professional first and get Mortgage Pre-Approval before you go shopping for your First Home.

School District   If you have or are planning to have kids, it may be a good idea to consider the quality of neighborhood schools when choosing your location in order to maximize your investment.

Commuting Distance   The distance to the job is another component that determines a desirable location. The extra hassle of spending extra hours and gas money commuting to a job everyday multiplied by the amount of years you’ll spend in the home may not be worth it.worth it.

Safety   For most people, the crime rate is a top consideration. In my quiet neighborhood, the fire hydrant in less than 100 yards away and I know from experience that first responders will be at my door less than 5 minutes from my 911 call.

Proximity to Friends, Family   Your dream home may not feel homey if you live too far away from your friends and can’t see your family on a regular basis. On the other hand, your friends and family might end up moving at some point, so make sure this isn’t your only reason for choosing a location.

Proximity to Leisure Activities   What do you enjoy doing in your free time? If your favorite thing to do is stay home, you might have more choices available to you when it comes to this aspect of choosing your location.

Overall, buying a home is a very large investment, so you want to make a well-informed decision. Having a responsible and reliable real estate agent will help advise you on the pros and cons of any home you are considering buying. Just remember, Location, Location, Location.