Congratulations are in order for first-time home buyers Ashley & Chris ~ who worked with Greg Rapp, Realtor® with Wallace Realty ~ to purchase their beautiful and totally charming new home in the Fulton Heights neighborhood.Greg worked with Ashley and Chris for several months, which might sound long, but together they viewed properties until they found the perfect match. The circa 1920's Arts & Crafts Bungalow at 629 Maupin Avenue, Salisbury NC was the winner!
• The biggest challenge that most first-time home buyers face is coming up with enough money for a down payment. Most conventional mortgage lenders require first-time buyers to come up with a down payment of 10-20% of the final purchase price. For a $200,000 home, that's $20,000 to $40,000. That's a lot of money for first-time buyers to come up with. First-time buyers taking out an FHA mortgage loan only have to come up with a down payment of 3.5 percent of a home's purchase price. That same $200,000 house, then, would require a down payment of only $7,000.
• Mortgage lenders today rely on borrowers' credit scores to
determine who gets mortgage money and at what interest rates. These
scores, which range from the high 300s to the low 800s, represent how wisely consumers have handled their
finances. Consumers who pay their credit-card bills late or miss car
payments will have lower scores than do those who pay all their bills on
time every month. Credit scores can be a challenge for first-time
buyers simply because many of them do not have long, established credit
histories, causing scores to be lower.• Mortgage lenders prefer to lend money to borrowers who have worked at the same employer for at least two years. For first-time buyers this can often be a problem: Many first-timers are young professionals who are still building their careers. This may mean that they move from job to job at a quick pace. Fortunately, most mortgage lenders are flexible on the employment issue. Many will overlook a short job history if borrowers can show that they still have a steady source of income that is high enough to comfortably cover their mortgage loan payments.
Working with an experienced real estate agent, like Greg Rapp, makes this process ~ and all the other processes of the home purchase ~ much more bearable! Ashley and Chris had this to say about working with Greg:
"Working with Greg was beyond
great! We had been working together for a couple of months and he was
very patient with us. Greg had our best interests in mind at all times!
He ended up showing us a house that wasn't on our list and we fell in love
with it! Thank you so much for everything Greg!"
A real plus for Ashley and Chris was to find a home in the very desirable Fulton Heights Neighborhood of Salisbury, North Carolina. This residential district of Salisbury, NC is known for its wide variety of charming historic homes, a very family oriented neighborhood, and its strong and active neighborhood association where the residents work together to improve and maintain a high standard for their quality of living. Ashley and Chris are sure to be very happy, long-term, in their Arts & Crafts bungalow on Maupin Avenue in Fulton Heights!
When you are ready to share your success story, contact Greg Rapp at (704) 213-6846 to get the process started!
Greg Rapp
Realtor®
Wallace Realty
704 213 6846 Mobile
704 636 2021 Office
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