Who’s eligible?

All states took part except for Oklahoma. Unless Oklahoma signs on, borrowers there will be excluded.   About a million homeowners will get a refinance or have their loan balance paid down somewhat. In addition, some people who have already lost a home to foreclosure will get small payments.

The Banks involved.

You’re possibly in the running for a piece of the settlement if your loan is “serviced” (mortgage payments are collected) by Wells Fargo, Ally Financial, Bank of America, JPMorgan Chase and Citigroup. They manage payments on 55% of American home loans.

The Breakdown of the Settlement

Read more at The Wall Street Journal

Housing Trends is filled with U.S. Census Bureau key market indicators, consumer videos, blogs, a real estate glossary, mortgage rates and calculators, consumer articles, real estate radio, REALTOR.com local community reports and local and national real estate sales and price activity provided by local MLSs and the National Association of REALTORS®.

http://texascapitalproperties.housingtrendsenewsletter.com/

According to Bankrate.com’s national survey of large lenders, mortgage rates are at historic lows again as the Obama administration makes another attempt to help underwater homeowners refinance their mortgages to take advantage of the superlow rates.

Did you know that buying is cheaper than renting in 74 percent of the nation’s largest cities…read more

What’s your home’s value….find out

Did you know that December 2011′s existing home sales showed an uptrend according to the National Association of Realtors®…read more

Visit the Texas Capital Properties website to view our current listings, search the Houston MLS, search the Austin MLS, plus much more!

Owner Financing, also called Seller Financing, is an effective way to sell real estate property when conventional financing is difficult to obtain.  Advantages for buyers include: Easy Qualification, Little or No Loan Costs, and Quick Closing.

Now you can search all available owner financed homes in Austin, TX or Houston, TX  here.  Visit our Owner Financing page for more information!

With the new laws that took effect January 1, 2012, one is aimed at how HOAs manage their communities with foreclosure threats.  Homeowners that are working towards paying their HOA dues, late fees or payments will  now have 3 to 18 months to resolve their debts before the HOA can pursue further action.

HOA’s will now also be required to obtain a court order before pursuing foreclosure on a property. The new law also grants homeowners the right to contact their HOA directly about their debts even if the HOA has secured an attorney or representative.

The new law also could be beneficial to lenders who would no longer require HOAs to commit in writing and would have an opportunity to cure delinquent association liens before going to foreclosure.

A state law that took effect on September 1, 2011 has changed proof of residency requirements for homeowners applying for the property tax homestead exemption.  A home buyer must update their address on their driver’s license, and with the tax assessor/collector in their area in order to be able to provide the required documentation for the homestead exemption.

Homestead Exemption 2012 Requirements

Your Homestead Exemption will NOT be allowed unless all the required documents show the same homestead address. ALL THREE DOCUMENTS MUST HAVE THE SAME ADDRESS.

• APPLICATION FOR RESIDENTIAL HOMESTEAD EXEMPTION
• Copy of DRIVER’S LICENSE or IDENTIFICATION CARD from the Texas Department of Public Safety and the address MUST MATCH the homestead address.
• Copy of Vehicle Registration Receipt. The address MUST MATCH the homestead address. Once the change of address is processed by the tax collector’s office, homeowners can get a copy of their registration receipt either from the tax office or from the department of motor vehicles.
• If you do not own a vehicle, you must complete the Non-Ownership of Motor Vehicle Adavit (found on the Application for Residential Homestead Exemption), sign it before a Notary Public, and attach a copy of a utility bill showing the homestead address.

Homestead Exemption Form for Travis County

Homestead Exemption Form for Williamson County

Homestead Exemption Form for Harris County

You can also visit the Texas Comptroller’s website for more information and frequently asked questions regarding all homestead exemptions.

Here are some helpful homebuying tips:

1. Stay within your homebuying budget.  Make sure you can really afford the home you plan on buying. The rule of thumb is that you can buy housing that runs about 2.5 times your annual salary, but you’ll need to take into account your debts and other obligations as well.

2. Get pre-qualified or pre-approved for a mortgage loan. Getting pre-approved (as opposed to pre-qualified) can save you time with your home search and show a seller you are serious when you submit an offer.

3. Determine how long you plan on staying put.  Unless you plan on staying for at least a few years, buying may not be right for you at this point in your life.  You’ll need to factor in the cost of buying when you consider the expense of buying a home - that includes your closing and lending costs.

4. Get professional help from a realtor.  A buyer’s agent will have your best interests at heart and guide you through the entire homebuying process. 

5.  Hire a home inspector.  An inspector will check the house from top to bottom to look for potential repairs and problems that may cost you money later.

Here’s why a TEXAS CAPITAL PROPERTIES Agent is right for you:

• We are knowledgeable of local neighborhoods, schools and market conditions.
• We utilize the latest technology to provide you with the latest listings and resources available.
• We are professional real estate agents specializing in buying, selling and leasing.
• We are connected to a wealth of reputable lenders and vendors to help you with your homebuying needs.

Contact us today for a FREE VIP Buyer Search of homes in Austin, TX or Houston, TX.