Author Archive: Agent Gamble

Are You Ready to Buy A House?

Purchasing a home is one of the biggest decisions you will make in your lifetime.  So, it’s not something you should take lightly and without lots and lots of research.

I will offer a list of suggestions to get you started with buying your new home.  Hopefully this will be helpful to our first-time buyers, as well as our seasoned buyers.

  1.  Do a full financial budget.  Don’t forget to include the small things, like entertainment, non-budgeted trips to the store, a small toy for the kids, that happy meal for the kids etc.  If you’re not sure of how much you really spend.  Keep a small journal and write down the amount you spend, every time you make a purchase.
  2.   Determine how much you can afford to spend.  I would recommend doing this before going to the loan officer.  They may say you can afford more then you are comfortable spending every month.  Know your budget ahead of time, so you can stay within your budget.
  3. Check your credit.  You get a free credit report each year from all three credit bureaus Equifax, Experian and Transunion.  You can go to each site and obtain your free report.
  4.   Find a good loan officer to get pre-qualified or pre-approved.   I have suggested several good loan officers on my site.  But, you can ask friends, family or co-workers who they used for their mortgage loan and did they like them.  Remember, a good loan officer communicates with you and lets you know what you need to get a mortgage loan if you may have issues.  If they don’t follow-up, return your phone calls or provide you with detailed information about the loan options to include down payment, closing cost or any out of pocket needed to obtain the loan.  You may want to consider another loan officer or mortgage company.
  5.  Find a good Realtor to help you find your dream home.  You’ve already found me, so just give me a call so we can get started with a plan to get you into your new home 972-638-9590.
  6. Gather all paperwork needed to get a mortgage loan.  The hardest to get is usually two years of your tax returns.  Other paperwork you will need are pay check stubs, bank statements all pages, rental history among others that would be requested from your loan officer.
  7. Be ready to pay earnest money, option fee, home inspection, home appraisal, final appraisal and closing cost.
  8.  Find your home and put in an offer to purchase.   Once you have agreed on a price to purchase and all paperwork is signed you are under contract.
  9.  Do any inspections and negotiate repairs if necessary, during option period.
  10.   Get everything into loan officer that is needed to close your loan.
  11.  Cross your fingers and wait for appraisal to get back.
  12.   Sign a bunch of documents promising to pay back your loan, also known as closing!
  13.  Congratulations, you are a home owner!

This is a condensed list of the  home-buying process.  If you have any questions, please feel free to reach out to me to answer any specific questions you may have.

I hope this helps you get moving in the right directions.  CALL ME, I will be glad to help!

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VA Loan offering No Money Down Rehab loan coming soon!

For all my veterans.

First, thank you for your service and preserving our freedoms.

In real estate news:

The VA Loan will be expending it’s reach, by offering rehab loan for veterans with the same no money down benefits.  The loan will work similar to the FHA 203(b).

If you find a property that needs work such as, a new roof, flooring, foundation work etc.  you are able to take out a loan for the amount to purchase the property, as well as make repairs to the property.

Of course, there are specific  requirements for obtaining this loan.  However, it is certainly something worth discussing with your loan officer if you qualify for a VA Loan.

 

No Money Down! No Closing Cost Programs still exist!

This is a mortgage loan program.

I am the Realtor!  The person who helps you find the house, negotiate a good price etc.

Don’t forget about me, when you get to the home search part!

I’m always looking for ways to help make it easier to purchase a home.   And, I found a good one this time!

It is called NACA or Neighbor Assistance Corporation of America.  Their goal is private and fight predatory mortgage lending.  So, they have teamed up to create a loan that will allow future homeowners to purchase homes without the high interest rates, fees, points… and the list goes on!

So, they offer a true no money down, no closing program. And, the best part is you DON’T need perfect credit!  Okay, this is how the program works.

  • You must attend their mandatory informational seminar.  It explains how the program works and gives complete details on what is needed to qualify for the loan.
  •  After the seminar, you will make an appointment with the Housing Counselor.
  •  The counselor will run your credit and go over your payment history, as well as go over your overall financial history. (Credit score does not matter.)
  • *Note-  You can NOT have any accounts late, in collections, or liens (including medical) within the last 24 months.  They will need to be paid off, settled for less with documentation to confirm, or on a payment plan.
  • Must be able to show at least 12 months on time payments for all accounts. (There are exceptions to this rule.)
  •   Your out-of-pocket cost will be approx. $3,500.  Consisting of Earnest money $1,0000, home inspection between $350-$500,  homeowners insurance $600, pre-paids $1,200.
  • Maximum loan amount $251,713 anywhere in Dallas/ Fort Worth area.
  • Requires at least 1 year steady employment for W-2s.  Self-employed requires 2 years tax returns.
  • Must show a steady monthly savings pattern in one bank account.  Not through multiple accounts.  Specifically, savings for the difference of current monthly rent payment and future mortgage payment.  For example, your current rent is $800 a month, but your mortgage payment will be $1500.  You must be able to show you can afford the additional $700 in mortgage shock.
  • You don’t have to be a first time buyer.  However, you cannot currently be named on a mortgage.

The seminar is of course more detailed, but those are some of the main points.  You can sign up for the seminar on www.naca.com.  They are generally held every Saturday of the month at a church in the area.

Let me know if you need help signing up!

 

 

 

 

Exhausted?!

Don’t let selling your house wear you out!

Let me help take the stress out of buying or selling your home!!

Call Shawn Gamble Today!

972-638-9590

 

Looking for Down Payment Assistance programs?

Rising interest rates is causing first home-buyers to find other options for buying homes. Well, believe it or not there are still down payment assistance programs available for first time home-buyers.  Keep in mind some aren’t 100% and may require a small contribution to the purchase of your home. But, it is still a lot less then going with a standard mortgage.  History has proven, giving money toward buying a home is not always a good thing. So, the programs are a bit stringent in their requirements with some programs requiring in person homeowner course completion.

Most programs are funded by city or county where you want to reside.  I will add links so you can access their website for complete details.

 Homebuyer Assistance Program (HAP) – City of Fort Worth

Contact Info

Physical Address
908 Monroe Street
Fort Worth, TX 76102

Administration
817-392-7540 (phone)
817-392-7328 (fax)

Housing Services & Information, Directions Home, Management & Budget, Home Improvement & Construction
817-392-7390 (phone)
817-392-7508 (fax)

Director:
Aubrey Thagard

Requirements

  • Property must be purchased in Fort Worth
  • Homebuyer cannot have owned a house in the last 3 years
  • Homebuyer must live in home as primary residence
  • Combined family income must not exceed 80% of Fort Worth median income
  • Must work with a city approved lender http://fortworthtexas.gov/neighborhoods/lenders/
  • Minimum contribution from homebuyers own money must be at least $1,000 or 2% of home price
  • Property must pass Fort Worth city inspection free of cost
  • Can receive subsidy of up to $14,999 for mortgage assistance or use $3,000 of this amount for closing cost and/or down payment
  • Homebuyer must complete home ownership training and counseling program. Online completion not available.

Income Limits

Household Size Maximum Income
Download detailed income limits
1 $38,850
2 $44,400
3 $49,950
4 $55,500
5 $59,950
6 $64,400
7 $68,850
8 $73,300

 

City of Arlington Homebuyer Assistance

Contact info

Housing Advisor: 817-924-5091

Email: counseling@tchp.net

Requirements

  • Property must be located in the city of Arlington, TX
  • For first-time buyers only
  • Provides up to $7,500 in down payment assistance
  • Household income cannot exceed 80% of the area median income
  • Home must meet City’s minimum property standards
  • Funds available on first come first serve basis
  • Must complete homebuyer orientation class

 

Income Limits

Household Size Maximum Income
Download detailed income limits
1 $38,850
2 $44,400
3 $49,950
4 $55,500
5 $59,950
6 $64,400
7 $68,850
8 $73,300

 

City of Arlington Mortgage Credit Certificate Program (MCC)

Contact Info

Lori Wood

Phone: 214-953-4176

Email: Lori.Wood@hilltopsecurities.com

Requirements

  • Homebuyer’s household income and the purchase price of the home must not exceed the programs maximum limits
  • Homebuyer could not have owned a home in the last three years as their primary residence unless purchasing a home in the target area or is a qualified veteran
  • Homebuyer must apply for the MC through a participating lender and pay a non-refundable MCC Application fee
  • Homebuyer must qualify for a mortgage
  • Homebuyer must attend a HUD approved home ownership counseling course
  • Homebuyer must purchase a home in the City of Arlington, TX
  • Homebuyer must occupy the home as their principal residence

Maximum Income Limits

Non-targeted areas:

1-2 occupants               $69,400

3 or more occupants   $79,810

Targeted Areas:

1-2 occupants            $83,280

3 or more occupants           $97,160

Maximum Purchase Price Limit

Non-Targeted Areas                        $315,541

Targeted Areas                                 $385,662

PDF printable program details

 

Development Corporation of Tarrant county Homebuyer Assistance

Contact info

Phone: 817-924-5091

Requirements

  • Available for specific properties
  • Up to $10,000 in assistance
  • Not restricted to first-time homebuyers
  • Household income must not exceed 80% of area median income
  • Homebuyer must complete TCHP homeowner orientation

Household Income Limits

Household Size Maximum Income
Download detailed income limits
1 $38,850
2 $44,400
3 $49,950
4 $55,500
5 $59,950
6 $64,400
7 $68,850
8 $73,300

 

Complete PDF printable details

Dallas County Upfront Cost Assistance Program (UPCAP) down payment assistance

Contact info

Physical address:

2377 North Stemmons Freeway, Suite 724

Dallas,  TX 75207

Phone: 214-819-6060

Fax: 214-819-6069

Email: HLCC@dallascounty.org

Requirements

  • Applicants must be pre-qualified for a mortgage loan fr0m a lender
  • Applications may be mailed or turned into our office by the homebuyer only
  • Applications must be turned in with all required additional documentation as detailed on application instruction sheet. Incomplete applications will not be accepted
  • Applications may be submitted before or after attending the homebuyer seminars
  • Applicants are encouraged to submit applications as soon as mortgage approval is received. If a sales contract has been executed, applications should be submitted immediately

Participating UPCAP assistance cities

Balch Springs – Coppell – Glenn Heights – Sachse – Cedar Hill – Duncanville – Hutchins – Seagoville – Cockrell Hill – Farmers Branch – Lancaster – Wilmer

 Household income limits

Family size:    1            2            3                   4                  5                   6                7

Max Income:    1 – $40,151    2 – $45,901       3 – $51,651         4 – $57,351       5 – $61,951      6 – $66,551    7 – $71,151

Property Price Limits

Maximum home price $183,000 for existing homes and $228,000 New Construction

Full details printable PDF 

 

City of Dallas Mortgage Assistance Program- (MAP)

Contact Info

Physical Address

1500 Marilla, Suite 6BN

Dallas, TX 75201

Phone: 214-670-4447

Email: maploans@dallascityhall.com

 Requirements

  • Total household income not to exceed 80% of the Dallas area median income
  • Home price must not exceed $183,000 for existing properties and $228,000 for new construction
  • Home must pass City of Dallas inspection
  • Homebuyer must attend a homebuyer education course
  • Homebuyer must get pre-qualified for a home loan
  • Home must be homebuyers primary residence
  • Up to $1500 may be used for minor repairs

Household income Limits

INCOME RANGE 80% OR BELOW
MAXIMUM SUBSIDY UP TO $14,000/$20,000
HOUSEHOLD SIZE HOUSEHOLD INCOME
1 $40,150
2 $45,900
3 $51,650
4 $57,350
5 $61,950
6 $66,550
7 $71,150
8 $75,750
9 $80,300

 

This is what I have found so far.  I will keep adding as I search for more!

Let me know if you have any questions!

IKEA store in Grand Prairie

So, I drove all the way to Frisco yesterday to have my fill of Swedish meatballs and to stroll through the IKEA store to see what caught my decorative eye.  It was a MAD HOUSE!  Oh my goodness, their were people everywhere and even more kids running and jumping trying to relieve their boredom.  Needless to say,  my stroll did not go as planned.  I came out a desk rack and wooden hangers.  Oh and by the way, we stood in line for one hour for those meatballs.

So, I have decided to never go to IKEA again!  Until the Grand Prairie store opens of course!  I can handle the madness without an hour drive tacked on.

Sooo, I did some digging and the new Grand Prairie IKEA is scheduled to open November 2017 on the east side of state highway 161 and Mayfield Rd. north of I-20.  Yeah, that’s jibberish to me too.  But, its 14 miles from downtown Dallas and 18 miles from downtown Fort Worth.  Which equals less than 10 miles from my house.

Woo-hoo!!  Oops, I almost dribbled on myself from the excitement!

Grand Prairie Ikea

This is what the store is supposed to look like when it done.

If you have never experienced an IKEA store, you have to stop in to check it out.  They have everything for your home at great prices.  And, they give you showrooms with decorating ideas.    It’s a great place to linger and be inspired.

Am I the only one excited here?!

another real estate funny

OPEN HOUSE! Sunday Aug. 21st Come see me!!

flyer

Real Estate laughs!

buyes agent meme

Check out my funny commercial!

So, I’m deleting videos from my phone, because the memory was almost full.

And, I come across videos of my kid who has been taking gymnastic lessons for six months, trying to prove to me it’s not a waste of money!

As I’m laughing at her attempts, I find two that tingle my creative juices… this is what I came up with, let me know what you think!

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