Dallas Office  535 E Highway 121 Lewisville TX 75057 972-625-2612

    Houston Office  1825 Upland  Houston TX 77043  281-865-1443

     Colin Rosenthal Texas Real Estate Broker

 
 
   
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Power Point Downloads Below:

Online Home-Buyers Education Course

Lender's First Time Home buyers Seminar  Power Point

Realtor's First Time Home-buyers  Power Point Seminar

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About Linda Barrett Neal About Colin Rosenthal

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View our Housing Presentations on You-Tube

 

Purchasing your home with as little as $1250 total investment on your part.

$500 Earnest Money

$300 Home Inspection

$450 Appraisal

If your Income is below the 80% Annual medium Income level Example a family of 3 below $49000  a year than you should be able to qualify for most Housing assistance programs in the DFW Metro-Plex.   If your income is below the 110% AMI Example family of 3 $79000 than we can use wither the TDHCA (Texas Dept Housing) Bond 79  or USDA loans with zero down payment.

 

The Home Buying Process  

View our Home Buying Presentation on You-Tube 

 What a lot of home buyers don't realize is that, apart from  the down payment 3.5 % with an FHA mortgage needed to buy a home, there are other associated closing costs.  Closing costs such as Loan setup fees, attorney and title fees and pre-paid Insurance and Property taxes.  These expenses normally add up to about 5% to 6% of the price of the home

This means you are going to need about 9.5% of the price of the home to be able to purchase this home.   

For those of you who s income level is below the 80 Annual medium Income level (IE Family of 3 $49000) there is some form of government grant money available normally from $7500 to $10000.   A seller is also allowed to contribute up to 6% of the selling price in buyer concessions with an FHA, VA or USDA loan.   But only 3% on a conventional loan.  This money is normally used to pay some of or all your closing costs.  

This means that when searching for a home we must find a seller that has enough equity in their home to be able to afford to sell their home and give you 6% and still pay their own seller closing costs.

 

   Mortgage Loan

Anyone wanting to obtain a mortgage loan will need at least a 640 credit score.  Sometimes we can find lenders that will work with a 600 but that always means that the underwriting will be done manually and your application is going to be scrutinized and very difficult.

Here are a few ideas on building your credit score if you believe it is lower than a 640

1) Revolving credit.   Revolving credit is the type of credit that builds your score.  A car payment will not help your score but a credit card will as long as you use it widely and try to keep the balance at about 20% of allocated credit Example: $1000 credit never owe more than $200 at any given time and always pay the bill on time.

            Apply for an Orchard Secured Credit Card

                Apply for a Capitol One Secured credit Card

 

 
 

 

 

Visit Dallas Area Affordable Homes for Counseling and Education Information

Home-Ownership Assistance in Texas

Success Stories Maria Guzman

Attention

" First Time Home Buyers" we can get into your new home for only $1000 total investment

     
It is time to get serious about working towards your dream and getting your own home
           
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