Register Real Estate Advisors

In today’s market there are a lot of short sales and foreclosures.  If you are one of the unlucky home owners that had to go through this process then you will have a waiting period before you can get qualified for another home loan.  Depending on the type of loan you want or need for purchasing your next home, you will have different requirements.  If you had to file a Chapter 7 or Chapter 13 there are also requirements before you can get a home loan.  Please see below:

Conventional Loans Require:

• Chapter 7 BK – 4 year waiting period from the discharge/dismissal date
• Chapter 13 BK – 2 year waiting period from the discharge date or 4 years from the dismissal date
• Multiple Bankruptcies – If there are multiple bankruptcies within a 7 year period, the waiting period is 5 years from the most recent discharge/dismissal date
• Foreclosure – 7 year waiting period from the completion date
• Deed-in-Lieu/Pre-Foreclosure Sale (Short Sale) – Minimum 2 year waiting period

FHA/VA Loans Require:

• Chapter 7 BK – 2 year waiting period from the discharge/dismissal date
• Chapter 13 BK – 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed.  Document that the borrower’s current situation is not likely to recur.  The court must grant permission to the borrower to enter into a mortgage transaction.
• Foreclosure/Pre-Foreclosure/Short Sale – 3 year waiting period
• VA Loans ONLY – 2 year waiting period for Foreclosures

Hey guys, it’s White Board Monday. This week’s is on agency relationships. It is important to understand who the different players in a transaction are working for and what to expect from each. Enjoy.

RREA Media has been busy adding new tools for our agents online. In addition to our URL Shortener, Twitter Scheduler, and Facebook Scheduler; we recently added a Twitter lottery system for use during events.

All of the above is open to the general public except the Twitter Lottery. Twitter currently has a restriction on the number of times you can hit their servers for information. If this changes that will be open to the public as well.

Did you know that nearly half of all the jobs since 2009 were created in Texas?  I feel blessed to live and work in the great state of Texas.  The annual economic output of Texas exceeds one trillion dollars and that number seems to be growing even in this economy.  Texas is a huge state.  Did you know that if the entire seven billion people in the world move to Texas there would be more than 1,100 square feet for every person on the planet.  According to the 2010 Census, Texas had over 25 million residents.  By 2030 Texas is stimated that it will grow to 40 million residents.  It seems like everyone wants to move to Texas and join us!  That can be compared to unloading four jumbo jets in Texas every day for the next 19 years.  To learn more about Texas current market facts you can view the new Texaplex Video on our blog that will post tomorrow!

Are you interested in buying a home on Lake Conroe?  If so, our Realtors can help.  Call us at 281.288.3500 to find out everything you need to know about relocating to the Lake Conroe area.  Lake Conroe is just seven miles west of Conroe.  It’s a man made lake that was created in 1973.  Currently, water levels are low, which has reduced housing prices on the lake.  That coupled with low interest rates makes it a great time to buy lakefront property!  There are marinas around the lake and places to rent boats and watercraft and picnic.  There are a variety of housing on the lake and in nearby communities.  Some of the communities on the West Side of the lake are April Sound, Bentwater, and Walden Lake.  Each offers a country club and other amenities whether you are a full time resident or just come up to visit your second home on the lake.

In today’s real estate market, there are many different mortgages available for you to choose from. If you are thinking about purchasing a home, you can call RREA’s in house lender today to see what type of loan products you qualify for. Our in house lender, Terry Traylor, can help you determine your mortgage limit, interest rate, and what product will best meet your home purchasing needs.

There are a variety of mortgage loans available. There are Jumbos for loans over $417K. There are loans for investors that allow homes to be flipped before the 90 day limit. For first time home buyers, there are Down Payment Assistance Loans that help with closing costs. For Foreign Nationals that are non-U.S. Citizens there are loans that allow them to purchase second homes in the U.S. With the 203K Loan people can make improvements before or after closing. The HomePath Program was designed for Foreclosed Fannie Mae owned properties. The REO Extended Lock Program helps homeowners purchase a short sale or REO property by allowing an extended interest rate lock. The credit 580 Program increases the FHA guidelines to include borrowers with credit scores between 580-639. Dissipating Asset Programs provide asset-rich clients the ability to qualify with no income up to a maximum loan amount of $5 Million while the Pledged Asset Mortgage allows borrowers to pledge eligible assets in lieu of a down payment, second mortgage or a home equity loan to cover normal down payment requirements. And you thought there were only FHA, Conventional, and VA Loans! Today’s lender has lots of options for you to take advantage of. Call today to find out more -281-288-3500.

If you need to purchase a home for your aging parents because they cannot qualify for a mortgage on thier own, there are mortgage programs that can help you. The property would be classified as a primary residence for your mother and father. It can be an investment property for you at the same time. Your parents must have insufficient income to qualify for the mortgage on their own and you must be their primary source of loan qualifications. Technically, you will own the property, but your parents will also be on the title. There are no distance requirements for the location of your parents residence, so they can be cities apart from your primary residence. To learn more about this or any other mortgages available, please call RREA’s in house lender, Terry Traylor at 281.288.3500. He can help you get pre-approved for your next real estate purcahse.

It’s next week folks! My countdown has begun. By the way, if you are a Mercer Society Member shopping begins on Thursday. I have shopped this plant sale almost every year since 1995. The volunteers have marked the plants to help customers find what draws the butterflies and hummingbirds.

Take along your garden wagons so that you can load up and wheel your treasured items back to your vehicle. If you don’t have a garden cart, never fear, there are some available to rent. Park on the west side of Aldine Westfield. Be prepared for lots of crowded people and have your patience with a smile then you will be guaranteed a fantastically fun adventure. You’ve heard the saying, “The Early Bird Gets the Worm?” Well, The Early Bird get the Treasured Plants! Go early, spend all your money, then go again the next day to make sure you didn’t miss anything, Happy Planting!

If you don’t have some ground to put your beautiful garden flowers, then call me. I am standing by to be your Realtor® and help you find your dream home!

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