The traditional 30-year fixed interest rate loan in Austin has dropped from near 4.0% to about 3.22% over the past year. The mortgage interest rate drops mean greater buyer purchasing power – much greater than a decrease in home prices. With the same monthly payment, buyers can borrow more money today than they could one […]
Buy Again 1 Day After Bankruptcy Foreclosure or Short Sale
So you lost your home in bankruptcy, foreclosure, short sale or just gave it back to the lender using a deed in lieu, and you think you can’t buy a home again? Well, like ESPN’s Game Day co-host Lee Corso is known to say: “not so fast, my friend.” The prospect of buying a home […]
How to Buy After Foreclosure or Short Sale
If you lost your home through foreclosure or was sold as a short Sale in 2009 or earlier, it may be time for you to re-enter the market now that the waiting period has elapsed. In Texas the waiting period is 3 years after a short sale or foreclosure to qualify for an FHA mortgage […]
FHA Announces Fee Increases – Buy Before 2013 and Save
Mortgage insurance is required on all FHA insured home loans and is one of the most popular loan programs for Austin home buyers. FHA requires two mortgage insurance premiums, upfront mortgage insurance equal to 1.75% of the total loan amount (this portion can be financed) and annual mortgage insurance added to your monthly payment. How […]
Buying After Bankruptcy, Short Sale, Foreclosure or Deed in Lieu
Updated: March 20, 2017 In the last decade, bankruptcies, short sales, foreclosures or deeds in lieu of foreclosure have sky-rocketed, prompting the question: How soon can someone who has experienced a bankruptcy, short sale, foreclosure or deed-in-lieu qualify for a new home loan? The answer depends on how the home was lost, what kind of […]