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First Time Home Buyer Advocate

First Time Home Buyer Advocate Deal of the Month!
***We have confirmed this deal as valid on June 17th, 2017***

What you get with this deal:  Zero Down Home Loan + Gifted Appraisal & 
Home Warranty 
Offer Expiration:  Expires July 30th, 2017
Who Qualifies: First Time Home Owners or Public Servants



Welcome to the First Time House Buyer Resource.
  Since the deal we found you this month offers to pay for the appraisal and the home warranty we will cover those two topics this month:

1 - An Appraisal is required for your loan on every purchase using bank financing.  When you find your perfect home the appraisal will be ordered by your lender and completed by a Licensed Appraiser who will tell your bank what the home is worth.  If the appraisal reports a value lower than the price you offered on the home, your bank will only give you a loan for the amount of the appraisal.  This is a tough spot to be in because the seller is expecting you to pay the offer price, your bank will only give you a loan for the amount of the appraisal.  In cases when this happens you will need to bring in extra cash to make up the difference or the seller will need to agree to lower the price to appraised value.  Usually, once the seller sees the appraisal report they will agree to lower the price, but not always.  In the event the appraisal reports a value higher than the offer price, great job!  The seller is obligated to sell the property for the offer price and based on the appraisal report you are now buying a home at a discount and have immediate equity.  An appraisal often costs between $300 and $400 and in the case of this offer we found is paid for by the lender when you fund a loan through them.  This a great benefit and not one we see often.

2 - A Home Warranty is often purchased when buying a home to protect you from unexpected costs in your first year of home ownership.  It often covers major appliances, air conditioners, and heaters, and a laundry list of items common in a home.  It is not full coverage and there are many problems that a homeowner may have that are not covered.  For this reason, a home warranty is not a replacement for home insurance which covers problems like fire and other major calamities.  When you buy a home warranty be sure to read the terms of the coverage so you understand what is and what is not covered.  Often there are various levels of coverage with the better coverage costing more.  You typically may add on additional coverages for things like pools, spas, 2nd refrigerators, ice makers, and other upgraded service options.  They are usually sold on an annual basis and may be renewed every year.  In the event you need to call on your warranty company to address a covered issue, they will usually charge a trip fee to visit the home and then do the bare minimum to get you back up and running.  This visit fee ranges from $50 to $75 typically and when the dishwasher breaks, don't expect a new one!  Instead, you may end up waiting a week for a $20 part to be installed to address the issue.  In most cases it's a quick fix and you'll be happy someone is taking care of it for you!  In the case of this offer, Fidelity National Home Warranty is the company providing the warranty.  They are well established and financially secure company which is important as you do not want to drop $350 on a warranty only to have the company not take care of you or worse, go out of business.  The Realtor and lender mentioned above partner for this offer and the Realtor pays for your home warranty.  What is really cool about this real estate company is they upgrade you from the Basic $355 plan to the to the highest level of coverage paying $425 on your behalf to your the Comprehensive Plus Plan offered by Fidelity.  What can I say, these are the kind of people I want to work with!

Deal Fine Print - Good news this month, there is no fine print.  By registering with the Realtor as a first time home buyer (have not owned a home in the past year) and using the Lender and Realtor who offer the deal to assist you in your purchase you are immediately qualified.   At the closing of your transaction, they will pay both for the cost of the Appraisal and your Home Warranty.  We have confirmed this offer as Valid through the end of July, 2017.  We have included the contact form above for the Realtor, all you have to do is enter your information above and you are immediately qualified.  This offer is also available to Public Servants, being Police, Fire, EMS, Teachers, and anyone who works for a local municipality or State or Federal Government service.

Cool Tools of the Month:
Credit Report Review Checklist.pdf - review your credit ahead of time, prepare for success!  This resource includes the contact information for all the major credit bureaus, how to dispute an error on your credit report, and even provides an example letter if you need to file a dispute. As a first time home buyer this may be the first time you have anyone take hard look at your credit.  Use this tool to prepare for that exam ahead of time!  Go get'em and go get that house!

Home Loan Toolkit.pdf - everything you need to know and do with regard to your first home loan.


Check back, more tools added monthly and more deal researched!!!
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