All Encompassing Mortgage and Real Estate Thread

[UTPhil2006]

So I’ve gotten several questions throughout these past few years via PM, email, Tailgates, Happy Hours, etc and I’ve been meaning to create an all encompassing thread where you can ask any and all questions, ask about rates, down payments, programs, etc in one place since there are several different threads with different answers all over the place. Below encompasses basically what we can offer via Prodigy Mortgage and EasyRoadHome.

Types of Loans:
FHA
Conventional
VA
USDA
Jumbo
Investment
Second Home
Reverse Mortgage
Commercial

Niche Programs:
Elite Program – 760+ credit, LTV below 70, Loan Amount more than 250k, 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
DU Refi – Up to 125% LTV
HARP 1.0/2.0 – Up to 175% LTV, Unlimited CLTV (2.0)
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 mortgage insurance, etc
Foreign National Jumbo – Only available on ARM, Varying restrictions

Real Estate
Owner Financing
Note Assumption both as buyer/seller
Hard Money for several avenues
Commercial Lease/Purchase
Renter Placement/Lease Management/Sales Help
Apartment Search
Manufactured Homes
Lot Loans
Land Loans

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

States We Service:
Texas, Oklahoma, California, Louisiana (Florida is next)
Can do all 50 states through partner branch.

What we need from you when we start (this will greatly speed up the process if you have it ready to go once we decide to move forward):
2 paystubs
2 months bank statements (all pages) and any other Assets/Investments
2 years W-2
2 years Tax Returns
Copy of DL and SS Card

How to Contact Me:
Email – pdubord@prodigymbo.com
Private Message – UTPhil2006
Online Application (please indicate HS) -https://www.secureloandocs.com/page1...13256178&loId=
Reply to thread

 

[armadillo slim]

good info to have.  I am getting ready to start on a house and will give you shout at some point.

 

[bbdude]

Phil is the mortgage, construction and real estate guy around here BTW!

http://www.easyroadhome.com/ 

 

[Lukus Alderman]

Real Estate question:

What are some good tips for homeowners getting ready to sell in regards to the best way to have your home ready?

 

[Bear19]

UTPhil

I bought my first house using a VA loan in 1979. I sold the house in 1982 and allowed my va loan to be assumed. My interest rate was so much lower that I got a much better price when I sold the house. Surely by now that VA loan has been paid off. Is there a way for me to regain my VA loan eligibility? Thanks.

 

[armadillo slim]

UTPhil

I bought my first house using a VA loan in 1979. I sold the house in 1982 and allowed my va loan to be assumed. My interest rate was so much lower that I got a much better price when I sold the house. Surely by now that VA loan has been paid off. Is there a way for me to regain my VA loan eligibility? Thanks.

join the army again?   report to basic, bear.  practice up on your saluting and marching and stuff.

 

[UTPhil2006]

UTPhil

I bought my first house using a VA loan in 1979. I sold the house in 1982 and allowed my va loan to be assumed. My interest rate was so much lower that I got a much better price when I sold the house. Surely by now that VA loan has been paid off. Is there a way for me to regain my VA loan eligibility? Thanks.

I'll double check, but I don't believe so.

 

[UTPhil2006]

Real Estate question:

What are some good tips for homeowners getting ready to sell in regards to the best way to have your home ready?

Have everything fixed.  Clean carpets.  You'd be surprised how many homes are not clean, or simple little fixes that buyers notice that could have been taken care of.  Keep it as clutter free as possible.  Keep it as clean as possible.

 

[UTPhil2006]

10 year treasury (which rates generally follow) down to 2.60, which is .02 away from 4 month (and 12 month) lows.

 

[UTPhil2006]

Just wanted to update this thread and kind of centralize some of the information I've talked with a few of you about, PM'd, etc.

As far as the 10 year (which rates generally follow) they've been hanging around the 2.50-2.70 range the past 6 weeks or so, fluctuating up and down.  Currently we're at 2.55 which roughly translates to a 30 yr rate of about 4.25.  If refinancing is something you'd like to take a look at I can very easily run some numbers for you, or if moving from a 30 to a 15 (very popular lately) is something you'd like to take a look at as well I can run those numbers too.

Also, I've talked to a few of you about it but I wanted to remind of those of you buying or selling a home the incentives we offer you by having both a Mortgage and Real Estate company.  If you use both our Mortgage and Real Estate company when buying a house we credit you back 1% towards your closing costs which helps cut them down considerably.  Also if you are selling and buying we offer a 1%/3% scenario thereby saving you 2% on your net profit of the sale.  We also offer construction and I can go over different scenarios in regards to how we can help you save on that.  Kind of a case by case scenario in that regard.

Lastly, for you Houston Horn Sportsers, I have a house we're going to market with this weekend, but I wanted to offer it on here as well first a bit cheaper Pre-MLS.  Here are the renderings:

The property is located at 3 Bace Ct, Houston TX 77077 (near Allen/Thompson.. I-10 and Shepherd area).. We were scheduled to break ground about 4 months ago but the City of Houston delayed that a good bit.  But now everything is good to go.  Buying now would not only save you 15,000 off the list price (going to MLS at 425,000, Horn Sports pre-MLS price of 410,000) but you would work with the builder and be able to customize paint, appliances, amongst several other things thereby having basically a custom home in an incredible spot in Houston at a phenomenal price.

If you have any questions on the property, I can certainly go into more detail and answer more specific questions for you, please do not hesitate to contact me and we can knock it out.  pdubord@prodigymbo.com 

 

[Aaron Carrara]

Another plug for Phil and Easy Road Home - He's the mortgage/real estate guy here at Horn Sports so please ask him questions and if you are buying/selling/building, please give Phil the opportunity to help you out!  

 

[UTPhil2006]

Thanks Aaron!

 

[UTPhil2006]

Just to illustrate how insane the market is in Texas right now:
 
"Austin:  Fastest moving market in Nation" (10 days): http://kxan.com/2014/07/28/report-austin-fastest-moving-housing-market-in-nation/
 

AUSTIN (KXAN) — A new report finds Austin is the fastest-moving housing market in the country.

 
The report published by Zip Realty said the median number of days a house stays on the market in Austin is just 10 days. Washington, D.C. was second, followed by Dallas, Portland and Denver at 15 days.
 
Zip Realty also found when it came to price leaders, Sacramento took the top spot with a 15 percent year over year increase. Austin came in second with a 14 percent increase in sales price over last year.

 
10 days for Austin, 15 for Dallas.  I can't imagine Houston is more than ~17.  Insane.
 
And as always if you would like to set up a consultation about running comps, looking at some numbers on your home, getting a Pre Approval, etc my email is pdubord@prodigymbo.com

 

[UTPhil2006]

As far as the 10 year (which rates generally follow) they've been hanging around the 2.50-2.70 range the past 6 weeks or so, fluctuating up and down.  Currently we're at 2.55 which roughly translates to a 30 yr rate of about 4.25.  If refinancing is something you'd like to take a look at I can very easily run some numbers for you, or if moving from a 30 to a 15 (very popular lately) is something you'd like to take a look at as well I can run those numbers too.

We're down another 18 basis points from this 2.55 number.  Now would be a good time to take a look at refinances, especially the 30 year to 15 route.

 

[UTPhil2006]

Something I wanted to pass on since we have a few clients doing this - If you have an FHA loan that was completed after April 1, 2013, it may be worth taking a look at refinancing to a conventional loan to try and rid yourself of the extremely high MI monthly costs and be able to get rid of MI at 78%, which hopefully rising home values have sped up that time frame. Let me know if anyone wants me to run some numbers for them.

Oh and someone buy that home in Houston from about 3 posts up.

 

[UTPhil2006]

Now down to 2014 lows at 2.34.  2.30 would be ~19 month lows.

30 to 15 refinances have been popular lately.  Let me know if anyone would like some numbers run.