Buying a home and investing in Real Estate is a major endeavor that can yield deep and lasting rewards.  Today Real Estate transactions usually exceed $100,000.   The seller is usually represented by a listing agent who looks out for their best interests.    As a buyer you need someone who understands your perspectives and is committed to helping you achieve a successful transaction.

There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.  You’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of home buyers.

Our services are FREE to home buyers!

Foreclosures are a niche market with many subtle but important nuances, requiring considerable specialized knowledge, experience and contacts. If you decide to pursue a foreclosure purchase, you’ll want to work with Bill Edge an Affordable Housing Specialist who can educate you on the process. He can help you crunch the numbers, determine a logical purchase plan, avoid potential set-backs, and assist you with all the unique processes and paperwork involved with foreclosures.

You can, and should, get pre-approved for a home loan before you go looking for a home

Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for. Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter’s rut forever. Typically there is no cost or obligation to enquire.

Buyers can get into a home even if you don’t have a down payment!

No Down Option #1 – $100 HUD Down Payment

$100 down payments on HUD Homes financed with FHA-insured financing

No Down Option #2-Houston Assistance Program

First time buyers can get up to $19,500 in down payment if their gross family income is at or below 80% of the area median.

 No Down Option #3– Gift Funds

The “tax credit advance” may also be possible with the help of the buyers employer and/or relative(s). 

 No Down Option #4– Eligible Vets

Eligible veterans can use a VA loan to buy a home with no money down.

No Down Option #5– USDA

Qualifying borrower’s living outside of major urban areas may qualify for USDA zero down financing

No Down Option #6-Harris County Assistance Program

First time buyers can get up to $14,200 for new construction, $9,500 for resale properties, built within the current ten (10) years.  You must live in the house for five (5) years, which is the affordability period.

Be the first to know about Hot New Listings

Our Exclusive Buyer Profile System saves you Time and Money. Simply enter your criteria into our on line form and get priority access to ALL homes that match your criteria, including Bank Foreclosures, Company Owned Properties and other Distress Sales.

No more wasted time looking at out-dated information in newspapers or searching the internet. Priority access means you’re there first before other buyers, so you can negotiate the lowest possible price and your time is not wasted viewing homes that don’t interest you.

Click here to be auto-notified!

Call Bill Edge at 713-240-2949 to see Houston homes in 24 hours or less.

As a homebuyer considering a foreclosure purchase in innerloop Houston, Bellaire, West University, Katy, Pasadena, Cypress Fairbanks or any Greater Houston Neighborhood it is important to understand the finance process.   There are many lenders to choose from offering a variety of finance programs at different interest rates.  If financing is going to be used for the purchase of a property, it is best to secure the financing in advance.

As foreclosure specialists the Man-Edge team is there to guide you along the way to home ownership. Following is a guide to financing a foreclosure home.

1. Find Financing

The first thing a seller wants to know about a buyer is if they have arranged for the money to purchase the home. If you do not have a pre-approval letter or a proof of funds to submit with your offer, the offer will not be considered by the seller. The buyers who are successful are ready to pull the trigger the minute they see a great deal.

2. Find out how much home you can afford.

The amount of home you can afford depends upon your income, savings, monthly expenses, and debt. These factors will determine the amount of money a lender is willing to loan you. You also need to consider loan interest rates.

3.  Look for the best mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether it’s a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

4. Choosing the right mortgage for you

Conventional Loan

A loan made with real estate as security and not involving government participation for insurance or guarantee.

• Not subject to the more stringent FHA and VA regulations
• Down payment varies by credit score
• The most common down payment is 10% for owner occupants, and 20% for investors
• Closing costs vary
• Private Mortgage Insurance is higher than that of FHA
• Loans are subject to institutional regulations

FHA Loans

Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes.  By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans.

• Minimum down payment of 3.5%
• Closing costs are low regulated by HUD
• Private Mortgage Insurance Premiums are low
• Flexible guidelines
• Limited Lenders Fees
• Maximum loan Amount

VA Loans

VA financing is available to over 29 million veterans and service personnel, in most cases a house can be purchased with no money down.  Financing can be approved for up to $203,000 and there is no monthly mortgage insurance premium to pay.  Additional benefits include traditional, Guaranteed Payment and Growing Equity repayment options.

• No down payment in most cases
• No monthly mortgage insurance premiums
• Limitation on buyers closing costs
• VA performs loan servicing

Loan maximum may be up to  100 percent of the VA-established reasonable value of the property.                                                                                                        

5. Hard money Loans can serve as interim financing.

These loans are backed by the value of the property rather than the credit score of the buyer. The loan is typically used for short periods of time. A buyer could buy a property, fix it up and sell it. Pay off the loan and pocket what is left. The lender will typically loan a percent of the ARV (after repaired value of the home). For example you find a home selling for $60,000. This home should bring $100,000 when repairs have been made. You have $12,000 which could be used for a 20% down payment. With a hard money loan the lender loans you the $60,000. You spend your $12,000 on supplies as you make repairs to the home. When the home is complete you list it for $100,000, sell it and pay the loan off. Hard money loans will have high interest rates, which can vary from 12% to 20%.

6. Loans with a repair escrow

Streamlined 203(k)Limited Repair Program

The FHA offers the 203K loan. The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

HomePath® Renovation Mortgage Financing

Available only on homes you make your primary residence and offers these benefits:
• Financing to fund both your purchase and light renovation
• Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
• No mortgage insurance*
• HomePath Renovation Mortgage financing is available from several lenders.

Call Bill Edge at 713-240-2949 to see Houston homes in 24 hours or less

Investing in a foreclosed home in Houston should be a part of your portfolio! We have been helping investors buy foreclosures in Houston, Pasadena, Katy, innerloop Houston, Spring, Cypress Fairbanks and Tomball. Sellers are throwing in the towel and accepting low offers for properties which appraise at much higher rates.

Tips our investors have found useful

1. LOCATION, LOCATION, LOCATION. Where your property is located has everything to do with the resale value and rental rates. Subdivisions, school zones, shopping, and amenities will determine your properties value now and in the future. Abundant land, no zoning, and reasonable housing costs have all contributed to Houston’s growth. Foreclosures are popping up in innerloop neighborhoods and planned communities.

2. Stick to homes requiring only minor repairs. I have a homebuilder and a roofing contractor for clients. They will not buy foreclosures with foundation or major problems. There are plenty of foreclosures which require only paint, carpet, minor sheetrock work, and appliances. These are easy repairs that can be contracted out if necessary. Leave the money pits for someone else.

3. Be prepared to invest money in your investment. As a general rule the newer the home the less money will go into maintenance. If you have bought an older home, be prepared to spend money yearly to keep the home up. There are always minor roof repairs, carpet, and siding to replace. Because of Houston’s rapid growth in the last 7 years, it is possible to buy a newer home which will not require maintenance for years to come.

4. Numbers are everything in Real Estate. You are not trying to beautify Houston. You are trying to make a return on your investment. Know when to walk away from a deal. Most important study the area you want to invest in. When that great deal arrives it will not last. You must be able to recognize a great deal when you see it. Property values may stay at the current level or perhaps even drop. Be prepared to be a landlord for 10 years if necessary before selling your investment.

5. Square footage, Bedrooms and Bathrooms. Like money you can not have enough of them. When looking at properties remember your resale value and your rental rates are directly dependent upon these factors.

6. The Real Estate market is determined by supply and demand. The city has abundant vacant land on which to expand. New affordable housing is being built with mortgage assistance programs for those who can not afford a down payment. These factors make Houston an extremely hard city to make money on a “flip”. The good news for investors is that the percent of owner occupancy in Houston is below 50%.

7. Your time versus a Property Manager. Your time is valuable. You could be earning more money or playing with the kids. If you don’t want the responsibility of being a landlord, then it is possible to hire a property manager to do this job for you.

Call Bill Edge at 713-240-2949 to see Houston homes in 24 hours or less

There are still many programs available in the Greater Houston Real Estate market to assist lower to moderate income homebuyers.  Matching consumers with the right program is crucial.  Texas Affordable Housing Specialist (TAHS) Bill Edge has worked with homebuyers assisting them in finding the lowest-cost mortgage they qualify, and keeping them out of harmful situations.

The Texas affordable Housing Specialist (TAHS) certification equips Texas REALTORS with the knowledge to help first-time and underserved homebuyers and increase sustainable home ownership in Texas. 

TAHS components:

United Texas: housing initiatives that work

Help for Homebuyers

Manufactured Housing today

FHA lending for workforce housing

Employer-assisted housing

The Texas Association of REALTORS approach to foreclosures and short sales

Short Sales and Foreclosures the professional approach

We are approved to work with the Houston Assistance Programs and are up-to date with changes to ensure best results.

To see if you are eligible for assistance contact Bill Edge at 713-240-2949.