Brothers Redevelopment Inc Blogs Blogs - First-time Homebuyers: Prepare! "The time may be now": HUD Secretary Castro
Saturday, July 22, 2017
 
Jan 22

Written by: BRIBlogger
Thursday, January 22, 2015 1:11 PM 

Brothers Housing Counseling Director Peer said, "My first rule for homebuyers is to educate yourself so you don’t get in over your head." Brothers’ FREE homebuyer workshops make it easy to become informed ... and offer additional benefits,

HUD Secretary Julian Castro said it is now a good time for wishful first-time homebuyers to make the move to homeownership, a statement he tempered with the belief that homeownership is not right for everyone. Director of Brothers Redevelopment Housing Counseling Shannon Peer agrees.

“I echo Secretary Castro’s comment that homeownership is not currently right for everyone, but home prices and rents are predicted to increase for the coming year and I would bet even a couple more years. With interest rates as low as they are right now, if someone is interested in buying a home in the next couple years they need to act now or they may be priced out of the market.

My first rule for homebuyers is to educate yourself so you don’t get in over your head. Brothers’ FREE homebuyer workshops make it easy to become informed ... and offer additional benefits. http://tinyurl.com/76ds76t

Online classes – with a small fee -- also are available through the Brothers Web site, for those who prefer that method.

Peer and Brothers Homeownership Education Coordinator Rogelio Rodriguez offer three general tips:

1.      Know how much you can afford to keep your housing payment under 31 percent of your gross monthly income.

2.      Don’t buy for the sole purpose of selling for a profit in the next couple years.

3.      Take advantage of community down-payment assistance programs to effectively manage your out-of-pocket costs (which hopefully keeps your savings account healthy for emergencies as a homeowner).

Read the full story on Castro’s conversation. http://tinyurl.com/p7dso32

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