$100 Down HUD Homes in Texas

Last month, HUD brought back the $100 Down Payment Initiative for owner occupants purchasing a HUD Home with FHA financing.  This is a wonderful opportunity for buyers to purchase a home with little money out of pocket!

There are some requirements for this incentive program.  The property must be a HUD home and purchased by an owner occupant who will live in the home for at least one year.  The buyer must qualify for a loan through FHA financing or FHA Home Repair financing (203k).  The buyer must bid full asking price through a HUD-registered Broker/Agent.

HUD also allows for up to 3% toward closing costs if requested.  If you are interested in available properties, contact us today!

 

Foreclosure Cases to be Reviewed

Millions of current and former homeowners will have a chance to get their foreclosure cases examined under a new review plan by federal regulators expected to be unveiled in the next few weeks.  It will apply to borrowers who were in some stage of foreclosure in 2009 or 2010.

Estimates prepared by the Office of The Comptroller of the Currency (OCC) believe that 4.5 million borrowers could be eligible for review.  The reviews will be conducted by independent third-party companies hired earlier this year by 14 banks that signed consent orders with the OCC and the Federal Reserve.

The process is one of several continuing efforts to address concerns that surfaced last year over banks use of “robo-signers” – bank employees who signed off on a large number of legal foreclosures and falsely claimed to have personally reviewed each case.

There have also been claims made by a handful of borrowers who allege that mortgage-servicing companies improperly placed expensive insurance coverage onto their mortgage and pushed them into default.

Borrowers may be able to receive compensation if the review finds a bank placed a borrower into foreclosure while receiving partial payments as part of a trial or permanent loan modification.  They may also allow compensation if borrowers provide evidence that the provided the necessary documenation to qualify for a modification but were denied.

 

Short Sale in Bentwater

** SHORT SALE ** Outstanding CUSTOM HOME on huge corner lot in gated community of The Estates of Bentwater. Cul-de-sac street near the LAKE. Heated SALT WATER POOL w/beach entry & spa. Gorgeous upgrades. Gourmet kitchen. Two walk-in closets in master suite. Bedroom down could be second master. Gameroom,bonus room and 3 bedrooms up. Incredible price of $549,900!

28 Woodshay in Montgomery TX

5 bed/4.5 bath

4975 SF/appraisal district

Built in 2005

 

 

 

Bentwater  is a 1,400-acre master-planned community nestled between Lake Conroe and Sam Houston National Forest.  Located just north of Houston, Bentwater is a private, gated waterfront community in Texas that offers three 18-hole championship golf courses.

VISIT TEXAS CAPITAL PROPERTIES FOR MORE INFORMATION

 

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!

National Foreclosure Activity Showing Positive Signs

National Foreclosure Activity Showing Positive Signs

A U.S. Foreclosure Sales Report released by Realty Trac, shows some positive signs in foreclosure property activity.  The report revealed that homes in some stage of foreclosure nationwide represented 31 percent of all U.S. residential sales during the second quarter, which is down from 36 percent the previous quarter and up 24 percent from Q2 2010.

The average sales price of  homes in some state of foreclosure or bank owned was $164,217 in the second quarter.  That’s down less than 1 percent from the first quarter and down nearly 5 percent from the second quarter of 2010.

Pre-foreclosure/Short Sales  jump 19 percent

A total of 102,407 pre-foreclosure homes, also known as short sales, sold to third parties in the second quarter, an increase of 19 percent from the previous quarter.  However, that’s still down 12 percent from the second quarter of 2010. Pre-foreclosure sales accounted for 12 percent of all sales, the same percentage as in the first quarter but up from 10 percent of all sales in the second quarter of 2010.  Some of the states with the biggest quarterly increases in pre-foreclosure home sales included Texas with a 34 percent increase.

Contact us today if you have questions about the foreclosure or short sale process.   Texas Capital Properties