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[Music] hey everyone this is patrick beezing of babasito team lucito agency lucido global i am so honored and privileged to have uh my good friend tom shea senior mortgage banker for amerish bank tom thank you for being here with us you know you gave a training to all of our agents and you brought up a point that i thought was just so powerful for people who are first time home buyers or they are renting and they want to buy a home sort of a misconception can you tell us what that is that's going on with home buyers right now when you get a loan it really breaks down into three categories you have your credit piece you have your income or more accurately your debt to income ratio piece and then you have your your asset piece when they look at it and when they start crunching numbers and look at what it takes to become a home buyer what's stopping them usually is not their credit score they've had good credit to begin with or if they have bad credit they can be worked with and massage that pretty quickly so it's usually not credit that stops them from buying most of the time it's not income although income does restrict you from buying that million dollar mcmansion sometimes but it's usually not income per se that stops people from buying in fact there was a study done study for hud and they found that 54.6 almost 55 of potential first-time buyers list assets as the number one reason they can't buy now some of them uh it's because of a misconception they think they need 20 down to buy a house so quick math tells me if i'm buying a 200 000 house in in baltimore city for instance god i need 40 000 and that and plus my closing costs i'll never get there and that's true for a lot of people if you need 20 down it would be very hard to get to that level first misconception is you don't need 20 down there are programs depending on your credit that can have as little as three or three and a half percent as a down payment and there's some programs in the rural areas with each without being a veteran that you can still get 100 percent loan so there are financing options for a lot less down people can still look at and go tom it's it's great you can get me in for three percent that's awesome but i'm pretty close to paycheck to paycheck i make a good good amount of money but i've got a car note i've got three credit cards i've got two student loans and on and on yeah yeah and at the end of the day i you know i might be saving a couple hundred bucks a month even on that same two hundred thousand dollar house you just mentioned in baltimore city tom three percent down is six grand you've told me the average closing costs in baltimore right around five percent so there's another ten grand i don't have sixteen thousand dollars so you're gonna continue to rent you're gonna continue to take fifteen hundred dollars a month in rent which means you're basically at every year taking eighteen thousand dollars putting in a bag and setting it on fire yes because it's not doing you any good right it's not it's not building your equity even even if you sort of tweak your budget and take and change things around to save that 16 grand you're still taking that 18 000 every year and setting it on fire so that's a real tough way to save 16 grand i will be the first to say that the state of maryland over taxes us and they take tons and tons of money all the time but one of the areas that they do a pretty good job in is helping people become homeowners in maryland they've identified the number one problem over half of the problem being money they've identified that and they've looked at programs to help people not just in the lowest income areas of the city which they do have programs there too but also areas throughout the entire state they have programs for people that are graduates of college that are making pretty nice income levels now to help get rid of their student loans if they'll stay in the state they do that because they want to have that tax base staying in the state right educated high earners people that will have their salaries keep going up they want those people so they've got that program almost every county has a program of their own to try to attract people anne arundel county for instance they understand buying in annapolis is not the easiest thing to do i'm in a lot of in anne arundel county it's an expensive county what's the number one reason that new people don't buy in anne arundel they don't have the assets well anne arundel has a program that will give you up to 20 000 towards your down payment wow baltimore city we talked about that 200 000 house in fact i'll give you a real life example of a 210 000 purchase that's going to be closing at the end of this month person i had met here in the city she's renting for 16.50 a month which is almost 20 000 a year she's putting in that bag and burning and i'm talking to her she's a nurse she's got good income not even bad on her debts she's got about three thirty two hundred dollars i think it was when when we started this and say she's like tom i've talked to people and it's just i'd love to own here in fed hill but i just can't i can't i don't have the money so long story short she's under the guideline under the limit for the cdbg program which is a program here in the city that provides five thousand dollars towards her closing costs she's a nurse so i also was able to get her a federal home loan bank grant of ten thousand dollars which is forgiven over five years time she doesn't have to pay it back okay so two hundred thousand dollar house three percent down six grand five percent closing costs ten grand sixteen thousand dollars i just got her 15. amazing i got five thousand dollar grand and a ten thousand dollar she has thirty two hundred so she certainly had the ability to come up with a grant so she was like this is awesome she got the house the roommate that's in with her in her old room or old house is moving into their new house and will be paying a thousand dollars a month which is less than she pays now wow her mortgage is 14.50 so the roommate's paying a thousand of it so she just dropped think about it she just went she just went i changed 50 burning at 20 000 a year in a bag to building her own equity and only paying 450 to live in a nicer house right so assuming everyone watching this we we can do math we understand what we're talking about here that is life change i want to ask you she when she first came to you with what's seemingly a a issue with seemingly a problem what did you say to her what's that initial thing that you're telling people when they when they say i don't have the money i said well then you're talking to the right person because i can find it i do have the money i know where it's hidden i know where it's at you know uh two and a half decades of doing loans in maryland um after a while even somebody as slow as i am can figure out that there's some great programs out there when it comes to what they've done in the housing market somebody looking at that has to be objective and say you know what those those are good outcomes that are taking place yeah we're doing something right there funds are producing the desired results we're getting homeowners that stay in maryland uh their tax base stays in maryland it's good for the it's good for the city it's good for the state it's good for whatever county that that happens to be offering it um and so overall it's probably good for for for the taxpayers well tom i know i speak for everyone at the lucido team uh when you know i say we we very much appreciate having you uh as uh not only you know one of our preferred uh lenders but also a really good friend always giving us amazing insight and man i'm i just get excited i wanted to talk to you about this because it's so exciting just thinking of how that can change you know a nurse who's helps people every day life changing a family that you know they have kids they don't think they can get it done but they can't this is like a ray of hope for those people that for whatever reason think that it's a huge it's a huge game changer matt i mean think about it list on take out a piece of paper and try to write down the names of all the wealthy people you know that don't own a home you can't come up with any because of homes one of the best leveraged investments for normal human beings on the planet right take two thousand five thousand in this nurse's case a thousand dollars and she's controlling a two hundred and ten thousand dollar asset that is going to grow at about three to five percent next year so she'll have six thousand dollars worth of growth she put a thousand dollars in no other investments come close to making that type of return on a regular basis yes if you bought amazon on the right day you might have done it but on a regular basis this is the only thing normal people can do it's the only way to build well i'll tell you what if any of you out there taking the time to listen to this quick conversation we had if you are thinking about purchasing a home and maybe you don't think you can get there call us everyone at the bob lucito team is more than capable of helping you find your dream home helping you negotiate the best terms possible and we'll get you pre-approved with tom and help you find the money right tom is that is that we're gonna find the money we're gonna find one right out there let's go find it and you know it's a different program for everybody because they're based on income limits some are county some are fully states some are some are nationwide you have to look at each individual situation differently sometimes it makes sense to stack one or two deals to programs sometimes it makes only sense to do one um a lot of it depends on if we're going to refinance quickly or what you know what we're going to do afterwards but the point is don't let money be the issue yeah and i'm going to try to light a fire under some people to say this because we talked about this too these things are available until they're not it doesn't matter if everyone qualifies for it it'll be available for the people that take action and are proactive call us get started right that's correct that is that is correct these these funds are are funded and they are not unlimited funds even though sometimes we do think taxes are unlimited funds they're not unlimited funds right last year for instance one of the programs i'm using for the for the nurse that we talked about in the city is the fhlb program ten thousand dollars as a first-time responder that she doesn't have to pay back it's just here use it towards the purchase of your house so she gets set that ten thousand dollars no problem whatsoever um that's for first time home buyers now if she waited until october of this year i can't give her that money it will be gone last year that money ran out in september wow okay okay now the cdbg money lasted all the way to november okay so she could get five but she wouldn't be able to get the other ten yeah so acting earlier is is a smart move procrastinating when you want to use a down payment program is not a smart math tom such great information amazing programs that a lot of people may not know that we have available for them if they're looking to buy a home um what would you say to someone who's watching this now who's thinking about all this great information we gave them [Music] well i'd say thanks for watching and just give me a call it costs you nothing to find out if you're going to qualify for one of these programs if you qualify great we can help buy a house if you don't qualify we're friends we made a new friend that's right awesome all right thanks tom no worries [Music] you