Preferred Properties of Texas

The Preferred way to buy & sell property for over 25 years

VA Loans by the Numbers

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VA Home Loans by the Numbers [INFOGRAPHIC] - Keeping Current Matters

Getting qualified for a VA loan may seem overwhelming, but it doesn’t have to be. Let our experience and expertise go to work for you.
Our team is built to help homebuyers become mortgage ready.

Call us today for all your Real Estate needs.

For veterans and active military, VA loans are a great way to achieve the dream of home ownership. More than 22 million service members have used these flexible, no down payment loans since 1944. But when people hear “no down payment,” they often don’t realize they’ll still need some cash on hand to finish the deal. The good news is that buyers don’t have to go in blindly: Your VA loan-savvy real estate agent will be your ally in helping you estimate the costs you will need throughout the process, no matter where you live. “Our goal is to save veterans money and get them into a home that they’re happy with,” You can approach us for Homes For Sale Stephenville.

While the amount you need to close will vary according to your location and situation, experts say you can usually expect to need about 3% of the purchase price on hand to close. If you have any other doubts about Homes For Sale Stephenville, keep in touch with us, or else, you can contact us at (254) 965-7775 to know about that walking horse lot. You can visit our website at www.preferredpropertiestx.com to know about our other services in other areas of Texas.

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Memorial Day Giveaway Winners!

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CONGRATULATIONS to the winners of the MEMORIAL DAY GIVEAWAY!

**JEREMY JENNINGS**
**DIANA MYERS**

Come by Preferred Properties of Texas to pickup y’alls Grilling Gift Basket.
Thank you all for participating!

Father’s Day is just around the corner so keep an eye out for another giveaway.

#memorialday #giveaway #winners #realestate #preferredpropertiestx #shoplocal
#stephenville

The Right 20 Questions for Land Buyers

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The Right 20 Questions for Land Buyers

What are the right questions for a buyer to ask when considering purchasing a piece of rural land for sale? It all depends on the objectives the buyer has in mind when making their purchase.

A recent article on LANDTHINK entitled, “Top 20 Questions for Land Buyers” garnered a lot of attention and created quite a bit of controversy among LANDTHINK readers. I read many of the comments, and started thinking about what my list of questions would look like as I perform due diligence for myself or my clients when considering a property. That list would need to be tweaked a little depending on the objective for the purchase. For example, a person considering developing a tract into a subdivision on a river would have some significantly different questions to answer than a person merely buying a rural retreat for their family. So the following list would be my jumping off point for most buyers of rural tracts:

  1. How is the property accessed? (Road frontage, deeded easement, etc..)
  2. Are there any water features on the property? (rivers, creek, lake, springs)
  3. Are utilities available to the property?
  4. What is the timber like? (stand types, age, planted or natural)
  5. Has the property been surveyed? (Are boundaries marked?)
  6. Who are the neighbors surrounding the tract?
  7. Can I get a clear title to the property with title insurance?
  8. Do the timber, mineral and water rights convey with the sale?
  9. Are there any easements on the property? (adjoining owners, conservation, utility)
  10. Are there any known environmental concerns or latent defects with the property?
  11. How is this property zoned? (agricultural, residential, commercial?)
  12. What are the annual property taxes?
  13. Have the owners received notice from any governmental agency about possible assessments or actions in the near future that would affect this property?
  14. Will the property be conveyed subject to covenant and restrictions? (If so, what are they?)
  15. How does the land lay? (slopes, bottomland, elevation change, etc…)
  16. Are there internal roads and trails?
  17. Do all of the improvements to the property convey with the sale? (gates and fences, shooting houses, out buildings, etc…)
  18. Does the land drain well or does it stay wet for much of the year?
  19. If I had to sell this property again in a year, is it desirable to other potential buyers?
  20. Can I pee off my porch in privacy?

Buyers that are considering purchasing land for growing crops would also be concerned about things such as:

  1. What is the corn grain yield per acre?
  2. Is it possible to irrigate with a center pivot?
  3. Is an irrigation permit available from the Army Corps of Engineers?
  4. What is the soil profile of the property?
  5. Where are the nearest grain processors?

An investor purchasing timberland for their portfolio would ask questions like:

  1. What is the site index of the land?
  2. Is any of the timber merchantable now?
  3. Is more than 70% of the property sloped suitably for growing and harvesting timber?
  4. Where are the nearest wood outlets and mills?

The list could go on indefinitely for developers, hunters, farmers, investors, and survivalists. The point I am trying to make is that you need to know what your objectives for owning a rural property are before you can even know the right set of questions to ask. This is one reason a buyer should engage the help of a competent agent when purchasing a rural property. Having someone working for you that knows the right questions to ask can save you thousands of dollars and make your transaction much safer and pain-free.

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Get to know these 4 mortgage programs for your first-time Buyers

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Too many Americans who want to buy a home feel they can’t because they don’t have the cash to put 20 percent down on the mortgage.

Yes, we know that 20 percent is “so yesterday,” but the general public is still operating under this illusion.

In fact, according to a NerdWallet.com survey, 44 percent of Americans think that the 20 percent down payment figure is written in stone.

Sadly, the respondents who don’t currently own a home said that what’s holding them back is the lack of this large down payment.

It’s safe to say that the down payment is one of the biggest obstacles to homebuying today. And, it doesn’t have to be.

Get the word out to renters that there are various first-time homebuyer programs that many can qualify for.

We rounded up four that we think agents should bone up on.

1. Fannie Mae’s 3-percent-down mortgage

Launched a few years ago, Fannie Mae’s Conventional 97 is a brilliant alternative to the FHA-backed loan. In fact, it is “among the most in-demand programs for today’s homebuyers,” according to Dan Green at TheMortgageReports.com .

Conventional 97 is what FHA used to be — ideal for both the first-timer and repeat homebuyer who lacks a large down payment. While borrowers are still required to purchase mortgage insurance, the premiums “are usually less expensive than those of comparable FHA home loans,” according to Green.

Best of all, according to Tim Lucas, editor at MyMortgageInsider.com, borrowers can qualify with scores as low as 620 and “gift funds can be used for down payment and closing costs.”

Speak with your preferred lender to learn more about how to sell this to potential homebuying clients who think they can’t afford the down payment for a home.

2. Freddie Mac HomeOne℠ loan

If your preferred lender isn’t among those conventional lenders approved to offer the HomeOne loan from Freddie Mac, it’s time to add another to your vendor list.

Like Fannie Mae’s loan, it allows you to help your eligible first-time homebuyers achieve the dream of homeownership.

Features include:

  • No income limits
  • No geographical limits
  • Allows for the purchase of a single-family home, condo or townhome

Buyers are required to have at least 3 percent for a down payment and a credit score of at least 620. If first-time buyers, borrowers must agree to attend a buyer education course.

Naturally, there is more to know about Freddie Mac’s HomeOne loan. You can get the details either from your preferred lender or online at SFFreddieMac.com.

3. Freddie Mac Home Possible®

Freddie Mac offers an alternative to the HomeOne loan and that’s the popular Home Possible mortgage. This program is deal for your lower income buyers who lack a big down payment and require “flexible sources of funds.”

These sources can be family members, employer assistance “secondary financing and sweat equity,” or a combination of these, according to Freddie Mac’s website.

Your buyer’s qualifying income (on an annual basis) cannot exceed 80 percent of the AMI.

There’s a 3 percent down payment, but unlike other similar programs, a borrower can quality for 105 percent LTV with Freddie Mac’s Affordable Seconds®.

Consider mentioning Home Possible to your very-low to low-income buyers, move-up buyers and retirees.

4. HomePath Ready Buyer™ program

Another Fannie Mae program, HomePath Ready Buyer, offers 3 percent down payment assistance for qualified borrowers who agree to participate in an online homebuying course and then purchase a HomePath property.

The bonus for agents whose clients use this program is that you end up with a client prepared for the process.

It’s important for you to understand your part in the process as well. Your client will need to request a course completion certificate and then you’ll need to include it when you submit the offer on a HomePath property.

“The request for closing cost assistance must be made at the initial offer in the HomePath Online Offers system,” according to information on the HomePath website.

The website includes the verbiage the buyer’s agent needs to use to make the request for closing cost assistance for the buyer. You’ll find that when you scroll to the bottom of this page.

Your buyer must not have owned a home within the past three years, they must agree to reside in the home as their primary residence and take possession within 60 days of closing.

There are plenty of other programs out there that will help you to assist reluctant buyers who think that they can’t buy without a huge down payment. Learn about them, then use them in your marketing.

If your ready to buy a home, our agents are here to help assist you and make things stress free. Contact our office today for a free consultation.

Preferred Properties of Texas

(254) 965-7775|Contact Preferred Properties of Texas