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I was out showing homes today in the communities of Providence and Savannah and ran into some really great deals. These homes below are great examples:
Above-Providence: 1930 sq. ft, 3 bed, 2.1 bath, 2 car garage for $107,990..needs carpet and paint
Above-Providence: 2100 sq. ft, 3 bed, 2.1 bath, 2 car garage for $125,000..Backs up to Lake
Above-Providence: 2330 sq. ft, 4 bed, 2 bath, 2 car garage for $114,000..Great Floorplan
Above-Savannah: 1540 sq. ft, 3 bed, 2 bath, 2 car garage for $115,000..Great Floorplan
If you would like to see any of these homes, or other good deals, please call Amy at 972-921-8787. Or e-mail me at Amy@NorthTexasHomeFinders.com. We have many deals on our site: www.NorthTexasHomeFinders.com. Please put “AMY” in the “How Did You Hear About Us” section
The latest numbers are out from the TAMU Real Estate center and Texas remains strong on the foreclosure front. Texas is one of the major states still posting home price increases. Looking at data from RealtyTrac, Inc., Texas monthly foreclosure findings are pretty level. In June 2008, the numbers were lower than those in June 2005. Local economists, expect this trend to continue.
What does that mean to you? Now is a wonderful time to buy a home! While other markets are experiencing negative equity situations, Texas has remained level. In some cases, still increasing. Yes, there are still lenders with money to loan. It takes a little more time to secure a loan these days, so patience is the name of the game.
For more information contact us today at 972.335.0571.
Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders
Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com for more information.
YES, YOU CAN STILL BUY A HOUSE. If your credit is terrible, you have no money, and you never make any monthly payments on time, then “no,” you can’t buy a house. However, if you have a reasonable credit score (620 or higher) you are in excellent shape. The good news is that there are several great programs still available to help folks buy a home. FHA still allows a buyer to purchase a primary residence with 3% down payment until January 1st, then 3.5% after that. The money for this down payment can be taken out o 401K, and (if you’re a first-time home buyer, or not owned a home in the last 3 years) replenished up to $7500 by the IRS in February with no penalties.
For many areas around DFW you can still get 100% financing with a USDA loan. The rates are great, there is not monthly mortgage insurance requirement, the areas are easily accessible, and it’s easier to get than an FHA loan. The only catch is that there are income limits. However, the limits are not bad, and they increase with the number of people in the family.
There is another new program called the Punctual Payment Program- it allows you to still get 100% financing by way of a trust fund. Here is how it works. Let’s say you want to buy a home for $150,000. You need a downpayment of $4500. To close on the home you will need to come up with this money. However, it can come from your own account, your 401K, sweet Aunt Edna, or Uncle Jimmy. The $4500 is put into a trust fund, and the company holding the trust makes your downpayment. Once you begin making payments, the $4500 in the trust fund is refunded to whomever. In other words, if Uncle Jimmy loaned you the $4500, he will get paid back over the next 3-4 months. When you make a payment, typically around $1500 for a $150,000 home, the amount going to the principal is subtracted (let’s say $125) then the rest is given to refund the downpayment. You make your $1500 dollar payment, the bank get $125 for the principal, and Uncle Jimmy gets a check for $1375. This will continue until the entire $4500 has been repaid. That’s a pretty fast return for Uncle Jimmy’s kindness in loaning you the money to buy your home.
The second-best part to the Punctual Payment Program is the Rainy Day Fund. The use of the program requires a $595 fee. This fee is put into an account for rainy days. If something happens to you during your time in the home, laid off, hurt on the job, just can’t make the payment, the Rainy Day Fund kicks in and pays your mortgage payment (up to $1800, and up to 6 months). The FHA loves this! You still need to qualify for an FHA loan to use this program.
In closing, remember that the media always sensationalizes the news. Newspapers, magazines, and news stations are still businesses. They will write, print, advertise, and produce what sells. Are we in the midst of a serious financial situation? Definitely. Is the western world as we know about to end? No. When is the best time to buy homes? When prices are low. Will the economy recover? Definitely. Remember, it’s Economics 101, our economy is cyclical. What markets will go up, and they will come down, then go back up again. We’ve become accustomed to a very long period of growth with no slowing down. Now we’re in a period of correction and slowing. However, this too will reverse itself. Texas is still going strong, places like Frisco, Keller, and McKinney have great deals on homes, and we have jobs aplenty. Give me a call if you want to learn more about it.
I believe many potential buyers and sellers are scared right now. Not knowing what the stock market will do next, and who the next president will be. If you add constant media coverage, or should I say “spin” on top of all that..it spells disaster in some people’s minds.
Most buyers that Chad and I are dealing with are buying because of: job relocation or wanting to get out of an apartment. It seems that buyers wanting to up size or downsize are sitting still at the moment. If downsizing, the potential buyer believes they cannot get top dollar for their existing home if they decide to sell, and if buyers are looking to up size, they feel that saving money is the best option for them during this economic slow down.
I think that after the election and when the stock market starts to stabilize, people will feel less scared about making a home purchase. A person should never buy a home unless they are fully commited to the financial responsibility. Renting a while and saving money may be the best option for some. If you are relocating or in an apartment, and want to take advantage of great home builder savings NOW..please contact: Amy Underwood at 940-464-7530, or visit www.NorthTexasHomeFinders.com Please put “AMY” in the “How Did You Hear About Us” Section
