Videos on You Tube

The Pye Team now has a You Tube Channel! Check it out at: www.youtube.com/user/pyeteam1

And just a little taste...

Pre-Qualified vs. Pre-Approved



Colleen Pye and Debby Colson, the Pye Team talk with Doug Luza of CORE Lending about the difference between pre-qualification and pre-approval in the home loan process.

Home Warranties - Are they worth it?

Apparently so.  Recently, I've been made aware of two instances of using a home warranty to avoid costly repairs.  First, Fidelity National Home Warranty repaired a pool and a refrigerator saving the homeowner over $1,800.00.  In the second instance, a homeowner had their entire gas furnace replaced by American Home Shield amounting to a total savings of $1,500.00. Both homeowners report a positive experience and were happy to have the home warranty to rely on.

Down Payment Assistance Programs offered by our friend Diane Rifai

Our friend Diane Rifai now offers down payment assistance programs through TSAHC for Professional Educators and Homes for Heroes such as firemen, policemen, etc. (see definition below).

Here's a brief summary:
1.       There is a Household Income Limit -see attached chart
2.       There are Home Purchase Price Limits
3.       Must be a first time homebuyer (not had an ownership interest in a principal residence in last 3 years)
4.       Meet standard underwriting guidelines for a loan
5.       Intend to occupy the home as a primary residence
6.       Complete a HUD approved homebuyer education course prior to closing

Homebuyer must be one of the following:
§  A Professional Educator: Defined as a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member * of either an undergraduate or graduate professional nursing  or allied health program in the State of Texas; or
§  A Texas Hero: Defined as a full time, paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas (click here for detailed Texas Hero definitions : http://www.tsahc.org/pdfs/2010_Homes_For_Heroes_%20Eligibility.pdf ).

Call Diane Rifai for more details --
Residential Mortgage Loan Originator
Cornerstone Mortgage
cell: 713-304-2660

Mirror Makeover!

Just had my three bathroom mirrors updated - wow! The effect is eye-popping. Check out the vendor I used at: www.MirrorMakeover.com  You can also check out customer comments by visiting: http://www.youtube.com/mirrormakeover#p/u/0/GJo6L-YzSJI

New HCAD Rules for Initial Homestead Exemption

If your home does not currently have a homestead exemption, now is the time to file it for 2012. You have up until April 30th to send it in. You can also file for exemptions on disability, over 65 and other types of residential exemptions at this time - check your county appraisal district office to see what is offered in your county.

New rule for 2012 - you must present a driver’s license and vehicle registration showing the current home address - so get that done first. See below for a link to the new rules for Harris County (and some surrounding counties). To file your exemptions, go to your county appraisal district and the forms should be on the web site.

Here's the link for a PDF of the new HCAD rules: http://www.hcad.org/pdf/HB-252.pdf

Below are some additional links for the forms to file at various county offices:

Harris County http://www.hcad.org/

Montgomery County http://www.mcad-tx.org/html/forms.html

Brazoria County http://www.brazoriacad.org/Forms.htm

Fort Bend County http://www.fbcad.org/Appraisal/PublicAccess/OtherOption.aspx?MenuOptionID=1&SelectedItem=51&PropertyID=&PropertyOwnerID=&NodeID=11

Liberty County http://www.libertycad.com/forms.html

Thanks to our friend Diane Rafai for sharing this info with us. Visit her on the web at: www.DianeRifai.com

Your Tax Refund Could Mean a New Home

Do you remember what you spent last year’s income tax refund on?

Yeah, neither do we. Instead of spending it on something frivolous, why not put it towards something that matters, something that you and your family will appreciate for years to come ~ a home! There is no greater feeling than owning your own home; and by using your tax refund for your home down payment, you eliminate the bigger hurdle! Combining a down payment assistance program with an FHA first mortgage could lead to little or no money out of pocket.

Contact Jenny Matthews, Loan Consultant with iMortgage
to learn about these programs.
Direct 713 395 6915
Mobile 713 395 6915
Fax 855 433 2896
NMLS ID 621639
jenny.matthews@imortgage.com

Towne Lake is building out a waterfront center

The folks over at Towne Lake are set for a busy new year...the developer is moving forward on a planned waterfront center called The Boardwalk of Towne Lake that is to  include restaurants, retail stores, office buildings, a hotel, a green area, a 3,000-seat amphitheatre.  Check out the details here:

http://impactnews.com/northwest-houston/328-news/15750-towne-lake-builds-out-waterfront-center

Christmas Tree Recycling

Every year, Houstonians discard thousands of used Christmas trees that could be recycled into useable items. The City of Houston is encouraging residents to recycle their Christmas Trees to give them a new lease on life and make the recycling of Christmas trees a family tradition.

Click here for more info: Christmas Tree Recycling

FHA Extends Waiver of Anti-Flipping Regulations Through 2012

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante will extend FHA’s temporary waiver of the anti-flipping regulations.   

With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days.  In 2010, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011.  The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. 

The extension is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA.  All other terms of the existing Waiver will remain the same.  The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers.  The Waiver continues to be limited to sales meeting the following conditions:

·         All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

·         In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will only apply if the lender meets specific conditions and documents the justification for the increase in value.

·         The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

-- This information was originally shared with us by our friend Diane Rifai, Residential Mortgage Loan Originator. Visit her on the web at: http://www.DianeRifai.com

Wow...

Property Flipping rules and FHA

On December 31,2011 FHA’s Temporary Flipping Waiver expires. For over a year, FHA had waived their requirement for 90 day ownership prior to purchasing a property using FHA insured financing. But that waiver expires December 31, 2011. If FHA does not renew it this means we go back to the regular policy.

FHA flipping policy:

FHA requires a property to be owned by the seller for 90 days before re-sale (this means the contract date cannot be prior to the 91^st day of the seller’s ownership). No work can be done by lender on the property prior to the 91^st day- this includes ordering an  appraisal or ordering a case number from FHA on the borrower). So if you have an investor property under a listing agreement, then you need to prepare your seller for this. The 91 days is calculated from the date title transferred to seller (not necessarily the same as the purchase date) to the date of a new sales contract.

-- This information was originally shared with us by our friend Diane Rifai, Residential Mortgage Loan Originator.  Visit her on the web at: http://www.DianeRifai.com

Hot On Homes - Albury Trails

The Pye Team was recently featured in a Hot On Homes! segment. Click the picture below to view:

Preparing for the Holidays

A few good tips from our friend Diane Rafai...

This time of year everyone is focused on the holidays: gifts, trips, parties...so much fun but so expensive. Be careful as you navigate through the next few months- you do not want to ruin the good credit scores you spent the year maintaining. Here are some tips to keep in mind about credit scores:

1. Inquiries: every time a creditor pulls your credit, it can hit your credit score 4-8 points PER INQUIRY according to the credit bureaus. So applying for new credit at department stores to get a discount on a purchase can cost you more than the discount it worth. Be careful about applying for new credit.

2. New credit: every time you do get approved for new credit, you get a new hit to your score for the following reason: length of time since new account established - and depending on what type of account it is, you could see too many revolving accounts, or too many department store accounts or too many open accounts any of these can have negative effects on your credit scores.

3. Credit limits: even if you keep your credit cards paid on time, if your balance at the time of the statement exceeds 30% of the available credit on the card, you may have points taken away from your score. (This shows up under your credit explanations as proportion of balances too high or ratios of revolving credit too high.) Many people believe as long as they pay the credit card off monthly, they are ok. But the fact is the balance used to evaluate your score on the credit report is the amount shown on the monthly billing statement. So if your plan is to pay the credit card off monthly, and you want to maximize your credit score, then you need to pay the balance BEFORE the bill comes out so the statement reflects an amount less than 30% of the available balance.

Use your credit wisely this season so you start 2012 in as good or better shape than you end 2011. Credit scores are so important to all aspects of your financial health that proper management insures a solid foundation.

How long does a borrower have to wait to get another loan when they have had a financial issue?

Download this PDF prepared by Diane Rifai to answer that question: Download the PDF

What's Happening in Houston...

Presentation is Everything!

In a competitive market with more inventory than we've seen in some time, presentation is everything! By eliminating points a potential buyer may find fault with and bringing out the positive amenities, you are more likely to sell your home and get the price you want. Here are just a few tips that further your efforts:

* Let There Be Light. Buy some 100-watt bulbs to brighten rooms, and open curtains or blinds to let light in. Unless a window faces a brick wall or some type of eyesore, open the drapes!

* Garage, Not Garbage. Have a garage sale to clean out the clutter and make the garage more spacious. You're moving and probably need to start organizing anyway, so why wait until the last minute? Clean up oil spots in the garage or carport with a good cleanser to remove that "lived-in" appearance. The home may not be brand new, but it's new to a potential buyer.

* Make Scents. Get a nice potpourri air freshener, or keep some refrigerated cookie dough on hand to throw in the oven when a prospect is coming over. Make the house smell like a home.

* Paint-relief. Consider re-painting any areas that need to be touched up, especially the front door and entryway, and any appliances that are showing their age.

* Power Plants. Trim down any jungles outside, especially if they cover the house. Get rid of any half-dead houseplants. Water the lawns briefly before any visit, and keep the lawns mowed and edged.

* The Price is Right. Price may be a sensitive issue, but with increased inventories and declining home values in many neighborhoods, every shopper in a buyers' market is determined to get the best deal possible. Now is a good time to compare your house with others on the market in the same area, because the right price is the one thing that will sell your house faster than anything else.

* The World is Your Stage. Professional staging can help to showcase the best side of a home, create more interest, and get you top dollar. With increased inventories, staging could provide the competitive edge you need.

These tips were derived from 33 Ways to Sell Your Home Fast! and shared courtesy of James Ricks,  Bluewater Mortgage.  Thanks James!

Open house tomorrow.. in Fairfield.. on 700AM

My listing on 15131 Red Cedar Cove Cypress, TX 77429 wil be on KSEV radio.. 700 am.
You can listen on line starting at 1PM... http://ksevradio.com/schedule/sunday/open-house

Just going the extra mile for my clients... Home buying and selling as easy as PYE... it's not just our slogan it's our PASSION