A report this week from the Mortgage Bankers Association found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September.
That marked a record high for the ninth straight quarter. The main reason for the number of foreclosures seems to be lost jobs. The hardest hit states include Florida, Nevada, California, and Arizona.
In the Houston market, we do expect to see more foreclosure properties enter the market in the new year. If you are a home buyer or investor, it's a great opportunity to find a property.
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Samantha Mitchell's Blog
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6601 Cypresswood Dr, Spring, TX 77379
Phone: (281) 893-8400 Fax: (832) 201-0414
As Buyer Specialist for The Katie K Team of RE/MAX Northwest, I have extensive knowledge and experience in residential and investment real estate having been involved in the industry since 2000. Raised in Northwest Houston, I graduated from The University of Texas at Austin with a degree in Public Relations.
I have taken my years of work experience, my strong communication skills, and solid work ethic and channeled those qualities into my career as a real estate professional.
Freddie Mac just released the results from the Primary Mortgage Market Survey for the week ending November 19, 2009. The 15-year Fixed Rate Mortgage this week averaged 4.32, down from 4.36 last week and 5.73 a year ago.
"Interest rate on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, Freddie Mac vice president and chief economist.
The 30-year fixed-rate mortgage averaged 4.83 percent, down from 4.91 last week and 6.04 a year ago.
"Interest rate on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, Freddie Mac vice president and chief economist.
The 30-year fixed-rate mortgage averaged 4.83 percent, down from 4.91 last week and 6.04 a year ago.
If you are an existing homeowner and want to take advantage of the expanded $6,500 TAX CREDIT, read this!
Who Qualifies for the Tax Credit?
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
What are the Income Limits?
The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
How is the Tax Credit Amount Determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
Will the Tax Credit Need to be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
But you better get moving if you haven't listed your home yet and want to take advantage of this tax credit. You must be under contract by April 30th, 2010, and close by June 30th, 2010.
Who Qualifies for the Tax Credit?
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
What are the Income Limits?
The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
How is the Tax Credit Amount Determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
Will the Tax Credit Need to be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
But you better get moving if you haven't listed your home yet and want to take advantage of this tax credit. You must be under contract by April 30th, 2010, and close by June 30th, 2010.
A SHORT SALE may be the answer if you are a seller who owes more on your home than it is worth. A short sale occurs when a lender takes less than what is owed on a property.
Each lender has its own procedures and paperwork for submitting a short sale package. The lender must approve the "short sale" with the seller and a contract offer from a buyer must also obtain the same lender approval.
A short sale is often a long and challenging process that takes patience by all parties involved. It can also be overwhelming for some sellers. However, you do not have to face the challenge alone. Finding the right real estate agent to guide you through the process is the first step you should take.
Katie Kohlhauff, listing agent for The Katie K Team, is extremely knowledgeable and experienced in negotiating short sales on behalf of her clients. Please call or email our team for more information.
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Each lender has its own procedures and paperwork for submitting a short sale package. The lender must approve the "short sale" with the seller and a contract offer from a buyer must also obtain the same lender approval.
A short sale is often a long and challenging process that takes patience by all parties involved. It can also be overwhelming for some sellers. However, you do not have to face the challenge alone. Finding the right real estate agent to guide you through the process is the first step you should take.
Katie Kohlhauff, listing agent for The Katie K Team, is extremely knowledgeable and experienced in negotiating short sales on behalf of her clients. Please call or email our team for more information.
CONTACT US
Right now, houses are more affordable than they have been in years because of the low interest rates. Overnight averages according to BankRate.com today are at 5.02% nationally.
With low mortgage rates, buyers can afford more house. Many expect the low rates to continue for the next few months, thanks in part to the Federal Reserve's ongoing purchase of mortgage-backed securities.
If the Federal Reserve stops buying those securities in a few months, as planned, and private investors don't step up, we could see a rise in interest rates to 6% or higher.
What does that mean to you? Consider this example, at 5.15% with 20% down, a home buyer with good credit would qualify for $174,900. If the interest rate rose to 6%, not even a full point, that same buyer would only qualify for $159,250.
If you are on the fence about buying, think about this - it is a great opportunity to take advantage of the market with low interest rates, a variety of inventory, and additional credits offered by the government (FIRST TIME HOME BUYER TAX CREDIT).
Contact me today to get started:
Samantha Mitchell
Buyer Specialist with The Katie K Team
RE/MAX Northwest
832-563-5221
samantharealty@comcast.net
BECOME A FAN ON FACEBOOK
With low mortgage rates, buyers can afford more house. Many expect the low rates to continue for the next few months, thanks in part to the Federal Reserve's ongoing purchase of mortgage-backed securities.
If the Federal Reserve stops buying those securities in a few months, as planned, and private investors don't step up, we could see a rise in interest rates to 6% or higher.
What does that mean to you? Consider this example, at 5.15% with 20% down, a home buyer with good credit would qualify for $174,900. If the interest rate rose to 6%, not even a full point, that same buyer would only qualify for $159,250.
If you are on the fence about buying, think about this - it is a great opportunity to take advantage of the market with low interest rates, a variety of inventory, and additional credits offered by the government (FIRST TIME HOME BUYER TAX CREDIT).
Contact me today to get started:
Samantha Mitchell
Buyer Specialist with The Katie K Team
RE/MAX Northwest
832-563-5221
samantharealty@comcast.net
BECOME A FAN ON FACEBOOK
FIRST TIME HOME BUYERS LEADING MARKET BACK - featured story on Yahoo:
http://finance.yahoo.com/news/Firsttime-homebuyers-leading-cnnm-4014171625.html?x=0
If you are a First Time Home Buyer, this is a great opportunity to purchase your first home. The expanded tax credit increased income limits and doesn't expire until April 30th, 2010! With interest rates still at record lows, what are you waiting for!
VISIT THE OFFICIAL FIRST TIME HOME BUYER TAX CREDIT WEBSITE for more information and details.
If you currently own your home and are thinking about buying a new one, this is also a great time to buy! The expanded tax credit now includes up to $6,500 in credit for qualified repeat buyers. LEARN MORE.
Samantha Mitchell
The Katie K Team of REMAX Northwest Realtors
832-563-5221
samantharealty@comcast.net
WE LIVE HOUSTON. WE SELL HOUSTON.
http://finance.yahoo.com/news/Firsttime-homebuyers-leading-cnnm-4014171625.html?x=0
If you are a First Time Home Buyer, this is a great opportunity to purchase your first home. The expanded tax credit increased income limits and doesn't expire until April 30th, 2010! With interest rates still at record lows, what are you waiting for!
VISIT THE OFFICIAL FIRST TIME HOME BUYER TAX CREDIT WEBSITE for more information and details.
If you currently own your home and are thinking about buying a new one, this is also a great time to buy! The expanded tax credit now includes up to $6,500 in credit for qualified repeat buyers. LEARN MORE.
Samantha Mitchell
The Katie K Team of REMAX Northwest Realtors
832-563-5221
samantharealty@comcast.net
WE LIVE HOUSTON. WE SELL HOUSTON.
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OPEN HOUSE SATURDAY, November 14th, 1pm to 3pm
16211 Salmon Lane in Champion Forest
| Bedrooms: | 4 Bedrooms |
| Baths: | 2 Full & 1 Half Bath(s) |
| Garage: | 2 CAR Detached |
| Stories: | 2 STORY |
| Style: | Traditional |
| Year Built: | 1978/Appraisal District |
| Build SqFt: | 2,434 / Appraisal District |
| Lot Size: | 8,107 / Appraisal District |
| Maintenance Fee: | $180 annually |
| Subdivision: | Champion Forest Sec 2 |
| Market Area: | Champion Forest |
| City / Zip: | Spring / 77379-6764 |
The Katie K Team introduces our NEW FACEBOOK PAGE! If you are on Facebook, we invite you to become a fan @ www.facebook.com/katiekteam
You will find the latest real estate news and information on our page. You can post questions and contact us directly for all of your real estate needs.
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With more than 25 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.
VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of an owner-occupied home.
ADVANTAGE #1 - VA Offers $0 Down
Most loans require a minimum down payment of 3.5% but in many cases, particularly in today's market banks are asking for as much as 10-20% down. Because a VA Loan is backed by the federal government, banks do not require a down payment making a VA Loan one of the only loan programs that can still offer 100% financing.
ADVANTAGE #2 - Save Money Every Month with VA
Because the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value.
Banks will also offer a lower interest rate to a VA borrower (typically 0.5%-1.0% reduction vs conventional). Interest rates are based on the banks capital risk should the loan go into default, but because a VA Loan is backed by the government the bank takes less risk and is able to offer a lower interest rate to you. A lower rate combined with no PMI can substanially lower your monthly payment and save you money every month.
Learn more about VA Loans on the official U.S. Department of Veterans Affairs website.
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