Buy a Foreclosed Home with a $100 Down Payment in Texas

Want to purchase a home with $100 down payment?  It’s possible now through October 2012 to purchase a HUD-owned property for only $100.00 down payment and, in many cases, still get up to 3% closing cost assistance. 

This fantastic homebuying opportunity through HUD is only available for owner occupant purchases and the buyer will be required to use an FHA loan. 

HUD says buyers will have to pay the full current list price for the property and according to their website, there are 3 simple steps:

1.     Find a HUD home for sale

2.     Find a HUD-registered real-estate agent.

3.     Find an FHA lender.

As a HUD-registered broker in Texas, Texas Capital Properties would be happy to send you a list of available properties that meet your specific needs.  Contact us today for more information!

Mortgage Rates at Record Lows

According to Freddie Mac’s chief economist, the 30-year fixed-rate mortgage matched a record low this week.   That’s after recent reports indicated the housing market and manufacturing industry are showing improvement.

The 30-year fixed-rate mortgage averaged 3.91% for the week ending Jan. 5.  Last week it was at 3,95% and a year ago at 4,77%.  This also makes the fifth week in a row that the mortgage has averaged below 4%.

Fifteen-year fixed-rate mortgages averaged 3.23% this week, down from 3.24% last week and 4.13% a year ago.

Find out how much you can afford at Bankrate.com’s website.  

Sign up for a FREE VIP Buyer Search with automated email alerts of all new and changed listings!

 

Mortgage Rates at Record Lows

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®),  the average fixed mortgage rates are at or near all-time lows.   The survey found that the 30-year fixed-rate mortgage matched the record low of 3.94 percent and the 15-year fixed set a new record low of 3.21 percent.  Last year at this time, PMMS reported the average FRM at 4.83 percent.

 

Bankrate.com’s national survey of large lenders this past week also reported new record low’s in the 26-year history of their weekly survey. 

 

It’s a great time to buy!  Contact us today for more information or to sign up for a FREE VIP Buyer Search of homes!

 

Is Buying a Home Cheaper than Renting?

According to real estate website Trulia, in many areas of the country it is cheaper to BUY than RENT.   But what’s right for you?  With near record-low mortgage interest rates and tax perks of home ownership, buying makes sense. 

Ask yourself a few questions as part of the decision-making process. 

How long do  you plan on staying in the home?  If you plan on staying several years, buying will make sense considering the traditional costs of buying and selling.

Do you have money for a down payment and closing?  In some cases you will need to put down 10% to 20% but if you qualify for FHA financing, you will only need 3.5% down plus closing costs.

Are you ready for home ownership?  It’s not always about the mortgage payment.  You will also be responsible for repairs and regular maintenance, insurance, utilities, home owner association dues, and property taxes.  It’s a big responsibility but can be very fulfilling for most home owners.

Even when it is cheaper to rent, it doesn’t always mean that’s the best choice.  Consider a monthly mortgage payment as a forced savings plan.  You will be building equity into a home and hopefully creating a nice nest egg for yourself in the long run.

Contact us today with any questions or for a FREE VIP Buyer Search of homes in your area sent directly to your email.

 

Mortgage Rates Remain at Near Record Lows

Mortgage rates continued to remain at near record lows this week.  According to Bankrate.com’s national survey of large lenders, the 30-year fixed-rate mortgage fell to 4.24 percent.  A year ago it was at 4.64 percent, and a month ago it was at 4.38 percent.

The survey also found that the 15-year fixed-rate mortgage fell to 3.47 percent while the 5/1 adjustable-rate mortgage rose to 3.17 percent.

With interest rates still low, it’s a good time to buy a home!  When looking for a lender, it’s important to shop around to find the best deal.  Ask each lender about interest rates, points, and a list of fees and costs. That way you will know you are getting the best rate and terms that work for you.

CONTACT US to talk with one of our preferred lenders who can get you prequalified today!