As we hear more and more about mounting student debt and scrambling to find a solution that will help people 'get out from under it' we get hit with yet another obstacle for those trying to obtain a mortgage with student debt.

FHA mortgages are the most common mortgage obtained because they have the lowest down payment and credit score required. This is a federally backed mortgage and has the most flexibility for borrowers. FHA allowed student debt payments that were deferred 12 months or more to be excluded from their their debt-to-income ratio and therefore would allow them to qualify rather than be denied for high debt.

FHA has recently changed that rule and now includes deferred student loan debt into their debt-to-income calculation to the tune…

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When you buy a home from us we will do a full Buyer Consultation and Presentation on what we have to offer. You will receive an education in buying a home which includes your home loan, market conditions, our role as a consultant and not a sales person, making an offer, new homes, for sale by owner, the Purchase Contract, inspections, home warranty, appraisal, closing costs and much much more.

We will dig deep on what your needs and wants are in your new home and use our skills to find what you are looking for. Our Buyer Specialist view 100's of homes per week combined and are very familiar with inventory, neighborhoods and market conditions.

All my services are free to you as the seller pays my commission.

After finding your perfect home we use…

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Yes they will. When? I don't think anyone truly knows. However do you want to wait to find out? Below is an example of what Interest Rates Go UP?happens to your buying power if interest rates jump just 1%.

Say you are approved for $200,000 and the interest rate is 3.75%. Your approximate monthly mortgage payment would be $926.23 per month Principal and Interest.

If the interest rate jumped to 4.75% your payment would jump to $1042.29 P & I per month or to get the same payment of $926.23 your purchase price would drop to $178,000. That is a $22,000 reduction in your purchasing power.

Don't wait any longer. Buying a home is the best investment you will make. Think of it as a forced savings account that will give you a return when you sell as opposed to renting where…

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Home inventory is down 30% from this same time last year. What does this mean to you? This means prices have gone up simply due to demand and we are flooded with buyers needing to find a home.

The market has changed dramatically in the last 6 months so you may have more equity than you think. If you have thought about buying or selling this may be the best it gets for a while and you should start by calling me for a FREE market analysis of you home to determine value. This is the first step in determining if you should sell or stay.

Best contact number is (505) 259-3150

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FINANCING

Today I want to talk about mortgage financing. This is the first and most important step you will take in starting your home buying journey. This step is best taken in advance of your home purchase to make sure there are no unforseen issues on your credit report.

What is a mortgage?

A mortgage is a legal instrument to secure financing for a home with a  promise to pay the loan back. Its just like any other loan but much better because of the tax benefits, such as the mortgage interest deduction which can save you money on your taxes.

So how do you get a mortgage?

The only way to truly know if you qualify for a loan is to talk to a lender.

They will pull your credit and ask you questions about your income and debt.

You will then…

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Looking to buy a home in Albuquerque or Rio Rancho NM? We have a team of Buyer Specialist that can help you find your home and navigate the home buying process. It doesn't have to be scary or difficult, let our Buyer Specialist be your guide.

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According to Abodo.com rents rose 10% last month. This is the 5th biggest jump for a city in the country. With rents increasing it should make you consider the possibility of owning a home with a yard and room to grow. Why pay your landlords mortgage and walk away with nothing in the end. You have to live somewhere, why not invest in your own home.

We talk with many renters and they think they cannot afford to buy or qualified enough to secure a mortgage. My response 'you will not know until you try'. The process to find out is painless and only requires a minimal amount of time. At a minimum you get a free credit report and know exactly where you stand with a path to home ownership.

Do it before interest rates go up.  Give us a call at (505)…

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I'm sure you have heard of the recent interest rate increase and the commitment to increase the rate consistently over the next year...

What does this mean for you?

It could me less buying power. As the rate climbs so does your monthly payment and affordability. Home prices will still continue to increase but your buying power will go down or if you choose to buy when the rate is higher, your payment will be higher.

My suggestion is to get out there and start now. A 1% increase in rate can impact your buying power tremendously. See an illustration here.

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It's always fun to look at some amazing luxury Albuquerque homes for sale. Some of these amenities are unbelievable from infinity pools and expansive views to full bars in the game room. I wish I could have some of them in my home, how about you?

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