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UTPhil2006

All Encompassing Mortgage and Real Estate Thread

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REI Home Realty - phil@reihomerealty.com

We offer statewide Real Estate help specializing in Austin and Houston. 

Prodigy Mortgage - pdubord@prodigymbo.com

We offer statewide mortgages, and have an affiliate who offers all 50 states. 

Ill put together a new and updated list of programs we offer below. 

Edited by UTPhil2006

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Since no one's said it yet, use Phil.  He's awesome and goes hard in the paint for you.  Thad and Phil both are great at what they do.

Edited by Hefeweizen
Your mom asked me to.

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Intredasting. I may or may not be applying for a mortgage in the next week or so. This may or may not be relevant to my interests.

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18 hours ago, Texaskimo said:

Intredasting. I may or may not be applying for a mortgage in the next week or so. This may or may not be relevant to my interests.

PM incoming.

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 Looking to finally make a move as first time home-buyer. Have a lease that runs through August at my current place, so not sure if that puts a kink in the plans yet. Was hard to jump into the last thread cause of all the pages, apologies if this is elementary stuff.

Trying to get a pre-approval now for a 30 year FHA cause I don't have much for a down payment (<10k). Have had a good experience so far with Sebonic/Cardinal, but my preference is to work with someone local for a pre-approval. No realtor yet. Can I PM you or is there something else I should do first to make it smooth?

 

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1 hour ago, Jack Burton said:

 Looking to finally make a move as first time home-buyer. Have a lease that runs through August at my current place, so not sure if that puts a kink in the plans yet. Was hard to jump into the last thread cause of all the pages, apologies if this is elementary stuff.

Trying to get a pre-approval now for a 30 year FHA cause I don't have much for a down payment (<10k). Have had a good experience so far with Sebonic/Cardinal, but my preference is to work with someone local for a pre-approval. No realtor yet. Can I PM you or is there something else I should do first to make it smooth?

 

PM sent.  You can always email as well.  The lease isn't too big of a deal.

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3 hours ago, Jack Burton said:

 Looking to finally make a move as first time home-buyer. Have a lease that runs through August at my current place, so not sure if that puts a kink in the plans yet. Was hard to jump into the last thread cause of all the pages, apologies if this is elementary stuff.

Trying to get a pre-approval now for a 30 year FHA cause I don't have much for a down payment (<10k). Have had a good experience so far with Sebonic/Cardinal, but my preference is to work with someone local for a pre-approval. No realtor yet. Can I PM you or is there something else I should do first to make it smooth?

 

My 2 cents (realtor):

I'd get working with a lender now, even though you aren't "ready" to buy.  It's good to have lots of time to handle anything that pops up in the qualification process (credit dings that need to be cleaned up, etc).  You lender should be able to keep your prequal "current" as long as you keep supplying him with current check stubs and bank statements. 

The early summer months are a good time to be looking, as inventories are usually higher than in other months. 

 

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I'd mentioned in one of the other threads that the more run down sister to my house had gone up for sale on Friday at a pretty low price (85k lower than my house's rough value, in a neighborhood that isn't expensive by Austin standards).  It popped up as under contract on Sunday, which hopefully means somebody is going to fix it up.  I know we're supposed to hate gentrification, but a lot of houses in this hood (south south austin, east of manchaca west of 35) are getting fixed up and I hope that brings some more development with it.

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36 minutes ago, Celery Man said:

I'd mentioned in one of the other threads that the more run down sister to my house had gone up for sale on Friday at a pretty low price (85k lower than my house's rough value, in a neighborhood that isn't expensive by Austin standards).  It popped up as under contract on Sunday, which hopefully means somebody is going to fix it up.  I know we're supposed to hate gentrification, but a lot of houses in this hood (south south austin, east of manchaca west of 35) are getting fixed up and I hope that brings some more development with it.

Damn I wish I would have known. May have been a nice flip house.

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Here's kind of a synopsis of what we offer from the Original thread..

Types of Loans:

  • FHA
  • Conventional
  • VA
  • USDA
  • Jumbo
  • Investment
  • Second Home
  • Reverse Mortgage
  • Commercial

Niche Programs:

  • Elite Program – 740+ credit, LTV and loan amounts vary by lender, usually 200k+,  generally cuts .125 to .25 off
  • Construction – 1 and 2x close available
  • Pay Advantage – Up to 97% LTV w/ no MI, Bigger Loan amt w/ Smaller Payments
  • FHA 203(k) Rehab - A type of federally insured mortgage product for individuals who want to rehabilitate or repair a damaged home that will become their primary residence. In addition to the funds to cover the purchase price of the house, the FHA 203(k) loan provides the money needed for repairs and related expenses as part of the loan.
  • Fannie Mae Homepath, Freddie Mac Homepossible - HomePath financing is available to anyone purchasing a Fannie Mae-owned property. Benefit from a low down payment, no MI, 

Terms/Type:

  • 10, 15, 20, 30 Fixed
  • 3, 5, 7, 10 ARM

Down Payments

  • Conventional – starts at 5%, 20% avoids PMI (Mortgage Insurance)
  • FHA – 3.5%
  • USDA – 0%
  • VA – 0%
  • There are also Down Payment Assistance Programs

Real Estate

  • Houston and Austin primarily, other cities via Partners
  • Commercial Lease/Purchase
  • Renter Placement/Lease Management/Sales Help
  • Apartment Search
  • Rural/land

Also of importance, if you use us for both Real Estate and Mortgage we are able to rebate commission back that can help towards closing costs, etc.  Lots of Surly users have utilized this route.

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On 3/28/2018 at 9:31 AM, UTPhil2006 said:

10 year down to 2.75 this morning.. lowest in about 2.5 months since we started rising in January

Still hovering between this and 2.80 depending on the Fed, China, etc

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56 minutes ago, deft said:

 


Can I rent the “EAT” letters to hang in my kitchen first? I just want to make sure I’ll like your house before I buy.

 

I was going for the POOP ones in the bathroom.

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What are ways to get money to cover renovations?

A house my wife has had her eye on might be coming around earlier than we had thought. The price won’t be an issue, but it’s going to need a lot of renovations. Wife thinks we can wait and do parts here and there. I would rather do it all at once then move in.

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1 hour ago, kmac30 said:

What are ways to get money to cover renovations?

A house my wife has had her eye on might be coming around earlier than we had thought. The price won’t be an issue, but it’s going to need a lot of renovations. Wife thinks we can wait and do parts here and there. I would rather do it all at once then move in.

Depends on budget, sales price, and credit score.  If you’re capable of doing a confirming loan, the option you’re looking for is a Fannie Mae Homestyle loan that provides purchase plus remodel funds. 

If you’re in the jumbo category, then you’ll have to get two loans, at least at the time of purchase.  We refer the remodel second liens to Frost, as they’ll base the loan amount on the After Repair Value.  What you’ll want to evaluate is whether to just live with both liens or whether it makes sense to presume a refi into another jumbo once the work is complete (in which case it’s probably better to tell your lender to premium price the rate, i.e., charge you a higher rate in exchange for cash towards closing costs.  If you’re going to refi anyway, the cash up front I going to offset your costs and you don’t worry about a rate you’re going to be refinancing out of in a year, anyway). 

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14 hours ago, kmac30 said:

What are ways to get money to cover renovations?

A house my wife has had her eye on might be coming around earlier than we had thought. The price won’t be an issue, but it’s going to need a lot of renovations. Wife thinks we can wait and do parts here and there. I would rather do it all at once then move in.

PM sent

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On 4/11/2018 at 3:57 PM, UTPhil2006 said:

Where you going after that?

Not sure yet. I've got temp digs for a few months and will probably start looking this summer.

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Any advice at buying land and building on it, particularly in the Elgin area? Where to look for decent deals, is an agent a good idea, dos and don'ts of land buy and builds. Anything that might be relevant. Probably a year or so out still.

Wife is from Rural WV so she'll be more at home in a smaller town, particularly raising our kids (currently 1 and 3) in an actual community not a burb. I work in way East Austin anyways, and we're thinking of trying to fix up and rent out our current place in Round Rock. May have to sell for capital reasons though depending on options available out there.

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1 hour ago, Hmbre97 said:

Not sure yet. I've got temp digs for a few months and will probably start looking this summer.

Holla at me if you have any questions or whenever you're ready

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Listed our house in 78702 a couple weeks ago. Got first offer in 7 days, got a better offer we accepted on day 9 in the MLS. First time home buyer ignorantly asked for the moon during his option period and his ho bag realtor kept trying to justify it. We gave in on most of his requests (almost $2000 for various repairs plus our old appliances) but came out pretty good. Didn’t get the multiple offers in first 24 hours I heard so much about, but maybe I had it priced $15-25k too high. Who knows? [informative brag]

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13 hours ago, Murfdogg21 said:

Listed our house in 78702 a couple weeks ago. Got first offer in 7 days, got a better offer we accepted on day 9 in the MLS. First time home buyer ignorantly asked for the moon during his option period and his ho bag realtor kept trying to justify it. We gave in on most of his requests (almost $2000 for various repairs plus our old appliances) but came out pretty good. Didn’t get the multiple offers in first 24 hours I heard so much about, but maybe I had it priced $15-25k too high. Who knows? [informative brag]

Very nice!  Is it Mortgage time now?  I was just about to email you this morning to check in.

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16 hours ago, Murfdogg21 said:

Listed our house in 78702 a couple weeks ago. Got first offer in 7 days, got a better offer we accepted on day 9 in the MLS. First time home buyer ignorantly asked for the moon during his option period and his ho bag realtor kept trying to justify it. We gave in on most of his requests (almost $2000 for various repairs plus our old appliances) but came out pretty good. Didn’t get the multiple offers in first 24 hours I heard so much about, but maybe I had it priced $15-25k too high. Who knows? [informative brag]

Sounds like "his ho bag realtor" did a good job representing her client's interest.  

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4 hours ago, Gil Bang said:

Sounds like "his ho bag realtor" did a good job representing her client's interest.  

You don’t have to take things personally just because you are in the same industry. My realtor confirmed she did several borderline unethical things during the option period and then put a gun to our head. I would have loved telling her to pound sand and having her client be pissed he lost the property, if not for personal issues and our desire to sell the house sooner rather than later. Have you never encountered unethical bitches in your line of work? I don’t intend to derail the thread with this. It was a side detail of my post but I’m not going to let you call me out like I’m an ignorant moron just because I don’t have my own real estate license.

 

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You don’t have to take things personally just because you are in the same industry. My realtor confirmed she did several borderline unethical things during the option period and then put a gun to our head. I would have loved telling her to pound sand and having her client be pissed he lost the property, if not for personal issues and our desire to sell the house sooner rather than later. Have you never encountered unethical bitches in your line of work? I don’t intend to derail the thread with this. It was a side detail of my post but I’m not going to let you call me out like I’m an ignorant moron just because I don’t have my own real estate license.
 

Pics of the Ho Bag?


Sent from my iPad using Tapatalk

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On 4/13/2018 at 10:48 AM, hornian said:

My accidental flip house just went live on MLS: https://matrix.abor.com/matrix/shared/1D6Xsc9hWdFd/5901LAKEVIEWDR

Someone please buy. I would love to live there, but wife decided she wouldn't

What is keeping your wife from wanting to live out there? I like the area and have been looking to possibly build or buy in Hudson Bend

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23 hours ago, Murfdogg21 said:

You don’t have to take things personally just because you are in the same industry. My realtor confirmed she did several borderline unethical things during the option period and then put a gun to our head. I would have loved telling her to pound sand and having her client be pissed he lost the property, if not for personal issues and our desire to sell the house sooner rather than later. Have you never encountered unethical bitches in your line of work? I don’t intend to derail the thread with this. It was a side detail of my post but I’m not going to let you call me out like I’m an ignorant moron just because I don’t have my own real estate license.

 

I didn't take anything personally.  And you didn't mention anything "unethical"...you said that the buyer made unreasonable demands and she tried to justify them, which IS HER FUCKING JOB.  It's called "negotiation".  Looks like she did a pretty good job of it, since you met "most" of their demands. 

The "gun to the head" thing happens in every deal, to some extent anyway. 

Last Tuesday, my seller accepted a cash offer with a 7 day close.  We are scheduled to close Tuesday.  Today the buyer sent over a list of shit that she's demanding we fix...we don't fix, she says she'll cancel.   It's a "gun to the head" of my seller, except he didn't blink, and we told her to fuck off.  Now, the gun's pointed at HER head.  I'm hoping she comes back with a more reasonable request, because I'd love to collect a commission check next week, but I doubt that she will. 

I'm sure that she thinks that I'm the unreasonable one, since we didn't offer to meet anywhere near the middle.

 

 

 

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On 4/14/2018 at 12:47 PM, 3adays said:

What is keeping your wife from wanting to live out there? I like the area and have been looking to possibly build or buy in Hudson Bend

Traffic. The day in February or March where there were multiple fatalities on 620 put her over the edge. 

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shit that pisses me off...seller of the house I'm buying cannot find her mortgage satisfaction letter, which we need for me to get my mortgage and close on this house. who loses/misplaces shit like that? Her old lender is moving slow to find a copy as well. 

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