Home Buying in Houston>Question Details

Rondha Ordaz, Home Buyer in Houston, TX

My husband and I are looking to purchase our first home our budget is 200k .

Asked by Rondha Ordaz, Houston, TX Tue Oct 22, 2013

My husband and I moved to Houston 2 year ago due to my husband job. We are both from NYC . I am currently a stay at home mom with 2 kids and a baby on the way. We currently lived in the galleria area we are renting a 2 BR. Did not plan on living here however it looks like we are going to be here for a while . We decided to purchase a home . My husband credit score is above 720. We don't have much for downpayment since we weren't planning on buying a home we did a lot of traveling this year at this point we have a 3.5% downpayment . We have been looking at new homes in Katy however in order to get what we want in a home we have to pay for lots of upgrade. We like more of a open concept home with hardwood floor, 3-4 BR , Island kitchen, nice master bath, backyard would like to live in a good area with good schools. i would prefer buying a cheaper home for about 130k and using the rest of our budget to renovate . Not sure how get a mortgage to add renovation cost to it .

Help the community by answering this question:


If you want some help sorting through your options you should visit our website.. Go FHA with 3.5% down or 203k which could be just 3% down and up to 35k for renovations..
1 vote Thank Flag Link Mon Nov 4, 2013
I am a home inspector but I know several realtors that are honest and diligent in their services.
connie inmon 713-542-2845
Shannon Register 281-288-3500
Tell them Lou Wissner sent you. They will take great care of you.
If I can ever answer a question about a home please feel free to call 713-494-3721
1 vote Thank Flag Link Wed Oct 30, 2013
She probably figured it out already since her question is a year old.
0 votes Thank Flag Link Thu Sep 25, 2014
I can assist you with all your questions and needs if you still need assistance please contact me at your earliest convenience.
Stacy Burgin
0 votes Thank Flag Link Thu Sep 25, 2014
My older brother and his wife were looking for a home when they were just married. They were broke. My older brother worked as a sales associate at a farm store, and his wife worked as a receptionist at a plumbing show room. They had a lot worse credit score than your husband and a lot less money. They decided to get a town house since they knew they didn't want to stay in one spot for more than 5 years. That was a good option for them. Houston is a really good area though. I have a friend who lived there for a while and he really liked it.
0 votes Thank Flag Link Mon Sep 22, 2014
Hi there, I hope your house hunt is going well. I own a Texas based mortgage company and I work with the Houston are a lot. I would like the opportunity to assist you with your mortgage. I will honestly answer any question you may have, I will provide you with loan options that will best suit you.
I do Conventional,FHA,VA,Jumbo loans. I am also able to lend up to 95% for a conventional loan dependent on your credit if needed.
Visit http://www.mylendingplace.com and let me know if I can be of any assistance to you and your husband.

Look forward to hearing from you.
Good luck with the house hunt.
0 votes Thank Flag Link Fri Nov 1, 2013
Just checking back in with you on your home purchase?
I actually have 2 lenders that will finance your Reno loan into just one loan and a lot of nice pocketed areas you and your family might love! Your loan should not be too hard to obtain at all! Please feel free to email or call me today to go over a few things and get started. I am an expert not only in the Houston area but also surrounding areas and focus on the Spring/woodlands/Montgomery County areas. I look forward to helping you.
Thank you
Melanie Downing
832-928-3664 -cell
Web Reference: http://Interohouston.com
0 votes Thank Flag Link Tue Oct 29, 2013
Hello Mrs. Ordaz,

Thank you for checking with us here on Trulia.

From what you have mentioned so far, you should not have a problem obtaining a loan, and you would also be able to find the home with the description you specify, and yes, the hardwood floor and any added features do cost you more. There are however, many areas in Katy that you can check out to see if there is one that fits your budget. I will be happy to check that out for you if you would like. I can also check to see how the FHA loan would work out for you.

Best way to reach me is at the contact information below.

REALM Real Estate Professionals
0 votes Thank Flag Link Wed Oct 23, 2013
I would hold off untill you have the 5% down payment so you can go with a conventional loan. FHA now requires the PMI to stay on the loan as long as you have the loan. That really makes it an unaffordable option in your case.
Web Reference: http://www.DaveRealty.com
0 votes Thank Flag Link Wed Oct 23, 2013
With an FHA 203K mortgage, you can renovate, repair and modernize. It will allow you to buy the home and finance the cost of renovations using the future value of the home.

The down payment is based on 3.5% of the total amount of the purchase price of the house plus the costs of repairs.

Anna Maria Durr, NMLS 266699
CodeMark Financial, LLC
4500 Highway 6, Sugar Land, TX 77478
281-592-0667, anna@codemarkfinancial.com
0 votes Thank Flag Link Tue Oct 22, 2013
There are rehabilitation loans out there for you to find a home and put all the upgrades you would like into it. I have worked with several loan officers that do them. I also know many first time homebuyer programs that would assist you in the down payment. It all depends on the situation and your income. Call me anytime.
0 votes Thank Flag Link Tue Oct 22, 2013

What part of NYC? Brooklyn, Queens, Manhattan, or elsewhere in the city?
Andrea and I have a son, grandkids, three brothers and cousins scattered through New York City.

Call us, the Homes Dunn Right Team and we will help you and your husband find the right home.
0 votes Thank Flag Link Tue Oct 22, 2013
HI Rhonda, FHA will be the cheapest way for you to get into a house with the 3.5 % down. You will have mortgage insurance which is 1.3% of the loan balance amount which stays with the loan until you sell or it is paid off.

There is a loan that allows you to finance the renovations but there are parameters about the way that can be done. go here to read about it in full: http://www.realtor.com/home-finance/homebuyer-information/wh…

I am happy to help you should you decide to move forward and start looking. Katy is a great place to live and has a lot to offer.

Connie Inmon
0 votes Thank Flag Link Tue Oct 22, 2013
Hi Rhonda,

FHA requires 3.5% and Conventional will require 5% down. I recommend talking with mortgage bankers and getting pre-approved first. I have great local lenders that I use and will be more than happy to send you their contact information.

Good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
0 votes Thank Flag Link Tue Oct 22, 2013
Hi Rondha
I do a lot of relocation and you can get a good 1900 sft 3/4, bedroom house in your budget in katy Tx. Loan approval is not at all the issue. This time of the year is great to start looking. You can get great deals on new homes as well from low down to zero down Call me if you need to talk on 832.387.1056
0 votes Thank Flag Link Tue Oct 22, 2013

What part of NYC? Brooklyn, Queens, Manhattan, or elsewhere in the city?
Andrea and I have a son, grandkids, three brothers and cousins scattered through New York City.

Call us, the Homes Dunn Right Team and we will help you and your husband find the right home.
0 votes Thank Flag Link Tue Oct 22, 2013

I would suggest you get together with a Realtor to explain the steps and assist you as you get pre-qualified for a mortgage. 3.5% down allows you to pursue an FHA loan, but those type of loans are more expensive in the long run. We would want to think about all your financing options.

New construction is one possibility, but resale homes (less than 10 years in age perhaps) might offer more bang-for-the-buck. You mentioned the Katy area, but looking north and south of that area might allow you 10%-15% more home for the money. Great schools and outstanding neighborhoods in Cy-Fair and Cypress.

Let me know if I can be of some help. Maybe a private meeting at my office (kids included) would help get the process started. We can explain the process, including cost involved and preview homes on our large screen TV.

Look forward to hearing from you.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Tue Oct 22, 2013
Is a difficult situation since you want to put the upgrades in the loan and FHA will not allow that, and 130,000 is not a great home, you better save some extra money and go conventional on a new home or FHA..same new home ask the upgrades before is built it and so you get a home in the price you want
0 votes Thank Flag Link Tue Oct 22, 2013
Hello Rhondha,

I sell extensively in Katy and Cypress. There are homes in your budget of 130k-200k. If you would like me to send you examples just email or call me and I will forward them for your review. Further, I have a few Mortgage Bankers that I can recommend. Most of the time approval is within 24 hours. My job is to make the purchase of your new home a pleasant experience. I have an ABR which is an advance designation especially to assist Buyers. I also have a 5 Star rating from past clients on the Houston Association of Realtors website (HAR) as well. I look forward to hearing from you. I can be reached at 713.816.1610.
0 votes Thank Flag Link Tue Oct 22, 2013
Wells Fargo offers an FHA renovation mortgage. let me know if you need contact person. Also tget what you want you will have to look at resale homes. have you been pre-approved for an amount yet? I would love to help you!

0 votes Thank Flag Link Tue Oct 22, 2013
Hey Rondha,

I would love to help you guys find a house. I have been an agent here in Houston for 10 years and have lived here my whole life.

Unfortunately with only having 3.5% down, the only type of house you would be able to qualify for is a home that will qualify for FHA financing. That means that the house has to be livable and has to be inspected and approved by a FHA appraiser before the loan can be funded. I have a very helpful sheet that will explain house qualifications. If you send me your email address, I can forward that to you!

I would love to work for you and look forward to speaking with you soon! My contact information is below.

Talk to you soon!

Diane Schrakamp
Total Real Estate Services
0 votes Thank Flag Link Tue Oct 22, 2013
Please contact me and we can get you started with the process..

Call me anytime at 713-397-5891.


Matthew Klovenski
0 votes Thank Flag Link Tue Oct 22, 2013

Please let me know if I can be of assistance.

Ask me about my realtor contribution toward closing costs.

Best of luck in your search!

Raina Gibson
Realty Associates
Flag Wed Oct 23, 2013
Thanks for response . We did not get pre approve however we dad an estimate pre approval and would be quilify for over 200k . We have no student lones and only owes 3 k on our cards which we plan on paying off at the end of this month income is over 100k
Flag Tue Oct 22, 2013
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