Looking to buy in hackberry creek but can only afford a 250000 home, are we able to do it?

Asked by Erica.oliver80, Irving, TX Sat Jan 26, 2013

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Kim Nwachukwu’s answer
Kim Nwachukwu, Agent, Irving, TX
Sat Jan 26, 2013
The home on Waterford Drive at $259,900 is in deteriorated condition and needs about $25,000, maybe even $30,000 in repairs. I don't think that a loan can be obtained on that property - it needs a roof, a large amount of sheetrock work, it has no flooring in it, large holes in the ceilings and that is just part of the list. I also heard through the Grapevine that it has a squatter living in it, whom I met once, the lady told me she was the homeowner - she isn't. The next lowest asking price there right now is $275,000. There have been a couple of homes sold for $250,000 or less in the past 12 months but those were similar to the home on Waterford - needed lots of work and were not in move in condition. It's possible that a home may become available in your price range, but the home will probably need a great deal of work. There are also homes in the high 200's occasionally that are dated but in average condition- if you work with an agent they'll be able to alert you when those become available.
1 vote
Erica.oliver…, Home Buyer, Irving, TX
Sun Jan 27, 2013
Torang, how
Can you help
Me?
0 votes
, ,
Sun Jan 27, 2013
Hi Erica,

What type of financing are you pre-approved for, FHA, Conventional or VA?

The reason I ask is I'm trying to figure out a way to increase the loan amount that you're pre-approved for just like I did when I mentioned USDA as an option in Little Elm.

FHA is going to have the highest monthly mortgage insurance payment which reduces the amount you can qualify for but it's also going to have the most flexibility when it comes to debt ratios.

On a conventional loan, you have several options when it comes to the private mortgage insurance. The option that comes to mind is paying it upfront so the monthly payment is lower which increase how much you can borrow.

The other option, is to look for areas like Little Elm that qualify for the USDA program. Another area is Trophy Club. Here's some listings on Trulia:
http://www.trulia.com/for_sale/Trophy_Club,TX/200000-300000_…
0 votes
Brandon Mont…, Agent, Frisco, TX
Sat Jan 26, 2013
Erica, I sent you a couple emails. Get back to me when you can!

Thanks
0 votes
Erica.oliver…, Home Buyer, Irving, TX
Sat Jan 26, 2013
Bruce, wanted a great community (gated if I could, safe with great school
Isd.....where in Irving is the best to live at?
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Jan 26, 2013
There are only two homes for sale currently close to this price. You can see the listings here:
http://www.metroplexhomesalesinfo.com/listings/propertyid/11767955…

You can see the listings for sale in all price ranges in Hackberry Creek at this link:
http://www.metroplexhomesalesinfo.com/listings/areas/23504/s…

Most of the homes in hackberry are probably more in the $400,000 range.

There have only been a couple of homes sold in this price range in Hackberry in the past year or so. Most of the homes in this area are higher priced. Remember you also have fairly significant HOA dues in Hackberry due to live security there.

There are probably some good alternatives if you will let me know what is most important to you.
0 votes
Dixon Wong, Agent, Dallas, TX
Sat Jan 26, 2013
Hi Erica,

Have you looked at the one on Waterford Drive? That has a little bigger yard and easy to maintain.

You can email me at dixondfw@gmail.com

Dixon
Realtor
http://www.findyourtexashome.com
0 votes
Erica.oliver…, Home Buyer, Irving, TX
Sat Jan 26, 2013
Brandon I just sent it my email. I can only find one
0 votes
Whitney Cook, Agent, Irving, TX
Sat Jan 26, 2013
Hi Erica,
There is one active property in Hackberry Creek that is just slightly over your budget but with some negotiating I'm sure we can get it within your price point. While there aren't many houses within Hackberry Creek priced 250,000 or less, a few pop onto the market every now and then. I would be happy to show you the home that is listed now or set you up on an automatic search that will email you new properties that fit your search criteria as soon as they come onto the market. Give me a call if you would like more information.
214-649-2328
0 votes
Brandon Mont…, Agent, Frisco, TX
Sat Jan 26, 2013
I'll look for you, email me and I'll send you some homes. brandonmontgomeryrealestate@gmail.com
0 votes
Erica.oliver…, Home Buyer, Irving, TX
Sat Jan 26, 2013
I saw the home that is 234000 but the it as there is zero backyard....
0 votes
Brandon Mont…, Agent, Frisco, TX
Sat Jan 26, 2013
Shoot me a text or call, I'm sure we can find your something in there!

Brandon
817-880-5182
0 votes
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