Owning your own home is something that many people take pride in. However, the process to home ownership takes effort to assure that the process goes as it should and there are many things you should do to prepare for your purchase.
Here are tips on how to buy a new home:
Build your credit. When purchasing a new home, you will need to qualify for a mortgage loan. In order to do this, your credit report must show credit worthiness.
It is a good idea to check your credit report several months before shopping for a new home. You can do this by requesting a copy of your credit report. By law, you are entitled to one free report per year. Look over your credit report and make sure there are no mistakes. Also, if several of your credit cards are near their limits, work on paying them down or off.
Save for a down payment. Depending on what type of loan you qualify for, you may need to put down as much as 20 percent of the home’s selling price. It is best if you begin saving for the down payment as early on in the process as you can.
Use a mortgage calculator to figure out how much you can afford. There are several online calculators available. They will give you an idea of how much house you can afford based on your income and your expenses. Typically, lenders will loan you up to 28 percent of your income.
Get pre-qualified. You can do this by visiting with a mortgage lender. They will look at your credit report, your income, your financial obligations, and other information. After looking over everything, they will tell you how much of a loan they should be able to guarantee.
Determine where you want to live. Do you have a particular neighborhood or area of town that you want to live in? Or perhaps, you are more open to where you buy a new home. Before you start shopping, decide where you would like to purchase a house.
Visit open houses. Looking at houses in the area can help you decide what type of home you want and need. Visiting houses will also allow you to see floor plans in action and look at the overall layout of the homes.
If you are looking to buy a home, we can help make your dream come true. Contact us at Trumark Homes, we have active communities with homes for sale in Milpitas, San Jose, and Silver Lake and would love to work with you during your home buying experience.
Choosing to purchase your first home is a time that comes with many emotions. It is exciting to make the big purchase, but there is a lot of information and decisions so it’s easy to get overwhelmed, too. Before you make any decisions, it is important to learn more about financing your first home.
The Down Payment: Being a first time home buyer, you may qualify for a loan that is insured by the FHA or Federal Housing association. These loans require you to put down as little as 3 percent of home’s cost. If you go the conventional route, though, these loans require a down payment of up to 20 percent to qualify for a mortgage loan. Begin saving to make sure you have enough when you find your dream home.
Your Credit Report: When you apply for a loan, your credit report is the major thing lenders will look at. Lenders want to see a clean report with a high score. Typically, the higher your score, the lower the interest rate and your down payment. You can request a free credit report each year. Request yours, go over it, and make sure any mistakes are corrected before applying for loan.
Applying for Credit: As you are in the process of purchasing a new home, and even before that, try to avoid applying for any new credit. Lenders will see this on your credit report and any new credit inquires within a year of purchasing a home can cause you to be denied.
Shop Around: Just as you shop for your first home, you will want to shop around for your mortgage. Go to three or four different lenders and find out what each is willing to offer. This can help you get a lower interest rate, which in the long run, saves you a lot of money and gives you a lower monthly payment.
The Home Inspection: Before you sign on the dotted line, make sure that you have a home inspection. An inspection will open your eyes to any problems or to any situations that could possibly become problems. As you purchase your first home, this can be quite helpful.
If you are looking for additional information on financing your first home, don’t hesitate to contact us. At Trumark Homes, we pride ourselves on finding buyers their perfect home with the best financing options.
By Chris De Benedetti
NEWARK — A new tract of single-family houses and townhomes has begun taking shape, making it the city’s first new housing in more than a decade.
Trumark Homes will build 164 residences on 12 acres between Cedar Boulevard and Timber Street, renewing Newark’s aging housing stock.
The project signifies that the Bay Area’s building boom has come to Newark, and city leaders say they expect it stay for a while. Several projects are planned, including 550 homes approved for the Dumbarton transit-oriented development on the city’s western edge.
“This is the first of a number of projects adding high-quality housing in Newark,” said Assistant City Manager Terrence Grindall. “We’re looking forward to it energizing our community.”
Trumark will build 84 detached three-story houses averaging 2,200 square feet, and 80 attached two- and three-story townhomes.
The Danville homebuilder broke ground on the project last month and expects to complete it by early 2017.
The property, a former recreational vehicle/boat storage facility, is bounded byTimber Street, Cedar Boulevard and Interstate 880.
“It will provide a much better window into Newark and will improve that section of Cedar Boulevard,” said Christopher Davenport, a Trumark Homes executive.
The project’s total value, based on projected sales revenue, might reach $115 million, said Jason Kliewer, Trumark Homes’ chief investment officer.
“We want to develop … in major job centers,” he said. “Newark’s proximity to Silicon Valley is highly attractive to us.”
The detached single-family homes on small lots, which in the Bay Area average nearly $1 million, will start at around $750,000, Kliewer said. The townhouses will list for about $550,000, he said.
None of the development’s 164 units are designated for affordable housing, city leaders said.
Newark allows developers to choose whether to include affordable housing or pay a fee of $25,000 per unit and, “almost universally, they choose the fee,” Grindall said.
Newark will use Trumark’s $4.1 million fee to acquire land for affordable housing, he said.
The new development will give the city tax revenue and a needed infusion of fresh housing stock, said City Manager John Becker.
“Most of Newark’s homes were built between the 1950s and the ’70s,” he said. “New homes generate property tax revenue and new residents that shop in your city. These types of housing projects are absolutely critical for the future of Newark.”
San Francisco-Based Developer with 1,200+ Units in Its Pipeline Looking to Make a Splash in Southern California
LOS ANGELES – June 17, 2014 – Trumark Urban announced today it has purchased a fully entitled development site in the South Park neighborhood of downtown Los Angeles, where it will build a $100-million condominium complex of 24 floors with 151 units. The property, located at the corner of West 11th Street and South Grand Avenue, will fill a growing demand for affordable for-sale homes in the city’s urban core.
“This building is the right size and location for our entry into the market,” said Arden Hearing, managing director of Trumark Urban. “Many developers are building rental apartments, which has helped to bring retail services to the area, but the sub-market is dramatically lacking new condo inventory for those residents who prefer ownership. In that, we see opportunity.”
An offshoot of San Francisco Bay Area-based Trumark Companies, Trumark Urban recently expanded into Los Angeles and now has more than 1,200 residential units across 10 projects in process between Los Angeles and San Francisco, for a total investment exceeding $750 million.
“We have been watching Los Angeles for years, and downtown specifically,” Hearing said. “We see a unique confluence of events that results in a burgeoning urban scene ready-mixed with jobs and amenities.”
The South Park site was entitled in 2007 and has been sitting on the shelf since the financial crisis. Trumark Urban will spend the rest of this year on design and entitlements and plans to break ground on the condos in January 2015. The condos will be offered to the market in early 2016 with closings later that year.
With this project, Trumark Urban is refreshing the design, amenity offerings and unit mix for a new generation of buyer. The condos will have a sophisticated, contemporary design, and amenities will include a sky-pool lounge area with outdoor fire pits and barbecues, pet-washing stations, a movie theater, and community and business areas.
“We are excited to offer this project in such a special location to a market that is really underserved in terms of new condo inventory,” said Kevin Bixler, site acquisition manager for Trumark Urban. “We are looking aggressively for additional A+ sites in various, targeted, locations around Los Angeles.”
Trumark Urban is under contract to purchase a second downtown Los Angeles development site, also slated for condo development. Construction is anticipated in the 3rd quarter of 2014.
Trumark Urban continues to buy property in San Francisco and Los Angeles and is exploring new acquisitions in markets beyond California.
About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark has raised more than $340 million of equity and funded 24 deals since the depth of the recession in 2009.www.trumark-co.com/companies
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Its pipeline exceeds 4,400 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue.www.trumarkhomes.com
Trumark Urban develops condos in core urban neighborhoods close to jobs, transit and local businesses. Since making the strategic decision IN 2011 to focus on for-sale condos, the division has acquired ten sites between San Francisco and Los Angeles that are targeted for over 1,200 condominium units with total projected revenues expected to exceed $1 billion. www.trumarkurban.com
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.www.trumarkco.com/commercial