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To lead off my weekly community blog is rightfully Bristol Park. My home for the last 5 years before moving North a few miles to a bit larger home to accommodate my 4 children.
Aside from the great location (on 33rd between Kelly and Santa Fe) Bristol Park is rich with amenities, greenbelts, and great neighbors! The community pool was by far one of our favorite things, not only staffed with a full time life guard, it is huge. The "L" shape allowed different age groups to easily enjoy themselves safely and freely.
Evenings and weekends the community comes alive with football games in the large greenbelts, children playing in the ever improving park, or with couples and families out for a stroll.
You will find the homes in Bristol Park have smart floor plans and averaging between 1700 - 2100 sq ft.
Avg Sales Price - $165,000
Avg $/sqft - $90/sqft
HOA Dues $240/year
Elementary School - Charles Haskell
Middle School - Summit
High School - Santa Fe
As always, for more information on Bristol Park or if I can help you find you your next home please call me today 474-0421 or click here to get a custom list of homes to fit your needs! Click here to search the entire MLS anytime.
Tribal Financing easily has the most aggressive, buyer friendly loans available today!
This is a conventional loan product with NO PMI (usually you would have to put down 20% to get this feature but not with the Native American program)
* Borrower must possess a CDIB card
* Sales Prices of $50,000.00 or less requires Down Payment of 1.25%
* Sales Prices greater than $50,000.00 requires Down Payment of 2.25%
* no outstanding collection's, liens, judgments or late payments with in the last 6 to 12 months (late payments vary depending on the situation)
* Average turn around time in underwriting is 3 to 5 business days
* Max DTI 41% (can exceed with strong compensating factors)
* 184 loans are not available for investment or 2nd homes, primary only
* Your rate is not based off your credit score
* Down payment assistance programs are accepted from most tribes (you can call your tribe to see what they offer)
If you would like more information about this financing or anything Real estate related Please CLICK HERE and you will be contacted shortly.
Home Buyer Tax Credit Could Expand A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it. A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:
Rock-bottom interest rates and an $8,000 tax credit make a home possible for many first-time buyers -- with no trick mortgages or financial gymnastics required.
A triple play like this one probably won't happen again in your lifetime:
With that tax incentive, average credit and less than $2,500 in savings, it's possible to buy a $150,000 starter home for about $1,000 a month, taxes and insurance included.
"It may be the best time to buy a home that we've seen in this generation -- for everybody but particularly for first-time homebuyers," says Brad Blackwell, a national sales manager for Wells Fargo Home Mortgage. The flood of homes for sale is hard on sellers, but it gives buyers an unusually wide selection, he points out.
It's a memorable moment for responsible buyers who've been waiting to own a home. While the new tax credit is just the kicker some buyers have needed, historically low interest rates take some risk out of buying now. Waiting for lower prices might be a false economy if you lose a great rate. The monthly payments on a $200,000 mortgage at 5% and a $180,000 loan at 6% are about the same.
While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.
1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.
5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)
NEW FANNIE MAE HOMEPATH PROGRAM
Effective immedietly We are excited to announce the Fannie Mae HomePath Program. The Fannie Mae HomePath Program
Features and Benefits
• No appraisal required.• Low credit score requirements. • Available to both owner-occupiers (primary and second homes) and investors. • Up to 6% expanded interested party contribution.• No mortgage insurance required.*• High maximum LTVs are allowed.• EA I, II and III accepted.• Up to 10 financed properties.
HomePath is a registered trademark of Fannie Mae. Geographic, unit and other restrictions may apply. *Ask about cost details on loans without mortgage insurance.
Talking to an appraiser friend of mine last week got me thinking. Rates have dropped, Loan applications are up, but with values in our area staying stable if not dipping a bit, what is happening to all of the people who did 100% financing and are trying to get their rate and payment lowered?
Well, out of the 71 appraisals he did, "A Bunch", (he didn't give me an exact number), did not get the value needed to refinance. Also, "A Bunch" did not get the value of the Sales Price on their contracts!
So not only are many of your friends and families getting their hopes up and then dropped hard, several lenders out there are anticipating this and charging hundreds of dollars upfront to soften the blow of the losses from values not coming in.
If you or someone you know is even thinking of refinancing, purchasing, or selling, or just want to know the home values in your area, call or fill out my free home value report and get the facts upfront!
A Client of mine was requesting to refinance a few weeks ago. It had only been 3 years since we did the financing on his purchase, however rates are as low as they ever have been so we assumed it was a great time to lock that 4% or so rate in. As I was doing our mortgage analysis and checking to make sure his credit was still high and tight, I discovered a different lender than the one I placed him with. I asked him, did your mortgage sell to (cannot say) after we closed? No, I received a letter and a call from them stating they could lend me a specific dollar amount with minimum requirements and in only a few days. Well, they succeeded at doing what they had promised however what they had promised was lending my borrower around 10% more than his home would appraise. Also, they gave him an adjustable rate that is getting ready to raise 2% (subprime loans DO NOT LOWER just because of where the assumed prime rates are). So in a nut shell, I am presenting this Lender with values of before, during, and after these loans were made as well as significant proof that when and if they accept our new modified rate and principle loan amount, that the borrower will be more than able to consistently pay on time as well as save their ASSett from having another statistical foreclosure. If you or anyone else you know is in a situation like this, please call or send an email to astovall@nstarlending.net
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