Budget Basics Worksheet

The Weidauer Group – The Leader in Real Estate

Budget Basics Worksheet

The first step in getting yourself in financial shape to buy a home is to know exactly how much money comes in and how much goes out. Use this worksheet to list your income and expenses below.

INCOME
Take Home Pay (all family members)
Child Support/Alimony
Pension/Social Security
Disability/Other Insurance
Interest/Dividends
Other
Total Income

EXPENSES
Rent/Mortgage (include taxes, principal, and insurance)
Life Insurance
Health/Disability Insurance
Vehicle Insurance
Homeowner’s or Other Insurance
Car Payments
Other Loan Payments
Savings/Pension Contribution
Utilities (gas, water, electric, phone)
Credit Card Payments
Car Upkeep (gas, maintenance, etc.)
Clothing
Personal Care Products (shampoo, cologne, etc.)
Groceries
Food Outside the Home (restaurant meals and carryout)
Medical/Dental/Prescriptions
Household Goods (hardware, lawn, and garden)
Recreation/Entertainment
Child Care
Education (continuing education, classes, etc.)
Charitable Donations
Miscellaneous
Total Expenses
Remaining Income After Expenses (Subtract Total Income from Total Expenses)

Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
310-896-5769 or 424-247-4567 Español
NV DRE License #S.0070208
702-249-8912 or 424-247-4567 Español
darinweidauer@weidauergroup.com
http://www.weidauergroup.com

www.facebook.com/weidauergroup

www.twitter.com/weidauergroup

www.youtube.com/weidauergroup

http://www.weidauergroup-theleaderinrealestate.blogspot.com/

6 Creative Ways to Afford a Home

The Weidauer Group – The Leader in Real Estate

6 Creative Ways to Afford a Home

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
310-896-5769 or 424-247-4567 Español
NV DRE License #S.0070208
702-249-8912 or 424-247-4567 Español
darinweidauer@weidauergroup.com
http://www.weidauergroup.com
www.facebook.com/weidauergroup
www.twitter.com/weidauergroup
www.youtube.com/weidauergroup
http://www.weidauergroup-theleaderinrealestate.blogspot.com/

Loan Types to Consider

The Weidauer Group – The Leader in Real Estate

Loan Types to Consider

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

• Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.

• Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.

• Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.

• Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the Department of Veterans Affairs (www.va.gov) and offer special terms, including lower down payments or reduced interest rates to qualified buyers.

Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, contact me now.

Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
310-896-5769 or 424-247-4567 Español
NV DRE License #S.0070208
702-249-8912 or 424-247-4567 Español
darinweidauer@weidauergroup.com
http://www.weidauergroup.com
www.facebook.com/weidauergroup
www.twitter.com/weidauergroup
www.youtube.com/weidauergroup