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Posted on Jul 6, 2010 | Tagged in: housing , home buying
The Texas Veterans Loan Programs was originally formed by Sam Houston and the Texas Republic to reward veterans land in return for their military service. Although Texas no longer gives land away to veterans, there are many housing opportunities including low interest loans for everything from land purchase to home improvements.
According to the program's website, here is a list of some of the guidelines to help you determine eligibility for the Texas Veterans Loan Program:
- Served no fewer than 90 continuous days on active duty (including active duty for training) in the Army, Navy, Air Force, Marines, Coast Guard or United States Public Health Service (unless discharged sooner by reason of a service-connected disability), or a reserve component of one of the listed branches of service, or have enlisted or received an appointment in the Texas National Guard after completing all initial active duty training requirements as a condition of enlistment or appointment, or have completed 20 years in a reserve component so as to be eligible for retirement as a condition of enlistment or appointment, or, if currently an active duty member of a listed service or a full-time reservist, have completed the initial service obligation;
- Served after Sept. 16, 1940 (for Texas veterans who entered the armed services before Jan. 1, 1977, and who have been discharged from active duty less than 30 years, certain interest-rate incentives may be available for housing or home improvement loans);
- Been honorably discharged;
- Been a bona fide resident of Texas at the time of entry into the military or must have resided in Texas for at least two consecutive years immediately prior to filing an application; applicant must be a bona fide Texas resident at the time the application is made (a bona fide resident is someone who is living in Texas with the intent to remain in Texas). Presence in Texas due to military service alone does not establish bona fide residency); and
- Have successfully repaid any previous TVLB loan within the same loan program. A loan is considered repaid when the account has been paid in full by the original veteran purchaser or last approved assignee. Any active TVLB loans in programs other than the one for which application is being made must be in good standing.
No matter what branch of service you are a part of - Army, Air Force, Navy, Marines, or National Guard - it’s a good time to consider taking advantage of these programs and low interest rates! For more information, contact the Texas Veterans Land Board at 800-252-VETS or visit their Web site www.glo.state.tx.us/vlb/vhip/index.html or ask your Realtor about the free public information seminars that are conducted in your area.
Posted on Jun 4, 2010 | Tagged in: housing , economy
In response to the current uncertainty over European Debt, U.S. borrowers can now find the lowest mortgage rates year-to-date.
According to Freddie Mac, “mortgage rates fell to their lowest level of the year last week as yields on U.S. government securities fell, since fixed mortgage rates tend to follow the yield of 10-year Treasury notes.”
With the average 30-year fixed rate falling 4.84 percent from 4.93 percent a week earlier, Freddie Mac goes on to say it was the lowest rate since mid-December, when the average rate was about 4.81 percent.
Economists are predicting that these lower rates may help offset the fallout from the expired new homebuyer tax credit that is expected to hit at the end of June.
Posted on May 17, 2010 | Tagged in: tips , housing
In a struggling economy and a definitive housing bubble, there has emerged an unpredicted buyer. Women. In particular, younger women, who are finding their most opportune shot at home ownership. In 2008 alone, more men than women lost their jobs by a ratio of three to one, in the financial and manufacturing sectors.
Ellen Iggulden, a 27-year-old Chicago-based auditor, says “most of my guy friends are sitting on the buying sidelines. But among my female college pals, (I) was actually one of the last to take the real estate plunge.” Hearing about their successes, she says, was empowering: “If they can do it, so can I!”
Posted on May 4, 2010 | Tagged in: housing , City of Friendswood
While an appraiser is typically never seen by a new homebuyer, an appraisal is obviously an important component in the home purchase process and will always be required by your bank in order to obtain a loan.
And, neither you, nor your lender has the flexibility of deciding which appraiser will inspect your home. Appraisers hired for a mortgage transaction are chosen from a computerized pool of Texas Certified Residential Home appraisers in your area at random. This recent change was brought on with the Home Valuation Code of Conduct HVCC, and is effective with loans originated on or after May 1, 2009.
Once selected, your appraiser will be notified to conduct an analysis of the property and determine the current market value. Appraisers compare the sales prices of similar properties sold in the neighborhood and surrounding areas near the subject property.
Posted on Apr 21, 2010 | Tagged in: Houston , housing
The largest generation of young people since the '60s is beginning to come of age. Often referred to as “Generation Y” or “Echo Boomers”, they were born between 1982 and 1995, and are nearly 80 million strong. Making up nearly a third of the U.S. population, they are spending $170 billion a year of their own and their parents' money, according to the Associated Press. Needless to say, Generation Y is already having a huge impact on many different segments of our economy, including the recently strained housing market. But, things are slated to improve.
According to Harvard University researchers, members of this new generation — children of the baby boomers — are "entering their peak household formation years of 25 to 44 with more than 5 million more members than the baby boomers had in the 1970s," Harvard researchers said in a June 2009 report. "The echo boomers will help keep demand strong for the next 10 years and beyond." While some of this demand is likely to flow into the rental market, the preferred tax treatment of mortgage loans should help keep the American infatuation with homeownership alive.
Posted on Jan 22, 2010 | Tagged in: housing
According to RealtyTimes.com the housing market is sure to be getting a boost as real estate investors return. This positive upturn indicates a profitable housing market is on the rise.
With low interest rates, at or below 5%, low home prices, and a “new and improved” home-buyer tax credit, the potential gain from real estate investments is drawing many homebuyers. During the summer of 2009 only about 5.6% of homebuyers planned to purchase a home as an investment, compared with more than 12% today.
