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Thank you for choosing Package Realty for your home buying and renting needs. If you need credit repair, we can help. |
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Top 5 Reasons to buy in the Houston area: 1. Prices are more affordable in resale and builder inventory homes than ever before. You get more home for the money in this state compared to others so live large and enjoy! 2. Interest rates are at a historic low and $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. 3. Houston's economy is strong and diverse. Houston is ranked nationally as one of the top places to live because of low unemployment and affordable cost of living. 4. Houston and surronding metroplex is pro business, pro land development and pro opportunity for all. Expanding your buisness here is welcomed and tax rebates are common place. 5. Texans hate taxes! There is no state income tax or tax on vehicles here. The Texas Association of Realtors is fighting to keep it that way. So hire a Realtor today! ----------------------------------------------------------- The Texas Home Buying Process 1. Obtain your credit score: www.equifax.com www.transunion.com www.experian.com To get all three visit www.myfico.com Knowledge is power. You should check your credit report once a year and challenge in writing anything that's false. 2. Save money: You will need about 3.5% for closing costs, option money and inspections. This does not include a down payment. Talk with your loan officer about 100% financing, but be prepared for a higher interest rate. For example: $100,000 home, you will need about $3,000 closing costs, $100 for option period and $400 for inspections. If the mortgage on your new home is $1,000 per month, lenders want to verify that $3,000 is in the bank (untouched) for at least 3 months...this is called "Seasoned Funds." What they want to make sure of is that you will have enough money after closing costs, etc. to pay the mortgage bill when it's due. Plus, you will need at least 3 lines of credit, but no more than 6 lines. For example, a car loan and at least two credit cards. What the lender wants to see is that you pay on time and have revolving credit, which the balance is less than 50% of the total credit limit. So, to improve your credit rating, don't max out your credit cards and don't have too many open lines of credit. The Texas Department of Housing and Community Affairs offers a First Time Homebuyer program for very low to moderate income Texas families, as well as the Down Payment Assistance Program. Call 800-792-1119 or the City of Houston at 713-522-HOME (4663) for more information. 3. Select a Package Realty Adviser as your Buyer's Agent: Sign the Buyer's Representation Agreement, otherwise the agent represents the Seller/Investor or Builder. Again, knowledge is power, have an agent work for you and only you! However, if you chose not to sign the Buyer's Representation Agreement, which is basically an employment agreement saying that this Package Realty Agent and only this Realtor will find me a home in this area for this long; the Home Tour Fee is $40 per hour and the Package Realty Adviser works for the Seller, Builder or Investor and not you! 4. Select a Lender: (Know your purchasing power before you start touring homes) Make sure your lender provides you with a pre-approval letter. Meaning, the loan application and all of your supporting documents have gone to the lender and you're almost guaranteed the loan. A pre-qualification letter is not the same thing. A pre-approval letter gives you more negotiating power when you put in an offer. Some Realtors require the letters be submitted at the time of the offer. To become pre-qualified, contact your bank first. It will take less than 30 minutes to know your purchasing power! I suggest you shop around for the best interest rates and then lock in your rate, ask your banker about this process. Your bank might not have the lowest rate, so contact local mortgage companies and ask the loan officers if they have been in the buisness for at least 5 years and if they have a good track record for closing loans on time. Ask for references and also check the BBB.org for complaints as well. Information Your Loan Officer Needs: 2 years residence history: including phone numbers, addresses, landlord name and/or mortgage company name and mortgage account number with payoff amount 2 years employment with W2 Forms, phone numbers, addresses and supervisor's name Provide 3 most recent months bank statements and paystubs Provide monthly debt and budget information Marriage license and/or divorce decree Driver's License, Passport and/or Social Security Card If a Veteran, provide DD214 Certificate of Eligibility Form 5. Write the offer and watch the dates: The offer will include $100 Option Check made payable to the seller. You will not get this money back because it "buys" you 10 Calendar Days to take the property off the market for you to have inspections done. The buyer pays for inspections and this money is not refundable either. The offer will also include $500 to $2,000 Earnest Money Check payable to which ever title company the Seller or Buyer chooses first and foremost. The title company is negotiated based on who pays for the policy, location and/or Realtors past working experience with that title company. Earnest money is applied to closing costs. If you go over your option period without amending the contract, you risk losing your earnest money and/or you are buying the property "AS IS". So it is very important to get inspections done in a hurry and make up your mind about continuing the sale. If you make any changes to the contract you must get both the buyer and seller's signatures on an amendment form to have a vaild contract. 6. Offer is Accepted or Rejected: The seller can accept or reject your offer. If the seller rejects your offer, you can adjust the sales price or terms and re-submit a new offer. Again, the seller can accept or reject your new offer and the process continues until everyone can agree. 7. Offer is Accepted: Once all contract terms are agreed upon and everything is signed by Seller and Buyer, the Realtors coordinate the inspections, survey, appraisal and closing. If repairs are to be made, this is also worked out. 8. Buyer's Walk-thru: Buyer's agent and Buyer tour property 24-hours prior to closing to make sure repairs are completed and home is in proper condition. 9. Closing: Realtors attend closing with their clients and double check the title company's HUD 1 or Settlement Statement. Receipts and warranty paperwork for repairs are exchanged along with keys, garage door openers, etc. 10. Funding: Buyer will not take possession of the property until funding of the loan paperwork to the title company. DO NOT close on a Thursday or Friday! Sometimes it takes awhile to fund. Don't make any large purchases or open charge cards until after funding on your home, as your credit score could be run right before closing! | |
With Package Realty's Buyer options, you have control.... so you don't have to put all your eggs into one basket!
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