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By Manisha Jain, Broker, Realtor | Broker in 97229
  • 5 Insider Secrets for Coming Up With Cash for Down Payment!

    Posted Under: Home Buying in Portland, Home Selling in Portland, Financing in Portland  |  October 19, 2011 11:40 AM  |  1,189 views  |  No comments

    5 Insider Secrets for Coming Up With Cash for Down Payment!

    Most home buyers’ biggest hurdle coming up with a down payment for a home is a challenge because it’s not chump change we're talking about, here. The down payment on a $200,000 house, for example, will run you anywhere from $7,000 (on an FHA loan) to $40,000!

    Many buyers will simply save up their own cash, even if it takes many, many moons. The good news is that if you still need some help to boost your down-payment savings, there are resources you can harness to power your home-buying pursuit:

    ·          Your Employer.  Some companies offer assistance programs to employees. Most are government, university, large company and financial industry employers. Check with your Human Resources department to see if any such program is available to you.

    ·          Family gifts.  Most lenders will allow home buyers to apply gift money from family members toward their down payment - within guidelines, that is. The reasoning here is that a friend will most likely expect you to repay the money, whereas a relative won’t! Before you accept a gift toward your down payment, be sure to check with your mortgage broker or loan rep to be sure that you’re dotting all the right I's and crossing all the right T's.

    ·          The FHA Bridal Registry.  Yes - you read that right! The FHA Bridal Registry Program enables wanna-be home buyers to apply their families’ wedding gifts toward their down payments. And although it’s named a “bridal registry” program, you don’t have to be a prenuptial couple to use it. You could also use this program to collect gifts for graduation, the arrival of a baby or some other major life event in which people want to give you gifts. The FHA Bridal Registry works like a traditional registry, but is more flexible.

    ·          City/County/State Programs.  Some states, counties and cities still offer programs that lend or give home buyers some assistance for down payments. These programs vary widely in scope - for instance, many target buyers with low and moderate incomes, while some seek to help the buyers of foreclosed or fixer-upper type homes. To learn more, visit your city, county and state websites to learn about programs that might be able to help you.

    ·          Your Retirement Funds.  Iif you have a 401K or IRA account and some years to go before retirement, you might be able to tap into or even borrow against your own funds for your down payment. The rules get a little tricky for IRAs (Traditional & Roth) for withdrawls, so definitely check in with your tax and financial advisors.  And while you can’t similarly draw from your 401K, many retirement and pension plans will allow you to borrow the money against your funds, then repay it to yourself – at interest. So the choice there comes down to paying your lender back with interest or paying yourself with interest. That choice should be you!


    Best Regards,

    Manisha Jain, MA
    Broker, REALTOR (R)*
    "A Name Friends Recommend"
    Summa Real Estate Group
    1975 NW 167th pl, Beaverton, OR 97006
    http://ManishaJain.com * Equal housing opportunity
  • Obama’s latest steps to put >$2K in owners pocket, stuck with bad mortgages

    Posted Under: Home Buying in Portland, Home Selling in Portland, Financing in Portland  |  October 19, 2011 11:25 AM  |  1,212 views  |  1 comment

    Obama’s latest steps to put >$2K in owners pocket, stuck with bad mortgages

    President Obama addressed the nation recently, and he set goals to help homeowners with underwater mortgage, where the owner owes more on their home than it’s worth.

    In concert with the president’s announcement, the Federal Housing Finance Agency (FHFA), the government body acting as conservator to Freddie Mac and Fannie Mae, said that it would review its polices to see if a wider base of homeowners may qualify in some way for the Home Affordable Refinance Program.

    The idea is effectively to help out responsible homeowners who simply got stuck with a bad mortgage during the housing boom. With current rates on the 30-year fixed mortgage close to 4%, a refinance could bring significant relief, over $2,000 per year in fact, to homeowners who have stayed current on their mortgages despite the difficult times.

    To date, those eligible for the Home Affordable Refinance Program are homeowners current on their mortgage payments who hold a loan good for 80-125% of their property’s market value. As the FHFA reviews their policies and standards, expect an announcement in the coming weeks.

    With such measures, housing industry is finding stable grounds & nearing the bottom. It can’t be better time to move up in your dream homes or purchase 2nd home or investment property.  I’d love to help you address your real estate questions.


    Best Regards,

    Manisha Jain, MA
    Broker, REALTOR (R)*
    "A Name Friends Recommend"
    Summa Real Estate Group
    1975 NW 167th pl, Beaverton, OR 97006
    http://ManishaJain.com * Equal housing opportunity

  • What US higher debt ceiling means to Housing Market?

    Posted Under: Financing in Portland, Foreclosure in Portland, Credit Score in Portland  |  September 1, 2011 7:08 AM  |  1,293 views  |  No comments

    What US higher debt ceiling means to Housing Market?

    The US debt-ceiling has officially been raised, ending a pretty stressful and contentious few days for the nation. But what exactly does that mean for the housing market specifically, as well as the overall financial picture for the general public? It’s not all great, but in some instances fast action will circumvent any big problems. Hit the jump for the full story.

    Among the most interesting for home buyers and sellers are mortgage rates. Lending standards will likely be even stricter, depressing the housing market a bit. With rates expected to climb .25% to 1%, anyone looking to refinance should lock in those rates now. Same for people buying new homes who have access to the currently-low rates. As US debt rating is revised down, interest rates could spike. Several experts believe housing market is near its bottom creating tremendous opportunity for long term investors looking for shelter away from stock market into real assets in addition to Gold (Gold is already at historical high prices & how high could it go – your guess is as good as mine).

    Likewise other facets of living style are affected as well such as, credit card rates in all probability will increase, up to 1%. Banks can’t retroactively increase your rate on current balances, but with 45 days’ notice they can raise your rate on new charges. (The national average sits at 14.08%.) Make sure you’re paying off new charges before the following billing cycle. A credit card is essentially a free 30-day loan, but once the interest rates set in it’s just not worth it. Car loans are headed north as well, between .25% and .50%. On average, that could be about an extra $144 per year.

    Finally, jobs will continue to be scarce. Higher borrowing costs for a company make the prospect of adding one more salary less enticing. (Of course the sooner consumer confidence recovers and spending increases, the sooner companies will increase revenue and be more liable to add jobs.)

    If you would like to schedule an appointment with me to discuss your real estate needs & plans, I’d be happy to schedule an appointment.


    Best Regards,

    Manisha Jain, MA
    Broker, REALTOR (R)*
    "A Name Friends Recommend"
    Summa Real Estate Group
    1975 NW 167th pl, Beaverton, OR 97006
    http://ManishaJain.com * Equal housing opportunity

  • Looking for Bank Owned Homes? - Be Prepared!!!

    Posted Under: Home Buying in Portland, Financing in Portland, How To... in Portland  |  June 8, 2011 6:02 AM  |  1,115 views  |  1 comment

    Bank owned homes are usually great deals for buyers but here are five things every buyer should know:

    Be prepared – All really good deals go fast! Often bank owned homes result in multiple offers quickly. I have seen 10s of offers on a single home in this so called “tough” economy. So be prepared for some serious competition. Hire an agent who keeps an eye on market so you don’t miss out.

    Pre-approval letter - Submit completed offer. A bank won’t even look at an offer without pre-approval letter. So get your financing lined up and obtain pre-approval letter before you submit an offer.

    Cash only buys – many bank owned properties are not financeable due to their flaws or conditions. So such homes can be sold only on a cash basis.

    Type of loan – many bank owned properties can only be financed through conventional loans. If you are looking for FHA (3.5% down) or VA or USDA (0 down) loans you should hire an agent who can look for only such properties for you.

    If you are looking for bank owned homes, I’d be happy to answer any further questions you might have. Please contact me today!

    I am HUD homes specialist. Here is my another blogs that might help you get more information:



    To search your dream home and get info on neighborhood, stats, schools etc, please click on links below:

  • Seven ways to build up your credit score to be eligible for the best interest rates

    Posted Under: Financing in Portland, Credit Score in Portland  |  June 6, 2011 1:59 PM  |  822 views  |  2 comments

    Credit score requirements for loans are higher than they have been in the past, so a good credit score is more crucial than ever. In today’s economy most lenders are looking for credit scores of 720 or higher to secure a low mortgage rate. Here are seven ways to build up your credit score so you can enjoy the best interest rates available.

    1. Request your credit reports and assess the situation. Credit bureaus (www.experian.com, www.transunion.com, www.equifax.com) are required to provide you with a free credit report every year. Nationwide consumer reporting companies get their information from different sources, the data in your report from one company may not reflect the same data in your reports from the other two companies, so request all three.
    2. Check to verify all of the information is correct. If there are any errors, contact the bureaus immediately.
    3. Your payment history accounts for 35% of your score, so make sure payments are on time every month.
    4. The amount owed is 30% of your score. A good rule is to use less than 10% of your credit available on each individual card.
    5. The length of your credit history accounts for 15%, so maintain your accounts instead of closing them. You are not penalized for available credit.
    6. New credit is 10% of your score and every time you apply for credit an inquiry is added to your report, which drops your score.
    7. Types of credit used accounts for 10%. Installment loans like vehicle and personal loans demonstrate you can manage various long and short-term credits.

    Best regards,  

    Manisha Jain, MA
    Broker, REALTOR (R)*
    "A Name Friends Recommend"
    Phone 503.644.2560
    CENTURY 21Wright & Assoc., Inc.
    14025 SW Farmington Road, Suite 360
    Beaverton,  OR   97005

  • Now is a great time to invest in real estate

    Posted Under: Market Conditions in Portland, Home Buying in Portland, Financing in Portland  |  June 6, 2011 1:54 PM  |  749 views  |  No comments

    Now is a great time to invest in rentals

    Low home prices and low interest rates make this a great time to become an investor.

    Real estate prices have fallen by 30-40% at average in Portland & Suburbs, according to Zillow.com. Housing data shows that price decline has stabilized and in fact started to recover in several neighborhoods. I think house prices are expected to improve from here for long term investors. Here are few tips to help you get started:

    1.      Know your investment strategy. You can invest in single family, apartments, commercial real estate, or in land that can be developed.

    2.      Location, Location, Location is important in real estate investing.

    3.      Have capital lined up.Speak to potential lenders or financial planner about your financial situation & be ready with funds for investment.

    4.      Build a supporting cast.Line up your realtor, possibly accountant, lawyer , maintenance individuals who can take care of the different challenges with your investment.

    Whatever you do, understand that buying investment property is an entirely different experience than buying your primary residence. And I am here to help you step by step. Please contact me for my favorite investment list of  properties today!

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