Sunrise Homes & Renovations, Inc.

The Truth About Buying a Home with No Money Down

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For many first-time homebuyers, the idea of purchasing a home with no money down sounds too good to be true. It is often advertised as a dream scenario, but the reality is more nuanced. There are options out there that allow for low or no down payment, but they come with specific requirements and considerations. Understanding these options can help you make a smart and informed decision as you plan your path to homeownership.

Understanding No Money Down Programs
There are a few loan programs that offer the possibility of buying a home without a down payment. Two of the most well-known options are loans backed by the United States Department of Agriculture and the Department of Veterans Affairs. These programs are designed to help specific groups of buyers. For example, eligible veterans, active duty service members, and certain members of the National Guard may qualify for the zero-down program through the Department of Veterans Affairs. Similarly, rural and some suburban homebuyers who meet income and location guidelines may qualify for the program backed by the United States Department of Agriculture.

It is important to know that these loans do not mean you will not pay anything at closing. You may still be responsible for closing costs, which can include fees for the appraisal, title, insurance, and other services. However, some sellers may agree to contribute toward closing costs as part of your negotiation, and there are local grant and assistance programs that may help as well.

What to Expect Financially
Even if a program does not require a down payment, that does not mean you can avoid all upfront costs. Lenders will still evaluate your credit, income, and debt to ensure you can afford the monthly payments. It is wise to have some savings set aside for unexpected expenses, home maintenance, or moving costs. No money down does not mean no responsibility. You are still committing to a long-term financial obligation, and being prepared will help you start strong.

Also keep in mind that not putting money down means you are financing a larger loan amount. This may result in higher monthly payments and more interest paid over the life of the loan. It is always helpful to review the numbers carefully with your lender and your real estate agent.

A Realistic Path to Homeownership
No money down programs can be a valuable stepping stone for those who qualify, but they are not the only way to buy a home. If you do not meet the requirements, there are low down payment options and assistance programs that may still make homeownership within reach. The key is to be educated about your choices and work with professionals who will help guide you through the process.

If you are thinking about buying a home and want to know what options are available to you, reach out. I would be happy to answer your questions and help you take the next step toward becoming a homeowner.

Beyond the Mortgage Payment What Homeownership Really Costs

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Owning a home is a major milestone and a meaningful investment. It offers stability, personal freedom, and the chance to build equity over time. However, while many buyers focus on saving for the down payment and qualifying for a loan, there are additional expenses that often catch new homeowners off guard. Understanding the hidden costs of homeownership can help you prepare financially and avoid surprises.

Property Taxes and Insurance
Once you own a home, you are responsible for property taxes, which vary depending on your location and the value of your property. These are recurring costs that can increase over time. Homeowners insurance is also required by most lenders and protects your property from damage or loss. Both of these expenses are often included in your monthly mortgage payment, but they can still add up significantly each year.

Maintenance and Repairs
Even a well-maintained home will require ongoing care. From replacing air filters to fixing a leaky faucet, these tasks are part of protecting your investment. Larger repairs, such as a new roof, water heater, or HVAC system, can be costly and are sometimes unexpected. A good rule of thumb is to budget one to two percent of your home’s value annually for maintenance and repairs.

Utilities and Services
As a homeowner, you are now fully responsible for all utilities, including water, electricity, gas, trash collection, internet, and more. Depending on the size and age of your home, these costs can vary. You may also choose to hire services for landscaping, pest control, or regular cleanings, all of which should be factored into your monthly budget.

Appliances and Furnishings
When you buy a home, you may need to purchase or replace appliances such as a refrigerator, washer and dryer, or stove. Furnishing your new space can also be more expensive than expected, especially if you are moving into a larger home. Planning for these purchases ahead of time can help you avoid financial strain after move-in.

Homeowners Association Fees
If your property is part of a planned community or condominium complex, you may be required to pay homeowners association fees. These fees help maintain common areas, amenities, and community standards, but they can be hundreds of dollars per month depending on the location and services provided.

Plan Ahead and Stay Informed
The key to handling the hidden costs of homeownership is to plan ahead. Build a savings cushion, understand your monthly and annual expenses, and prioritize preventive maintenance to avoid larger issues down the road. A trusted real estate agent can help you understand the full financial picture before you buy, so you can move forward with confide

How to Tell If a Home Purchase Price Is Truly a Good Deal

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Buying a home is one of the largest investments most people will make. It is exciting, but it can also feel overwhelming, especially when you are trying to decide whether the home you love is priced fairly. So how do you know if you are getting a good deal? The answer involves more than just looking at the listing price. Here are the key factors to consider.

Compare Similar Homes in the Area
The best way to evaluate a home’s value is to compare it to recent sales in the neighborhood. These are often referred to as comparable sales, and they provide a snapshot of what buyers have actually paid for similar properties. Your real estate agent can help you review recent data, including homes with similar square footage, age, condition, and features. If the home you are considering is priced higher than similar homes nearby, there should be a clear reason why.

Evaluate the Condition of the Property
A home that appears to be a bargain on paper may need costly repairs or upgrades. Before you make an offer, look closely at the condition of the roof, windows, plumbing, electrical systems, and appliances. A professional home inspection is essential and can uncover hidden problems. If repairs are needed, you can use that information to negotiate a better price or ask the seller to make the repairs before closing.

Understand the Local Market
Real estate values are influenced by supply and demand. In a hot market with low inventory, homes may sell above asking price because multiple buyers are competing. In a slower market, you may have more room to negotiate. Your agent can help you understand local trends and determine whether the asking price is in line with current conditions. Timing matters, and understanding the broader market helps you make a more informed decision.

Look Beyond the Price Tag
A good deal is more than just the purchase price. Consider factors such as property taxes, insurance costs, and any homeowners association fees. Also think about your long-term goals. If the home is in a location with strong schools, growing job opportunities, and community development, it may offer great value over time even if the price is not the lowest on the block.

Use a Trusted Professional
One of the smartest things you can do is work with an experienced real estate agent who knows the area and can help you evaluate the full picture. A good agent will give you honest advice, provide access to valuable data, and support you during negotiations.

The right home is not always the cheapest one. It is the one that fits your needs, feels like the right place to call home, and makes sense financially based on the market.

What’s Ahead For Mortgage Rates This Week – July 14th, 2025

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This was an extremely light release week with only the Consumer Credit Report. The amount of expected credit was expected to rise but only showed half the growth — a sign that things are still in stable condition. The most important reports will be featured with next week’s releases of inflation data in the Consumer Price Index (CPI) and the Producer Price Index (PPI), as well as the Federal Reserve’s Beige book. The Trump Administration has also further extended the pauses on the tariffs which has been a welcome relief.

Consumer Credit
Total U.S. consumer credit growth slowed to a $5.1 billion gain in May, down from a $16.9 billion rise in the prior month, the Federal Reserve said Tuesday. That translates to a 1.2% annual rate in May, down from a 4% rise in the prior month.

Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw an increase of 0.06% for this week, with the current rates at 5.86%
• 30-Yr FRM rates saw an increase of 0.05% for this week, with the current rates at 6.72%

MND Rate Index
• 30-Yr FHA rates saw an increase of 0.08% for this week, with the current rates at 6.35%
• 30-Yr VA rates saw an increase of 0.08% for this week, with the current rates at 6.37%

Jobless Claims
Initial Claims were reported to be 227,000 compared to the expected claims of 235,000. The prior week landed at 232,000.

What’s Ahead
Consumer Price Index, Producer Price Index, and the Beige Book will be huge determining factors on the direction of decisions for the Federal Reserve.

What’s Ahead For Mortgage Rates This Week – July 7th, 2025

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With next week featuring both the CPI and PPI reports, the release schedule for this upcoming week will be extremely light. This previous week featured a small number of notable data releases. First being the trade deficit which has shown a sharp decline due to the tariff policies, but has increased again with the pause on tariffs. The manufacturing sector has seen growth as well with the PMI Manufacturing data, but inflation also proves to have grown just as much. Lastly, employment numbers have shown a stronger than expected labor market, but there are still expectations that things will cool further.

Manufacturing PMI
The headline index from the report, the seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index, improved to 52.9 in June, from 52.0 in May. The latest reading was the highest since May 2022, and indicative of a solid rate of expansion. It was also the sixth successive month in which the PMI has posted above the critical 50.0 no-change mark.

Manufacturers recorded a first rise in production for four months. Growth was the second-steepest since March 2024, surpassed only by February’s near three-year record.

Employment Data
The U.S. added a decent 147,000 jobs in June, pointing to resilience in the labor market. But the pace of hiring has slowed since last year as businesses grapple with trade wars and the crackdown on immigration. About half of the new jobs were created by state and local governments, taking some shine off a seemingly solid report. The private sector only added 74,000 jobs, marking the smallest increase in eight months.

Trade Deficit
The U.S. goods and services trade deficit increased in May 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $60.3 billion in April (revised) to $71.5 billion in May, as exports decreased more than imports. The goods deficit increased $11.2 billion in May to $97.5 billion. The services surplus decreased $0.1 billion in May to $26.0 billion.

Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw a decrease of -0.09% for this week, with the current rates at 5.80%
• 30-Yr FRM rates saw a decrease of of -0.10% for this week, with the current rates at 6.67%

MND Rate Index
• 30-Yr FHA rates saw an increase of 0.06% for this week, with the current rates at 6.27%
• 30-Yr VA rates saw an increase of 0.07% for this week, with the current rates at 6.29%

Jobless Claims
Initial Claims were reported to be 233,000 compared to the expected claims of 240,000. The prior week landed at 237,000.

What’s Ahead
An extremely light release week with nothing of note. The following week will feature inflation data with the CPI and PPI reports.

What’s Ahead For Mortgage Rates This Week – June 30th, 2025

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With the passing of the previous busy weeks of rate decisions, this week features the Federal Reserve’s preferred inflation report in the PCE Index, which has shown that inflation has come in hotter than expected for the month of May. This likely cements the Federal Reserve’s decision to take no action until later and further confirming most economists’ predictions. The consumer confidence has also taken a hit as it has further declined again for the month of May, indicating there is still significant apprehension within the markets and consumers alike. This is accompanied by Consumer Spending data, which met expectations, as many consumers had already begun pulling back on spending in response to tariff policies before many of those measures were paused.

PCE Index
In an updated forecast, Federal Reserve officials now expect inflation, as measured by the core personal-consumption expenditures (PCE) index, to jump to 3.1% by the end of the year, up from a rate of 2.5% in April.

Consumer Spending
Americans cut spending in May after buying lots of new cars and other goods earlier in the year to beat U.S. tariffs, underscoring how ongoing trade wars are disrupting the economy. Personal spending fell 0.1% last month, the government said Friday. It was the first decline since January.

Consumer Sentiment
The ongoing trade wars haven’t faded from public view. Consumer confidence fell in June, as Americans grew more pessimistic about the future of the economy and their ability to find a job. The index of consumer confidence declined to 93 last month from 98.4 in May, when the Trump administration dialed back the highest U.S. tariffs.

Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw a decrease of -0.07% for this week, with the current rates at 5.89%
• 30-Yr FRM rates saw a decrease of of -0.04% for this week, with the current rates at 6.77%

MND Rate Index
• 30-Yr FHA rates saw a decrease of -0.19% for this week, with the current rates at 6.22%
• 30-Yr VA rates saw a decrease of -0.19% for this week, with the current rates at 6.23%

Jobless Claims
Initial Claims were reported to be 236,000 compared to the expected claims of 246,000. The prior week landed at 246,000.

What’s Ahead
Non-farm Payrolls, Job Data, Manufacturing PMI Data will be the largest reports out for next week. The most important data reflecting the impact of tariffs has already been released.