Freddie Mac’s Home Possible Loans

With as little as 3% down payment required, Freddie Mac’s Home Possible Mortgage loans are ideal for low to moderate-income borrowers with few savings, first-time homebuyers, borrowers with shallow credit histories or retirees on a limited budget. 

The benefits to borrowers are more flexible sources of funds for the down payment that can include gifts, grants, employer assistance, secondary borrowing, the borrower’s money, and other approved sources. Because the down payment is lower than the benchmark 20% down, you’ll pay private mortgage insurance. This protects the lender should you default, and the cost is based on your loan-to-value ratio and credit scores. Expect to pay $40 to $80 per month for every $100,000 you borrow. However, Home Possible mortgages have reduced mortgage insurance for loan-to-value ratios greater than 90 percent. 

Other benefits include flexible property options, including condos and 1-4 unit homes, caps on credit fees, mortgage flexibility including 15-to 30-year fixed rate loans and some adjustable rate products, income flexibility and refinance options. 

Required credit scores depend on the type of loan product you want and whether or not you're buying a single unit or up to four units in the same building, but you should have a credit score of at least a minimum of 660 to 680 for single occupancy.

If you’re hesitant about getting into a low-down payment loan, don’t be. These loans are only available through your lender if they meet Freddie Mac’s underwriting standards. Freddie Mac wants you to build wealth and security through homeownership. 

For more information, contact Sallie Elliott at 402-630-5953.

Downsizing Tips

At some point in our lives, some of us will have to downsize our home. Perhaps the kids are grown and you’re an empty nester or your just getting to an age where you no longer care to do all the cleaning and year work your home requires. Or maybe you’re just ready to simplify your life and get rid of the stuff you don’t need. Whatever your reason, these ten tips will help you achieve your goal. Downsizing done right!

1. Write a list of all the items you love and can't live without; it will help you bid adieu to things that didn't make the list. "It's hard to persuade people they can't take everything with them," "But by keeping what's on your wish list, you won't be upset about the things you can't keep."

2. Start thinning out your belongings at least three months before the move. Take some time each day, or one morning each week, to go through that jammed coat closet or overflowing filing cabinet. "Paper is the real killer," so tackle it one box at a time. The same goes for photos, which require a lot of attention.

3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home. For instance, your living -room-to-be might be roughly the same size as your current bedroom. You may think you can squeeze in two sofas, but this kind of reality check could help you realize that only one will fit comfortably.

4.  Heavily edit areas with items that don't have as much sentimental value. Take the kitchen, for example; most people don't need l O mixing bowls and won't get emotional over losing a second spatula. If you're downsizing from a house to a condo, target the garage. Snow shovels, the lawn mower, ladders - you won't need any of them.

5. Don't throw anything in the garbage. Recycle, reuse, sell and donate instead. As tempting and easy as it is to pitch wire hangers, musty clothes and shabby furnishings, be environmentally responsible and find a home for everything. A can of Comet with a few shakes of powder left could make someone else's sink sparkle if you don't want it; consider giving supplies to a shelter, neighbor or cleaning lady.

6. Label three bins To Keep, To Sell and Charity (bins should be manageable when full). For the average downsize, keep only one-third to one-half of your belongings

7. Get an objective opinion. If you can't decide whether to keep or kiss those cookie tin collectibles good bye, "It's good to have someone who'll say, 'Oh, please, you never use that!'" It might just be the kick you need.

8. When selling your goods, try an auction for high-end items. Then look for reputable antique and secondhand dealers. Often, they can buy all of your wares or put you in touch with booksellers and other specialty dealers. "Some dealers will come to your home, take what you don't want and even drop off the charity stuff," "That way you won't be trudging all over town." If you can't sell an item, donate it to a shelter.

9. Use floor plans to prearrange your furniture before the move. This is another useful reality check. To start, draw plans if you don't have any, and sketch in a furniture layout. Then look at the plans realistically; if you've crammed in side tables, armoires and chairs, you need to edit more. Don't wait until after you move to contend with furniture you'll just end up tripping over.

10. Once you get to the packing stage, use a color-coded system to organize all of your boxes. Choose a color for each room and mark the boxes destined for that room with a coordinating color sticker. You can also do the same thing numerically; for example, if room No. 1 is the kitchen, then all boxes marked No. 1 will go there. A simple and efficient organizing idea to make the move that much easier!

For help with downsizing your home reach out to us at the Priority Group. We’re the experts. www.omahaprioritygroup.com

Tips on Accessorizing Your Home

When you think about interior design, you most likely think about furniture choices.  Choosing the right color furniture and the right size to fit your rooms as well as the right fabric and the correctly placing it so that it looks aesthetically pleasing.  In reality, interior design also includes a lot of other things like paint and, of course, accessories. There are many ways to complete a design with accessories and many types of accessories that you can use to do something like balance out a space, fill an empty space or bring a pop of color to a room.  What you might not think about is that accessories are also a cost-effective way to design.  They can be used to bring a luxury, finished look to your home while not breaking the bank.

Plants and Artwork

House plants are a great touch to bring life and color into your design.  Whether they are artificial or live, remember that they’re a great accent but don’t over do it.  You want to use them to bring a freshness into this room but not make it look like a jungle.  A little goes a long way when it comes to plants.  Use different heights to give the impression that a space is taller and different breeds for dimension. When it comes to artwork, less is also more.  You want to use artwork for similar reasons as plants, to bring color and dimension to a space and to tie your furniture colors together with paint colors, etc.  But don’t fill every single wall with a painting or mirror.  That will only give your house a cluttered look and take away from what you’re trying to achieve.

Accent Tables and Chachkas

Small tables in various shapes help to finish off your design.  They give your furniture a completed look and, once again, fill spaces.  And you don’t have to spend a fortune on them.  Some of the neatest looking tables can be repurposed from an estate sale or at your local thrift store.  I love a good table refinishing project.  It gives you lots of satisfaction in a weekend project that doesn’t take too long.  And what’s a chachka?  It’s a small inexpensive item that gives you an expensive look.  A vase for example can give you the color and sparkle you need for your design and they come is many different sizes and shapes.  Another example might be a bowl or and urn or a floral center piece. 

Curtains, Pillows, and linens…oh my!

The best way to complete a window is to put some curtains up.  There are so many fabrics to choose from.  Use heavier ones in the winder and lighter weight ones in the warmer months to give your room a seasonal feel that matches the time of year.  My favorite is velvet in the winter and it’s practical, helping to keep the cold air out and insulate the windows.  And don’t forget patterns.  You don’t want to over do it with patterns on your windows but don’t be afraid of it either.  Pillows and linens also make for a great seasonal décor if used in the same way as your curtains.  Change out your pillows and your bathroom, bedroom, and kitchen linens to match your décor or even for a holiday.  Linens in general, soften a room and fill up empty spaces as well.

Littles

I call them littles.  I’m referring to items like old books, photo frames, bowls, vases, and other random finds.  There are tons of choices when it comes to littles.  You can find them at your local home décor store, and you never know what they will be.  Using things in unique ways can bring a splash of interesting to your home.  It can be things like recycled barn wood, old tile or and old wood ladder for hanging throws on.  Just use your imagination or do like I do…check out the internet for ideas.

For more design ideas or to find out how we can help stage your home, click here to learn more about the Priority Group and Sallie Elliott.