In this week's episode we discuss everyday situtations for homebuyers and whether they should use an FHA or Conventional Loan. We also get a very special call from a life insurance expert! Tune in!
Check out House Talk Radio with Joel Douglas as he compares the central Texas housing market in 2014 vs 2013...plus his predictions for 2015. You may be surprised in what he says!
We had a great show last night...get the details on the new conventional 3% down program, FHA changes (higher max loan amounts), plus how refinancing now may reduce your 2014 tax burden. For more info about the 3% down program click here!
It's true, a new 3% down option is on the way for conventional buyers. But what's the catch, right? Well let's start with the good stuff:
- Buyers will be able to put just 3% down!
- Max amount up to $417,000.
- While it's yet to be determined my guess is credit scores as low as 660 will be accepted.
- If the borrower makes $75,400 or less (in the 5 counties around Austin), the source of the down payment can be a Gift from a family member!
- No geographic restrictions...we can close these loans anywhere in Texas.
- Refinances of existing FannieMae or FreddieMac loans are allows up to the full 97% loan to value.
- Mortgage Insurance rates will be lower than FHA in most cases and will not be permanent as with most FHA loans.
Now for some of the restrictions:
- At least 1 borrower must be a first time home-buyer....meaning they haven't owned a home in the last 3 years.
- Single Family Homes and Condos only
- These loans are not available yet. FannieMae releases them on December 13, 2014 however lenders must update their guidelines and origination systems before underwriting these loans. My best guess is that we will begin to offer these in early January.
I'm very excited to see this new program come back to the market. It will make purchasing a home more affordable to central Texas home buyers especially in light of the 10% year-over-year appreciation that Austin and surrounding cities have experienced over the last few years. Imagine having the opportunity to purchase a $400,000 home with just $12,000 down. Or how about a $200,000 home with just $6,000 down. It's a huge opportunity for both prospective home buyers and the real estate community.
For more information, or if you'd like to be notified when this program is available to underwrite and close, contact me.
If you'd like to know more about the home buying process, here is a link with next steps.
Thinking of selling a home this spring? Manuel Arce of Arce Properties joins our panel of experts to lay out his 3-Month plan to sell your home this spring! Joins us, tonight at 7pm on Talk 1370!
Industry veteran Dave Ottley with Ottley Group Realty joined the show to discuss the importance of connecting with clients online. This starts with being available when the borrower needs information.
92% of Homebuyers start their search Online. So how do you tap into this market? no one is better at client conversion than Dave Ottley of Ottley Group Real Estate.
Fortunately, he joined the show to share his insight.
Here are some highlights:
Trulia vs. Zillow - Which does the consumer like the most? Why?
What's the primary method that homebuyers are contacting you?
Are most ready to buy immediately?
When do most folks contact you? Night, morning?
What's the first thing you say?
Do you email, call or both? Other?
What's the typical price range of an online shopper?
Are they in Texas, Austin? Out of state?
Do they often have an agent already?
Is the main goal to see a specific house immediately?
What's the average sales cycle?
Are most prequalified for a mortgage?
Have they done much research?
Do they listen to your advice?
Are online reviews helpful? Do consumers contact only agents with reviews?
Do all agents online pay to be there?
What's a typical conversion ratio?
Can you give us one best practice?
Neil Diaz of Team West Reality educates us on the importance of PR and Marketing for listings. Contact him at: neil@TeamWestRE.com
Does quality property marketing and PR really help listings sell? Neil Diaz and Jared West from Team West Real Estate joined us on to discuss the importance of this! Check out show in its entirety here!