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Let's Talk About FHA Loans

what is an fha loan - port a real estate listings
Whether you’re looking at Port Royal condos or you want to buy a house in El Pescador, you’re going to have plenty of options for financing.
Is an FHA loan one of them?

What is an FHA Loan?

An FHA loan is a mortgage loan insured by the Federal Housing Administration, or FHA. People who borrow through the FHA program pay for private mortgage insurance, or PMI, which protects the lender if the buyer fails to pay on the loan.

What is the Down Payment on an FHA Loan?

If you borrow with an FHA loan, you can make a down payment as low as 3.5 percent of the home’s purchase price. That’s a significant amount less than the traditional 20 percent down payment that many loan programs ask you to pay.

Credit Scores for an FHA Loan

You’ll need a credit score over 580 if you want to use an FHA loan. For many people, an FHA loan is the only option because the program allows for major derogatory credit issues such as foreclosures, bankruptcies, and short sales in the past.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What is Seller Financing?

What is Seller Financing
Often overlooked because few people know what it is, seller financing is an alternate way to borrow money to buy a home. It’s not very common, but it can be an excellent way to buy (or sell) your home.

What is Seller Financing?

Seller financing is a method some sellers use to sell to a buyer without involving big banks and lenders.
The terms of the agreement are completely between the buyer and seller; there’s nobody underwriting or anything like that. The two parties negotiate a down payment, monthly payments, and determine the length of a loan.
Calling it a loan is a little misleading, though. The seller doesn’t actually give the buyer any money; instead, they count on the buyer (and establish a contract with the buyer) to make monthly payments.

Why Do Some Sellers Offer This Type of Financing?

Sometimes sellers who don’t need the full proceeds from the sale of a home can offer seller financing, but it works well in other situations, too.
Many sellers offer this type of financing because:

  • It can help them sell faster
  • They want to minimize carrying costs while they’re waiting for a buyer
  • They want to get closer to the full asking price
  • They want to collect enough money for a down payment on their next home
  • They want to pay down their debts
  • They want to avoid the monthly expenses associated with owning a home

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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How to Improve Your Credit to Buy a House

How-to-Improve-Your-Credit-to-Buy-a-House
When you’re buying a home, whether it’s a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island, you’ll want your credit score to be as high as possible—and that’s because you’ll be eligible for more competitive interest rates.
Even if you have bad credit, buying a home isn’t out of reach. However, there are a few steps you can take to boost your credit score in a relatively short period of time.

How to Improve Your Credit to Buy a Home

Improving your credit doesn’t happen overnight, and it doesn’t happen in a vacuum. You have to handle a few things to get yourself on the right path, including:

  • Getting a major credit card. Many credit cards offer “secured” financing, which means if you give the card company a certain amount of money, they’ll give you a credit card with an equal limit; eventually, you’ll get your money back (and if you don’t pay your bills, they’ll keep your original deposit).
  • Show steady employment by keeping the same job for at least a year.
  • Hang on to your check stubs.
  • Save up 10 percent—or more—of a home’s purchase price to use as a down payment.
  • Never pay a bill late. Ever.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Can You Buy a Home With a Bankruptcy in Your Past?

Can you buy a home with a bankruptcy in your past - Port A Realtor
There’s good news if your credit is less-than-perfect: You can still buy a home with bad credit from a bankruptcy.

Can You Buy a Home After a Bankruptcy?

You can absolutely purchase a home if you’ve had a bankruptcy in your past. The farther back it is, the better your chances of securing a better interest rate, but a bankruptcy does stay on your credit report for about 10 years.
You might be surprised to learn that if you wait just four years after filing bankruptcy, you can begin to get better interest rates on a conforming loan.

How Long Must You Wait After Bankruptcy to Buy a Home?

The period of time you have to wait after a bankruptcy varies based on the amount of money you need to borrow and the type of lender you use.
Some hard money lenders will give you a loan to buy a house after just 6 months have passed—but there’s a catch. They’ll typically require a 20 to 35 percent down payment, and the interest rate is likely to be fairly high.
Other lenders have different requirements, so it’s a good idea to get in touch with your bank and a few lenders to see what they have to say.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What Are Contingencies in a Real Estate Purchase Contract?

What Are Contingencies in a Real Estate Purchase Contract - Port A Homes for Sale
Whether you’re buying a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island, you’ll end up having a real estate purchase contract. Your Port A Realtor® will draw it up for you, and as long as you don’t waive them, there will be contingencies built into it.

What Are Contingencies?

A contingency is a type of “if this, then that” scenario. They’re built into real estate contracts to ensure that you have an “out” if something goes wrong with the deal.

General Real Estate Contingencies

Your agent can build any kind of contingency into your purchase agreement, but the general contingencies include those involving appraisals, home inspections, financing, and selling your current home.

Appraisal Contingency

If the appraised value of the home is lower than your purchase offer, this contingency can allow you to back out of the deal and get your earnest money deposit back.

Home Inspection Contingency

If the inspection reveals a big problem, you might be entitled to walk away from the deal.

Financing Contingency

You wouldn’t want to be stuck buying a home that you can’t pay for, so it’s customary to include a financing contingency that lets you leave the deal if you can’t secure financing.

Selling Your Current Home

Your agent can make your real estate deal contingent on selling your current home to prevent you from taking on two mortgage payments. If you don’t sell your home, you don’t have to buy the new one.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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How to Tell if Your Homebuilder Cuts Corners

How to Tell if Your Homebuilder Cuts Corners - Port A Homes for Sale
It’s unfortunate, but it happens: Sometimes home builders cut corners, and the details come out during a home inspection.
First things first: Skipping a home inspection for any reason can be a tremendously bad idea—and it could end up costing you tons of money in the long run.

Do You Need an Inspection on a Brand-New Home?

It doesn’t matter whether you’re buying a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island. Your Realtor® will most likely tell you to hire an independent home inspector who can scour the house for problems.
Again, sometimes builders cut corners in an attempt to finish homes quickly or to save money. Your home inspector will look through the entire house, from top to bottom, to uncover clues that the builder may have skimped, done shoddy work, or simply ignored codes to get the house done.
You can go with the inspector, too. Two sets of eyes are better than one! Things you should look for include:

  • Sloppy paint jobs
  • Poorly aligned outlets and light switches
  • A sloped floor
  • Exposed wiring
  • Bad-looking ductwork

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Don't Buy a House Until You Meet the Neighbors!

Don't Buy a House Until You Meet the Neighbors - Port Aransas Homes for Sale
When you’re shopping for your next home, whether it’s a beachfront condo in Port Aransas or a $250,000 home on North Padre Island, it’s a good idea to check out the neighborhood—and the neighbors—before you actually fall in love with the place.

Checking Out the Neighborhood

It’s always a good idea to drive through the neighborhood at various times of day (especially the times you’ll be out and about) so you can see what’s happening in the area. Are there people out grilling? Is it a more adult-oriented environment, or are there kids playing, riding bikes, and skateboarding?
You can also get a lot of information on a neighborhood by stopping and chatting up the people who are out when you swing by. Besides, it’ll give you a head start on getting to know your neighbors.

Plan for the Location, Too

Is your potential neighborhood closer to work, school, and other places you frequent, or is it farther away? It’s a good idea to check the commute times before you settle on one subdivision or community, because after a move is no time to discover that the drive is unbearable.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Buying a New Home: What's in Your Budget?

Buying a New Home - What's in Your Budget
Budgeting for a new home, whether it’s a beachfront condo in Port Aransas or a $250,000 home on North Padre Island, is a really important step to take before you buy. You need to know exactly how much you can afford—and if it feels like a stretch on your finances before you even make an offer, it’s probably a good idea to keep looking.

Can You Really Afford the Home You Want?

In your new home, you’ll be responsible for homeowner’s insurance, maintenance, repairs, and your mortgage payment—and if it’s farther from work, school, or other places you go often, you’ll have to factor in more gas money on your car (and potentially higher auto insurance premiums, too).
“The cost of buying a house you shouldn’t is far higher than the cost of leaving it behind if you’re worried about the payment,” says Todd Huettner, founder of Huettner Capital in Denver, Colorado. In the long run, you’ll be glad you skipped a home that would’ve been a financial burden and searched for one that left you some breathing room.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What Are Contingencies in Real Estate?

what are contingencies in real estate - buy a home for sale in Port Aransas TX
Contingencies are part of many real estate transactions, and chances are pretty good that you’ve heard the term before.
But what are contingencies, and what do you do if they’re included in your real estate purchase contract?

What Are Contingencies?

Contingencies are conditions that must be met in order for you and the other party (or parties) to execute the real estate purchase contract. The final sale is contingent upon one or more parties to the transaction meeting certain criteria.
Typically, contingencies in a real estate purchase contract fall into at least one of three categories: appraisal, home inspection, or mortgage approval.

Appraisal Contingencies

Most lenders require you to have a home appraised before they’ll lend you the money to buy it. When there’s an appraisal contingency in your contract, you can get out of buying the home if the appraisal comes back lower than what you intend to pay for the home.

Home Inspection Contingencies

You have the right to have a home you intend to buy inspected by a professional home inspector. If the inspector finds something wrong with the home, you can ask the seller to fix it or you can back out of the deal, no harm done.

Mortgage Contingencies

A mortgage contingency protects you and the seller from entering into a contract when you don’t have the money to purchase the home. (That’s another reason that it’s a good idea to get a mortgage preapproval before you even begin house-shopping.)

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What is a Real Estate Purchase Contract?

What is a Real Estate Purchase Contract - Port Aransas Homes for Sale
When you buy a home, it all starts with a real estate purchase contract.
But what is this document, and what does it include?

What is a Real Estate Purchase Contract?

A real estate purchase contract is a legally binding, bilateral agreement between two or more parties. If you sign one, you’re saying that you have the legal capacity to make the purchase, exchange, or conveyance of “real property.” The term real property in this sense refers to land, a home, and buildings or other fixtures that you intend to buy.

What’s in a Real Estate Purchase Contract?

Your real estate purchase contract should contain:

  • Identification of everyone involved in the transaction
  • A description of the property
  • The agreed-upon purchase price
  • Details, rights, and obligations of the contract
  • Contingencies (conditions) that must be met before you can execute the contract
  • A description of the property’s condition
  • A list of what’s included with the property—and what’s not
  • How much money you’ll put down as a deposit
  • Who pays closing costs
  • How much the closing costs will be
  • A projected closing date
  • Each party’s signature

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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