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Home Buying in North Richland Hills : Real Estate Advice

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  • Home Buying20
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Activity 16
Fri Jul 7, 2017
answered:
There have been many changes in the last few years regarding student loan debt with all the major government sponsored entities (GSEs) including Fannie Mae, Freddie Mac, FHA, and VA.


A few years ago the guidelines got more restrictive but within the last few months they are loosening.

Generally speaking it's better to take the loan out of deferment and start making payments. Fannie Mae, for example, will allow lenders to count whatever figure shows up on the credit report as long as long as that payment is greater than zero.

Unfortunately, FHA is still requiring the lender use either 1% of the balance as the payment amount or they require documentation that the payment will amortize over the life of the loan.

Feel free to reach out for more details on how the guidelines would be applied in your situation. We lend everywhere in the United States.

Bernard Guste, MBA
Gulf Coast Bank and Trust
New Orleans, LA
504.412.2005
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0 votes 6 answers Share Flag
Thu May 22, 2014
Rana asked:
Thu May 22, 2014
Rana asked:
Thu May 22, 2014
Rana asked:
Tue May 14, 2013
Lloyd Martin answered:
Hi Sarah,
Use a list of homes that are for sale that is updated daily, like the one attached to this email.
It can be very frustrating and a waste of time doing the search yourself. This list updates itself daily without you doing anything.
Now you can search away fully knowing that Every home is still for sale, even if you don't use the search for a month from now, it will still only reflect Homes That Are STILL for Sale.
Best wishes,
Lloyd
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Sat May 4, 2013
Terry Bell answered:
She should have a copy of her contract and all the disclosures submitted! I suggest you review whether there is an item in the disclosures that would have applied to the issue. Also have your daughter call her agent and ask the agent about it. ... more
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Sat May 4, 2013
Terry Bell answered:
You can also check with the Recorder's Office at your county seat, however Realtor's have access to more information on the MLS than the public and that is why if you are a serious buyer or seller, you should have a professional helping you through the maze of paperwork and issues to navigate! There's lots of good ones here in your neighborhood! Good luck! ... more
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Fri Feb 1, 2013
Rick DeVoss answered:
I think "the Bag Lady" meant to say that she did NOT have a job. (This is an old post.)

All the lenders I have talked to have indicated that you must be employed in order to qualify for a loan. This is regardless of how much money you put down. They also want you to have a decent credit score. If there are any lenders out there who have different criteria than this, would you please contact me at 817-300-6121?

So what is "a small mortgage"? That depends on your frame of reference, since "small" is a subjective term. Most lenders will not initiate a loan for less than $50,000 these days, simply because they are not making enough return on their investment.

Most people don't have that much cash saved up, but you've asked a good question. There are many ways to solve difficult problems such as the one you have brought up here. Feel free to contact me for an innovative solution to whatever situation you find yourself in. Since I've been selling Real Estate around here for over 32 years, I've seen lots of different ways of skinning the proverbial cat. ~And I don't suggest you call a loan officer first, like most of the agents on here have told you. That is simply passing the buck because they don't know the answers to the questions on here. If you suspect that your situation is NON-standard, then we need to talk first, and devise a plan to package your loan application in such a way as to get you approved for the loan you seek.

Have you considered Owner Financing? If you'll contact me, I'll show you how to make that work for you. There are other things you might do that I don't have space to write about here. Let's talk.

Rick DeVoss

ULTRA Real Estate Services

817-300-6121

RickDeVoss@Realtor.com
====================
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Thu Oct 4, 2012
Dallas Texas answered:
If you don't have employment most lenders COULD turn you down for fact they are looking for repayment of the loan and cash reserves.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor

Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
www.facebook.com/lynn911dallas
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0 votes 2 answers Share Flag
Tue Jul 5, 2011
Blaser Yoakum Team answered:
Stephanie

Wow you have a some great input here. Short and simple....now is a great time to start. If you make your last lease paymet in August. You can close in August and not have a house payment until October. That might give you a bit of a "Breather".

My team would consider it a privilege to assist in anyway we can.

Warmest Regards,
Pam
214.929.5535
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0 votes 15 answers Share Flag
Sat Jun 11, 2011
Brian Rayl answered:
Molly,

Just as a clarification to something that you said:

The ONLY way that someone is required to disclose is if they have knowledge. A bank who foreclosed on the property is not required to file a sellers disclosure in the state of Texas, and chances are that the bank doesn't know that the property was used as a meth lab.

A landlord might have knowledge of the fact if the meth lab was busted and they arrested the tenants, but if it was used as a meth lab and they then abandoned the residence or moved when the short term lease was up to avoid detection, the landlord may not be aware of it if the people did not leave evidence of it.

If this is a big deal for you, once you find a home that you are interested in buying, you can go to the police department and give them the address of the property and ask them if they have ever had any reports to that address. If a meth lab was busted there, they would have to tell you. They will also tell you if they ever called to report a break in, vandalism, family dispute from a neighbor, etc.

Hope this helps, and if you have any questions, keep asking! Always happy to help.

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
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Sat Jun 4, 2011
Brian Rayl answered:
I currently cannot find anything regarding down payment assistance in the North Richland Hills area. Unfortunately, NRH is also not in a USDA qualified zone, although if you wanted to go a bit further north to an area like Roanoke, Trophy Club, Westlake, etc, they would qualify although that might be out of your budget. If you are a veteran and have not already used it, you can use your VA loan for 100% financing.

Since you are a first time home buyer, I would assume you are going to use an FHA loan. The down payment on FHA is 3.5% of the purchase price. With FHA though, the down payment can be gifted to you so it doesn't necessarily have to come out of your pocket.

I would recommend that you talk to a local lender about your particular situation and circumstances. I would be happy to give you the name of a couple that I have worked with if you are interested in a no obligation conversation.

It's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®
Keller Williams Elite
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
... more
1 vote 3 answers Share Flag
Wed Jun 1, 2011
T.E. & Naima Sumner answered:
You might also look for Realtors with the Texas Affordable Housing Certification.
The state runs a program to provide homeowners assistance in purchasing.

Information about the First Time Homebuyer program, the Professional Educators program and the Texas Heroes program can be found at http://www.tsahc.org/single/single_first_time_buyers.php

Realtors, like me, who have been trained on TSAHDC (Texas Affordable Housing Development Corporation) programs are listed on the Texas Realtors site http://TexasRealEstate.com/web/FindAHS/ .
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2 votes 4 answers Share Flag
Fri Aug 27, 2010
Alicia Chmielewski answered:
That's strange. I've worked with numerous people who much prefer to purchase an existing home that has had the opportunity to "settle", if any problems with foundation it's then repaired.

I don't know why anyone would have given that advice personally as many foundation repair companies will even offer a warranty on their work.
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0 votes 12 answers Share Flag
Sat Feb 13, 2010
T.E. & Naima Sumner answered:
One other piece of information that may affect what you expect is that Board rules require changes be input to MLS within 5 days of occurrence. It is not a violation for a Realtor to hold off (or just be lazy) putting a changed status in right away.

When you access MLS information via many websites that use IDX (our method of direct access between a Realtor website and the MLS database), the data will be realtime. Updates are instantaneous. Some websites use other methods to update the material found on their websites and may not completely update listing status or pictures for days.

So, if the Realtor inputs the CON status as you read this, IDX-connected sites will reflect that as soon as you check it after reading this. If she waits 5 days and you check it on some other websites, you may not see the change until next week.
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Sat Apr 26, 2008
Terri Hayley answered:
Hi Rusty,

This really depends on what's important to you. Here are some things to consider.

Lifestyle - Do you like to tinker on your home? Have projects to do? Paint? Fix things up? Or, would you prefer to spend your time relaxing? Entertaining? Participating in sports? Leisure time?

Savings - Do you have money saved up for repairs? Warranty? Trade service call fees? Your portion of estimated charges? Items not covered under warranty? Here is the website for American Homeshield which is a popular home warranty company: http://www.ahswarranty.com/homeowners/faqs.jsp#basic-warranty.
With a new home, the home is covered "bumper to bumper" for the first year as long as you do the required maintenance - change filters, etc. Then, the 2nd year is quite often everything behind the walls like the plumbing, electrical, HVAC, and wiring. The roof will usually have 20-30 year warranty depending on the builder. Then, each component of the home will have it's own warranty like the A/C condenser unit, appliances, foundation, structure, patio/sidewalk//porch, windows, etc. There is no fee for the repair of these items with the builder's warranty even if several contractors are required to fix the job.

What's important to you in a lot? Is that a major consideration for you? Or, not really? Do you want something that will let the morning sun in the breakfast area? Do you want a big back yard where you can have b-b-ques? Do you want a gentle slope? Do you want a high slope at the back so you can put in a garden back there and put in some gardening logs to separate the yard? Is a pool important to you?

What about price point? It looks like you are in N. Richland Hills. Is that where you plan on buying? That will help dictate new or pre-owned, too. What will be available in your price point.

Do you like design selections already being made for you? Do you like to walk in and see the finished home? Complete with custom paint colors on the wall, wood floors and intercom systems? Or, would you prefer to make your own design selections and make your own mark on the home? Builders typically do have completed homes, but they will not have as much character, let's say, as pre-owned homes. They will typically be finished out in neutral colors to appeal to as many people as possible. Pre-owned homes are going to reflect the personal tastes of that homeowner. Builders always have some sort of incentive package going on that you can choose to put options into your new home or take some off the price. Lots of times, you can include items like blinds, garage door opener and refrigerator... again depending on price point. Could be Viking appliances, fireplace for your outdoor living space and Klipsch audio equipment for your media room.

Community - what type of community would you like to live in? Do you like to live in an older, established neighborhood with big trees and people who've typically lived there a while? Usually, there will be more grocery stores, dining, movies, and other conveniences around in this type area. You won't use as much gas going from place to place. It could possibly be closer to your work. Or, would you prefer to move in somewhere where it's new and you're just starting out in the area the same as everyone else? The higher the price point, the closer the community will be to a more developed area typically. For example, if you are looking at the $150k range, this is going to be further on the outskirts of town than if you are looking in the $450k range.

Resale value - you want to make sure you are getting the best assistance here you can. You don't want to buy at the top or bottom end of any neighborhood. Let's say if you were to suddenly get transferred in 2 years and need to sell your home, you want to make sure you can get out of it and won't lose money. You need someone who knows the area, the comps, what the trends are, and who can negotiate confidently on your behalf.

Energy Efficiency - newer homes are going to be more energy efficient. 13 SEER A/C is the current standard. You can think of a SEER rating like miles per gallon on your car. With a 13 SEER, this is going to save you about 60% on your utility bills. They will have the low-e windows that will keep your home cooler in the summer, warmer in the winter and help fade your furniture less. Some builders are offering PEX plumbing which will expand and contract unlike copper and has a 25 year transferrable warranty. More info here: http://www.zurnpex.com/Default.aspx?tabid=198 Some builders are building Green Built North Texas homes now which is where the trend is going and all homes will be mandated to be built to this code in about 5 years or so according to experts. More info on GBNT Builders: http://www.greenbuiltnorthtexas.com/#Participating_Builder_Members

Hope this helps,
Terri Hayley
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