first time home buyer: FHA Proposal to reduce seller concessions would devastate First time Home buyers in Montgomery County - 01/27/12 06:06 AM
On January 23, 2012 FHA published a memo recommending a reduction in the amount that a seller can assist home buyers  with their costing costs from 3% to 6%. Foreclosures Lower with FHA but FHA is in Denial It was brought up in 2010 and commentary from the public was an overwhelming NO.  So the Proposal was shelved.  However with the new year this proposal has gained new life with the Federal Housing Administration and HUD.  As the refinement in home mortgage lending has occurred over the past 5 years.  Delinquencies are down sharply as noted in this article by Housingwire. So who will this impact the most?  First … (0 comments)

first time home buyer: TDHCA Bond 77 Down Payment Assistance Is Back for the New Year in Montgomery County - 01/11/12 10:16 AM
Bond 77 rolls out new program servicer Down Payment Assistance for first time home buyers still available. It took a while, however the latest news for first time home buyer down payment assistance in Texas is that the bond 77 Texas Down payment assistance program is back after transitioning to another servicing company.   If you have been waiting for funds to become available after the after the last program servicer terminated their involvement with the program you can now get a new start with the new year.  You may want to hurry because program funds are low the current allotment "Lot 17" is expected to be exhausted by … (0 comments)

first time home buyer: USDA Home loans getting more expensive for Lake Conroe - 03/08/11 02:14 AM

On February 3rd USDA Rural Development Announced that soon it will begin charging a monthly mortgage insurance premium on all USDA home loans.
What does this mean to you?
Higher Payments Thousands more in Mortgage Insurance Fees Although the stated purpose of the memo is to reduce the cost of the USDA Guaranty Fee a careful analysis of the effects of the USDA Home Loan mortgage insurance implementation outlined in the In the February 3, 2011 memo show that monthly payments will be higher and unlike FHA Mortgage Insurance which goes away after you have 20% equity in the … (0 comments)

first time home buyer: Texas TDHCA Bond 77 Zero Downpayment Program Details - 05/24/10 04:45 PM

TDHCA Bond 77 Mortgage Revenue Bond Program Details
On May 24th the Texas Department of Housing and Community Affairs - TDHCA released its new Single Family Mortgage Revenue Bond Program Series 77.   These programs are available exclusively through Select Mortgage Banks as determined by TDHCA,  to qualify for these programs you may Apply Online here or simply call 936-228-1944.
To qualify for these programs simply call 936-228-1944 or you may Apply Online.
***Interest Rate is set in “LOTS”.  Each lot is good for 90 days. Based on date of sale, borrower must be reserved or must wait for next Lot to … (5 comments)

first time home buyer: TDHCA Bond 77 Program - New Texas Zero Down Program - 05/07/10 09:44 AM

Just when you thought the First Time Home Buyer Credit was gone Texas Pulls an Ace Called the TDHCA Bond 77 Program
Late-May Just in time for Memorial day TDHCA will be releasing a new bond program which is a new Zero Down Home Loan and to help buyers with their down payment when purchasing a a home.  The name of the program is "Bond 77" and it is the largest allotment from the State of Texas to date.  It is said to be stocked with $500 million in funding.  This is just in time to fill the vacuum left … (0 comments)

first time home buyer: The Waiting Game: Is it Time to Invest in Real Estate? - 10/19/08 07:45 AM
It's said that history repeats itself; that distinct patterns and regular cycles are apparent and even predictable to those who can correctly analyze and interpret the data. When it comes to economic markets, the same holds true. Stocks, bonds, and real estate markets each go through basic cycles of highs, corrections, lows, and recoveries of various lengths and intensities. The trick, then, is timing: when to get in, when to get out, and when to sit on the sidelines and wait.Home PricesIt has been reported that national home prices have fallen recently, a trend not seen since 1991 – and one … (0 comments)

first time home buyer: Real Estate Terms for the First Time Homebuyer Part 1 - 10/19/08 04:05 AM
With so many first time home buyers coming into the market I feel it would be helpful to those of you out there who are getting bombarded with new terms that are new to you.
ACCELERATION CLAUSE - A provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan. ADDENDUM - A supplement to any document that contains additional information pertinent to the subject. Appraisers use an addendum to further explain items for which there was inadequate space on the standard … (0 comments)