From TexAgs Sponsor, Red Pear Realty:
Interest Rates If you ask Google what mortgage interest rates are today, it will tell you 7.9%
However, 100% of the deals we have closed at Red Pear Realty in the last 6 months have been under 7.0%.
Down Payment Many still think that 20% down is required to buy a home.
That's NOT true!
There are 3% Conventional Loan options with lower costs than a traditional FHA loan.
Mortgage Insurance Rates were recently reduced with many borrowers paying less than $40 per month, and with conventional loans, there is no 1.75% upfront funding fee like that charged by FHA .
Depending upon your profession, you could get no-strings-attached down payment assistance from TSAHC.
Student Loan Debt Millennials carry an average balance of $33,173 per borrower. While it is less than the average of a Baby Boomer or Gen Xer, inflation changes that dollar amount significantly.
What Can you do about it?
If your student loans are in deferment, you need only to record 0.5% of the loan balance as your monthly payment when calculating your Debt to Income (DTI) Ratio.
Affordability Check out this map from TAMU REC detailing the Texas Housing Affordability Index, where a ratio of 1.00 means the median family income is exactly equal to the required income to purchase the median-priced home in the area.
Quote: A higher THAI indicates relatively greater affordability. A ratio of 1.00 means that the median family income (MFI) is exactly sufficient to purchase the median-priced home. A THAI above 1.00 means the MFI exceeds the required income to purchase a median-priced home. Conversely, a THAI below 1.00 indicates the MFI is not sufficient to purchase the median-priced home.
Curious what the median home price in your neighborhood is? You can check out median home values by zip code on Zillow, HERE.
What's stopping you from buying a home this year?
With experienced agents in Houston, Dallas, Austin, San Antonio, and Bryan/College Station, Red Pear Realty splits commissions with our Buyers and lists for just 1.5%. www.MyRedPear.com
However, 100% of the deals we have closed at Red Pear Realty in the last 6 months have been under 7.0%.
That's NOT true!
There are 3% Conventional Loan options with lower costs than a traditional FHA loan.
Mortgage Insurance Rates were recently reduced with many borrowers paying less than $40 per month, and with conventional loans, there is no 1.75% upfront funding fee like that charged by FHA .
Depending upon your profession, you could get no-strings-attached down payment assistance from TSAHC.
What Can you do about it?
If your student loans are in deferment, you need only to record 0.5% of the loan balance as your monthly payment when calculating your Debt to Income (DTI) Ratio.
Quote: A higher THAI indicates relatively greater affordability. A ratio of 1.00 means that the median family income (MFI) is exactly sufficient to purchase the median-priced home. A THAI above 1.00 means the MFI exceeds the required income to purchase a median-priced home. Conversely, a THAI below 1.00 indicates the MFI is not sufficient to purchase the median-priced home.
Curious what the median home price in your neighborhood is? You can check out median home values by zip code on Zillow, HERE.
What's stopping you from buying a home this year?
With experienced agents in Houston, Dallas, Austin, San Antonio, and Bryan/College Station, Red Pear Realty splits commissions with our Buyers and lists for just 1.5%. www.MyRedPear.com