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Financing in Bastrop County : Real Estate Advice

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  • Home Buying3
  • Home Selling1
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Activity 6
Thu Mar 10, 2016
Irene Gonzalez asked:
Tue May 28, 2013
With a middle credit score of 626, I would recommend raising your scores under the direction of an EXPERIENCED Loan Officer as a Conventional Loan will give you many more options. If that is not an option for you, the only program that you would qualify for is an FHA but the Condo Project would need to approved. You can check at the website below and if the Condo Project is not approved, there is way to get it approved but it will take some work. Hope this helps. Let me know if you need any assistance as I live and am licensed in Texas.

Best of Luck!
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Thu May 16, 2013
Don Groff answered:
You should consult an attorney. It depends on how the loan was set up. I just refinanced a client out of such a loan. The initial loan was still in the original buyer's name and that is customary in these circumstances. While the mortgage did not report my clients made payments to a 3rd party company that ensured the payments reached the bank and also kept a record of the transactions. This protected both parties. Their loan did not have a balloon attached to the note.

Is it possible for you to refinance out of the note? Is that something you even want to do? Again, to see what your rights are you should consult an attorney. Hopefully you did so initially when you purchased the home as I advise all of my clients to do so when considering an owner financed purchase option.

Hope this helps.

Depending on when the lease is over it may make sense to wait until you are closer to the end of that lease. You could also have a talk with your tenant to see if they would be willing to move early if a new buyer wanted to take possession for themselves. Maybe offering them some money would do the trick.

While nobody can predict the future I think we are at the beginning of another cycle that should go on for years to come. Again, that is just an opinion and everybody has one. Texas is a state where many people want to live and that will keep housing prices going up over the years unless something happens to change that mentality.

Hope this helps.

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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Thu Nov 15, 2012
De Vonte Williamson answered:
Hello don_texas. You should speak with a Mortgage Broker/Loan Officer who assist you in obtaining a lower interest rate.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
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Thu Jun 10, 2010
Hi, Snikrep

Great responses to your question. I would just like to clarify a couple of things: Whether with or without a formal contract, whether W2 or 1099/self employed, regardless of how long or short you've been with your current employer, you always need to show a 2 work history via W2s and/or Federally tax returns. Only exception is if your fresh out of college and been employed for less than 2 years as a result. In that case, however, so long as you're employed in the line of work you went to school for, your time in school counts towards your work history. ... more
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Sun Jan 10, 2010
The credit guidelines for USDA and FHA loans aren't that different, but USDA loans do have an income limit which you may exceed, so you'll want to look into that. You can check both property eligibility and income limits on the USDA website:

Also, the FHA loan problem you're having may be more of the lender your working with. I would take that appraisal and show it to multiple FHA lenders in your area. If they would accept those comparative sales, you may be fine.

The rental income comparison may be the hardest part. You need to have enough money down to where the estimated rental income x the lenders acceptable occupancy rate is enough to cover all the units. You can read a little more on the topic on my blog post here:
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