Posts Tagged ‘home buyers’

Are You Having A Tough Time Buying A Home in Houston Right Now?

Thursday, June 23rd, 2011

Well you are not alone with this issue, and many people would love to move out their apartment, or rented home, and start living that “American Dream”, of being a bona-fide homeowner. There are many reasons that people are not qualifying for home mortgages in the Harris County and surrounding areas right now, and some consumers will have multiple reasons preventing them from buying their dream home. There is a huge inventory of available homes all over the Metroplex, but even lowering the prices on them does not seem to make them move any faster to a sale.

Debt To Income Ratio

There are stricter standards being laid out as this is being written, and the old sixty percent debt to income ratio will no longer be tolerated. The new figure that Fannie Mae has put into operation is forty five percent, which cuts down on the consumer’s buying power quite a bit. The government and the lending industry as a whole know that all to often homebuyers, mortgage agents, and realtors will try to force a sale on a home that cannot be afforded. In a perfect world your housing costs would not run over twenty-five percent of a person’s annual income. This is a figure that is from the 1970s and 1980s, and people do not mind being drowned in debt currently.

Foreclosures

This has put many people in the rental market, and there currently not any home loan companies that will take a chance on someone that has already lost their home due to financial difficulties. For these future homebuyers, it would be wisest to get out of debt and rebuild their credit file, and score for a purchase a few years down the road. It is also a good time to just completely get out of debt, so when your credit is restore, there will only be the house note on your debt to income ratio.

Mortgage Lenders Missing The Closing Dates

This issue has everyone involved in the home buying process enraged currently. Home loan companies are given a closing date, and they agree to it, but just as quickly they will add, “but we cannot guarantee the date”. What happens is that the closing day comes, and the lender has not responded, or worse yet the day before, they have new issues about the loan, and they will need more time to let the borrow correct the situation. No one really understands the stall tactics, at all, but it is making home sellers rich, because the can refuse to extend the closing date, and just pocket the earnest money that was put down.

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Feeling at Home in Smaller Spaces

Friday, September 24th, 2010

Condos in the Inner Loop can be quite fabulous. From incredible views and location to superb amenities and features, the Houston Inner Loop has plenty to offer in terms of condos.

If you are one of the many Houstonians making the switch from a home to a Houston Inner Loop condo, you may be worried about making do in a smaller space. However, don’t let smaller spaces stress you out! There are many ways to make your Houston Inner Loop condo feel warm and welcoming in no time!

  1. A move to a Houston Inner Loop condo from a home may prove tricky, particularly if you have accumulated a lot of “stuff” over the years. So, the first thing you will need to do is conquer your clutter. Begin by going through your belonging well ahead of your move so that you can start throwing away or donating items that you no longer need or want. If you are an empty nester flying the coop, this may also be the time to pass down certain items to your children, as they will likely be starting their lives. This is also a great time to have a yard sale!
  2. Before moving, get measurements of the rooms of your new Houston Inner Loop condo so that you can be sure that your current furniture will fit into your new space. Think about the scale of the furniture you currently have, as well as the size of the space into which it will go; then you can decide whether to keep it or sell/donate it.
  3. Think about your new spaces, and plan accordingly. For example, is a dining room really necessary, or can you turn it into a home office. You may want to think outside the box when it comes to designing your new living space in your Houston Inner Loop condo, as the same rules may not apply to condo living.
  4. Keep what you love and get rid of the rest. Think of your move to your fabulous Inner Loop condo as a rebirth, of sorts, and keep only those items that you really love. Everything else can be sold, discarded or donated. Make your Houston Inner Loop condo all about the things you love and the things that make you happy!

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Tips for Taking Advantage of the Home-Buyer Tax Credit

Thursday, December 3rd, 2009

Are you ready to get off the sidelines and make the leap into homeownership? If so, then you’re not alone! The home-buyer tax incentive, which was recently extended until April 2010, has motivated many first-time homebuyers to purchase their first West University home, and the market has increased home sales to show for it.

houston-home-buyer-tax-credit

The government tax credit is an excellent opportunity for many homebuyers, but there are a few things you should consider:

  • Although the tax credit has been extended into 2010, don’t wait until the last minute. You will have much better luck finding the right West University home if you take your time and begin searching now, instead of a month or two before the deadline.
  • See a lender and get preapproved before you even begin searching for a Houston property. It doesn’t make much sense to begin your home search if you don’t know how much home you can afford and if a bank will approve you for a mortgage at this time.
  • Pay close attention to your credit score. Although the government tax credit is encouraging new buyers, it’s still important to note that the credit sector is still enforcing tough lending standards. Order copies of your credit report to clear up any discrepancies, pay down some of your debt, and don’t take out any new loans until after you close on your home loan.
  • If you are selling a home, price it right –from the beginning. Don’t let the recent spike in home activity fool you; it’s still a buyer’s market. So make it easy on yourself and price your home aggressively so that you can sell it and move on.
  • Continue to pay close attention to mortgage rates. Although mortgage rates are low right now, they may very well start creeping back up next year. And a small rise in mortgage rates can mean a large rise in your monthly mortgage payment.
  • Be careful of purchasing a short sale. The process of buying a short sale can be a long one, particularly when you are dealing with the tax credit deadline. Because the process of purchasing a short sale can be quite lengthy (and frustrating), you may want to think twice about buying a home in short sale.

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