Buyer Resources
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Purchasing a home is a big step and a huge investment whether it is a personal home or you’re an investor purchasing and selling multiple properties. It is important to have proper representation and work with someone familiar with the market to negotiate on your behalf. This will make the transaction run smoothly and give you a positive experience. It can be exhausting choosing the right home and we have the tools you need to stay on top of the market and find the home that meets your needs.
Let us set you up with your own personal website!
Your personal website keeps you updated based on your search criteria. It will also email you when there is an update or new properties come on the market. This will allow you to have access to every property on the market not just one agent or one companies listings. When you find a property that you want to see just give us a call and we will set up an appointment for you to see the property. Serving League City, Friendswood, Clear Lake, Seabrook, Kemah, Deer Park, Nassua Bay from the Beltway to the Beach!
Contact us today and get started on the road to a new home.
Here are some Mortgage definitions that you may want to review:
Maximum Seller Contributions
This may be remedial, but in light of recent contracts that have come through my office, worth a revisit. Seller contributions are allowed for Conventional, FHA and VA transactions. For FHA, the maximum seller contribution is 6% of the purchase price, but cannot exceed actual costs ( closing costs and/or prepaid items ). The seller cannot pay any portion of the buyers down payment, nor can the buyer receive a credit it there is any "left on the table".
With VA transactions, the seller can pay all of the buyers closing costs but cannot pay more than 4% of prepaid items ( VA funding fee , buyers taxes / insurance for escrow ). Again, the buyer cannot receive a credit for any funds that exceed actual costs. There are certain closing costs that are considered "non-allowable" costs that the Veteran/buyer cannot pay and will be charged to the seller. The dollar amount of these costs must be entered in Section 12 of the contract. Most lender fees, title company escrow fee, attorney fees, HOA transfer fee, termite inspection, etc cannot be paid by the Veteran buyer and generally total about $1800- $2000 depending on the lender and title company.
And for Conventional loans, with 5% down payment, the seller contribution is limited to 3% of the purchase price, for 10% down or greater, the limit is 6%. Seller contributions are typically limited to actual closing fees or prepaid items such as prorated property taxes, insurance or HOA dues. Once again, any leftovers cannot be given to the buyer as a cash credit.
HomePath Mortgage
The HomePath Mortgage Program is a special financing program to provide financing for purchasers of Fannie Mae Real Estate Owned (REO) properties that Fannie Mae has deemed eligible for HomePath Mortgage financing. Loans must be secured by properties designated as eligible for HomePath financing on the www.homepath.com website. Borrower can put as little as 3% down of the Sale price. They do not have monthly mortgage insurance, and they do not need an appraisal of the property. Must have a credit score of 660 or better.
Gift Funds
Here is what a FHA Borrower can receive as Gift Funds.
An outright gift of the required investment is acceptable if the donor is:
§ Relative of the borrower defined as:
o Child: son, stepson, daughter, or stepdaughter
o Parent, grandparent, spouse
o Legally adopted sons or daughters or foster children
o Child placed with borrower by an authorized agency for legal adoption
§ Borrower’s employer or labor union
§ A charitable organization
§ A governmental agency or public entity that provides homeownership assistance to low and moderate income families or first time homebuyers
§ A close friend with a clearly defined interest in the borrower
Regardless of when gift funds are made available to the borrower, the underwriter must be able to determine that the gift funds were not provided by an unacceptable source, and were the donor’s own funds. This information can be determined when sourcing the donor’s ability to gift the funds.
Gift of Equity: Only family members may provide equity credit as a gift on property being sold to other family members.
Eight steps to buying your home
Deciding how much house you can afford
Creating your home wishlist
Location, Location, Location
Opting for new home construction
How can a real estate agent help me?
Eight important questions to ask your agent
Mortgage Calculator
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