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Home Buying in 77469 : Real Estate Advice

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  • Local Info4
  • Home Buying7
  • Home Selling4
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Activity 6
Wed Apr 15, 2015
Deanhick1 answered:
My loan was denied 3 was before closing. My loan officer WELLS FARGO said she was going for the approval instead of a pre approval before I started building. ..she got the " APPROVAL" from the under writer. So we started building and 3 weeks before completing the home and closing date they came back with a denial due to schedule c on taxes...shouldn't they have figured all that out before APPROVAL me? I wish I could sue them... ... more
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Thu Sep 18, 2014
Simon Campbell answered:
Yes, if you are getting a mortgage - even with down payment assistance - the lender is going to consider your debt to income ratios. If these are too high, you will only be approved for a smaller mortgage amount.

Banks look at these two different ways: front-end ratio and a back-end ratio.

FRONT END RATIO: This looks at the how the mortgage payment compares to your monthly income. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 33 percent of your gross monthly income.

Formula: Monthly Salary x 0.33

BACK END RATIO: This formula determines the maximum amount a lender will allow you to pay on all debt including housing expenses, car loans, child support and alimony, credit card bills, student loans and homeowner association fees. Your total monthly debt obligation should not exceed 40 percent of your gross income.

Formula: Monthly Salary x 0.40

This will help you to gauge your finances and the amount of mortgage that you can afford.
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Fri Nov 22, 2013
Don Groff answered:
You can contact the county directly to see how much you save with a homestead or any exemption.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
websites: |
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Sat Jul 14, 2012
Jim Simms answered:
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Sat Jun 6, 2009
T.E. & Naima Sumner answered:
Financing regulations and rules have changed a lot since 2008.
That may be hard to understand and accept but the billions of dollars of foreclosed mortgages in California, Nevada, and Florida, not to mention every other lesser location, caused massive failures within the banking system, collapsing the single largest mortgage provider, Countrywide, into Bank of America, for example.
We didn't see the run-up in prices in Texas and didn't have to same level of profligate lending that were widespread in those place, but we did have our share of abuses.

These days financing is the biggest single cause of contracts going bad. Last year 580 was acceptable as a credit score. 0% down was acceptable. Now, you need at least 3-1/2% down and a 620 credit score.

The good news is that rates are low. If you can qualify for a loan (in January you did), your payment would be better now anyhow, most likely. See if you can get pre-qualified again with a lender. You may be surprised by a lower monthly payment. The cash down payment, however, is never going to be below 3.5% unless you are a veteran or the house is located in a rural area.
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Wed May 27, 2009
Rob Purifoy answered:
Nice question. As the subdivision becomes built out and 5 years down the road, and assuming the builders are fairly similar in style and construction, the importance of who built the home begins to fade. It then becomes an issue of appeal, upgrades, construction type and quality. When it comes to value it's also importatnt to note that appraiser cannot see inside of the comparable homes that chooses to use but can only discern based on the description of property in MLS.

For instance, when you are ready to sell the house, buyer's will be touring your home as well as the other's currently for sale and it will usually be evident if a home that was built as a starter home with unfinished garages, cheap fixtures, vinyl flooring, etc. Some buyers don't mind this as it's a cheaper way to get into a first home. On the other hand, they will be able to see the appeal of your more expensive home based on the upgrades and see where the price difference lies.

it's no problem to buy the more upgraded homes, just don't be the biggest one on the block with every single upgrade, you won't get your money back on that.

I don't know your subdivision or how the builders are so it's hard to speak to that, but generally speaking that's the basics.
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