Gulf Life Now

You thought that only Boomers can afford to buy a home. Did you ever think you could ever afford to buy a house near the beach? Read further, I will tell you how one Millennial couple did just that. The fact is that Millennials are buying homes near the beach: Buy yours now!

It occurred to me that there is so much bad information circulating about how Millennials don’t want to buy houses. Millennials can’t afford to buy a house and more. None of this is true. This article will serve as a foundation for a series of focused articles I will be adding to my series about Millennials being the greatest holders of real estate in history.

Go to GulfCoastalRealtors.com to read more and use the great tools embedded in our series of articles called Millennial Financial Resources Series

Please listen to episode one, Private Mortgage Insurance PMI, get rid of it now. before you listed to this episode.  Episode two continues my own saga trying to get rid of PMI.  It's been a long struggle, months in the making.  This is good information for those of you who think this will be an easy task.

Please visit our website LoganAndersonllc.com and read our blog articles about all things real estate.  Also visit our alternative site GulfCoastalRealtors.com for a wealth of blog articles.

Our brief discussion on how easy it is to get pre-qualified for a mortgage loan will help those who are considering applying for a pre-approval.  There are some things you can do to get ready.  Listen and we will explain the process.

Visit our website at GulfCoastalRealtors.com

Gulf Life Now is a presentation of Logan-Anderson, Gulf Coastal Realtors.  Contact us if you are interested in purchasing property along the Mississippi Gulf Coast.  Visit our website to see what is available  LoganAndersonLLC.Com

Home buyers will pay a higher price if the house is in good condition, and it is clean and tidy. If you want to earn the listing price for your house it must look attractive inside and out. The value of your home is in part based on its condition. We have listed 75 easy things to sell your house for more money. 

There is no need to spend lots of money to prepare your house for sale. Almost all of the items on the list below represent minor repairs that will give you the best bang for your dollar. Follow the items on our list to improve the curb appeal of your house.

The title of this blog, 75 easy things to sell your house for more money is just that, easy. The list below are things you should not do just before selling your house:

-1. Don’t remodel

-2. Don’t replace the AC, water heater, or large appliance unless they are not operable and you can’t repair them

-3. Don’t repaint the entire house

-4. Don’t do anything that personalizes your house
I hope that the 75 easy things to sell your house for more money will improve your ability to sell your house fast without a big investment. Small things can add up and make a great impression. You can buy a new water heater, have it installed and it will not be noticed. Plant a few roses and you can sell your house for more.

Read further

Check out this article about “What is a home appraisal”. and Home Inspections there are many more articles on GulfCoastalRealtors.com I also suggest that you look at a few articles on our main website Logan-Anderson, Gulf Coastal Realtors where there is a wealth of information about buying and selling homes. Since you are moving, you may be interested in this article and the free budget tool. The best retirement-relocation budget tool.

Loganandersonllc.com

Yes, you can afford to retire by the beach on Social Security in 2022. You can even afford to buy a house. The low cost of living on the Mississippi Gulf Coast is the reason why you can afford to live on Social Security alone. Your social security income can pay the median rent, and cover living expenses so you can live a comfortable life. Mild winters and warm summers along with healthcare services attract people from the largest cities.

Our calculations are based on two Social Security incomes. One at the average monthly benefit of about $1,450 per month and another at $2,400 per month. These amounts are typical for full retirement age benefits. The lower cost of living on the Mississippi Gulf Coast permits Social Security retirees to enjoy their golden years. 

Mississippi is one of the best states for retirees regardless of their source of income. If you have retirement savings to supplement, don’t worry about the State taking it in taxes.

Mississippi is among a few tax-friendly states where none of your retirement income is taxed by the state. This includes your Social Security check 401k withdrawals, pensions, etc. Let’s get back to the topic which is how you can afford to live in one of the best cities for less. 

You have choices along the Mississippi Gulf Coast. You can rent or buy. Housing prices and rents are among the lowest in the nation. The Mississippi Gulf Coast is far removed from the high cost of for example Los Angeles or other big cities. Our cost of living is lower than that metropolitan area you want to move from.

Starting with your monthly budget, we will explore what a monthly rent payment and utility bills would look like. Great news, almost all medical facilities accept medicare and offer good healthcare in exchange. Doctors in some larger cities and metro areas no longer accept Medicare so the fact that healthcare providers in this area do is good news.

In this example, you would qualify for a loan assuming your credit scores were adequate. This is the type of information that you can get from your loan broker. There are several articles on this website that can help you with your decision. A few of those articles are outlined below. Follow the links provided for additional articles that can help you make the right decision. Educate yourself.

Using the budget tool, you should consider all possible expenses. Read the article about the budget tool before you use it. Be sure to download it so you can save it. I am sure you will go back to it on occasion.

If you can save before retirement, do so. Living on Social Security alone can be done with two incomes. Even with one income, a single person can make it work as long as the amount is sufficient. 

Thank you for reading our blog. Please our website and read some of our dozens of lifestyle blogs. Listen to our podcasts available on all podcast sites. Click on one of the podcast players to the right of this article. Please leave comments, we love comments.

Check out our website RetireCoast.com.  Read the entire blog article with the same title on our website by clicking here   As mentioned, there are a few articles below that you may be interested in, just click on them.

Why I decided to retire in Ocean Springs, Mississippi

Why you need to retire on the Mississippi Gulf Coast

You can buy a house on Social Security Alone in 2022

Your best free Debt-to-Income Calculator will show you if you may qualify to buy a new home.  Qualify for that loan on the first try with your best free Debt-to-Income Calculator.  Follow our easy suggestions below for the best results.  

See the results develop as you enter the data.  A PDF is produced which you can save for future use. Save as many versions as you need based on potential changes. Your best free debt-to-income calculator will give you a good idea of where you stand from the comfort of your home.

Start with our mortgage calculator to determine what payment you can expect for a house you may be looking at.  Click here to use the tool on our site.

Start with Debt-to-Income

Enter data starting with your future housing cost (the new mortgage payment you want).  The mortgage amount must include interest, principal, taxes, and insurance.  Then move on to other expenses.  If you have none enter zero or skip.  Only enter numbers that can be found on a credit report about debt.

If you owe money to your sister and it's not a recorded deed or debt, do not include it.  Credit Agencies want to match up what you indicate with what they have found.  It's a trust but verify thing.

Complete the form by entering your income.  

Your Income

A word about the income.  Don't forget to enter all income that can be verified.  This income should have been reported on your last two years' tax returns.  Just because you can verify the income does not mean that the lender will use 100% of that income.

Income from a business may be discounted by 25% or more.  The lender will have rules about income stability e.g. If a source of income will stop in six months, it may be discounted. If the source is not consistent e.g. every month, some or all of that income can be discounted.

Lenders are all about reducing the risk they take by loaning you money. They will require documentation on virtually everything including the source of any money you have in your accounts. They will want to verify any monthly income to give you credit for it.

The Calculation

At the bottom of the form, you will see your debt-to-income calculation. If you have asked a lender for their guidelines, enter that number into the calculation. You will notice if you have met their target percent at the bottom of the form.

Now go to the right side of the form and enter the HOA number of any. You will then be able to see the same calculation for the front-end number. You will meet, exceed or not meet the threshold.

What If I do not meet the target?

Use this tool to adjust debt up, down, or eliminate it. Add income you may have forgotten. Change the anticipated monthly payment. Any of the factors can be changed. If for example, you are short on the debt-to-equity calculation, think about paying off a credit card. Change that number and see if makes a difference.

You may be looking for a house with a maximum monthly payment of $1,500 per month with principal, interest, taxes, and insurance. The tool may indicate that you will not qualify. Reduce the $1,500 to a lower number and see how it rolls out. If you can not make other numbers work, you may be required to buy a lower-cost house.

While you are considering buying a house, take some time to prepare a budget.  This article will be a great help not only does it discuss the process but it includes a free comprehensive personal budget tool.  Just click here to get started.

Visit our blog articles on LoganAndersonLLC.com 

Your monthly cost to buy a house can be lower than the cost to rent. With sufficient Social Security income and good credit, you may qualify to buy a house. Yes, you can buy a house on fixed income Social Security alone in 2022, and here is how.

Start with good credit. You will need a minimum credit score in the high 600's but the better credit gets better interest rates are given to scores of over 720. Next, are your ratios. This is your debt to income ratio. Your total debt reported to credit agencies plus your mortgage, insurance, and taxes can not generally exceed 45% of your gross income.

Sample Social Security Income

This assumes that a married couple at full retirement age is both drawing Social Security retirement benefits. One individual receives $1,450 per month and the other receives $2,500 per month. The combined income is $3,900 per month. This would be the gross monthly income. Any income from other sources such as dividends, interest, etc. would be added to your Social Security payments.

With an income of $3,900 per month, you can spend as much as $1,700 per month on your mortgage payment and debt payments. Assuming that you have only a $100 per month credit card payment, you can spend up to about $1,600 on housing costs. 

Let's look at a sample mortgage payment for a house that can be purchased for $112,950. Another assumption made here is that you qualify for a USDA home loan which permits 100% financing.

Compare to rent

Yes, you can buy a house for less than you may pay for rent when you buy a house on Social Security alone in 2022. 

We can help you

All of this is leading up to the fact that Logan & Anderson, Gulf Coastal Realtors can help you find that perfect property. We know the mortgage programs and can recommend lenders who can work with you. We can help you ahead of completing that mortgage application. If you have never been to the Mississippi Gulf Coast, we can help you understand the options available to you based on your limited income. 

Call or message us at Logan & Anderson LLC.com, we can tell you anything you want to know about the area. Did I forget to tell you about the very large number of retirees in this area? You will not have trouble creating a network of friends on your own. A good option is to go through the budget, look at our website and contact us. Doing some research is always a great place to start. 
Buy a house on Social Security alone in 2022 - Read our references below:

References

RetireCoast.com is a great place to read about the area and retirement.

LoganAndersonLLC.com is another great place to learn about the area and to see houses for sale and rent

Why I decided to retire in Ocean Springs, Mississippi an article about the area

Why you need to retire on the Mississippi Gulf Coast yet another article about the area

22 Things to do on the Mississippi Gulf Coast go here to see what the Gulf Coast has to offer

Serious about buying a home? Getting pre-qualified or losing out a good place to start understanding credit

Considering selling your home?  Will it pass an FHA or VA inspection?  This podcast was created to help you understand what inspectors are looking for.  If you are a buyer and want to finance your home with a VA or FHA loan, be sure the house you are looking at will pass the inspection.

After listening to this podcast, you will understand the basics of what the inspectors are looking for.  Health and Safety issues can take many forms.  With this new information as a seller, you can fix these issues before you sell.  As a buyer, you will know what to look for.

Please visit our website LoganAndersonLLC.com you will find blog articles on a wide variety of real estate topics.  Should you consider buying or selling property in Mississippi and specifically on the Mississippi Gulf Coast, please contact us through the website.      

One of our Mississippi Gulf Coastal gems.  The small city of Bay St. Louis is located on the Western side of the Mississippi Gulf Coast within a short drive of New Orleans.  This small coastal community is known for its hospitality.

Having suffered greatly from Hurricane Katrina, the community has bounced back and is better than ever.  New construction is everywhere.  Restaurants, hotels, and more venues for visitors to take advantage of.

The marina/harbor has been rebuilt and offers several restaurants.  Sit at one of the marina restaurants and enjoy the view.  Walk around the old town area where you find shops and pubs for your enjoyment. 

Gulf Life Now is a service of Logan&Anderson, Gulf Coastal Realtors      Please visit our website to read blogs on interesting topics.  Listen to more of our podcasts as well.

Why are you renting when you can buy with as little as a 3.5% down payment and a good credit score. Your rent is $1,650 and the mortgage payment is $1,245 per month. This is an example of real rental property and what it would cost to buy that same property? You should buy Vs. rent a home: now.

I just received a notice today about a house that has been offered for rent at a rate of $1,650 per month. This home's value is about $155,500. Read on to see how it was cheaper to buy vs rent this same home.

The required lease/rent payment is $1,650 per month. You can see that the estimated monthly payment is $1,245 per month saving you $355 per month. Interest rates are going up so we used a higher rate in our calculations. 

If you bought this house, you would save about $4,260 per year at today's interest rate vs paying rent. Rents will continue to increase while the principal and interest on a fixed rate home loan will not. To be fair, insurance and mortgage taxes can increase and probably will. 

The dollar amount of those increases may be competitive with the dollar amount of your rental increase. Year after year. The evidence is adding up, you should buy vs. rent a home: now.

The example above is located in the city of Gulfport, MS. Other properties are less costly to buy than paying rent in this area. I picked this one because it popped up and gave me the idea to write this article. 

Read this article about the best places to live on the Gulf Coast. 

If you can afford a 20% down payment, the houses are even more affordable without mortgage insurance. The more you put down, the lower the payment. I also suggest that you consider putting down only as much as necessary to make the payment comfortable.

Over the years, your property will work for you repaying you for buying it. As mentioned above the appreciation and build-up of equity are great benefits. 

Time to get pre-qualified

If you see what we see in this article, it's probably time to get pre-qualified. See how much home you can afford. Read our article on this site "Serious about buying a home? Get pre-qualified or lose out."

While it's still a seller's market, you need to know that you can buy a home before you can make an offer. When you decide you want that house, as the article will say, move fast with that pre-qualification letter. Read this article "can I qualify to buy a house?"

Click here for a form to get started on your pre-qualification.

Contact us, we can help you find your affordable home

At Logan & Anderson, Gulf Coastal Realtors, we are at your service. Our specialty is helping first-time buyers locate that perfect home, they can afford. We help people relocate to the Mississippi Gulf Coast as well. 

Our blog site LoganAndersonLLc.com has lots of articles about things we have discussed above. You can also check out an article about Mississippi Gulf Coast Housing. To learn about qualifying for a mortgage click here.