DON'T BUY A KB BUILT HOME!! We were trying to have the American dream and low maintenance (we are not very handy) we thought buying new would "buy" us a good number of years before having to do home maintenance. What a mistake to buy from KB. The stucco wow warranty for 9 months. What a joke, My parents re stucco'd their house (after 25years), all companies they obtained estimates from guaranteed for ten years. Our stucco falling off after 14 months KB customer service said too bad so sad. Poor quality product, kitchen cabinets hinges breaking. Stairwell handrail paint wore off after 11 months. Bathroom light fixture breaking apart. The list goes on I think you get the point. DO NOT BUY A HOME BUILT BY KB.... more
My Wife is making 46,310 years and I am making $53,030 yearly. I am also receiving Veteran disability compensation for $1702 ($20,424 tax-free) as a year which brings our combined income to $119,764. Our monthly car payment is $800 and insurance monthly fee is $230. We used bought a 4 bedroom home in Houston for $125, 00, but our family has grown and monthly payment is 950. We now have 4 kids and we have outgrown our home. . Both of us are working on our credit and paying off our debt and hopefully will be done in April.
Question: Can we do a second-tier entitlement VA loan or Convert VA loan to FHA? How does it work? We are trying to buy a 5-bedroom home. How much can we afford on $119,764 income?... more
As a former realtor, I have worked with builders and buyers like you. The process is you will need to qualify for a pre approval immediately. Your lender will need to pull your credit, verify employment, income, credit score, credit history, types of outstanding debts, debt to income ratio, etc. Builders never start building a home until the buyer is pre approved. Pre approval means the lender has verified everything and will commit to giving you a loan provided nothing changes in your finances. You will need to have a down payment up front - not later in the process. Therefore, you should save as much cash as possible now. You will also need cash to pay for closing costs.
If you are not buying a home until next year, go to www.annualcreditreport.com and review your credit history. Look for any errors and fix it now. Go to FICO and get your FICO credit score. It should be 620 or higher. Preferably 700 or higher. The higher your credit score, the lower the interest rate and lower fees. The lower your credit score = higher interest rates and higher fees. Think of it this way - lenders punish buyers with low credit scores and a high debt to income ratio because it is a bigger risk to the lenders. Lenders reward buyers with high credit scores and low debt to income ratios because they deserve it. Therefore, you want to be rewarded - correct? So work on your credit now.
If you are new to Houston, you need to spend time now BEFORE buying a home and research neighborhoods and anything else that is important to you. Realtors cannot give opinions on neighborhoods, quality of local schools, demographics, etc. because it violates Fair Housing laws. Therefore, you need to do all this research on your own time. Remember, you can always change anything inside the home but you can never change where the home is located. Therefore, make sure you know the neighborhoods very well because if you don't like the neighborhood after you buy a home, it's too late to change your mind. You can sell the home and move elsewhere but it will cost you $$$ (you will lose money selling your new home). Therefore, do your homework before buying anything. BEST ADVICE EVER - if you are not familiar with Houston - RENT FIRST!!! It will be much cheaper to sign a 1 year lease for a cheap apartment, explore the neighborhoods of Houston thoroughly, then buy a home. You will save yourself from a nightmare headache.
As for builders, in addition to their quality, you need to pay CRITICAL attention to the contract you will sign. BEFORE signing any contract, either take it to your lawyer or read every word very carefully. You need to know that builders have contracts written by lawyers to benefit them - not you. These contracts are not the same as the state contracts that realtors use. Therefore, before signing, you need to edit or change any of the wording that you don't want. Expect the builder to fight back but you are paying fir it - not the builder. The most common clause in a builder's contract is "if anything goes wrong with the construction or after you move in, the builder is NOT responsible for it. The buyer will need to pay extra money to fix any damages or repairs." Too many buyers sign the contract with this sentence and realize too late the consequences.
Briefly, builders need to make a profit, so anything that affects their bottom line is in the contract to protect them - not you. Remember, their contracts do not give you any rights. Buyers like you want good customer service, quality of construction, etc. BUT buyers fail to read the contract and what they agreed to.... more
Not sure where this question is heading. Are you a homeowner or are you trying to purchase a home in Houston? If you are a homeowner and your house is flooded then I would suggest that you talk to your insurance company. If you are trying to purchase you would want to be watchful of the condition of the home that you are purchasing.... more
Noise from air traffic is minimal. The runway angle is NW to SE. Only noticeable when WW II air weekends about 2 times per year. Otherwise I never hear a plane when indoors and there are no jets so noise from circling single and dual prop planes, pre and post landing or take off, is negligible.... more
I understand your concern because it feels intrusive but lenders need to verify that the money for the gift deposit was not illegally received (drug dealer, robbery, etc.). Yes, lenders need proof in writing because without proof, it could mean the money was stolen or from drugs.... more