What home will suit YOU best?

Instead of going on a random search through unknown neighborhoods, sit down and do a brainstorm. Don’t settle for adapting yourself to whatever home is available out there. Rather, you should think about what your needs are, which will then narrow your search and ensure you find your best match. For example, are you planning on having a family? It is important to think about such things because you don’t want to be forced to sell your house for a larger one too soon. Most real estate brokers will tell you that ordinarily, three years is the minimum to keep a house before you can expect to make a profit when selling it.

What is Prequalification?
Before applying for a mortgage, get a prequalification. It is simply a piece of paper that will list all your finances, thus calculating the amount of loan you can qualify for, and how much of a down payment you can muster. The important thing is to shop around for the best rates and lowest fees from a number of lenders. Don’t worry about the costs, a prequalification costs nothing. If you are good at math, you may simply request a blank form from any bank, and fill it out yourself.

How to pick the right real estate agent for you
Don’t simply go for big company names or glossy credentials. The important thing is to develop a good communicative relationship with your real estate agent. There are many Iranian speaking agents out there who may make you more comfortable in terms of language or cultural barriers. Check your local Iranian media for some names.

What is a CMA?
CMA stands for “Comparable Market Analysis” and can be obtained from your real estate agent. This should be done when you have already picked out your dream house and are about to make an offer. The CMA will provide a list of prices of comparable homes that have been sold in your buying area.

Get a Good Faith Estimate
Don’t forget that the sale price of the house does not accurately represent all the miscellaneous costs and fees you will have to pay on closing, including inspections, insurance, and taxes. People may get a shock when they see all of them add up. To prevent any bad surprises, ask your real estate agent for a good faith estimate, which will estimate all the closing costs. These usually amount to 5 % of the price of the home.

President Bush wants you to become a homeowner!!!
In June 2002, President Bush has created a plan to boost minority homeownership by having the Federal Housing Administration insure loans that require a borrower to pay as little as 3% of a sale price. For more information, go to HUD, the nation's housing agency, at their website www.hud.gov