Closing costs and the overall housing costs can cover a variety of different fees. Some of these fees include appraisal fees, processing fees, underwriting costs, lender fees, and other closing costs. When it comes to buying a house it is smart to have a lot of money ready for these fees and down payment. There are lenders like myself that have loan products that can cover a lot of these fees. I recommend you speak with a lender like myself. I would be more than willing to speak with you to help you get the loan that you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 email@example.com... more
Lucy you can get tiles or wood done after you get your keys to your house. You should just ask for carpet everywhere that its given then when you get the keys rip it off and call someone to go the tiles. You can get exactly what you want for a cheaper price.
But for other upgrades, personally I think you should have the most upgrades in the kitchen, master bathroom/ bedroom and family room. Those are the 3 main focus points of a house. You should first look at what the builder is offering you, if its not that different from what the upgrade looks like then why waste your money there? Small details will help your house look more like a home. Don't add a full backsplash or change all the tiles in the bathroom/ kitchen, just have a small pattern built into what is given. Those small tiles in bathrooms and the kitchen will make your home look so much better. Try to keep a color scheme going, you don't want your home to have weird color accents all over. Also try to keep to a certain style, don't have a mixture of contemporary, modern and traditional because most of the times it doesn't look good.
When you add to the kitchen don't invest money in kitchen cabinets so that they have handles because you can do it yourself. You can get the handles at any hardware store and save so mich money. You can also do this with the bars on stair railings, just get what the builder gives you then when you get your keys knock the bars out and replace them with what you want. You'll save so much money. A lot of people upgrade their front doors, that's a great idea but if your builder is offering something very close to the door you want for no extra charge then why do it.... more
USDA loans are for more rural areas. I believe parts of Fate are designated USDA eligible. They are 100% financing and a great loan if you can find a property to meet the requirements. Let me know how I can help. Check out all the listings in Fate at www.youhomeretreiver.com
Lisa Montes-"Your Home Retriever"
Your credit score is in good shape to purchase a home. However, I would recommend shopping around a bit to see who and what is out there. Ask friends, family, co-workers for referrals. I do not recommend going with someone just because they can promise you the lowest rate. It has been my experience to use someone that you feel comfortable with to get the job done (research the company as well). Your comfort level and their commitment to you equals greater success. Rates are pretty standard across the board! Also, inquire about an FHA loan as it seems to be the most popular these days. If you are a Vet the VA loans are outstanding as well. Let me know how I can help!
Check out my website for some great listings at www.yourhomeretriever.com
Lisa Montes-"Your Home Retriever"
LUCY, Here is a great web-site to use it has all the most recent and up to date builders with floor plans to give you a way find what your looking for.www.buildersupdate.com . I hope this was helpful. if you need more assistance call me I would be glad to assist you. 903-390-8759 Martha Busby Modular homes builder!... more
There are several types of requirements that come along with this type of loan. A conventional loan usually requires a minimum credit score of 600-620. Also, it requires a minimum down payment of 10%-20%. These are just some things that are required for conventional loans. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 firstname.lastname@example.org... more
It sounds like you are separated from your husband. Texas is a community property state. Your assets are your husband's, your debts are your husband's, his assets are your assets, and his debts are your debts. What does this mean? If you think you own a car by yourself, just because only your name is on the title, you're wrong -- he owns it, too. If you ever divorce, you will come to realize this because those community assets will have to be listed and divided.
Similarly, if he owes a big chunk of money to a credit card company, you owe it, too. So, when they tally up your income and compare it to your debts, they will include his truck payment and his credit card payments even though you're not on the title to his truck and don't have a credit card.
As to the child support, that is income, not debt. Yes, his debts will include the child support, but it doesn't change the overall picture. Let's say he has a $350 truck payment and a $200 credit card payment plus $1000 child support, and that you have $280 car payment and a $120 credit card payment. Your salary plus the $1000 would be your income. Let's say you make $3000 a month. Your income total would be $4000, of which $400 (10%) would be for your other debt.
Ignoring him for a second, you could get a loan with a monthly payment of $1200 approximately (about a $145k house), since the combined debt and mortgage payment would be roughly 40% of your monthly gross including child support.
BUT, when you add his debts in his $350 + $200 payments drag down your maximum loan payment from $1200 to $650, which will get you only a $75k house. Of course, you're not paying for his truck or his credit card, but the bank doesn't look at it that way. If he defaults, the auto loan company can come after you. Same thing if he defaults on his credit card, or if he stops paying child support.
Also, he will be required to sign off on the Deed of Trust when you close, and in order to get the loan, the mortgage company will pull his credit (mandatory for FHA loans). You'll have to get his agreement to pull his credit and that he will come and sign papers at closing.
So, look at his finances as well as your own, because every lender is going to do that, too.... more
You can absolutely get a loan. My company also will accept borrowers down to 531 credit scores if you would like to use your husbands income. My name is Jake Johnson and you can email me at email@example.com. Talk to you soon!... more
I do consulting regarding credit repair to increase your scores. GREAT you are focused into purchasing a home wanting move forward. You receive annual tax benefits home ownership.
Once scores increase the interest rate is lower allows you better opportunities in the market.
CONTACT OUR OFFICE TODAY
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 08' list top realtors"
Dallas Loan Officer - Homewise Lending
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale... more
There are quite a few of us who work in the area. We'd be happy to help you.
First-time homebuyers have an advantage because of the state programs available to assist you plus the new Federal tax credit. You just have to ask for the type of help you need.
Living on Lake Ray Hubbard we know quite a bit about the area, plus the programs.... more
Depending on the state or the local board that the real esate agent belongs, he may not be required to become a member of the association of RealtorsÂ®. Only members of the association can call themselves RealtorsÂ®.
Besides having the designation RealtorÂ® and promising to follow the Code of Ethics for RealtorsÂ®, a real esate agent without the designation may not have full access to the multiple listing service database and other meaningful services that RealtorsÂ® have. A licensed real estate agent can still conduct business in the state of Texas without having to join a local board of RealtorsÂ® or the Texas Association of RealtorsÂ® or the National Association of RealtorsÂ®, but may be limited to working on real estate where no MLS access is required.... more
Lucy, it's great that you've been working on your credit for 5 years.
The Downpayment Assistance Programs you are talking about are available through the end of September.
Have you spoken with a mortgage lender lately? A reputable local one. If not, why don't you meet with one and just see what they have to say about you buying a home. It is possible that you already qualify for one of the many packages currently available. If not, you and the representative can come up with a plan to get you ready to purchase.
Congratulations on the last 5 years!
I wish you much health, wealth and happiness in the next 5!... more
James has the most accurate answer so far. Please note that buying in 2009 that you are still able to elect to treat the purchase as having occurred in 2008, and you can get your credit on the taxes you file by April 15, 2009.
This amount would be added on top of your normal refund, even though you hadn't paid that much in taxes. For your situation that could be $14,000 check from the IRS. Remember that you have to pay back the credit in the subsequent 15 tax filings at 1/15th of the credit you took. So, it is really like an interest-free loan.
Of course you still get all the other benefits of owning a home, like deductions for interest paid and taxes on the property. Ask your loan officer about other credit programs, too. They are available.... more
Down-payment assistance is NOT going away. What will be prohibited is a seller promising to make a donation to a DPA provider like Ameridream and Ameridream making a gift to the buyer. This prohibition goes into effect for borrowers who have not been credit-approved for their loan by 9/30/2008.
You will still be able to get real grants and gifts to assist you with your down-payment. Charitable organizations have been making non-contingent gifts for years as well as government agencies.. This will continue plus assistance from your own family as gifts or loans.
The other contributors here have mentioned the new tax credit, but it is not a gift. If you are a first-time buyer, then you can get up to $7500 for a couple as a credit on your next year's Federal taxes. You will have to pay back the credit 1/15 per year over the following 15 years. Yes, it is like an interest free loan, though.
You should always explore other options for financing, besides what a builder may have arranged. Often the builder has structured the deal so that using his recommended lender will save you money. Sometimes the savings are not so obvious, and sometimes they're quite genuine, because the builder has acquired funds at a low rate before starting the development.
The state of Texas has at least two programs right now that you can use for assistance and subsidized interest rates here in Rockwall. Other programs are tied to Dallas city and county or other municipalities. Check with your loan officer.... more