Displaying blog entries 161-170 of 181
Come out and see 2 great priced properties this weekend in Wichita Falls
4 Libby Court, Wichita Falls, TX 76310 1:00 - 1:45
This home is the cleanest home on the block and priced to sell. 4 bedrooms, mint condition, seller can move quickly.
4903 Legacy, Wichita Falls, TX 76310 2:00 - 2:45
This Wachsman built home features everything one could ask for in this price range...best buy on the block, indeed.
FHA/VA
5.000% 0.00 +0.00 15 YR
(All Conventional Quotes assume a min. credit score of 740)
FIXED RATE ($50,000 MIN – $417,000 MAX)
CASH-OUT REFINANCE LOANS
5.000% 0.00 + 0.00 30 YR
4.625% 0.00 + 0.00 15 YR
(Over 70% LTV add .50 Discount Point)
(Minimum Credit Score 740)
INFORMATION PROVIDED TO REAL ESTATE PROFESSIONALS & IS NOT
AN ADVERTISEMENT TO EXTEND CREDIT UNDER REG Z
RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE
RATES SUBJECT TO CHANGE WITHOUT NOTICE
Rates posted are based on owner occupied properties – 30 day quote
(MORTGAGE RATES POSTED DAILY)
www.TexomaListings.com is a FREE service to help area home buyers find their dream home. Your first email will list all homes currently for sale that meet your search criteria. Then each morning you will be emailed a list of all of the new homes for sale and price changes since your previous search. No more having to rely on manual searches. Fill out the form below and start your auto-email home search today! It's just that easy!
A Daily Email List Of New Homes For Sale As They Hit The Market!
Because You Have Better Things To Do!
Many people cannot fathom buying a home in today's economy.
But, some in the home buying business say now is the perfect time to do so... and it's all thanks to a tax credit the federal government is offering to those who have not owned a principal home in the past three years.
Wayne Pharries / V.P. Mortgage Lending, First National Bank
"This is called a refundable tax credit .... in that... whether you owe taxes or not... you're going to get this money. So, if you didn't owe any taxes at all, you would get the full amount that you qualify for... up to $8,000."
This tax credit differs from a $7,5000 tax credit offered last year, which actually had to be repaid to the government over a 15 year period.
Mechell Dixon / mechell@kfdx.com:
"There is at least one exception to the no pay back rule. If you sell your house within threes of buying it and taking advantage of that tax credit... then.. the government will expect you to repay them $8,000."
But, one local realtor says... remaining in a house for three years is well worth the free money you could receive.
And, he can't wait for word to spread about the new tax law.
Ashton Gustafson / The Bishop Realtor Group:
"Haven't seen it yet catch on. I think it will. I think once people realize, essentially, what this tax credit is, they'll understand at that time it's a great opportunity."
There is an income limit on the tax rule.
But, provided you qualify and you have the money for a down payment... you can take advantage of this deal that the government believes is one of the first steps to strengthening the economy.
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.
PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have greater access to homeownership. With this type of insurance, it is possible for you to buy a home with as little as a 3 percent to 5 percent down payment. This means that you can buy a home sooner without waiting years to accumulate a large down payment.
A new federal law, The Homeowner's Protection Act (HPA) of 1998, requires lenders or servicers to provide certain disclosures concerning PMI for loans secured by the consumer's primary residence obtained on or after July 29, 1999. The HPA also contains disclosure provisions for mortgage loans that closed before July 29, 1999. In addition, the HPA includes provisions for borrower-requested cancellation and automatic termination of PMI.
Why a Change in PMI Requirements?
In the past, most lenders honored consumers' requests to drop PMI coverage if their loan balance was paid down to 80 percent of the property value and they had a good payment history. However, consumers were responsible for requesting cancellation and many consumers were not aware of this possibility. Consumers had to keep track of their loan balance to know if they had enough equity and they had to request that the lender discontinue requiring PMI coverage. In many cases, people failed to make this request even after they became eligible, and they paid unnecessary premiums ranging from $250 to $1,200 per year for several years. With the new law, both consumers and lenders share responsibility for how long PMI coverage is required.
The Homeowner's Protection Act (HPA) of 1998
What Loans Are Covered?
Generally, the HPA applies to residential mortgage transactions obtained on or after July 29, 1999, but it also has requirements for loans obtained before that date. This new law does not cover VA and FHA government-guaranteed loans. In addition, the new law has different requirements for loans classified as "high-risk." Although the HPA does not provide the standards for what constitutes a "high risk" loan, it permits Fannie Mae and Freddie Mac to issue guidance for mortgages that conform to secondary market loan limits. Fannie Mae and Freddie Mac are corporations chartered by Congress to create a continuous flow of funds to mortgage lenders in support of homeownership. As of January 1, 2000, mortgages in amounts of $252,700 or less are considered conforming loans. For non-conforming mortgages, the lender may designate mortgage loans as "high risk."
What Is a Residential Mortgage Transaction?
There are four requirements for a transaction to be considered a residential mortgage transaction: (1) a mortgage or deed of trust must be created or retained; (2) the property securing the loan must be a single-family dwelling; (3) the single-family dwelling must be the primary residence of the borrower; and (4) the purpose of the transaction must be to finance the acquisition, initial construction, or refinancing of that dwelling.
How Do You Cancel or Terminate PMI?
Cancellation
Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.
Automatic Termination
Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.
For high risk loans, mortgage lenders or servicers are required to automatically cancel PMI coverage once the mortgage is paid down to 77 percent of the original value of the property, provided you are current on your loan.
Final Termination
Under HPA, if PMI has not been canceled or otherwise terminated, coverage must be removed when the loan reaches the midpoint of the amortization period. On a 30-year loan with 360 monthly payments, for example, the chronological midpoint would occur after 180 payments. This provision also requires that the borrower must be current on the payments required by the terms of the mortgage. Final termination must occur within 30 days of this date.
There is currently a 6 month inventory of homes available for Wichita Falls. Now some price ranges may differ, but for the entire community - it rests at 6 months. This is a stunning figure, when you consider the entire face of the nation's economy right now. A 6 month inventory, is what Real Estate economist believe is the best figure to have. If you are considering buying a home in Wichita Falls, please see www.TexomaListings.com . There are some many reasons why now is a great time to buy - federal tax credits - city first time home buyer plan - great inventory of homes, just to name a few.
If you are considering selling, see www.TexomaHomeValue.com - I have been very successful this year, selling my own listings - if you are interested in how I can help you sell your home in the lease amount of time, with the least amount of hassles, and for the most money - call me at 940.224.0881.
Ashton Gustafson - Realtor
1916 N. Elmwood Ave
Wichita Falls, TX 76308
Many of you have been asking about the $8000 tax credit for first time home buyers. Listen to my Pod Cast this month @ www.talkrealty.com/ashtongustafson . This will give you a better understanding for what the tax credit does and who qualifies.
The Wichita Falls Real Estate market continues to be fantastic, and one to be envied. If you are considering buying and or selling please see both of my sites:
www.TexomaListings.com - Just for Buyers
www.TexomaHomeValue.com - Just for Sellers
If you have any other questions, or want to discuss the market and your real estate future, please call me at 940.224.0881
I would to thank Joe Tom white for having me on his show again this morning...always a great time. See link below to listen to this morning's show.
http://riseandshine.texomacountry.com/2009/03/02/monday-march-2-2009.aspx
www.TexomaListings.com - Buyers
www.TexomaHomeValue.com - Sellers
TIMES RECORD NEWS
Local market ranks in nation's top
By Lee Anderson
Wednesday, February 25, 2009
There's no doubt that local housing experts hit the nail on the head month after month last year when they insisted the marketplace in Wichita Falls is stable and a prime place to live.
The National Association of Home Builders and Wells Fargo Housing recently released data showing that five Texas markets - including Wichita Falls - were among the 10 most affordable housing markets in the South during the last quarter of 2008.
The housing opportunity index reported that Wichita Falls ranked fifth at 82.6 percent of new and existing homes sold during the quarter to middle-income earners.
Sherman-Denison hit the 87 percent mark, ranking the city third in the region. San Angelo was seventh at 79.8 percent, Fort Worth-Arlington was eighth at 79 percent, and Beaumont-Port Arthur rounded out the top nine at 77.5 percent.
Nationally, 62.4 percent of all new and existing homes were affordable to families earning the national median income ($61,500), which was an increase from the previous quarter, which was 56.1 percent, and 46.6 percent in the last quarter of 2007.
After examining information from the Real Estate Center Online News (RECON), broker Danny Steed remarked, "The housing affordability index recently published by the National Association of Home Builders just confirms what we have been saying about Wichita Falls area real estate for quite some time. Our local market is holding up very well in comparison to housing markets across the country, especially California, Florida, Arizona and Nevada. Although our home prices have continued to increase moderately, our market remains very stable and balanced."
Ditto from realtor John Wilson.
"I see this as continued evidence that Wichita Falls has always been an affordable community in which to live. New home prices are reasonable compared to other parts of the state and nation. We continue to see a gradual increase in property values as opposed to the unrealistic and dangerous rise and fall of values in other parts of the country," he pointed out. "We experienced the sudden rise in property prices after April 10, 1979 (tornado), and many people suffered for years after that.
"Our present trend of slow but steady growth has allowed us to escape the horrors of California, Florida and Nevada."
Garnel Construction owner Jose Garcia, who moved to building more homes in the $100,000 range about three years ago, agreed.
"I am not surprised," Garcia, said, referring to the city's ranking. "I know we are not overpriced, and neither is the state as a whole.
"I saw it coming about three years ago. There were a lot of people that needed a home but couldn't afford $200,000 and $300,000 homes, but could afford $100,000."
A story on the National Association of Home Builders Web site quoted NAHB chairman as saying, "Falling home prices and very favorable mortgage rates both contributed to the housing affordability gains we saw in the fourth quarter of 2008."
The Wichita Falls Association of Realtors Multiple Listing Service reported that in December, 13 homes were sold in the $100,000 to $120,000 bracket, followed by 10 each in the $70,000 to $80,000 and $120,000 to $140,000 range. Seven sold in the $160,000 to $180,000 category. The average sales price in December was $102,484. The numbers were similar last month, and the average sales price was $104,502.
All three local housing experts stressed that now is an extremely good time to buy a home or other real estate. "I believe investing in a home or other real estate venture in Wichita Falls or North Texas is still a great move; and with interest rates at an all-time low, the timing could not be better," Wilson said. Steed echoed the comments.
He said, "With mortgage interest rates declining to their lowest levels in decades, and with prices holding the line, homeownership is within the reach of more and more people. Although the national media will lead you to believe that loans are hard to get, local mortgage lenders are making extremely affordable loans every day, and still with relatively small outlays of cash.
"None of us know what the near-term financial condition of our economy truly is or will be for many months to come. But, for folks who are wanting to and can afford to make a home purchase for the long-term, this could be the best opportunity we've seen in a long time."
© 2009 The E.W. Scripps Co.
Numerous people have been calling and emailing with questions and concerns about the local Real Estate economy of Wichita Falls. Fortunatley, we find ourselves in a very protected part of the country that is not dealing with what the other parts of America are dealing with.
Our January numbers were essentially identical to a year ago, and we are seeing numerous buyers and sellers have success in their transactions. Interest rates continue to stay at historical lows, and the inventory of homes is as good as its ever been.
If you are considering a home purchase in the Wichita Falls area, please see www.TexomaListings.com . This site has become the best site for Wichita Falls buyers and you will see why. It emails you every home within your criteria, and then every morning emails you the last 24 hours of activity within your price range.
If you are considering selling a home in the Wichita Falls area, please see www.TexomaHomeValue.com . You will receive a CMA within 48 hours of submitting your information.
If you have any other questions, please call me at 940.224.0881.
Displaying blog entries 161-170 of 181
