Donald James Onken

REALTOR®

(909) 915 - 1337

First Time Home Buyers Guide.

  Purchasing a home for the first time is a big and important task. With a well organized, proven approach to the home-buying process, your GMAC Real Estate sales professional can help you find the home of your dreams. This process is called the Home Buying System™. This system is designed to help you:

• Determine your housing price range;

• Locate the home of your choice;

• Negotiate affordable price and terms;

• Handle closing to your best advantage.

Deciding to buy

                       The right time to buy

   Today, home buyers have more choices than ever before. You can choose financing options that are flexible and affordable, home styles that fit a variety of lifestyles, and professional services that make the process fast, effective and enjoyable. Here are some facts about homeownership that may surprise you:

  Homeownership can be a good investment opportunity. A house offers leverage and the possibility for appreciation in value. And, you can use this investment while it’s working for you! You can’t afford to overlook the tax breaks of homeownership. Since mortgage interest and property taxes are deductible, homeownership can save you money each year. Young people aren’t priced out of the market. Figures from the National Association of Realtors put the average age of first-time buyers at 32 years old.

  Renting doesn’t protect you against rising prices. Rental units are just as susceptible as houses to increases in taxes, insurance, utilities and other costs. Landlords will pass along these increases to the tenants.

  The waiting game is a losing game. Don’t put off buying a home waiting for prices to come down. Ask your sales professional for a copy “50 Facts About Owning a Home.” This brochure outlines basic information about homeownership.

How to get started

 Choose a professional who specializes in residential real estate. She or he should have specific knowledge of the local real estate and mortgage markets.

  Consider references carefully. An experienced, confident sales professional can provide you with names of recent buyers in your market with whom he or she has worked. Select a professional who will listen to you. Your sales professional should be interested enough in you to find out about you and your housing needs and preferences.

  Select a professional who puts service first. Strong customer service is key in today’s real estate business. For GMAC Real Estate sales professionals, this service goes above and beyond giving buyers only what they expect and need.

Your GMAC Real Estate sales professional can show you any house that’s for sale in your market — not just the homes listed by our company. If you see a house for sale that you like, arrange a viewing through us. Commit yourself to working with one sales professional who can learn your likes and dislikes in homes and make your homebuying process much easier. Turn to a GMAC Real Estate sales professional for your real estate needs.

New Federal Program to Increase Home Ownership

  On December 16, 2003, President George W. Bush signed the American Dream Downpayment Act, a new program that will provide grants to help home buyers with downpayment and closing costs. The proposal authorizes $200 million dollars for the program for fiscal year 2004.

Program Goals

Eligibility Requirements

Dollar Amount of Grants

How It Differs

This program differs from other downpayment assistance programs. Home buyers using the federal program will receive a grant from the government. Traditional downpayment programs are funded by home sellers who agree to provide funds for buyers–but usually tack the amount "donated" onto the price of the house.