Turning Teachers into Local Home Owners – It’s What We Do

Hello readers!  Sabrina here with one of my favorite posts to date.  When I first heard of Landed.com I knew I wanted to be a part of their movement.  Landed is a Down Payment Assistance / Equity Share Program aimed to help local teachers obtain the much needed 20% down payment for their home purchase.  Trust me  – around here that kind of help makes a difference.

I immediately reached out to them and asked if I could help teachers in need and the rest is history.

We had the pleasure of helping Lars and several families navigate the competitive waters of Bay Area Real Estate and make a piece of California their own.  I cannot tell you how much joy it brings me to not only help these teachers, but to earn their trust and respect as they jumped into market feet first – dreaming of owning a home in thier community.  The Caton Team loved helping them and ready to help another teacher.

If you are a teacher or you know a local teacher – please send them our way and we’d be happy to connect them.  For everything our local teachers give – it’s so good to be able to give back!

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The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the upmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.

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Berkshire Hathaway HomeServices – Drysdale Properties

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20% Down Payment Takes 12 Years of Saving

20% Down Payment Takes 12 Years of Saving

 

 

First-time buyers have a whole lot of saving to do — possibly more than a decade of saving for a home purchase. It can take, on average, 12.5 years for first-time buyers to save a 20 percent down payment based on a current personal savings rate at 5.6 percent, according to new research by RealtyTrac. The figure is based on current median home prices and doesn’t take into account further home price rises.

 

In RealtyTrac’s analysis of 512 counties, it found that the median price of a home is around $259,000, which would require buyers to save $51,800 for a 20 percent down payment.

Millennials entering the workforce often have several years until they start earning the national median salary — usually that is not reached until the age of 30, according to a 2013 Georgetown University study by Anthony Carnevale, “Failure to Launch: Structural Shift and the New Lost Generation.”

If that’s the case, first-time buyers who need a 20 percent down payment would have to wait until they’re 42 years old to be able to afford to buy a house, Carnevale told The Wall Street Journal. Coupled with other debt, such as student loans, the wait could even be longer.

Melvin Watt, director of the Federal Housing Finance Agency, has suggested lowering the down payment for a conventional loan to 3 percent from the traditional 20 percent. In that case, it would take first-time buyers less than two years to save enough.

The Federal Housing Administration allows buyers to get a mortgage with a down payment as low as 3.5 percent with a 30-year fixed rate. However, buyers still have to meet the debt-to-income ratio and cash reserve requirements and they would likely qualify for better terms for a loan if they could bring a higher down payment, says Whitney Fite, managing director of Angel Oak Home Loans in Atlanta.

Source: “Saving for a Down Payment? It Could Take You Until 2027,” MarketWatch (Nov. 5, 2014)

 

Have no fear – there are other loan options available – if you’d to learn more – please contact us at Info@TheCatonTeam.com

 

I read this article at: http://realtormag.realtor.org/daily-news/2014/11/07/20-down-payment-takes-12-years-saving?om_rid=AACmlZ&om_mid=_BUXQikB89faVK2&om_ntype=RMODaily

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