Mortgage Knowledge is a Home Buyer's Power
I'm willing to bet that most people would say they’d prefer to own their long term home, rather than leasing it. However, according to doorloop, only a little more than half (66%) of the population are homeowners in America, leaving 34% of the population to be renters. There are many reasons why a person may choose to rent, but it’s not a secret that when it comes to buying a home, many people just don’t know where to start. It’s one of the biggest financial commitments a person will make in their lifetimes, and especially for first time buyers, the whole ordeal can be a little daunting. One of the main first questions is : How do I get the financing? When it comes to choosing the right mortgage loan, it’s important to explore a few different options to make sure that you’re getting the best terms that suit your lifestyle and credentials. Many people are simply unaware of how many different types of loans are out there and what they actually need to show to qualify. I am willing to bet that many people who want to buy a house believe they can't qualify or afford a home because they just don’t know what to look for. We want to see that paradigm shift, and get more Americans into their own homes. Did you know there are loans out there that require as low as 0% down... There are even downpayment assistance programs (for qualifying buyers)! So there’s really no need to hesitate. You can start looking into it today, and start to see what mortgage option is best for you and learn what it will take to get you over that threshold and into your dream house. To get you started... We put together a brief synopsis of a few different loan programs that are available out there: Government Backed Loan Programs: FHA Loans 3.5% down is the usual down payment, though there are other options, depending on which lender you choose. These are for primary residence purchases only. There are loan limits determined by the county you live in. Interest rates are often lower than the rates offered for conventional loans. Though due to their long-term MIP (Mortgage Insurance Premium - ask your lender for details!), you may end up paying more over the life of the loan. If you want to check out today's "prime" rates, here's a great website resource: Mortgage News Daily VA Loans A loan available for veterans and some qualifying widows of veterans that has some of the highest purchase price coverage a person can attain. If you're a veteran, this is an amazing program! You can put 0% down and not have to pay the pesky MIP that's required with FHA. And usually, FHA & VA have similarly low rates. USDA Loans Many people don’t associate the USDA with home loans, but this government program also guarantees loans to help support low income families looking to buy in rural areas. And rural doesn’t have to be out in the middle of nowhere. There are even some "Asheville" addresses that qualify! Nearly every surrounding town (currently) meets USDA eligibility requirements. And here's the best part... this is one of the only 0% down payment options for non-veterans! You do need to be creditworthy and make stable, provable income... and there are income limits to discuss with your lender if this sounds like a great option for you! *Government loans sometimes require sellers to make repairs based on appraiser concerns. We're happy to go over all pros & cons with you when the time is right!* Conventional Loans: This is the type of loan that most people think about when they consider buying a home. These loans are not backed by any government programs and are issued through banks, credit unions and mortgage companies. Their qualification standards are higher. Conventional loans are typically provided by private entities with no government guarantee of being paid back. Many buyers think you have to put 20% down to get a conventional loan, though that's simply not true. Commonly, mortgage providers require a minimum of 3% down for conventional loans (the most competitve loan type when submitting offers), though we recently partnered with Whitley Mortgage to offer a 1% down option!! CONVENTIONAL 1% DOWN With an almost unheard of 1% down, this mortgage is available to buyers who make 80% or below of their area’s median income (AMI). You still need a credit score of 620 or higher and the loan must go towards your primary residence. This isn’t a great option if you’re looking at top dollar houses but it’ll definitely get you into a cozy new home that you can call your own. Here are some of their other options: HOMEONE® This mortgage is for first-time homebuyers and requires as little at a 3% down payment solution. There are no income restrictions and available in all areas, even the city centers. There are no income restrictions but you need to prove credit worthiness. A great option for condos, townhouses, or single family residences, including manufactured homes. HOME POSSIBLE® Another option that offers up to 97% financing for qualifying buyers that meet at least a 620 FICO credit score. It’s available for first time homeowners as well as move-up borrowers and retirees alike. This mortgage is also suitable if you’re looking for a refinance even with low equity currently in your home. You can even use this loan for buying into co-ops! Here is a link to their website if you want to learn more about them: https://www.whitleymortgage.com/ With mortgage interest rates dropping below 7% (compared to 7.91% in October) and several more rate cuts predicted this year, 2024 might just be a great year to buy your new house! With lowered rates, options for down payment assistance and great resources for financing investment deals - there's no longer a reason to wait! Reach out to us as soon as you're ready to start exploring more in depth what loan options are best for you - and we'll get you linked to the right experts to help you out!
Winter Lights at the Arboretum!
Christmas time conjures up a sense of magic in people. The excitement of absolutely sourcing the BEST gifts for the people you love and those familiar holiday songs, remixed by someone from literally any genre you can think of. The parties and gatherings with cherished ones which yields too many of the “Oh, I shouldn’t, but I will have my 8th cookie tonight” situations. And then there’s the lights which brighten up these dark, chilly nights and dazzle beneath the sky, for one time of the year, mirroring the wonder of the stars. And when you’re really jonesin for a good light show, The Winter Lights at the Arboretum in Southwest Asheville (just off the Blue Ride Parkway!) is a guaranteed symphony for the senses. It’s one of the closest things we’ll get to walking in a galaxy, albeit a very specific holiday themed galaxy… Anyway, before we get too deep into outer space metaphors here, let me jump in and share with you some of the best parts of Winter Lights and why my family and I keep going back. Choo-Choo Cheer for Kids: The Train Sets Tiny snow-covered villages, miniature trees with twinkling lights, and cruising through the whole display are two classic trains, chugging their way along an expertly crafted, and quite huge railroad track. The Santa Train, of course, hauls presents as its cargo, overloaded and ready to pass out to all the mini children waiting in those small homes with frost-covered windows. The next train is one that carries more mystery and has this way of calling out to it’s human spectators, beckoning us onward to a magical adventure - its the Polar Express. And don’t try to tell me that you’ve never imagined yourself jumping on THAT train? A Symphony of Lights Walking up to the Winter Lights, it almost feels like you're walking into a grounded firework show that just keeps going without any pauses or fading. Every corner is decked with color and brilliance. Moving through the labyrinth of lights that seem to dance along to the rhythm of the Christmas music that plays throughout. (Great engineering or a trick of the mind?) Hmm.. It’s easy to get caught up in holiday cheer here, so curmudgeons and grinches beware - the spirit is STRONG around here. Trees laced up with lights to their starry tops, giant light ornaments and little children everywhere ooing, ahhing, and getting psyched for Santa. Did Someone Say S’mores? What’s a winter celebration without a few sweet treats? They fill up your souvenir cup with Hot Cocoa that you can enjoy as you walk - or nestle up by the fire pit with. Yes, thank you, I’ll have a couple of those gingerbread man cookies, as well. While I’m snacking cookies, the kids love when they get to start roasting marshmallows over the fire. Put the chocolate and graham cracker sandwich together with the melty mallow and I have some absolutely WIRED and happy children. (Bankin’ on that sugar crash on the way home.) Whether you’re In Asheville for the holidays, or live here full time, the Winter Lights celebration is definitely a sweet spot to take the family, have a jolly-good-time and get infused with that holiday cheer. So come along, and board this train!
We Have a Birthing Center Again Thanks to Lilac Health!
Lilac Health's vision to open the Asheville Birth & Wellness Center was sparked by a deep commitment to improving and expanding maternal health in the United States. When the closure of WNC Birth Center and the Birth Center in Chapel Hill made national headlines back in 2021, it signaled the call to action for the founders of Lilac. They recognized that these two communities are widely supportive of and seek out more natural birthing options and should not have to bear the loss of the Midwifery Model of Care any longer. The Birth & Wellness Center is commited to providing an alternative birthing option for low-risk women. They value the unique needs of every client and truly seek to be supportive and adaptive. They understand that every pregnancy is unique, and they strive to honor each woman's journey with personalized care, catering completely to her individual experience and birth vision. The beauty of that commitment is visceral, you can feel their compassion and genuine support as soon as you step inside the center. There's a natural aura of comfort, safety, and trust that exudes from the nurse midwives and staff which really makes a girl feel like she’s in the right place. Birthing at Lilac is intended to be empowering, giving women the opportunity to feel safe, relaxed, and encouraged to stay in her natural birthing rhythm without feeling pressured or out of her element. Personally, I love the intimacy and wildness of a home birth. Although for some women, whether it be the minimal medical attention, the lack of a proper birthing space in their house or any other personal reason, a home birth can be a bit of a stretch. That's why birthing center's are so crucial! It's the perfect blend of hominess and medical security. Lilac provides a maxi-home setting, accredited by the CABC, with strict protocols and guidelines to ensure safety and optimal outcomes. Highly emphasizing the midwifery model of care, the center allows women to receive personalized and attentive care within a designated and well-equipped facility. It’s an incredible in between option with the best of both worlds. It’s unfortunately quite common for low-risk women who give birth at hospitals to be encouraged (and sometimes pressured) to receive medical intervention such as c-section or vacuum births at the hospital standard of the 40 week mark. However, especially with first time moms, it is common and healthy that babies tend to incubate all the way up to 42 weeks. The birthing center, although equipped like a hospital, gently awaits a mother’s natural birth time and only responds with medical intervention if absolutely necessary. Each birth is attended by a senior Nurse Midwife and professional Birth Assistant, both passionate and dedicated to women’s wellness, so mama can feel safe, knowin she will be tended to by well trained and licensed staff. The Lilac Health Center is an intentionally curated space that encourages comfort. Their large rooms were designed to be homey and aesthetically soothing. With cozy, plush beds, private bathrooms, and beautiful, hydrotherapy birthing tubs, it really makes a woman feel at home - but in an “I live in an epic, boutique spa” kind of way. They have a kitchen and library set up in the space also, so there’s plenty to keep a couple nourished and entertained for those particularly long labors. Another awesome thing that Lilac offers, which is a bit unique, is the use of pilate bars, birth slings and exercise balls which help stretch and calm mama's body to naturally progress labor. The ambience is perfectly soothing, with dim light, a speaker to play mama's favorite playlist and an essential oil diffuser with a scent of her choice. The goal is to create a space for birth which allow women to feel cozy and in their element as much as possible. They also welcome doulas and any family members they desire to have present at the birth, including children, so they can birth with the ease of knowing that they're in good hands with good company and in a space suited to serve their needs. Beyond being a birth center, Lilac Health offers a comprehensive range of maternal health and well-woman care, with exciting plans for further expansion yet to be seen! Passionate and commited to women's health, aiming to provide a greater continuum of holistic care. We, here at AVL Real Estate, as women and mothers ourselves, are super excited for this beautiful offering to return to our town! We immensely value having the access to exceptional and heart centered maternal wellness care. Thank you, Lilac Birth and Wellness Center, for filling a void here in Asheville which we have too long been enduring.
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