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Home Buying in Austin : Real Estate Advice

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Activity 592
Mon Apr 22, 2013
Connie Mitchell answered:
A quick glimpse of the different meanings :

FHA -- MIP = Mortgage Insurance Premium (These are all for refinances & purchases - there are a few different things to know when it comes to streamline refinances) FHA Streamline Refinances -- knowing your options -- Part 2 of 2 I will break down the MI and MIP on streamlines at another time.
You have upfront MIP and annual MIP. As it stands now, until they change this to risk base pricing in the next few months, your upfront MIP is 1.5% of the base loan amount. Meaning, if you borrow $100,000 (base loan amount), your upfront MIP will be $1,500 and your new loan amount would end up being $101,500.

In regards to your annual MIP which is paid monthly is sometimes call MMI, monthly mortgage insurance. This is the easy part. No matter how much you put down, your annual MI is .5 percent of the base loan amount, which in my example is $100,000. You would take 5% and multiply it to the base loan amount which would be $500 annually. Then divide it by 12 months and this is your monthly mortgage insurance. = $41.67 per month as your MI.

Some basic rules to remember in regards to annual MIP. (which is really monthly MI when it's all said and done with)

If your new loan term is great than 15 years, your upfront MIP is 1.5%, as stated above. And your annual MI is .50. Your annual MI will be terminated once you reach 78% LTV either by normal amortization or by making additional principal payments. But in order to cancel it by the 2nd method, you need to get a knew appraisal. In either case, MMI stays on for 5 years no matter what, even if you were to put down 20%.
If your new loan term is 15 years or less, your upfront MIP is still 1.5%, but your MMI would only be .25 of the base loan amount. If you put 10% or more down on the 15 year scenario, then you would have no annual MI.
The 5 year rule for annual MI would not apply for terms of 15 years or less.




Conventional -- PMI = Private Mortgage Insurance There are different percentages depending on how much you put down. And since it can be a little complicated, depending on down payments and now fico scores, here is a blog that I did earlier to break it down. PMI (Private Mortgage Insurance); why you need it and the different types of PMI……
Now, with the changing guidelines of Fannie Mae and Freddie Mac, it's even more important to understand if you put less than 25% down and/or your credit score is less than 680, that you will be subject to extra add ons in regards to points.
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Sun Jul 8, 2012
answered:
I would say if you know your boss says your job prospects are not good, you might reconsider buying a home now.

Barbara Coker
NMLS#228545
0 votes 5 answers Share Flag
Sun Jul 15, 2012
Laura Feghali answered:
Hello Becky,
It's the conditions that need to be reviewed by the underwriter before you can obtain your clear to close. Sometimes the underwriters are very busy so that's probably why they told you another week. At least you have your mortgage approval so you're almost there!

Best wishes to you on your new home!

Laura Feghali
Prudential Connecticut Realty
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Sun Apr 14, 2013
Tim Andrews answered:
Becky, you would not likely be able to transfer the approval to another house because the house itself and its appraisal are major funding-decision factors in any real estate transaction. I see that your post is almost a year old and no one ever answered you. Did you end up getting another home? Lending issues have been the bane of buyers, sellers and agents alike. So many over-promise and under deliver. Nearly every home I have listed that sold with financing involved, especially for a first-time buyer, had to extend closing. I always structured deals to close in 60 days or less so that we had enough time to get through underwriting issues without needing extension after extension. Interested to hear how you made out. ... more
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Mon Jul 9, 2012
Dallas Texas answered:
That is expensive for you do so....

1. Loss of current money paid on this home
2. Inspection fees
3. Appraisal fees
4. Waiting for lender to approve that sales contract

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 10 answers Share Flag
Mon Jul 9, 2012
Angele Moyseos answered:
Hello,

There are many parts of Austin from which to choose. The investment properties I've purchased with Buyers happen to be where the rental rates hold strong. Off Mopac near William Cannon, the east side, near Walnut Creek. For condos, areas like 2222 have some good ones and of course, student rental;s (you'll always have a customer). What makes it difficult to cashflow is the taxes. Have you considered a duplex?

At any rate, I have experience in investment properties, including ones as condos. If you'd like to visit with me about making a purchase I would be happy to elaborate on them. Best of luck!

Angele Moyseos
Broker
Vox Real Estate LLC
512.466.8252
acmoyseos@gmail.com
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Fri Jul 6, 2012
Tim Moore answered:
No, it should not affect the members of the condo at all. It would be like asking if the business you worked for went into foreclosure and did that affect your credit. No.
0 votes 2 answers Share Flag
Mon Aug 13, 2012
Jeffrey Schnabel answered:
Hi Teri,

The challenge with Hidden Estates is that the homes are too close to Mopac, the rail line, and the quarry (lots of dust). They are pricey for having to deal with noise (and vibrations from the trains). They are very convenient, but you have to consider what's going to be developed around it, especially to the north.

Angus Valley is also close to the rail line, and an area that has challenges appreciating in value, both due to the rail line, and the inconsistency in home maintenance by surrounding neighbors.

There are other locations, some of the best will be west of 183.

Call me to discuss, so I know what your parameters are, and I can forward a list of the best matches for your needs.

Jeffrey
512-913-7480
Schnabeljs@gmail.com
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0 votes 16 answers Share Flag
Mon Jun 15, 2015
Felix Alonzo answered:
It's about 18-24 months
I've seen it done in less time if your credit is spotless other than the bankruptcy/foreclosure.
Give me a call or email me and I'll refer you to my financial professional who will give you a timeline and also help you rebuild your credit as needed so that you're ready when then time comes.
Thanks for your question.
Happy 4th of July Holiday!

Felix - Realtor®
Mobile • 512-585-8381 (after 6pm family time, thanks!)
Website • http://felix.austinhousereport.com/
• Nationally ranked by - The Wallstreet Journal
• Ranked by - The Austin Business Journal
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Wed Mar 18, 2015
John Crowe answered:
Read a story in the local paper recently, the cost to drill a well in the City of Austin is $18,000 to $32,000. It's a property you can sell broadly (well) versus one with a narrow audience (no well). Think about factoring the cost to drill a well as the value to a potential buyer. ... more
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Fri Jul 6, 2012
Denise Martin answered:
33 in the last six months. You can call me at (512) 586-3211 or email at denmartin@ziprealty.com if you would like me to help you sell your home!

Thanks, and I look forward to hearing from you.

Denise
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0 votes 7 answers Share Flag
Mon Sep 24, 2012
Jolie Kirsten answered:
Anywhere from $75 to around $140 per square foot, depending on your selections. My husband is a builder in Austin, www.jkirstenhomes.com. Feel free to give him a call and he'd be glad to give you a consultation. ... more
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Wed Jun 27, 2012
Jordan Miller answered:
I know a great lender that will possibly approve you! Danny Nassar 512-743-5512
0 votes 13 answers Share Flag
Mon Jun 18, 2012
Perry Henderson answered:
I think downtown austin is one of my favorite neighborhoods. That is when you think of walking to about everything you need. There are better schools in other places but no place with the best walkability. ... more
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Fri Jun 15, 2012
John Crowe answered:
0 votes 5 answers Share Flag
Tue Nov 3, 2015
Chris Greer answered:
This is a great question for a lender, I am a realtor in the Austin area. My best answer would be no, because of this requirement: cannot have not owned a home as primary residence in the past three (3) years. However if it has been over 3 years it's worth asking a mortgage lender. ... more
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Fri Jun 15, 2012
Dave & Linda Baird answered:
Short answer is no. If you already have mcc in place and want to reifnance, there are steps to preserve and transfer your mcc to the new loan.
0 votes 1 answer Share Flag
Mon Aug 13, 2012
Jeffrey Schnabel answered:
Mattie,

It's all about the cost of building the infrastructure to support the neighborhood, the age of the neighborhood, and if in a different school district, the biggest difference may be the cost of education.

A newer community often has the highest tax base because they had to build out the road and utilities infrastructure using todays material and labor costs. Over time, most new community taxes will subside, given a conservative governance.

Jeffrey
512-913-7480
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Thu Jun 14, 2012
My NC Homes Team answered:
There's no such thing as average utility bills for a street. You can certainly get the utility information for a specific property you were considering buying but even then I would tell you it's data without context. You don't know how the current occupants lived. Did they have children and if so how many? Were they thrifty or extravagant? Did they like it freezing cold in the summer and hot in the winter?

It's more important to look at things like the insulation in the attic, the age of the heating and cooling systems and the quality of the windows all of which will give you a better idea of how energy efficient a home is then worry about utility bills which may or may not reflect what you can expect.
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Fri Jun 8, 2012
Sonia Roberts answered:
Yes-the City of Austin Downpayment assistance program, it takes a little longer to get closed. If you are buying outside of Austin there are some other programs available. All of the programs have earning caps according to number in household.
Get with a Realtor that can direct you to the Lenders that participate in these various programs and you can go from there.
Give me a call if you have any questions.
Sonia Roberts, Realtor®
Canady Realty
512.709.1811
"A satisfied customer is the best business strategy of all."

Michael LeBoeuf
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