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!

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 at All New Record Lows AGAIN!

Freddie Mac just released its Primary Mortgage Market Survey®, showing mortgage rates, fixed and adjustable, reaching ALL-TIME RECORD LOWS!  The previous record lows for fixed mortgage rates, and the 1-year ARM, were set the week of August 18, 2011. The 5-Year ARM matched its all-time low set last week at 2.96 percent.

The 30-year fixed rate mortgage (FRM) averaged4.12 percent with an average 0.7 point for the week ending September 8, 2011. That’s down from last week when it averaged 4.22 percent.  A year ago, the 30-year FRM averaged 4.35 percent.

It is a perfect time to buy with historically low interest rates and lower home prices.  Remember, a lower interest rate will save you a lot of money in interest payments over the life of the loan.

Contact us today or visit our website to get started!

Why Choose an FHA Loan

FHA are popular and if you are considering a home purchase, you will want to consider an FHA loan.

So why choose an FHA Loan?
• It is Easier to Qualify for an FHA loan because FHA insures your mortgage. Because of this most lenders are more willing to give loans with lower requirements and qualifications.

• You can have less than perfect credit. You can qualify for an FHA loan more easily than a conventional loan, even if you’ve had a foreclosure or bankruptcy in your past.

• You will only be required to a low down payment of 3.5% of the sales price.

Contact us today to talk with one of our preferred lenders who can qualify you!
www.TexasCapitalProperties.com - Austin TX and Houston TX Real Estate

FHA Loan Limits for Travis County, Williamson County, Harris County and Montgomery County:

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FHA Limits by FHA.com

NEW FHA CHANGES TAKE EFFECT OCTOBER 4, 2010

On October 4, the Federal Housing Administration (FHA) will implement changes to the premium structures for an FHA-backed mortgage.

The new FHA changes include:
•Up Front MIP will decrease from 2.25% to 1%
•Annual MIP will increase from .50/.55 to .85/.90 for terms greater than 15 years

In addition, borrowers will also be required to have a higher credit score than before. The FHA loan is popular because its minimum down payment is 3.5%, whereas most conventional loans require a much higher down payment.

Texas Capital Properties