The Woodlands Real Estate

Everyone is asking “what is going to happen with our economy?” And what is that going to mean for the real estate market. As Realtors and experts in The Woodlands and Spring real estate market, The Chappell Team would like to offer some sound real estate advice to those who are either in the market already or are [...]

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First-time home buyers should look closely for home loan assistance. As an example, Under the American Dream Downpayment Initiative (ADDI) each of the 50 states receives funding from the U.S. Department of Housing and Urban Development (HUD) that is specifically tagged for helping first-time home buyers.  State and local communities then use this money to provide financial [...]

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With a conventional mortgage, a borrower who makes less than a 20% down payment is normally required to take out private mortgage insurance (PMI).  The cost of this insurance varies depending on the type of the loan, the amount of the down payment and other factors like credit scores. FHA mortgages may get even more [...]

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Now, with conventional loan programs as restrictive as they are, the best recourse for first-time home buyers is to look to government agencies like the Federal Housing Administration (FHA), which offers loans to those with average credit or little money for a down payment, and the U.S. Department of Housing and Urban Development (HUD), which [...]

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During the real estate boom, many first-time home buyers ignored government mortgage assistance, favoring instead the sub-prime, Alt-A and piggyback mortgages offered by private lenders who required little in the way of a credit score or, for that matter, money toward a down payment. But now, thanks to the well-publicized sub-prime mortgage meltdown, the easy [...]

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The nonprofit giant, Nehemiah Corp., believes Congress and President Bush will ban its decade-old down-payment assistance “gift” program within days as part of a larger housing bill, Nehemiah President and Chief Executive Officer Scott Syphax said Monday. Here’s how the program works: A lender contacts Nehemiah or a similar group and asks for a down [...]

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1.  Thou shalt not change jobs, become self-employed or quit your job 2.  Thou shalt not buy a car, truck or van (or you may be living in it)! 3.  Thou shalt not use charge cards excessively or let your accounts fall behind. 4.  Thou shalt not spend money you have set aside for closing. [...]

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Most lenders require that your monthly payment range between 25% – 28% of your gross monthly income. Your mortgage payment to the lender includes the following items: – - The principle on the loan (P) The interest on the loan (I) Property Taxes (T) The Homeowner’s insurance (I) Your total monthly PITI and all debts [...]

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There are 3 key factors to consider when figuring out how much you can afford for a home. 1. The down payment 2. Your ability to qualify for a mortgage 3. The closing costs associated with your transaction Down Payment requirements:  Most loans to0day require a down payment of at least 3.5%-5.0% depending on the [...]

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Many buyers apply for a loan and obtain approval before they find the home they want to buy.  Why? Pre-qualifying will help you in the following ways: 1. Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose [...]

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