fbpx

Preferred Properties of Texas

The Preferred way to buy & sell real estate for you

Can You Use Gifted Money As a Down Payment?

by Leave a Comment

The down payment is one of the most important things to consider when you plan to purchase a home, or hope to do so.

The down payment you pay is a portion of the property’s purchase price. In most cases, your down payment for a primary home can be anywhere from 3% to 20%. The down payment amount required will depend on your mortgage type and property type.

You may be able buy a property that is more expensive or receive a lower rate of interest if you pay a higher down payment.

First-time homebuyers often receive gifts to help with their down payment from family, but there are some restrictions.

Gift money: Limitations

When you receive a gift of money for your down payment, a mortgage lender will take into consideration a few factors.

They will first look at the value of the gift. Lenders will also look at the source of the gift and your relationship with the person who gave it to you. If you don’t have a close relationship with the person who gave you the money, a lender may not allow you to use it as a down payment.

A lender will require a gift letter if you are using money that was given to you. You should state in the gift letter that you do not have to pay back any loans. You may be asked to show proof that the money was transferred into your account by a lender.

The lender might also ask the person who gifted you to send you a copy their bank statement or check.

Gifts and conventional loans

Conventional loans do not have any guarantee or insurance from the government. Gift money can be used for down payments and closing costs as long as the source is acceptable.

Gifts from family members are acceptable. Families under these definitions include parents, siblings, and grandparents. Included are also in-laws, domestic partners and grandparents.

FHA Loans

FHA loans are available to borrowers with low-to moderate-incomes. The gift money you receive from a donor who is eligible must be used to apply for the loan. Even though conventional loans have stricter guidelines, there are usually more family restrictions.

While the FHA’s family relationship requirements are stricter, you can still accept gifts from your employer or charitable organizations. You can also use funds that come from a public entity or government agency that assists first-time or low-to-moderate-income home buyers.

VA Loans

If you are a veteran or service member, you can get a VA loan with no down payment. Gifts for VA loans are restricted if they come from an “interested party”.

A party interested in the transaction is a seller or an agent.

Gifts are less important, since you do not have to pay a down payment on these loans.

Learn More About Gifts

In most cases, there are no restrictions on the amount that someone can contribute to your down payment. You may be required to make a down payment using your own funds in some cases. If you are buying a property as an investment, this is often the case.

Your lender can give you a standard letter of gift that the recipient fills out.

Original Blog: https://realtytimes.com/archives/item/1044162-can-you-use-gifted-money-as-a-down-payment?rtmpage=

Just Listed!! Beautiful Home in Irving, Tx

by Leave a Comment

Welcome to your dream house! This beautiful 3 bedroom, 2 bathroom residence features an open concept with recessed lighting and an oversized, spacious living room. This living room features a stunning stone fireplace, which is adjacent to the dining room and kitchen. Granite countertops with stainless steel appliances in the kitchen. The master bedroom is very spacious with a walk-in tub and shower, Travertine flooring and his and her vanities, as well as dual closets. The guest bedrooms are spacious. The property is situated in a quiet cul-de-sac on a large lot. Enjoy the serenity of the mature trees and the manicured St Augustine yard. The 8ft cedar privacy fence in the back yard includes a covered patio and large stained concrete pads. It is perfect for outdoor events. Additional 22×16 outbuilding with nice trim, lots of shelves and a finished interior. A second 12×10 storage building is also included. Do not miss this opportunity to make it your home!

New Listing!! 3000 Parliament St in Irving, Tx

Donna Wagner- Real Estate Agent

Donna Wagner

Real Estate Agent

(254) 967-0562

Email Donna

With 25+ year background in real estate, my knowledge of different types of real estate is an asset to any buyer or seller. My goal is to help you make the best possible decision about your real estate investments. I am beyond blessed to meet and help so many amazing individuals and families achieve their homeownership and other real estate goals. No transaction is too small, large, or complicated for my commitment.

If you or someone you know is interested in buying or selling a home or would simply like more information, please call or email me.

Lets work together to meet your real estate needs!

4 Sources for Down Payment and Closing Cost Cash

by Leave a Comment

The majority of loan programs require some form of down payment. Some programs require as little as 3% of the purchase price, while others do not. The VA home loan program, and the USDA rural area program are two of the most popular programs.

VA loans are only available to veterans and a few other borrowers. The USDA program is designed to help populate rural communities by providing financing in areas that conventional programs will not touch.

There are also closing fees associated with obtaining a home loan. At the settlement table, there are certain costs that must be paid. These include an appraisal and credit report. Other charges, also known as recurring charges, are repeated over and over. Interest and homeowners insurance are examples of charges. Where does one get these funds from? Where do you get your funds?

Bank Account

These accounts will be checked by your lender, to ensure that you have the money you claim to have. Lenders will also want to know that these funds are ‘seasoned’, meaning they cannot just appear. A seemingly random deposit is not eligible for use.

Retirement Account

Many retirement accounts let you borrow money from them. Ask your employer if you can borrow from your 401(k). If you are eligible, the lender may have set repayment terms which will be deducted from your paycheck at each payment period. There are no universal 401(k), loan terms. Instead, lenders set their own. The lender sets the terms.

Financial Gift

You may be the lucky recipient of a financial donation from a qualified source or a member of your family. There are non-profit organizations that provide home buying assistance. Donors will need to provide proof that they are making a financial contribution. These funds are typically wired to settlement agent at the closing date. A signed letter from a donor may be required.

Asset Sales

You may also be able sell an appraisal asset in order to raise funds for your down payment or closing costs. Appraisable assets are those whose value can be documented by third parties. You might be able to sell an automobile loan because third parties can provide a current market valuation for the property. It is important to document the sale and the value. The proceeds from the sale must be matched with a deposit into an account that you own.

You can tap into any of these sources. Talk to your loan officer if you have any questions and work out all the details before.

Original Blog: https://realtytimes.com/mortgage-advices/item/1047550-4-sources-for-down-payment-and-closing-cost-cash?rtmpage=null

New Listing! 119 & 117 Willow Lane in Stephenville, Texas!

by Leave a Comment

Stephenville is now offering a rare opportunity with the availability of full duplex properties. Located at 117 Willow Ln, you’ll find a meticulously maintained 2-bedroom, 1-bathroom unit, while next door at 119 Willow Ln, there’s another gem with 3 bedrooms and 2 bathrooms. Both of these properties are currently occupied by month-to-month renters, making them an attractive investment option. This duplex is a must-see for all investors, as opportunities like this don’t come along often. Don’t miss your chance to explore these promising properties – schedule your showing today and seize this exciting investment opportunity! https://www.preferredpropertiestx.com/listings/just-listed-great-investment-opportunity-in-stephenville-texas/

The New Real Estate Trend: What Makes Barndominiums Unique

by Leave a Comment

People who are in the market to buy a home have specific needs and expectations. The differences in the personalities and decorating preferences of homeowners makes things even more diverse. Real estate is constantly changing due to all of this. Pole barn houses have been making waves in the real estate market and offer a lot to potential homeowners.

What makes pole barn houses stand out?

Pole barn houses are relatively new to the real estate market. They’re also called Barndominiums. Pole barns are converted into living quarters. They can be constructed as homes or combined with other structures and workshops. This makes them a truly unique option for potential homeowners. Check out some of the reasons why pole barn houses are the latest trend in real estate.

Customization Options

Barndominiums are popular because of their many customization options. They are one of the most versatile housing solutions available today. They are available in a variety of sizes and shapes, and their designs can be tailored to suit almost anyone’s needs. They can have an open floor plan or be divided into separate rooms like traditional homes. There are also endless compromises that can be made between the two extremes.

Pole barn houses allow for customizations that go beyond the interior and exterior space. The exterior and surroundings of the house can also be customized. Pole barn houses can be customized with different colors and siding options. Also, they can add wraparound porches and patios. These options can extend to outdoor kitchens, entertainment areas, and other features. The design options for outdoor areas with pole barns are endless.

Cost-Effectiveness

Pole barn houses are also becoming more popular because of their cost-effectiveness. They are much more affordable than traditional houses. They require less resources and don’t require as much site preparation. They can also be built quickly. Barndominiums are cheaper to build because of this, as well as other factors. Pole barn houses are affordable, making it easier for many people to become homeowners.

Sustainability

Pole barn houses are also attractive because of their sustainability. They don’t use as many materials and therefore have a smaller footprint than traditional houses. Many of these materials are more sustainable than the ones used to build traditional houses. Pole barn houses can also incorporate a number of energy efficient and sustainable features, such as solar energy, environmentally friendly materials, and energy saving layouts. These are some of the most sustainable housing options available.

Faster construction

Barndominiums are often built faster than other types of homes. Barndominiums can be built in a few short months, depending on their layout and other factors. After site preparation and other factors are taken into consideration, it can take a long time to build a conventional house. This is a very attractive feature for many potential homebuyers.

A Different Route to Homeownership

Although there are many housing options available, they may not meet everyone’s requirements. Pole barns offer a range of unique features that make them a great solution for potential home owners. Pole barn houses are a viable alternative because they offer a range of customization options, as well as greater affordability and sustainability. Barndominiums are the newest trend in real estate.

Original Blog: https://realtytimes.com/headlines/item/1047566-the-new-real-estate-trend-what-makes-barndominiums-unique?rtmpage=wishes

Explore Our Unique Barndominium Listing: Your Dream Combination of Barn and Home https://www.preferredpropertiestx.com/listings/just-listed-3219-lakeside-drive-in-granbury-tx/

How to Leverage Color Science in Real Estate

by Leave a Comment

Color can influence the human brain in a number of ways. Pay closer attention to the colors in your marketing and listings.

Most stagers recommend neutral colors such as beige or grey to attract more buyers. This advice isn’t always accurate.

Scientists have proven that color can influence up to 90% of homebuying decision. This has a greater impact than previously thought on people’s moods. The brain organizes and processes color signals in just a fraction of a second. Color is a universal language, and you can help clients use color science to sell their home.

You may have heard, for example, that exterior paint colors are best limited to only two or three options or that warm neutrals are the best choice if you’re looking to make your interiors look larger. This is usually true. Exteriors and interiors that are highly stylized and specific can be off-putting to buyers, especially if they do not match their tastes.

The right colors can be used inside and outside of a home to help buyers make a purchase decision faster. (Spoiler Alert: White does not always give the impression of more space.)

It is scientifically proven that color has a profound impact on our brains. Color science can be used to choose colors that will match desired outcomes. This could make or break sales on the highly competitive real-estate market.

Consider the following scientific findings.

  1. The color green has a calming and soothing effect. However, it can be a bit sickening when used on walls. This is why you shouldn’t use it in medical facilities. Instead, use biophilic design–incorporating greenery from plants–which will support a healthier living environment.
  2. Red stimulates the heart, increases metabolism and creates excitement. Too much red can cause anxiety. This is why it’s used selectively in retail signage and product labels. Consider Coca-Cola and Target. Use red sparingly as an accent.
  3. Blue is a symbol of trust and stability. Women tend to prefer blue over men. Note: Many financial organizations use it as their primary hue, probably because of the subconscious message it sends.
  4. Some lifestyle brands associate black with luxury. Some studies have shown that a black front door may even lead to a higher sale price and listing. ( Get ideas on how to use black.).
  5. A calm hallway can make buyers feel more comfortable. Remember that the type and intensity of lighting can alter the color effects in a space. Warm tones, daylight or LED bulbs will have a huge impact on the color and shading of your space.

Visualize other colors

High tech tools such as virtual reality are able to take this a step further. They allow agents, brokers, and developers to customize properties according to the tastes and imaginative visions of home buyers. You can also use lower-tech versions to visualize the possibilities. You can find these tools by searching online for “paint visualization mobile apps”.

Consider obtaining painting estimates from contractors, or displaying paint chips at listings to allow prospective buyers to visualize how they could personalize the walls according their tastes.

Color can be used to drive sales in a variety of ways. You can help clients understand how they react to certain colors by incorporating a fun quiz into your sales process. This can also help clients see beyond the current colors or wallpaper of a property.

Add Color to Your Personal Brand

Color can be used by real estate professionals in their logos and marketing materials to create trust and excitement with clients and prospects. A signature color will help you stand out amongst a sea other brokers and agents. Ryan Serhant is a reality TV personality and the founder of his brokerage. He even invested in a car painted in “Serhant Blue.”

Try simple touches, such as colorful eyeglasses frames, jewelry or hats in your signature colors. These can be less costly and still memorable.

Color science is applied to multifamily communities, senior and student housing, commercial spaces and schools, as well as other structures. As researchers continue to learn about the functions of the brain, professionals will learn more about color and how it can affect our actions and reactions. This includes when it comes to real-estate.

Original Blog: https://www.nar.realtor/blogs/styled-staged-sold/how-to-leverage-color-science-in-real-estate

Preferred Properties of Texas

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