This product is not intended to diagnose treat your prevent any diseases. They show furnished by purity products oh baby get a look at those norms baby back ribs are back 3 quarters rib dinners with golden fried shrimp crispy chicken tenders are juicy sirloin steak starting at 1199 soup and salad included norms restaurants where life happens 24 seventh's Norm's restaurants dot com Is that a faucet running that's not a faucet That's a river rushing through the forest forced rivers provide over 100000000 people to clean part of trade war because the thank you that's not a vacuum that's the trees in the forest cleaning up the air we breathe I don't know the trees are so amazing Yep and the forest gives us shade trees decline awesome let's go slow some more visit the forest today and enjoy all it does just for you to learn more about the forest and find one near you go to discover the forest dot org brought to you by the u.s. Forest Service in the Ad Council you know you talk evolve a a.v.c. . Orange County Cumulus station. Police officer out on bail trumped nominee bails out on Christopher Cruz White former Texas police officer royal neighbor is free on bond this morning on a murder charge he turned himself in last night hours after a warrant was issued he's accused of shooting and killing a black teenager who was inside a car that was leaving a party late last month a 2nd nominee to the post of Army secretary is out correspondent Athena Jones Mark Green withdrew after coming under fire for controversial statements he's made in the past on Islam on evolution on Elegy issues at one point he said that being transgender is a disease of 143rd running of the Kentucky Derby tonight legal wagering on the Kentucky Derby last year drew $124000000.00 these days you don't have to be at a race track or casino to bet on the Derby many horse race fans will place bets on twins fires dot com The official site of the Derby or the sites both Votto. And expressed that Correspondent Steve Kasten ball I'm Christopher Cruz Missouri River is near St Louis are going to crest above flood stage today as a result of heavy rain meteorologist Derek Van Dam says flooding has already affected more than 100 highways in the area there were actually 2 different storm systems across the central u.s. That brought the incessant rainfall but it continues to move eastward and we saw a lot of rain inundate the mid Atlantic states with 19 daily rainfall records that were set across much of the East Coast lot of areas of the region will get some relief this weekend rain is not expected until Monday the new Republican healthcare bill may face a lawsuit in New York state if it passes without major changes New York Attorney General Eric Schneiderman goes after it states funny or get it and it is federal Medicaid but if it is defined in a way that the only thing in the country that qualifies as planned so it's an effort to kill off Planned Parenthood and be a playoffs today Game 3 of their semifinal series from Salt Lake City the Warriors visiting the Jantz I'm Christopher Cruz. Talk Radio 790 gave me she news live in local had 5 o 2 Good morning I'm James Stanley the Los Angeles County sheriff's deputies are among law enforcement agencies conducting extra DUI checkpoints this weekend it's in connection with the Cinco de mile holiday weekend hoping to catch those who may have had too many dull Shakey's tequila or other holiday spirits will be on the road through the weekend primarily at night from 9 pm till 2 am or d.w.i. Collisions are more frequent l.a.p.d. Detectives are asking anybody who may have seen a woman in a Volkswagen Jetta plowed down a man around 1130 at night back on April 28th while he was crossing the eastbound lanes of Normandy just south of 60 Suffolk Police say an African-American female driving the car with paper tags stopped after hitting 29 year old Mario Enrique Cortez qualia and then reportedly said oh my God Oh my God got back in her car and drove off and he would have information contact police. A father had an hour long standoff with police last night he was holding his one year old boy hostage in Van Nuys standoff began around 8 o'clock around to and Cohasset the father took the son from the mother who in turn called police shots not clear exactly what made the man threaten the boy but everything was over by about 9 o'clock last night checking k b c sports Astro's beat the Angels final score 7 to 6 took to get it done Dodgers came back with 5 runs at the end of the game to pull out a big win against the Potteries last night final $8.00 to $2.00 Dodgers Barry's double o.t. Goal puts the ducks past the olders last night at the end of Edmonton losing the Bucs final score 4 to 3 Game 6 in Edmonton Sunday 4 o'clock Kentucky Derby today post time 3 34 pm. For the traffic. Problems for you to watch for the 1st as high winds and wet advisory in effect 14 northbound run it Ward road but also got an accident in the clearing stages eastbound on the North Mountain Ave k b c So Cal weather for this afternoon showers likely continuing high of 69 right now we have 63 I'm James family. With here host of military resource radio the only show that enlightens our audience regarding military related resources we also discuss real estate mortgages current events and a little bit of everything military resource radio Sundays at 5 am on Talk Radio 790 k. A.b.c. Wouldn't it be great if you could stop crime before it happens but the rain floods I'm Jamie Siminoff inventor and founder of rang a motion activated security camera that connects right to your phone so you're alerted when anyone steps onto your property you can speak or even sound an alarm right from your phone anywhere any time as your crime does go to ring dot com for a secure and safe one $150.00 off a rail security kit that's ring dot com for its secure your unique So why is your mattress one size fits all it's Joe Pags here talking about helix lead helix builds custom maps. Shipped right to your door for hundreds of dollars instead of thousands go to he'll actually dot com answer a few simple questions or they'll build you a mattress made just for you I went and did it went to the website got our helix mattress and my wife and I both love it shipping is free to have $100.00 nights to try it out go to helix Slate dot com slash talk radio get $50.00 towards a new mattress helix leap dot com slash talk radio who actually wrote Shakespeare's plays the bard from Stratford on Avon or someone who better to investigate than the lawyer for all of Hollywood. And he's. This weekend on champions of justice why do celebrities how does he handle the media and what's his take on Shakespeare . Champions of justice Saturday morning at 11 and Sunday night at 10 you're on Talk Radio 798 b.c. I'm not going to pretend to care about your feelings but I. Give you the truth. 7 pm on. This show furnished by the National. This is. The number one show on the radio. Welcome to Today the professional experience to come across America are your most trusted source on the radio today real estate information real estate today is the official radio program of the National Association of Realtors and it's real for members in your neighborhood. And I'm delighted you can join us today for our special show show me the money all about one of the biggest hurdles facing homebuyers the down. To national experts about. How much you really need how to get it and what to do if you don't have a downpayment right can you still buy a house show me the money is straight ahead but 1st let's go to the real estate the news room with Bill Thompson Hi Joe Hi Stephen we don't know all the details yet of the president's tax reform plan but we do know that the mortgage interest deduction will remain however fewer homeowners may be taking advantage of it Gary Cohn director of the president's National Economic Council explains We're going to double the standard deduction so that a married couple will pay any taxes on the 1st $24000.00 of income they earn. The larger standard deduction also leads to simple the cation because Bar fewer tax payers will need to itemize National Association of Realtors President William Brown says the change would effectively nullify the tax benefits of owning a home Brown says quote While we appreciate the administration's stated commitment to protecting homeownership this plan does anything but home prices in America rose faster than expected in February as demand continues to outstrip supply the s. And p. Case Schiller u.s. National Home Price Index rose 5.8 percent in February the biggest gain in nearly 3 years David Blitzer managing director at s. And p. Dow Jones indices says the price gains are the result of the ongoing shortage of homes for sale the index finds that the biggest price increases in February were in Seattle Portland and Dallas asked $10.00 Americans if they think local home values will keep going up this year and 6 of those 10 will say yes according to a new Gallup poll that's up from 55 percent who said so a year ago and it's the highest share of those with such optimism since 2005 and Gallup says 2 thirds of those surveyed continue to say this is a good time to buy a house Gallup says home value expectations vary by region the largest share of those saying home values will rise as found in the West nearly 75 percent those in the East and Midwest were a bit less giddy coming up in half an hour why some v.a. Eligible buyers are resorting to other financing options even back to thanks Bill. The debate over tax reform is heating up on Capitol Hill and all across America as more people become aware of the plan to make big changes in the nation's tax code and of course everyone wants to know what's that mean to me and that includes everyone who owns real estate what will that mean to the mortgage interest deduction the property tax deduction the capital gains exclusion and other tacks. Incentives homeowners enjoy Let's talk about that now with Jamie Gregory the deputy chief lobbyist at the National Association of Realtors Jamie welcome to Real Estate today well thank you think I'm proud to be here I'm delighted you're here Jamie Now 1st of all from the perspective of the authors What is the blueprint for tax reform trying to achieve I think the main goal is to simplify and lower the tax rates chairman Brady the House Ways and Means Committee has a postcard he's held it up at meetings with realtors and other groups and said you know this is the way the majority of Americans are going to file their taxes so I think the main goal is simplification interesting now Jamie from a homeowner's perspective if they're speaking law as it is what would the result be for people who own homes all across the country the blueprint retains to deductions charitable contributions and mortgage interest deduction and eliminates all the others so on the surface it seems like homeowners are fine but not really because 2 things happen One there's the elimination of the state and local deduction which includes property taxes and the standard deduction is double. Now think about this for a minute most most tax filers don't itemize and so they buy a home and it's a combination of the mortgage interest deduction and the state and local that makes it economically viable for them to itemize instead of just taking the standard deduction right so you're taking away one of those and you're going to double the standard deduction very quickly that in the in their own analysis when the blueprint was released it said that less than 5 percent of tax filers would itemize So you're taking away the incentive because nobody's going to use the mortgage interest deduction you're going to create no difference between renting and outing Jamie that's interesting I mean the homeownership rate in America is already really low possibly an all time low do you think under a blueprint like this if it were to become law. The rate of home ownership could drop even farther I think the homeownership rate would drop and you would see people have less incentive they may be less likely to do it obviously the innate desire to own your own place and do what you want on your own castle I mean obviously that will all still be retained but. I think there is there currently for and for currently and for the last 100 years it's been more economically viable to on than to rent so Jamie right now it's just a blueprint but you know Congress really well let me ask you this do you think there's any chance it's going to go all the way through the committee process and all the way into law as is or will it be substantially changed before it possibly becomes the tax code of the United States we don't have legislation yet nothing's been introduced right just that so we haven't even got just a blueprint which. You know which was a campaign document and that you know the president put out his one page summary which had no details to it we don't have a bill yet it has to goes through the committees it has to go through the process so thats a long way of saying yes I think it will change along the way. And 2 we've got a long way to go this isn't going to happen tomorrow I think. And finally Jamie what can any are do to make sure that homeowners continue to enjoy the benefits of homeownership in the tax system including all the deductions that they're so accustomed to. The most immediately we've been. A lot and staff has been up on Capitol Hill educating all the members of Congress about what exactly the impact turn away with the state local connection and the standard of action would be we have the realtor Legislative Conference and trade Expo coming up in 2 weeks. Where we'll have you know 8 to 9000 realtors in town and going to Capitol Hill and reinforcing those conversations. And as we move forward we're going to continue to provide. Information to the key members of Congress and making sure that they're hearing from real practitioners the realtors himself. So they know what the impacts of their decisions are excellent 2 of them I can see you have a lot of work ahead of you my friend it's going to be a busy year. It's certainly Well Jamie I appreciate you taking time to join us today on the show thank you but you're very welcome thank you Stephen Jamie Gregory the deputy chief lobbyist at the National Association of Realtors on the new blueprint for changing the tax code. Coming up on real estate today so many people think you need 20 percent down to buy a house but. A lot of doubt. That's next on our special show show me the money. Macy's Bensalem for complete details and limitations on certified pre-owned y n T's. 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Not just funny but sharp. Take every word I can think of the contradiction of the word before the real lose the real funny and you're going to walk away knowing not only what to say to the world from France but how you can do something about it that's right let me tell you something this is going to be. Only. A only way you can get ready and you can say like you know what I got my post test on him ready to go yeah I'm not sorry I am reinvigorated admittedly because of the final word with Frangela downloads now and I am right of those who love you we loved. Real estate today connecting you with real estate professionals every week. And we're back with our special show show me the money and in-depth look at down payments one of the most misunderstood parts of the home buying process because many people think they need much more money than they really do and that one piece of bad information is causing many people who could buy a house to not even try let's talk about how to overcome that hurdle with a real tour who specializes in 1st time buyers Joining us now is Kristen Smith realtor with Dave Perry Miller and Associates in Dallas Kristen is active at both the National Association of Realtors and the Texas Association of Realtors and was a recipient of N.P.R.'s prestigious 30 Under 30 Award in 2015 Kristen how are you Mary Great thanks so Kristen tell me when you sell homes to 1st time homebuyers. How much are they putting down and where are they getting the money what they're putting down is anywhere from you know 5 to 20 percent typically and they're getting the money from the either their parents were kind enough and generous enough to start a fund for them and I think the parents hope that they pass that on to their future kids just to help them get a little bit a head start on the game and then the other thing is people are actually having to go back to their budgets and set aside the money that it's going to take to accumulate a large enough down payment to where they can make those moves you know there's a lot of misinformation as you're aware about how much you actually have to put down to buy a house now do any of your clients start the whole process by assuming they have to put down 20 percent absolutely I would say a very good majority of them assume that they are going to need 20 percent down in order to purchase a home when in fact you know that that's not true at all now I'm no wonder but I have plenty of fantastic wonders to put them in touch with and I think once they take the time to do the 1st actual step which is speaking to a loan officer versus a realtor then they realize you know what they can actually afford and the lenders taking into consideration the amount of money they're making their credit their debt to income ratio and all these other factors and a lot of times they don't have to put down near as much as they thought they were going to have to you know I can only imagine how enjoyable that conversation is when you tell your buyer clients No no no you can do it for 3 percent 3 and a half percent 5 percent it's much less than you think Absolutely if the side really for them and it really gives them a lot more engaged in the process so thankfully that's one of the 1st steps so it kind of gives them the courage that they need to go forward in the excitement is back because they're saving money and you know they're able to keep that money in savings or spend it on some remodel projects what kind of mortgage are most of your 1st time home. Buyers using these days I would say so much already would go conventional I think that a lot of people go conventional and then you'll see the rest of them going f.h.a. And then the very few that do have the option to go v.a. Will go that or you'll see a lot of people that'll save their v.a. Loan for you know a different home there they're thinking that they're going to buy a much bigger home in the future they'll save their v.a. On instead of using the 0 percent down and so they'll go the f.a. Chair commission route but you know you're seeing conventional loans right now with those low as I'm doing deals with 5 percent down Wow And so there's a lot of people that are having to necessarily go f.h.a. Because of the opportunity an option to go conventional right now have you ever talked to anyone in your group of friends who say oh I could never buy a house because they think the down payment has to be 20 percent absolutely a huge percentage of people do that and assume that it's all just marketing you know and the marketing that made them even assume that So now we're having to undo all that marketing to let them know that hey you can't afford this I have to have the conversation quite a bit that hey let's take a look at what you're spending on rent per month because you are paying a mortgage it's just not yours you're paying your landlord's right now so let's take a look at how we can make it where we're building equity for you versus them among those buyers who are getting the down payment from their parents either the whole thing or part of it. Do they have to pay their parents back or the parents agreeing this is yours have a house I would say that a lot of them are this is yours and go ahead and have a house kind of thing and it's not necessarily them paying for the entire property in full it would be more like a 20 percent down payment I will see some that asked for that to be paid back but most of them are true gifts and I think that they're just wanting the best for their kids or trying to get them in there seeing the the home prices rising every single day and if they don't have a step in now been it may be something that's not affordable ever for their child and I know that a lot of parents don't want that for their kid and so they're doing what they can to step in now in hopes that obviously the kids will also pay it onto their future kids that's very nice one last question for you Kristen tell us about any client you worked with who was a renter who bought a house with your help and you see them 6 months later what's their frame of mind how are they doing extatic thrilled happy to be a homeowner people love homeownership It's not that people don't want to own a home it's the how affordable is it really and once they find that out they're able to achieve that I think that there is no going back I have someone specifically who worked at s.m.u. a Fantastic woman has 2 children and her life now compared to when she was running she owns and just how she feels as a person and how much more tough issue feels and the example that she's able to separate her 2 daughters she couldn't be happier with the fact that she is now a homeowner Chris and you can see me right now because we're on the radio but I am smiling from ear to ear she is too it's rude that's why we do it we do it is it really is and to see somebody you know before and after the whole real sit process it really is it's a spiritual in itself just to watch someone accomplish the. Get an opportunity of homeownership when so many other countries don't have the same option is that we do and the fact that you're helping makes a big difference I know to you it does it means the world well Kristen I really appreciate you being on the show today and talking about 1st time homebuyers and the down payment Thanks for having me I'll look for it next time Kristin Smith realtor with Dave Perry Miller and Associates in Dallas and a recipient of n a r s prestigious 30 Under 30 award. Coming up on real estate today how to save a big downpayment fast the 1st get it definitely understand how much you need and you've got to get a corrective about making room in that budget to come up with a fading to each month that's coming up on our special show show me the money. But 1st it's time for Ask the Millennial. Or the biggest demographic group in America and potentially the biggest group of homeowners ever so let's talk real estate now with a genuine member of the millennial generation Joining us is Jane Dahl and your hi Jane Hey Stephen great to be here we're glad you're here so Jane what do you have for us today well Stephen according to the most recent existing home sales data from the National Association of Realtors that while housing inventory is increasing we are still in a seller's market inventory is tight and even finding a house to buy is difficult so if you're a 1st time buyer as many of my millennial friends are this can make the process even more intimidating so I want to give some tips to 1st time buyers trying to navigate this tricky market Oh Jane this sounds really good 1st. We're going to want to decide on and stick to a budget get preapproval from a lender before you start looking this is going to let you know how much money you're qualified to borrow and so you will know how much you can spend on your home now before you decide on a final budget you'll want to take into account taxes utilities and if you're like me the cost of super fast internet and once you have a final spending plan you can go house hunting without wasting time looking at houses that turn out to be out of your price range yet because you don't want to go out and fall in love with a house that you can't possibly afford and in that vein when you do find a house you want to buy you're going to want to move quickly I've heard stories about houses being listed in the morning and selling in the afternoon so if you see a house that you like and it's in your budget you're going to have to jump on it do not wait until you finish watching last night's episode of the Americans which if you aren't watching why you're going to need to call your realtor now and you're going to make an offer because if you don't someone else will now you'll know what happened in the Americans but the other people have the house exactly we have recording for a reason people you have that peace of mind so now finally you're going to have to bid competitively no one wants to pay more for something than they have to but in a seller's market submitting a lowball offer is pretty much a guarantee that you're not going to get the house and it isn't always about the price putting in an offer with his few contingencies is possible can make you a lot more attractive to a seller or as realtors say a clean contract Jane doll and you're a genuine member of the millennium generation thanks for being with us on real estate today thank you Stephen and if any of you out there have questions that only a millennial can answer please send me an e-mail at Aspen millennial radio dot realtor and if possible. Your one stop for breaking news coming up on the 90 k. a B. C. Wired national security advisor Michael Flynn was warned by senior members of a trump transition team about the risks of contacting the Russian ambassador to the u.s. Washington Post reporter Adam enters says Flynn was told by a transition official in late November that is contact with might be problematic he wants him to know that his conversation with Kiss the AK would probably be intercepted by you know the f.b.i. Here in the u.s. Which is monitoring and basters like Kiss the AK and other ambassadors and overseas when Kiss the act finishes his conversation with a u.s. Official he'll often send a report to Moscow and the n.s.a. Might pick that up so he wanted he wanted Flynn to be aware a white Texas police officer free on bond this morning on a murder charge Roy all over was fired by his chief shortly after he shot and killed a black teenager who was inside a car leaving a party all over turned himself in last night just hours after a warrant was issued I'm Christopher Cruz. For you. Say something smell something do something when your basement or crawl space smells don't ignore it odors mold and harmful pollutants come from too much moisture and not enough air circulation making your home unhealthy do something call way of home solutions today at 188-896-4928 extension 3 or go to dry house now dot com Experts recommend ventilation instead of dehumidifiers to reduce moisture and expel harmful gases and pollutants wave moisture control units continuously drying out your home transforming it into a fresher healthier environment year round wave units cost only pennies a day to operate and there are no buckets to empty coal wave today at 188-896-4928 extension 3 or go to dry house now dot com That's dry house now dot com orc poll 188-896-4928 extension 3. 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Real estate today because knowledge is power. And we are back with our special program show me the money all about the cash you'll need to buy a house in today's market in this half hour we'll talk to an expert who knows all about how to save big and how to save that just helping you get the downpayment you'll need Show me the money is coming right up but 1st let's check in with Bill Thompson in the real estate Today newsroom Hi Stephen why are some home buyers passing up the chance to get a no down payment via a loan because it can take weeks for lenders to get a v.a. Approved appraisal and some v.a. Eligible buyers are turning to other financing options western Pennsylvania realtor and appraiser Michelle Bradley testified before the House Armed Services Committee appraisers who have never done a v.a. Appraisal before think I don't know what a minimum property requirement is too concerned to do it for liability purposes if there were training for new appraisers to join the panel in conjunction with the open enrollment I think that would. Dissuade people from. Being concerned members of the committee you're asking industry professionals to work together on ways to get more appraisers on the v.a. Loan panels in recent months here on real estate today we've told you about a wire fraud scheme has cheated homebuyers out of hundreds of thousands of dollars Well now the American Land Title Association is calling on the Consumer Financial Protection Bureau to issue an alert to consumers the thieves hack e-mail accounts to find details of a pending home purchase then they send the buyer an e-mail with a last minute change in where to wire funds last year the National Association of Realtors and the for. Trade Commission issued warnings to consumers but all to the Chief Executive Officer Michel Corps Vo says consumers are still being targeted as time for the c.f.p. Be to step in and protect consumers coming up in half an hour remodelers their business is right back to you thanks Bill. Continuing our special show show me the money all about helping you come up with the down payment for the house you want to buy you know it's a big obstacle saving up tens of thousands of dollars for a down payment is not easy but it can happen if you have a plan let's talk about that now with an expert joining us is Laura Adams Award winning author and pop caster who helps consumers improve their personal finances by making money easy to understand she's the host of the top rated money girl podcast and the author of several books including money girls smart moves to grow rich Laura welcome to Real Estate today thanks so much for having me we're glad you're here so Laura can you really save up a down payment all by yourself you can't you know it may seem daunting to come up with a percentage of a really big purchase probably the biggest purchase that you'll ever make in your life in some cases but you you definitely can do it let me ask you this how would you do it how would you save up a down payment as quickly as possible Yeah so the 1st step is definitely to understand how much you need think about what is the price of home that you're going to be looking at and ideally you know 20 percent down would be great that's going to give you a lot of benefits like not having to pay private mortgage insurance I'll tell you most people don't have 20 percent down so if you can only save up let's say 10 percent even in some cases 5 or 3 percent will be enough then figuring out Ok How long do I have to go. So before I want to buy this home is that a year or is it 5 years now you can kind of break it down into 12 equal payments or 12 equal amounts of savings per year to kind of back into it so depending on how much you need how long you'll you'll need to save that's going to tell you how much you need to free up in your budget every single month in order to have enough for that downpayment then you've got to get aggressive about making room in that budget to come up with the savings each month are so let's get aggressive more of what is aggressive savings all about yeah so it really is making sacrifices you've got to figure out where you can cut back maybe it means going into a smaller apartment maybe it means even moving in with mom and dad or getting a roommate really cutting back and that could be a great way to free up money that you can then put toward a down payment maybe it means getting a 2nd job maybe it means you know getting part time work it's going to mean either cutting expenses aggressively or making more income where possible so that's what I mean by getting aggressive you're going to have to make some sacrifices and you know what if it's just for a year if it's for a couple years most of us can do anything for a year most of us can easily live in a smaller place or work a 2nd job for a year knowing that you're going to have that great downpayment and that nice home to look forward to that's really such good advice Laura saying. Any of us can really do anything for a year that is so true and it's such a worthwhile goal after all yeah it is and you know in a lot of cases the rent payment that we are making right now is more than what our home payment will be depends on the marketplace that you're in that's not the case if you're in a big city like San Francisco or New York where owning is likely going to be more expensive than renting but in a lot of cases you can own a home even with principal interest you know all of the things the insurance property taxes all of that combined it can be less than the rent payment that you're making now for an equal or even better living situation so we need to kind of understand the marketplace that we're in as well and you can do that by talking to real estate agents anybody that's in the real estate business rental property management they can tell you for sure oh yeah you're going to be better off buying a home in this area so I think you know if you're unsure about whether buying is even for you in the 1st place you can talk to professionals and figure out you know is it economic or maybe it's just lifestyle or you're looking for that piece of property that you can call yours you know you want to yard because you've got pets or have kids be sure that ownership is for you in the 1st place and then once you know that it is or you think that it is then you can begin these processes that we're talking about with budgeting and getting really aggressive because I do think it's a worthwhile goal Well Laura what wonderful advice for any of our listeners who wants to save a big downpayment as quickly as possible anything else before we let you go yeah I'd say don't worry if you can't accumulate the down payment as quickly as you thought I mean it is a really big goal you're going to need to spend some time getting that money together and maybe you can even ask for help if you've got relatives that are saying what do you want for your birthday what do you want for the holidays let them know I'm saving for a house downpayment so you know. Any 100 bucks here 100 bucks there even bigger gifts if possible are going to help you achieve that goal so let other people know what you're doing and what your goals are you might be surprised if they're willing to help you save for that house what great advice Laura thank you so much for joining us today my pleasure Laura Adams Award winning author and podcast or host of the money girl podcast and author of Money girls smart moves to grow rich. Coming up on real estate today Fannie Mae talks to you about buying a home we offer the opportunity to get into that town to get into that school district builders region a community that otherwise might not be possible that's next on our special show show me the money. 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See something smell something do something when your basement or crawl space smells don't ignore it odors mold and harmful pollutants come from too much moisture and not enough air circulation making your home unhealthy do something call Way Home Solutions today at 188-896-4928 extension 3 or go to dry house now dot com Experts recommend ventilation instead of dehumidifiers to reduce moisture and expel harmful gases and pollutants wave moisture control units continuously dry out your home transforming it into a fresher healthier environment year round wave units cost only pennies a day to operate and there are no buckets to empty coal wave today at 188-896-4928 extension 3 or go to dry house now dot com That's dry house now dot com or call 188-896-4928 extension 3. Because. This is real estate today 100 percent real estate 100 percent of the time. Back now with our special program show me the money all about overcoming all the hurdles and buying that home of your very own of course one of the biggest hurdles out there is the down payment you might know that you do not need to put down 20 percent but did you know there are high quality home loans available for as little as 3 percent down both Fannie Mae and Freddie Mac. Have new loan products with 3 percent down payments opening the doors to homeownership for people all across America let's talk about that now with Jonathan lawless vice president for product development and affordable housing at. Fannie Mae Jonathan is responsible for developing solutions which help more Americans get into homes with safe secure mortgages Jonathan welcome to Real Estate today I think Strad me today we're glad you're here Jonathan this is just so interesting to me now Fannie Mae offers several different 3 percent down loans one is conventional and one is the home ready product Tell me why did you do it we did it for a couple reasons the 1st reason is that $97.00 l.t.v. Lending can be safe and it can reach many many Americans and so the safety of the product combined with the need in the demand for the product is really essential and it really creates a market opportunity for people to get into homes I think 2nd long term for us as an industry we need to recognize that generating savings is becoming more and more challenging and light things like the increase and student debts and the rising cost of rents in many markets where people are graduating from college they're making good incomes and yet their expenses are so high that it's hard to generate savings we think come ownership is a great way to generate savings and build wealth over the long term and so if you find a situation which many Americans have a lot of student debt coming out of school and are postponing the opportunity to become a homeowner then they're not building that wealth like previous generation Asians have been able to but by offering a low down payment program we offer the opportunity to get into that to get into that school district to build those roots in a community that otherwise might not be possible and from looking over your website I understand we're not just talking about 1st time home buyers you know so both products are standard conventional 97 offering and the home ready program are available to 1st time home buyers and 2nd repeat buyers the reason that we do that is because we've seen that through the crisis unlike in previous time periods where people have accumulated a lot of wealth from their 1st time people. Lost both in the crisis and so 97 becomes an important offering for a lot of families who are ready to move into a 2nd home either to grow their family or in lot of cases downsize their down to a smaller and something else I saw that just look deep the web page you can cancel your mortgage insurance at a specific point now many mortgages do not allow that but you do wise that that's correct so unlike the government programs that are offered through f.h.a. Where the fees that you pay for insurance are permanent the programs that we offer leverage private mortgage insurance and all of those private mortgage insurance allow for mortgage insurance to be canceled either after your loan has amortize down or has paid down to a certain amount or if you go and find that your appraisal indicates your property has appreciated that then also becomes an opportunity for you to cancel your mortgage insurance and save significantly on your monthly payment. And you know at this point Jonathan we should probably underline to our listeners that you should not call Fannie Mae and apply for a loan because Fannie Mae doesn't write mortgages Fannie Mae creates the product that the private mortgage industry uses correct that's correct so we work in support of the lending industry who is actually making the loans and we help set the standards and create products for the lenders to offer to their consumers so if one of our listeners is very interested in one of your products one of your 3 percent down mortgages Jonathan what do they do I think that's to most important things number one reach out to a lender if it's a lender you're familiar and comfortable with reach out to them ask them if they offer a 3 percent down conventional offering and you'll find that in most cases lenders will offer that program The 2nd thing I always encourage people to do is to invest time in home buyer education knowing the differences of these products the pros and cons of having a lower down payment versus a higher down payment and other choices you're making. It's a complicated transaction and education and of course is like saying more commander should dot org are really going to make you feel more prepared and empowered to make the decision process Well Jonathan thank you so much for opening the doors for so many Americans so they can have a home of their own across the country and also of course thank you for joining us on the show today thank you so much Jonathan lawless vice president for product development and affordable housing at Fannie Mae. Coming up on real estate today you've saved up the downpayment but now you hear you need more money to explain why coming up on our special show show me the money. If you love listening to us talk about real estate join the conversation on real estate today radio on Facebook we can't wait to hear from you that's real estate today radio on Facebook. limitations on certified pre-owned warranties. 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And we're back now with our special program show me the money all about the down payment and you we're going to wrap up this hour of the show with a little talk about some other money you're going to need when you buy a house money that's on top of the down payment I know that's not the best news but we don't want you to face any last minute surprises Now obviously your real Tor is the best person to discuss this with they'll know exactly what you need where you live but if you don't have a realtor yet you might not know what I'm about to tell you and that is in addition to the down payment for a house you will also need closing costs let's talk about that now if you've been listening to the show you know by now you don't need a 20 percent down payment to buy a house sure you can do it if you can but good home loans are available with as little as 3 percent down Ok so for a $300000.00 property that's a $9000.00 down payment which is high but it's not that bad. But also you have to plan to have at least another 3 percent ready for your closing costs that's another $9.00 grand So that brings the total amount of cash you'd need at the closing table up to around 18 $1000.00 let's look at what you're actually paying for when you shell out all that money $1.00 of the biggest expenses is Title insurance that's an actual insurance policy that protects you from a lot of potential problems say that there was someone who was part owner of the house and it was sold without his knowledge or if a contractor did lots of work on the place and never got paid those issues could give them claim to the title of your new house title insurance protect you from all of that and it's not an option if you're getting a mortgage now the lender will require it because it covers their investment too also you'll find taxes in your closing costs say that the taxes on the House are $2000.00 a year well if you buy the place July 1st you'll be responsible for $1000.00 in taxes to cover the time period in that year that you own the house also if there are condo fees or homeowner's association fees again you'll have to pay your share as of the day you own it now your lender might have had an appraisal done on the House that's something that you pay for and it might be rolled into your closing costs at the settlement table and here's a really big $1.00 points or origination fees for your home loan now it points to pay down your rate so say that the prevailing interest rate for the mortgage you want is 4.25 percent your lender might offer to let you pay say several $1000.00 to reduce that rate down to 4 percent Ok that money and also the origination fee which is about one percent of the loan will be part of your closing costs too so all in all it's a lot of money but as we said we want to make sure you know exactly what your. Getting into but here's the good news you might be able to get the seller to pay your closing costs it's not guaranteed but it does happen a lot talk to your real tour about how to try that in the area where you're buying a house so there you are now you know all.