New McKinney Neighborhood Starting at $119K!

Brand new homes in North McKinney.  The other builder in this neighborhood has prices that start at $157k, so this stands to be a great investment opportunity.  All the new and recent development in McKinney lies at the Hwy 380 and Hwy 75 intersection.  This community is only a couple miles west.

	The Perfect Blend of Location and Value in Acclaimed McKinney—from $119,000Looking for a family-friendly community with a family-friend price to match? Then Heritage Bend may be just right for you. Fox & Jacobs’ newest area community, Heritage Bend brings together everything for your best life. A great location that’s easily accessible to commuter routes and the top-rated city of historic McKinney. A vibrant town with great shopping, dining, festivals and events. And the kind of remarkable value that families like yours demand. Our newest community in popular McKinney, Texas Intimate neighborhood with 34 homesites Great location with easy accessibility to 75 Central Expressway & Hwy 380 Affordably priced new homes—starting from $119,000 Choice of 6 different floorplans for every need—with 1,261 to 2,910 sq. ft. Excellent schools in the McKinney ISD Close proximity to quaint shops and unique restaurants in historic downtown McKinney Top-ranked McKinney named one of Top Ten Places to Move by Forbes and 14th Best Place in Nation by Money magazine

Call us today for more information, 940/464-7530.

Article by Chad Underwood, Owner/Associate Broker, Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com.

With the Current “Credit Freeze” Can I Still Buy a House?

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.