The Money-Saving Secrets of the Home Purchase

If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:

Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.

Get pre-approved for a mortgage to do your research first.​ Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.

Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.

The Stats: What You Need to Know Before You Buy a Home

​Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.

You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.

The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.

Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

This is the second time I have worked with Monica, she was initially recommended by my best friend. The first time we did business together was in 2020 when I bought my very first home, she made the process entirely hassle free.

I reached back out to her for help because I didn’t feel comfortable working with Freedom Mortgage to get equity out of my house. She was able to give me some much better options and basically saved the day. She went above and beyond to help me and I couldn’t be more thankful. Moving forward I will only do business with her, she is the best!

- Julia Hilt

Monica Vozza knows that every cent counts. She worked on my behalf to secure the best percentage rate and helped me select the best loan for my budget in today's difficult economy. She is a well-seasoned professional. She understood my financial situation and quickly developed a plan to purchase including different options for me.

She worked with my realtor sometimes on a minute-by-minute basis to make sure I had every opportunity to compete well in today's fast-moving real estate market. Monica worked for me after hours on more than one occasion making sure I got my part of the paperwork finished in a timely manner. She made sure I understood every detail of the loan process.

I love my new home! Monica gets full credit for making this happen! I highly recommend Monica Vozza! It is with full confidence and gratitude that I post a Five Star Review!

- Gregory Rice

I was very stressed out when I met Monica. We had issues with locking our rate and a family friend recommended her to us. She was so positive going through our options and laid out the groundwork for our choices clearly.

She was informative, patient and incredibly knowledgeable in so many ways. I found myself asking her questions about our home, that she was able to help me understand. I especially appreciated that Monica was available 24/7. There wasn’t a call she didn’t take, and her flexibility made the whole process so easy.

I can’t stress enough how hard it is to find people who care and actually want to work! Monica is that person. Every obstacle we had, Monica assisted us, or had a point of contact to help if she didn’t have the answer! In these chaotic times, if we didn’t have Monica we wouldn’t have had a fair interest rate and we surely would have lost our home!

Secondly, if it wasn’t for Monica - we wouldn’t have closed our home on time! She’s amazing and we are happy to recommend her to everyone we know. If you’re looking for a lender, there’s truly no one better!

- Ashley Albornoz

Monica is absolutely the best! Made my refinance smooth and stress free. I would definitely recommend her to all of my friends. If you want a stress free loan or refinance, she is a must! Thank you.

- Tabitha Kast

My husband and I purchased our home 10 years ago, through Moncia Vozza -Mortgage Professional. We had so many Mortgage Professionals contacting us. I remember the service Moncia had provided us in the past, we decided to refinance our home. The best decision we ever made contacting Moncia after 10 years later, she is still providing the same quality of service.

- Leatha McCain

Monica was a joy to work with. Very friendly, approachable, knowledgeable and responsive. I’d recommend her to anyone who is interested in mortgage and financial services. Thank you, Monica!

- Andrew Burns

Monica was WONDERFUL!!! She made the process of getting us into the perfect home all the way from California so smooth and easy and offered help every step of the way.

- Selena Sanchez

Monica is great to work with and very helpful! Appreciated her helping us find a great home! Highly recommend working with her. She frequently goes above and beyond to make things happen!

- Dylan Vanas

Anything with financing Monica is your girl. She is on top of everything and very knowledgeable. I would recommend her 10 times over to anyone and everyone I know. You won’t regret working with her. She answers any and all questions and I think she actually sleeps with her phone because she replies so quickly. We have used Monica a few times as well as our friends have used her and everybody has nothing but amazing things to say about her.

- Aaron & Sandra Berg

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

START HERE.Find out what you qualify for in 1 minute. Discover what you can do with an FHA Purchase or Renovation loan!

What You Need To Know About A Home Purchase

Why should I buy a home rather than rent?

Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.

How do I start the home buying process?

One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!

What kinds of financial commitments do I have to make?

There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.

Why is now a good time to buy a home?

Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.

What is the next step?

Click through our buttons above to find out whether you qualify for great terms on a new home purchase!

START HERE.Find out what you qualify for in 1 minute. See if you’re eligible for your first home loan in 60 seconds or less!