Your credit score: The lenders will take into account your credit score when they determine your mortgage affordability. When a mortgage lender lends you a loan, he will firstly check whether or not you’ll be able to repay the loan amount on time. Your credit report has all the information on your past accounts, how much is due, what time you take to repay your accounts and so on. Therefore, this will prove whether you’re a financially responsible person. With a good credit score, a lender will lend you a loan with a large amount, but not with a poor credit score.
Your monthly income: Your monthly income is also checked by the mortgage lenders as they will see whether or not you’ll be able to make timely payments on the mortgage loan after meeting all your other debt obligations. If they feel that you can’t afford a large amount with your present income, they will not approve. On the other hand, a good amount of income will help you in receiving a large amount of loan based on your affordability.
Your debt-to-income ratio: Your DTI ratio is as important as your credit score and your gross monthly income. This is nothing but the ratio between your monthly income and the total debt obligations that you have to pay in a particular month. If they see that you have too many debt obligations to repay in accordance with the amount of money that you make in a month, they will probably offer you a small amount of loan, or if you insist, they’ll charge high interest rates on the mortgage loan in order to reduce their risk.
Thus, if you’re in the market to get yourself a mortgage loan, the first thing that you should ask yourself is ‘I want to buy a new house how much can I afford’. Repair your credit score, pay off your debt obligations as much as possible and look for secondary sources of income so that you may get a loan with a favorable interest rate that can be repaid with ease.

There are many third party non profit groups that also exist to help military families move across the United States, and to foreign U.S. duty posts, in Europe, Africa, and many other countries. Money is not always the issue during a move, as it can take toll mentally, especially on the young dependents in the family. The side effects of being uprooted every year, or even every few months, can produce anti social behavior in children, and therapeutic resources are must to keep these children balanced, and moving forward in their lives in a positive manner. These counseling services are made available to all adults, and minors, to prevent any future problems.

Moving or relocation allowances are always provided when the military decides to transfer a soldier, aviator, marine, or naval seaman. However, that is not always the case when the individual requests a transfer due to family, or other personal reasons. When ordered relocation is in place, the service member can and should apply for all moving, and travel assistance months in advance in order to pay for the trip, and the movers up front. Otherwise, it could take months to be reimbursed, and present an overwhelming hardship on the family’s budget.

Off base housing allowances have a wide range, and there are many online resources, that will show active duty personal how much they can expect in housing allowance at there next duty post. For Example a private with the rank of E1 in the U.S. Army that is single, and is moving to a recruiting station in the 77036 zip code, can expect about nine hundred and ninety dollars per month currently. Take that same private, but they are married with dependents, and the allowance rises to over thirteen hundred dollars a month. This hardly puts someone in the lap of luxury, but it will pay for affordable rental housing close to his or her duty post.

This article was provided by Realty Austin, an Austin real estate firm.

Happy Holidays! With all of the gift-wrapping, party planning, and traveling, December is no doubt one of the busiest months of the year, but did you know it is also one of the busiest times for residential real estate in Austin?
Despite the wintery weather, demand for Austin homes remains high. The increase in activity has resulted in a drastic decrease in residential real estate inventory. The Board of Realtors report that inventory is at its lowest January 2009. It’s not uncommon for homes in some areas to get multiple offers and go under contract in just a few days!
Here is a snapshot of the Austin real estate market as compared to just one year ago:
Austin Real Estate Market Snapshot – Nov 2010 vs Nov 2011
$368,237,220 – Total dollar volume of single-family properties sold, 16% more than November 2010,

$189,300 – Median price for single-family homes, 3% higher than November 2010

1,358 – Single-family homes sold, 11% more than November 2010,

123 – Condos and town homes sold, 21% more than November 2010

83 – Average Days on market, 7 days less than November 2010,

1,826 – New single-family home listings on the market, unchanged from November 2010,

7,173 – Active single-family home listings on the market, 18% less than November 2010,

1,448 – Pending sales for single-family homes, 15% more than November 2010.

4.5 – Months of inventory of single-family homes, 1.4 months less than November 2010.

The bottom line is if you’re looking to buy, you’ll have to act quickly. The Holidays are an ideal time to begin the home search process as you probably have more downtime and can act quickly on homes you’re interested in. With so many eager buyers, sellers should consider listing during the Holidays, especially homes in hot neighborhoods.
Realty Austin offers customized market analyses to buyers and sellers and can even recommended an ideal selling price. Looking to buy? Sign up for custom MLS search and get personalized listing alerts from Realty Austin delivered right to your inbox.
If you’re looking to buy or sell a new home in the Austin area, now is the time. Merry Christmas and Happy House Hunting!

10 Cities Where Home Construction Is Taking Off

Daily Real Estate News | Monday, November 28, 2011

Builders mostly have stayed on the sidelines the last few years in many metro areas while construction permits and housing starts have dropped to only a fraction of what they once were during the housing boom days and even prior to that. But in many areas across the country, housing starts and permits at least leveling off. What’s more, in some places they’re rising.
The cities that are seeing the most construction activity in single-family homes and multifamily units are ones that experienced only a mild recession so they have “less ground to make up during the recovery,” as well as areas with population growth, an article at U.S. News & World Reports notes. For example, Houston, Dallas, San Antonio, Texas, and Omaha, Neb., are nearly back to normal construction-permit activity.

“What you’re going to start to see is construction activity pick up in parts of the country where, although we have an excess supply of homes nationally, we don’t in that location,” Stan Humphries, Zillow’s chief economist, told U.S. News & World Reports. “The fact that we have vacant inventory is a national phenomenon, (but) we don’t have vacant inventory in certain markets, which means new construction is going to pick up in some of these markets.”

The top 10 metro areas by construction activity in the third quarter of 2011 are:

Houston
Dallas
Raleigh, N.C.
Omaha, Neb.
Austin, Texas
Salt Lake City
Charleston, S.C.
Charlotte, N.C.
San Antonio, Texas
Tacoma, Wash.

Family living quarters on a military installation is not always the optimal living experience for many families, and off post housing is going to be the only solution. Military personnel are given the choice of having family quarters, or housing assistance to pay rent off their assigned base. In almost all circumstances, the monthly allotment is going to be in the low or affordable housing range. For example, a staff sergeant, spouse, and two children might be given seven to nine hundred dollars per month for their rental allowance. A real estate agent, or apartment locator service, can take the location the family would like to live in, and their monthly budget, and run the information through the MLS database to match up the available properties that meet that condition.

A family that is moving to Fort Benning, Georgia, or Fort Hood, Texas will usually have several months notice to take advantage of getting prepared for the move, and can start contacting these real estate professionals at their next location. Agents will also have valuable information in the form of documents, or web page links that will assist with getting the kids registered for school, power, cable, water, and trash services initiated.

An added benefit to using the services of an agent, is that they will have a full range of knowledge on which areas of town have the best public schools, and which zip codes have lower or non existent crime rates. All of this information can be found on the Internet, reading about an area, and actually living there are quite different circumstances, and the data online could be skewed or in error frequently. In the end, having this professional assistance will result in a much better moving experience

One of the biggest but most manageable expenses associated with home ownership are utility costs. Electricity bills can be especially expensive for homeowners. As you probably already know, costs can change drastically season by season and sometimes soar so high that you can run up an excess of hundreds of dollars in cost if you are not careful. Luckily there are many easy ways to manage your electricity use and keep your costs down. Here are our top tips for saving on your electricity bill year-round.

Lights Out!
The first and easiest way to save is to get in the habit of turning off lights when not in use. Be sure to also assess your home lighting. You may find that there are bulbs that use excess wattage or just are not practical for use in your kitchen or bedroom. One easy solution is switching over to energy-efficient bulbs. LED bulbs provide high-quality lighting and use less energy than traditional light bulbs, making them not only better for the environment but most cost-effective, too. Best of all, these bulbs last up to
100,000 hours, or several years.

Inspect Your Appliances
Staying on top of your refrigerator maintenance is key to energy efficiency. First, make sure the cooling coils in both the refrigerator and the freezer are clear. Cleaning the vent in the bottom and back of the unit will also help it run better. Lastly, do a regular defrosting to get rid of thick ice surrounding the freezer container. For the other appliances, the simple practice would be to turn them off and unplug them when not in use.

Mind your Wattage
Procure a wattage meter that can measure how much electricity the devices around your home are using. They can be purchased for about $20, and provide a quick do-it-yourself method for effectively monitoring your energy consumption.

While some of these tips require extra effort on your part, they will result in long-term benefits you will appreciate. Think green and you’ll see the saving begin to pile up!

A loan of sorts can be issued upon approval by the service person’s immediate commander, and advance on future pay can be provided. This will allow the family to receive a set amount of funds that will consist of eighty percent of the loan or advancement they request. Upon arrival at their next duty station, they will submit a travel voucher, and receipts of their travel expenses to get the final twenty percent of the loan. So it will not be to big of a financial weight, the payroll department will allow for a paycheck deduction for up to twenty four months to pay back the advancement.

Emergencies can arise, and when money is needed while traveling contacting the appropriate emergency relief department will be necessary. The Army, Navy, Marines, and Air Force all have these assistance groups in place for twenty-four a day help. This can be for help in finding food resources, temporary shelter, and clean clothing. They will also assist and counsel families on where they can obtain additional financial assistance, in the civilian community as well.

Overall, starting to plan, and schedule everything needed for a successful relocation needs to be executed about sixty to ninety days in advance. This will allow for contacting real estate agents to find a home at the next assignment location, and if need be, saving extra funds from each payday to cover the entire cost of the upcoming move. Contacting the destination post, and asking for a relocation package will offer information for affordable areas for off post rental housing, how to register children in school prior to the move, and any support groups on base or off that will be needed up on arrival.

If moving from Europe or South Korea back to the United States, it could literally take months to receive household goods, such as furniture, bedding, and additional clothing. Automobiles can take quite a while, as there are extra measures, and regulations concerning overseas transporting of personal vehicles. Solutions to this dilemma should be worked out well in advance to prevent any hardships

Author Bio:  Richard is a real estate broker at VIP Realty in Texas.  He specializes in helping both buyers and sellers with their San Antonio Texas Military Relocation needs.

Pros and Cons of Buying Resale

One of the benefits to buying resale is the fact that most of these homes are in move-in condition, which means you can move into the home right away and you don’t have to worry about taking on additional expenses as you work toward completing the home. Most resale homes also offer larger lots than those that are typically found with new construction.

Another benefit to purchasing a resale home is that the neighborhood is already established, which means you can get a very good idea of what your neighbors are like, how traffic flows through the neighborhood and what types of amenities and services are available in the area.

Pros and Cons of Buying New Construction

One downside to purchasing new construction is that you are limited in where you can buy. If you have your heart set on living in a particular neighborhood, but there are no lots available in that neighborhood, buying new construction will not be an option. Furthermore, new construction homes typically do not have the charm and character that can be found with a resale property. On the flip side of the coin, many new developments, such as those found in many Downtown Austin condos, alternatively provide a more modern and clean design – which can be just as or even more desirable for some.

While there are some downsides to purchasing new construction, one benefit to going this route is the fact that you can choose precisely what you want to have in your home. Similarly, since everything in the home is new, you don’t have to worry about dealing with stains, wear and tear, outdated features and ugly color schemes. In short, if you are looking for a home that looks and feels brand new, new construction is clearly your only option. It is important to note, however, that even new homes can be flawed. This is particularly true if something is not installed correctly. Therefore, even when purchasing a new home, it is a good idea to conduct a home inspection before signing the contract.

In many ways, the decision whether to purchase new construction or resale is one that is a matter of personal preference. Therefore, it is always a good idea to explore both options before making a final decision.

About the Author – Eric Bramlett specializes in Steiner Ranch Real Estate and is the broker & co-owner of One Source Realty, a boutique real estate firm in Austin, TX.

That’s what she said.

Yes, my client at a recent showing was totally grossed out. It happened when she walked into the master bath of a nicely staged 5 year old resale house. The shower had a bit of mold that looked impossible to treat and their were nail clippings on the floor next to the walk in closet. Needless to say, she ended up choosing a newly minted spec / inventory house by a local builder.

I really can’t blame her after that experience.
Even though this true story is a bit drastic, there are several reasons why purchasing a builders spec may make a lot of sense to you.

Here are a few reasons why buyers go new:

Homebuilder Warranty: Most new homes from a reputable builder come with a new home warranty.  Most warranties from home builders in Indianapolis for example will cover craftsmanship (nail pops, hair line corner cracks, squeaky floors) for a year, mechanicals (HVAC) for two years, the roofing system for five years and the structural integrity (foundation) of the house for 10 years.

Great Perks and Incentives: Builders do not want standing inventory. Just take a moment and think about it, carrying costs can include mortgage interest, heating and cooling costs, landscape maintenance, home maintenance, and even theft.  Because of this, buyers can take advantage of huge incentives on sitting inventory. Everything from additional options and price reductions to financing points are not out of the question.

Latest and Greatest Features and Options: Handscrapped hardwood is all the rage here in Indy. Four year ago, you couldn’t find it in a house. You used to only find pot fillers next to the range on very expensive homes, now they are everywhere.

Green Tech: There is no question that all legit home builders are focused on utilizing materials that will make the home more energy efficient. You now commonly find 90% efficiency furnaces, low-e windows, better insulation, and wider roof overhangs on new homes.

No Ugly Wallpaper, No Nail Holes to Plug, No Plumbing to Fix: I think you get my point; little to no rehab.

Style Points: Ahh, yes. Many of the newest plans now also feature mom’s rooms, awesome mud rooms / kid’s lockers, bonus rooms for kids, and higher ceilings. The way we live has changed and so have the designs.
Nail Clippings: And yes, none of them.

Purchasing a builder’s spec may not be for everyone but some benefits are clear.

_____________

Mark Matyanowski is the Principal Broker for the Indianapolis real estate firm ICON Realty Partners, LLC. Mark is an Indianapolis Realtor with 15 years of real estate experience and is actively involved in buyer and seller representation, 1st time buyer consultation, and income property investment. To view the Indianapolis MLS and to read about local Indianapolis real estate news, please visit our website.

Before making the decision to purchase a condo, there are a number of questions you should ask as there are pros and cons in condo living, as there are anywhere else.

If possible, speak with other home owners in the community. Ask them whether they like living in the complex – or not. Find out why they feel the way they do.

Look at the common areas and the amenities. Is the complex well kept? Is the landscaping well maintained? Do they have a club house, pool, fitness center?

Read the by-laws and pay close attention to the CC&R’s (Covenants, Conditions and Restrictions) as these rules and regulations govern what can and cannot be done in the complex. If you find them too restrictive to your lifestyle, it is better to pass on condo living. If you find them a comfort and in keeping with your own attitudes toward home ownership, condo living may be a good fit for you.

Find out the amount of the monthly association fees and what these fees cover. Based upon expenses of utilities and contractors working for the association, they may increase each year and you must pay these fees as regularly as you make your mortgage payment.

What is the percentage of renters to owners in the community?

What major repairs and/or renovations are planned for the immediate future? Is there a sufficient reserve fund to cover these improvements? If not, home owners may be liable for a charge- called a Special Assessment – to pay for such improvements.