Nov
30
Austin Mortgage Rates
Posted by alexb under Uncategorized
Austin mortgage planner John Schutze gives his weekly market update:
“Mortgage rates are down again this week! The Fed released the Minutes from the Nov 3-4 meeting of the FOMC (Federal Open Markets Committee). This is the committee charged with setting Monetary Policy which includes the infamous Fed Funds Rate. The FOMC made several points clear:
- The economy shows tell-tale signs of improvement
- Unemployment threatens the recovery
- Inflation pressures are low, for now
Overall, the Fed Minutes paint the economy as in a state of measured repair, and under tight federal surveillance. Investors like this message and, as a result, stock and bonds markets are improving. Check out the rates below!
30 Year Fixed: 4.625 %
15 Year Fixed: 4.25 %
FHA 30 Year: 4.75 %
VA 30 Year: 4.75 %
5 Yr ARM: 3.5 %
Jumbo 30 Year Fixed: 5.75 %
Jumbo 5 Yr ARM: 4.25 %
30 Year Home Equity: 4.875 %
The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount
John finds buyers the right loan for their Austin home purchase. Check out his Austin mortgage blog.
Garreth Wilcock is a Realtor ® in Central Austin. You can search Austin homes for sale at his website.
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Nov
23
Mueller Development Austin – 51% Green, Plenty More To Come
Posted by garreth under Uncategorized
The Austin Chronicle ran a story on another sustainable accolade achieved by Mueller, Austin last week. Where are we in the development and where is it heading?
The Mueller Development has been awarded a silver LEED-ND status – a new designation at the neighborhood level which allows recognition of sustainable design and construction. The US Green Building Council allowed Mueller to participate in the pilot program which rewards developments in categories such as Smart Location (Mueller is a few miles from UT and Downtown) Pattern and Design (compact development and walkable streets).
Some aspects are mandatory (walkable streets) and some score points towards the rating (solar orientation, mixed-use neighborhood centers). Ratings are silver, gold and platinum, and at 51 points out of 100 Mueller is silver.
There are some 4600 homes planned for Mueller, of which around 400 are occupied presently. The timeline for development has been extended and the roll out of new homes has been modified. While the original plan called for development to move East of Berkman, it seems slated to move North now – towards the planned town center.
While the developer is still waiting to reveal exact plans, it sounds like denser development is coming: town homes and possibly Mueller Houses may be the next steps along Berkman. Maybe this more compact development will help the neighborhood gain the next rating level – LEED-ND Gold.
I’ll write some more about the developer’s announcements as they happen, and talk about implications for future home buyers and existing home sellers.
Garreth Wilcock is a Realtor resident in the Mueller Development. Search homes at the old airport.
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Nov
23
Buying a foreclosure with an FHA loan
Posted by garreth under Uncategorized
Following my blog a few months back about buying Austin foreclosed homes with an FHA loan, here’s a guest post from Rob with MortgageLoanPlace.com:
“Foreclosures are mounting across the country as borrowers continue to grapple with economic fallout and the subprime mortgage collapse.
Despite stories of loss and despair, these problem properties have become a prime opportunity for some choosy buyers ” and many are turning to FHA loans to help scoop up foreclosed properties at exceptional prices.
Government-backed loans, FHA loans in particular, are a prime way for borrowers to capitalize on the foreclosure market.
In fact, the FHA runs a program that meshes perfectly with the glut of foreclosures on the market. The FHA 203k program provides home loans for properties in need of work.
There are fixed-rate and adjustable-rate options with down payments as low as 3.5 percent. These flexible loans can even be used for infill projects, provided some part of the home™s original foundation is still intact.
The 203k loan can cover a host of rehabilitation and improvement costs, from decks and painting to room additions and HVAC systems. Other qualified improvements include:
- Roofs and gutters
- Plumbing and electrical
- Flooring
- Windows and doors
- Weather stripping and insulation
- Stabilizing or removing lead-based paint
- Basement completion and waterproofing
- Septic or well systems
Prospective borrowers need to remember that the 203k program does have more stringent qualification criteria than a normal FHA loan. The rehabilitation work must begin within 30 days of the property closing and be completed within six months. There are a few exceptions.
The FHA typically bases the loan amount on an estimate of what the home will be worth once the work is finished, including the costs of rehabilitation.
The U.S. Department of Housing and Urban Development hosts a database of foreclosed properties nationwide.”
Garreth Wilcock is a HUD approved Realtor in Austin, TX. Search Austin foreclosure homes at his website.
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Nov
22
Austin Mortgage Rates
Posted by alexb under Uncategorized
Austin mortgage planner John Schutze gives his weekly market update:
“Mortgage rates remain flat this week.
Rates continue to benefit from the Fed™s mortgage bond purchase program. Plus the stock market is struggling for the 3rd consecutive day. Both factors are helping to keep mortgage rates low for now. The Fed has purchased $1.023 trillion of the $ 1.25 trillion that™s been allocated for the program which is set to expire 1st quarter of 2010.
Weekend Rates
The current rates on some of our programs are:
30 Year Fixed: 4.75 %
15 Year Fixed: 4.25 %
FHA 30 Year: 4.875 %
VA 30 Year: 4.875 %
5 Yr ARM: 3.5 %
Jumbo 30 Year Fixed: 5.75 %
Jumbo 5 Yr ARM: 4.5 %
30 Year Home Equity: 5.0 %
The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount
John finds buyers the right loan for their Austin home purchase. Check out his Austin mortgage blog.
Garreth Wilcock is a Realtor ® in Central Austin. You can search Austin homes for sale at his website.
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Nov
13
Austin Mortgage Rates
Posted by alexb under Uncategorized
Austin mortgage planner John Schutze gives his weekly market update:
“Mortgage rates are down this week!
Mortgage rates are down about .125% across the board as we end the week after the stock market dropped yesterday. Investors moved money from stocks to bonds seeking a safe haven from the stocks. Also consumer confidence in October was down a bit indicating that consumers aren™t optimistic about the economy¦jee no kidding! This report is important because it indicates consumers™ willingness to spend as we enter the holiday season. If consumer spending is low companies will suffer as will stocks. If stocks suffer then bonds will usually benefit which should help rates remain low at least through the 4th quarter.
Weekend Rates
The current rates on some of our programs are:
30 Year Fixed: 4.75 %
15 Year Fixed: 4.25 %
FHA 30 Year: 4.875 %
VA 30 Year: 4.875 %
5 Yr ARM: 3.625 %
Jumbo 30 Year Fixed: 5.75 %
Jumbo 5 Yr ARM: 4.5 %
30 Year Home Equity: 5.0 %
The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount
John finds buyers the right loan for their Austin home purchase. Check out his Austin mortgage blog.
Garreth Wilcock is a Realtor ® in Central Austin. You can search Austin homes for sale at his website.
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Nov
6
Austin Mortgage Rates
Posted by alexb under Uncategorized
Austin mortgage planner John Schutze gives his weekly market update:
“Mortgage Rates are again mostly flat this week.
The unemployment rate hit 10.2% this week which is certainly bad news for the economy and would generally cause rates to drop. However rates haven’t moved much since the news was released early Friday morning. One reason is inflationary concerns. The price of Gold and Oil are on the rise which often is the result of inflationary pressure on the economy.
Weekend Rates
The current rates on some of our programs are:
30 Year Fixed: 4.875%
15 Year Fixed: 4.375%
USDA 30 Year: 5.25%
FHA 30 Year: 5.0%
VA 30 Year: 5.0%
5 Yr ARM: 3.5%
Jumbo 30 Year Fixed: 5.75%
Jumbo 5 Yr ARM: 4.5%
30 Year Home Equity: 5.0%
The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 740 credit score (620 score for USDA, FHA and VA loans). Some programs require slight adjustments for smaller loan amounts.”
John finds the right loan for Austin home buyers. Check out his Austin mortgage blog. Garreth Wilcock is a Realtor ® in Central Austin. You can search Austin homes for sale at his website.
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Nov
6
Tax Credit Extended – What’s in Store in Austin?
Posted by garreth under Uncategorized
The $8000 federal tax credit which has given the housing industry a boost in the last eight months is being extended.
It should be written into law by the end of today – November 6th 2009.
What does this mean to buyers and sellers in Austin?
In a nutshell the changes for first time buyers:
- You must be over 18 years old
- You can still claim on 2008 tax return if you close by the end of 2009
- The income limits have increased to $125,000 if individual claiming separately, $250,000 if married filing jointly
- House price must be under $800,000
There is also a move-up component for people to claim up to $6500 dollars if:
- They’re buying a new primary principle residence
- They lived in the old primary principle residence for five consequetive years of the last eight before they buy the new one
- They meet all other criteria for first time home buyers
So what does the extended tax credit mean for home buyers in Austin?
8262 single family homes have sold in the City of Austin so far this year under $800,000. 271 have sold over that price. So most of the current Austin market (over 96%) are elligible homes.
Low interest rates and the extended tax credit may raise home prices at the lower end of the market.
In some areas in East Austin, I’ve already seen a swing from a buyer’s market to a strong seller’s market based on the number of homes under offer. As a listing agent I’ve seen multiple offers in almost 50% of my listings on well-staged homes under $200k in the last two months.
So buyers should expect competition for homes.
What does the move-up tax credit mean for home sellers in Austin?
If the extension brings more buyers into the market, that’s good news for sellers!
There is now more incentive for first time home sellers who’ve lived for more than five years in their home. They’re going to see more motivated first time home buyers (looking for $8000). And they’re also going to get up to $6500 on the purchase of their next home (up to $800,000 – which is most of the Austin market right now)
So the effects may ripple up to the second time home buyers market, and further up the price range.
Long time homeowners looking to downsize will now get some incentive on the purchase of their next home.
It’s going to be an interesting ride for Austin real estate. If the current extension is the final extension, things may be much quieter in the middle of 2010.
Garreth Wilcock is a Realtor ® in East and Central Austin. You can search Austin homes for sale at his website.
