Locals know that "The Hill," is one of the more desirable areas to reside in New Braunfels. Mature, Quaint, Quiet, Sophisticated... living in this neighborhood puts you at the edge of Downtown with
River tree is great! Established neighborhood with lots of huge mature trees than enhance and shade the homes. River tree is close to everything...easy access to shopping, Schlitterbahn water park, Landa Park and Golf Course, I 35 corridor, the Comal and Guadalupe rivers and entertainment areas of town and historic Gruene with the oldest dance hall in Texas!. My personal opinion is that River Tree has the most beautiful private park on the river for its residents to enjoy. It is expansive, has boat and jet ski ramps, picnic tables and lots of beautiful manicured lawn areas to enjoy. The homes are older but very quality homes . The price point is also very reasonable! If you would like to see listings and photos of the available properties there....just let me know. Glad to help!
Dee Banks, ERA D. Lee Edwards Realty
cell: 512-847-1168... more
Simple... work with an experienced buyer agent in the area. Trulia has decided to show listings/info from Realtytrac which shows home owners in some state of being behind on the mortgage, many will not come for sale and those that do will likely be foreclosed on and come up for sale far into the future.... all REO's will go on the open market these days.... more
It is possible to get an FHA down to a 580 middle credit score but I would not recommend it. Rates are higher and the approval process can be extremely frustrating. Ideally you want to be at least 620 but preferably a 640 to get a good rate and prompt closing.
You need to go through a Comprehensive Pre-Approval process so you know exactly where you stand and address any issues before you start looking at homes. It's all about preparation. I go into more detail on this part of the process here: http://www.elliottoliva.com/preapprovedvsprequalified
Depending on where in New Braunfels you are interested in you may qualify for a USDA No Money Down loan so long as you meet the income, credit and property criteria.
Ok... I will level with you on this one... IT DEPENDS ON THE HOUSE! If the home is a Fannie Mae HomePath home... you can buy an investment property for as little as 5% Down!!! Some of these homes are AMAZING DEALS as HomePath Renovation will help you to finance the repairs on the beater homes.. We have done quite a few of these lately (as my wife is one of the few lenders able to do HomePath loans) and I have to say... very neat deal. There is no mortgage insurance... tons of perks.... to many to list here.
If the home is not a HomePath home... then the old traditional 20% down comes into play. Some lenders will require reserves, and others wont... depends on your credit score. Some lenders will count any 401K or retirment accounts you have as "reserves"
There are some "hard money" lenders out there that will court you with 10% down payments, but their rates are usually high, and most of them want you to re-sell or refinance the property as soon as you can... which you can do.. I have several investors that used "hard money" to obtain the property, and then refinanced the loan later (depending on the market value vs. the owed balance)
Sometimes, you just have to be a bit creative, but where there is a will.. there is a way.... more
I have noticed that the tax appraisals are usually a lot lower than the market value of any given property... There are a few exceptions... especially when the home is a major "Fixer-Upper" or a foreclosure with heavy repairs needed... but in general, it is very safe to say, that if a home is in move in ready condition, MOST OF THE TIME, the tax appraisal is a lot lower than the market value... which is what you want.. because that's the number you will be taxed on ;)... more
If you are paying cash... Really not much! One of the cool things about paying cash... you don't have to get all the stuff lenders require to do loans. Basically a lot becomes optional.
You only get an Appraisal ($350 to $450) IF YOU WANT ONE! Not required
You only get a Survey ($250 to $450) IF YOU WANT ONE! - Not required (but recommended)
No tax certs, no underwriting fees, no processing fees, no loan origniations... etc.
All you will have to pay is what the title company charges to close a file... which should range from $200 to $500 depending on the title company.
Gotta love paying cash... someday we will all grow up to buy our homes out-right!... more