Veterans save 25% of Mortgage

Veterans call 817-781-4072 for your free consultation  Veterans Click Here to Contact Now Homes With Honor is a program to provide quality homes to low and moderate income U.S. Military Veterans seeking to buy a home for their personal residence in Texas.  Contact Darlene Johnson the Realtor for Veterans 817-781-4072  Qualifying Veterans: Must be active service or provide proof of honorable discharge. Must have an income of 120% or below Average Median Income (AMI) for the county where the home is located. Example: Average Median Income in Harris County Texas for a family of four is $66,200. 120% equals $79,400. Total family of 4 income in Harris County must be less than $79,400 to qualify. Must be owner occupied (second mortgage will not be forgiven if Veteran fails to live in the home as their primary residence). Must be approved for a mortgage for 100% of the appraised price less down payment. Homes With Honor does not provide a first mortgage. Must have proof of funds for down payment and any Buyer closing costs.   Homes With Honor non-profit organizations provide qualifying Veterans with a forgivable soft second mortgage at 0% interest rate and no payment as long as the Veteran is in compliance with the program. The soft second mortgage is completely forgiven over 10 years with no payment. The primary compliance requirements are that the Veteran must remain current on their first mortgage (obtained independently of Homes With Honor) and must live in the home as their primary residence 10 years minimum     The soft-second mortgage will be forgiven over 10 years according to this schedule: Example: Purchase Price: $ 100,000 (Appraised value of the home at time of purchase) Down Payment: $ 0 (VA loans may be $0 down payment) First Mortgage: $ 75,000 (75% of $100,000 purchase price) Forgivable soft second mortgage: $ 25,000 (25% of $100,000         purchase: 0% interest rate $0.00 payment) Each month 1/120th of the forgivable soft second mortgage is forgiven. If the Veteran sells the house after six years, 60% (or $15,000 ) of the $25,000 soft second mortgage will be forgiven. After 10 years (the full $25,000) the soft second mortgage is forgiven. Darlene Johnson Realtor CBDFW-Mansfield   Direct: 817-276-2285  26E. Debbie Lane Ste.110   Mansfield, TX 76063   Email: darlene.johnson@cbdfw.com  Website: www.cbdfw.com/darlenejohnson

More Americans Think Now is a Good Time to Sell, Survey Says

The results of Fannie Mae’s January 2013 National Housing Survey show increasing confidence in home sales and an improved sense of job security, offering further evidence that the housing market is strengthening. In fact, the 23% of survey respondents think it is a good time to sell a home, up from 11% in January 2012.

The survey also revealed that:

·         The average 12-month home price change expectation fell slightly from last month’s survey high to 2.4%.

·         At 41%, the share of those surveyed who believe home prices will go up in the next 12 months decreased by 2 percentage points from December’s survey high, while the share who believe home prices will go down returned to the survey low of 10%.

·         The percentage of those surveyed who think mortgage rates will go up decreased by 3 percentage points to 41%, while those who think they will go down dipped slightly to 7%.

·         The share of respondents who said they would buy if they were going to move held steady at 65%.

·         The percentage who expect their personal financial situation to get better over the next 12 months rose by 3 percentage points to 43%.

Click here to read the entire press release.

Source: fanniemae.com, February 07, 2013

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