Tag Archives: home buyers

Jack and Jill Get Prequalified :The Home Buyer Checklist You’ve Been Looking for (2 of 15)

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Bank and heap of dollar banknotes

Last we saw Jack and Jill they had decided to not only buy a home, but to use: “The Home Buyer Checklist You’ve Been Looking For” as well………their checklist.  So they got right to it:

#1 GET PREQUALIFIED

Deciding that you want to buy a home is not really the first step in home ownership and your path to personal wealth.  Before you even start looking at homes, you need to get prequalified.  Your REALTOR can help you decide what type of lender to prequalify you, but going through the steps to get prequalified will help you decide if this is the right time for you to buy a home.  Ther interest rates may be right and homes may be available, but your financial future may not be ready….yet.

Here’s another way to look at it:

You’ve decided that you want to go on vacation.  You have packed the car, got the snacks, boarded the animals, got the mail and newspapers put on hold.  Your destination, Disney World in Orlando, FL.  You have your vision, but you haven’t looked  at all the small goals that have to be met: 1) Are you driving straight through?  2) If your going to stop along the way, where?  3) Did you book a hotel along the way?  4) Are you going to sleep in the car?  5) Did you book a hotel in or around Disney World?  6) Can your car handle the trip?  7) Can you afford the expenses to go to Disney World?  8) Do you have enough gas?

Taking off looking for a home without getting prequalified is just like jumping in the car and heading for Disney World without checking the gas and looking under the hood.  Once you check out your car you might find that it won’t make the trip so you change your destination to Sea World in San Antonio, TX and make it a day trip.

Getting prequalified will make your home buying experience go a lot smoother.  The lender will be asking you specific questions regarding debt, income, etc.  Gathering the information they will need may take you some time to find.  Having your taxes, and banking records at your fingertips helps a lot.  Their guidance on your finances will help you determine the price range you can afford.  Most sellers will not even consider and offer unless they have proof of financing or funds available (bank statement for cash buyers).  By taking this step…..you will be ready to search homes in your price range and make an offer with your REALTOR right when you find the house you want to call home.

Jack and Jill both felt a little bit like their friend Patience Muffet.  See Patience was really  afraid of spiders and if she thought one was even coming close to sitting down beside her…she would get scared and run away.  That’s how Jack and Jill felt….scared…were they financially ready?????????  They weren’t ready to find a lender just yet so they decided to keep reading, they eagerly awaited the next check point entitled:

Jack and Jill Choose a REALTOR “The Home Buyer Checklist You’ve Been Looking for (3 of 15)

We hope you’re enjoying our series and that it helps you on your way to…………………..

Live Life to the Fullest,

S.C.

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You CAN Live Life to the Fullest….and I can help

Jack and Jill went up the Home Ownership Hill: The Home Buyer Checklist You’ve Been Looking For (1 of 15)

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Jack and Jill just moved out of the condo down the way and bought a traditional brick four bedroom, two and a half bath on a hill not far from the subdivision splash park.  It may sound like a nursery rhyme…come on think about it for a minute…Jack might not break his crown again if he and Jill owned a home on the hill instead of renting in the valley.  Let’s take a step back in time a bit and see how Jack and Jill started their REAL Journey………………………………………………………..

UP THE HOME OWNERSHIP HILL.

It was a day not unlike any other; the sun had come up, Jack and Jill had worked an eight hour work day and had just settled down at the dinner table for dinner.  Let’s listen in…..

“Jill, that Plum Pudding Pie smells delicious, I can’t wait to stick my thumb in it.” said Jack with a wink.  “Their will be plenty of time for pie after dinner.  Did you mail the last payment on your doctor bill today?” asked Jill.  “No, I paid it online this morning before I left for work and it has already posted as PAID IN FULL.”  Jack said with a smug look on his face.  After a rather lengthy pause Jill blurts out: “I want to buy a home on the hill.”  Startled from his eating Jack sputters,  “Where did that idea come from?”  With a rosy glow all around her Jill responds, “Jack if we owned a home on the hill we might not have you getting hurt every couple of months and we could start our family,”  Jack knew Jill was right and that night they talked and laughed about how happy they would be to own their own home on the hill.  The next morning Jack an Jill ate breakfast with renewed happiness and gusto as they shared in their dream of their home on the hill.  Now you need to understand that Jack and Jill were not naive school children, they were smart and they both had good jobs.  What they didn’t have, was an idea of how to even start their new climb UP the hill.  They were quite handy with a  computer , so they started to search how to buy a home and they were overjoyed when they ran across…….

“The Home Buyer Checklist You’ve Been Looking for”

And of course that is exactly what they had been looking for.  So join Jack and Jill as they start their REAL Journey…..UP THE HOME OWNERSHIP HILL.  This is the end of our introduction, which means it’s time for you to go to:

“Jack and Jill Get Prequalified The Home Buyer Checklist You’ve Been Looking for (2 of 15)”

We hope you enjoy our series and that it helps you on your way to…………………….

Live Life to the Fullest,

S.C.

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The Road Home Doesn’t Have to be Rough (Texas Veterans Land Board)

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Texas Flag God Bless the men and women that have protected our freedom.  With Texas being home to the 3rd largest Veteran population it’s a good bet that if you ask a stranger in Texas “Are you a Veteran?” they are probably going to say yes.  Take the time to ask the question: “Are You a Veteran?”  Now that you’ve asked the question, don’t forget to shake their hand and say: “THANK YOU!”

The Great State of Texas has a program in place to THANK our Veterans: The Texas Veterans Land Board(VLB).  Created in 1946 it provides special state benefits just for all veterans, active duty military, unmarried, surviving spouse and more.  The VLB offers:

  1. Below Market Interest Rate Loans on
    1. Home-Improvement
    2. Homes
    3. Land
  2. Affordable long-term nursing care
  3. Dignified burial benefits

VLB Programs are State Benefits and are separate from your VA benefits.  Texas is 1 of 5 states that offer Veterans benefits. (Alaska, California, Oregon and Wisconsin)  Here are the basics:  Veterans many use each loan program more than once.  All properties must be wholly located in the state of Texas.  All loans are subject to credit approval.  Texas Veterans Land Board loans may NOT be sued for refinancing purposes.  Eligibility requirements and forms are available on line at

 www.texasveterans.com

Eligibility can usually be turned around in 24-48 hours when all eligibility forms and DD-214 are filled out properly.  You will want to make sure your lender understands how to work with The Texas Veterans Land Board.  Once the notice of eligibility letter is generated it has a shelf life of 1 year.  The housing assistance program  has a maximum loan amount $325,000…..WOW!!! Veterans must occupy as primary residence, eligible property types are Single Family, Condo, Townhome, 2-4 Family (5yrs or older), and certain Manufactured and Modular homes.  Loan must be originated in conjunction with FHA, VA or Conventional financing.  The terms 15 or 30 years.  The VLB does not allow “premium” pricing.  The VLB sets the rate, NOT the lender.  The base rate changes weekly, but is designed to be lower than market rates(this is the currently policy).  Qualified Veterans Disability Discount Veterans with Disabilities have reductions based on their level of disability.  The VLB also has a land program, a home improvement program.

Did you know that VLB Housing and Home Improvement loans reduce to 0% interest for Activated Guard and Reserve?  Land payments are deferred.  Three month grace period after deactivation before payment resumes.  Loan reverts to Federal Law (6% max) for remaining nine months.

Their is so much more information that a participating lender can share with you.

This REALTORS Perspective:

I would like to thank Tamara Tapman at SWBC Mortgage.  I was fortunate enough to attend a REALTOR training class on the Texas Veterans Land Board sponsored by SWBC Mortgage.  What a great resource they have been for my clients.  That is how I was able to write the blog today.  We can all learn something if we give ourselves the opportunity to learn.  We can never be satisfied that we have learned everything.  If I were a lumberjack I would always have to take time to sharpen my ax.  I hope that this blog has helped you to sharpen your mental ax.  If you are a Veteran THANK YOU again…GOD has blessed us with your service.  If you are not a Veteran, maybe you know one that would benefit from this blog……PASS IT ON and don’t forget to……

Live Life to the Fullest,

S.C.

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