We'll be discussing the age-old question, how much should we spend on a home? With everyone's situation being unique, it's important to talk about the fundamentals of creating a budget and give you some overall guidance that you can use to come up with your ideal budget.

Tools & Resources:

• Show Notes & Article: https://fthbpros.com/first-time-home-buyer/how-to-budget-for-buying-a-house/
• Home Affordability Calculator
• Mortgage Calculator
• Home Budget - Google Sheet

Starting with the two things that you need to concern yourself with – what price home will your budget allow for, and what price home should your budget allow for? The main difference is what will a lender approve you for and what you're comfortable with spending. We'll dive into how lenders calculate your debt-to-income ratio (DTI) to know the maximum you can be approved for.

However, is that maximum amount realistic? We'll walk you through the general rule of spending not more than 25% of your pre-tax income on a mortgage payment.

We'll also be covering the three main sections that will help you understand what you should spend on a home:

1. Creating a budget and understanding how much you actually spend monthly
2. Looking at both your budget and the amount a lender will approve you for
3. Short-term and long-term planning, considering your career, living expenses, rent increases, and housing expenses.

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

I'm talking about one of my favorite down payment assistance programs that you can qualify for even if you make a higher income.

If you qualify for an FHA loan, you likely can qualify for this.

This program offers a 2% or 3.5% forgivable down payment and/or closing cost assistance with NO income limitations! That's right - no matter how much money you make, you may still qualify for this amazing opportunity. It can cover your down payment or closing costs, making it easier for you to afford upfront costs and become a homeowner.

Now, down payment assistance programs are not unusual, but what sets this program apart is that it's fully forgiven after just six months! Plus, this program is eligible in all states, except Washington. 

The main points I cover:

• Intro
• What is Down Payment Assistance
• The Empowered 3.5% Program
• Qualifications Needed
• Program Limitations
• How To Take Action

Meet ONE of the following 
* First-Time Homebuyer
* Current/Retired Employment or Volunteer/Non-Paid Member (Specific Job Types like working in the medical/education/first responder/etc.)
* Income
* Underserved Census Tract

Must Have:
Credit Score 620+
Take a Homebuyer Counseling course

Typically the cost is about 1% to 1.5% above a standard non-DPA FHA loan.
I have more info on down payment assistance, with more videos and podcast episodes added all the time: https://fthbpros.com/down-payment-assistance-programs/

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

We dive into the world of down payment assistance programs and how they can help you achieve your dream of homeownership. With housing affordability becoming a growing issue, these programs are becoming increasingly important for first-time buyers. 

In this episode, we discuss:

• The different types of down payment assistance programs and how they work
• The various requirements needed to be considered for these programs, such as income, credit score, and residency restrictions
• The upsides and downsides of using down payment assistance programs, including the impact on your buying power and potential disadvantages in a competitive seller's market
• Tips on how to find and apply for these programs in your local area

Whether you're struggling to save for a down payment or just need a little extra help with closing costs, down payment assistance programs can be a valuable resource in your home buying journey. Listen in to learn more about these programs and how they can help you achieve your homeownership goals!

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

One popular piece of advice given to first time home buyers is to “marry the house and date the rate.” This phrase refers to the idea of putting more emphasis on finding a house that meets your needs for the long term, and thinking of the interest rate in shorter or temporary term. We'll be taking a closer look at this concept and see what it means for you, the first time home buyer.

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

Learn about purchasing a new construction home - some tips and information to get the most out of your purchase. From financing options, to budgets and design choices, we want you to be prepared for the process and make an informed decision.

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

In this episode, we will explore the often-hidden costs and fees associated with purchasing a home that most buyers don’t consider. From home inspections and closing costs to moving expenses and mortgage fees, there are many hidden charges tucked away in the home buying process that must be accounted for when budgeting.

We will talk to real estate experts and industry professionals to get an inside look at what these costs might look like in today’s market, as well as discuss how buyers can plan ahead to make sure their budget is realistic when making one of life’s biggest investments.

So join us on this journey into the world of home buying and arm yourself with the facts before taking that leap!

See the entire article at: https://fthbpros.com/the-hidden-costs-and-fees-of-buying-a-home/

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

In this episode of the podcast, we talked to Stef Beltran del Rio from 360 Credit Consulting about the basics of credit for first time home buyers.

We discussed different credit myths, tips for building and maintaining a good credit score, what to look out for when dealing with creditors, and more.

Get your free credit consultation at: 360 Credit Consulting - FREE consultation

Stef's contact info:
Stef Beltran del Rio
(720) 210-9987
[email protected]

Full Article:
https://fthbpros.com/what-you-need-to-know-about-credit/

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

If you're self-employed or a contractor, maybe you have inconsistent seasonal income or had some major financial issues recently. Keep listening. This episode is for you.

We'll focus on the following alternate (Non QM) loans:

1. Jumbo Loans
2. Bank Statement Loan
3. ITIN Loan
4. Interest-Only Home Loans
5. Bad Credit (Post BK)

Who they are for, and some general qualifications.  We’ll talk about the pros and cons of choosing a Non QM loan.

Our Guest today is Sarah Krasner.
Sarah's Contact Info:
Sarah Krasner: (702) 466-6430
NMLS #1272407

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

It’s the end search is over. Stop even looking for a house. You’ll never be able to afford it, not with those interest rates.

Is that what you've been hearing or thinking? Is it even worth looking at homes anymore? Is your dream crushed? The reality is that, no, you aren't out of the running. It's just a different market now.

Today I've got Sarah back on the podcast, and one of the reasons I really wanted her back here is because she's been doing this for 20 years, and guess what, she's seen interest rates hit double digits. So she's gonna help us talk about what kinds of things we can do to buy a home in a high interest rate market.

Sarah's Contact Info:
Sarah Krasner: (702) 466-6430
NMLS #1272407

We cover five options:
1 - Buy down your rate, you may be surprised how much lower you can actually get.
2 - Work with a lender who will refinance you in the next year or two at no cost.
3 - Try different options from a financing standpoint. One of those can be a 2-1 buydown, an ARM loan, or other programs your lender might be offering.
4 - Start by looking at homes that have been on the market for over 30 days. If they haven't had any price reductions, you may be able to offer below ask and still get your offer accepted.
5 - Similar to the homes on the market over 30 days, but have your real estate agent look at homes that are offering seller concessions. These can be used to help pay for closing costs including rate buy downs.

We look at each of these in more detail, to give you an idea of how this can impact the purchase of a home.

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty

8 questions to ask yourself to make sure you are ready to buy a home from an emotional standpoint.

Full Article and show notes @ https://fthbpros.com/are-you-emotionally-ready-to-buy-a-home/

1. Are you comfortable with the idea of owning a home, or is it intimidating? 
2. Are you ready and confident to be solely responsible for ensuring the home is always in a safe and livable condition. 
3. Do you have the time and energy to take care of a home?
4. Are you comfortable knowing that you can’t move whenever you want.
5. Are you buying a home because you think that’s what you are supposed to do.
6. Are you just looking for more room to live in? Do you need more space?
7. Are you comfortable with the idea of settling down in a particular neighborhood and potentially building roots and connections in the community?
8. How secure do you feel in investing so much money in one place over such an extended period of time? 

At the end of the day, owning a home is a major milestone in life and should be celebrated as such. It is important to take the time to ensure it’s right for you from an emotional and financial perspective. Your home should be a place of comfort and security, not one that causes you undue stress or worry. So take time to do your research, find the right professionals to partner with, and enjoy the experience along the way! 

Send us a text

Support the show

Find all our episodes, articles, newsletter, and resources on our main site: https://FTHBPros.com

Looking for a local real estate agent outside of California? We’ve partnered with Home & Money, simply go to https://homeandmoney.com/FTHB/ and we’ll help connect you with a local, vetted agent.

Contact Information:
Philip Mastroianni – Loan Officer & Real Estate Agent
(949) 357-5029
[email protected]

NMLS# 2141541
DRE# 02141890

Monica Mastroianni – Real Estate Agent
(951) 395-1848
[email protected]
DRE# 02099257
Legacy Homes Realty