Friday, July 22, 2011

FHA vs Conventional Loans

The lending industry is continually changing, I thought it would be helpful to give a snapshot of FHA & Conventional loans and their requirements. Thanks to Eric Schroeder, my lender friend at Primelending for putting this together for me.

3.5% down with monthly mortgage insurance, typically a good way to go being a first time homebuyer. Has an excellent and typically easier to close when compared to a conventional loan that is needing mortgage insurance. FHA will allow properties with agriculture exemption and acreage. The 3.5% and closing cost can be in the form of a gift and the seller can pay up to 6% in closing cost. The mortgage lender can also help pay for some of the closing cost, this is called premium pricing. Minimal credit score of 600 with additional underwriting requirements, otherwise, a 640 is required.

5% down with monthly mortgage insurance, conventional will allow a monthly payment without mortgage insurance as long as the borrower puts down 20%. The seller will have to come up with the down payment out of their own funds and the seller can pay up to 3% in closing cost assistance. A minimal score of 620 is required on a conventional loan.

If you have additional questions or want to see about getting pre-qualified for a loan feel free to give Eric a call at 817-596-7878 or visit Primelending's website by clicking

Thursday, July 14, 2011

114 Oakwood Creek Lane

Wow, this house is a complete knockout! It literally looks like something straight out of a Pottery Barn magazine inside & out. It's immaculate and has it all! 4 bedroom 3 full baths, 2 half baths, formal dining, study, media room, bonus room, Hardwood Floors and attention to detail throughout.
Awesome Kitchen with a water purification system (which is anywhere from $3-5k it completely purifies the water). Jenn Air Range, Oven & Warming Drawer, As well as an additional oven. Beautiful Unique Granite & Custom Cabinetry.

The patio is the perfect place for entertaining and enjoying the backyard oasis. One acre of fully sprinkled yard & lush landscaping.
Love this house! It's in Oakwood Creek Subdivision just off Mineral Wells Hwy & Bankhead. You've got to love Parker County Real Estate.....All this for $350,000

302 Billo Ct.

Perfect 4-3-3 on just over 1/2 Acre in Established Weatherford Neighborhood. Great location convenient to schools, shopping & Fort Worth!
Great Open Flowing Floorplan, Plenty of Space for the Growing Family.
Kitchen with Granite, Island, Breakfast Bar, Walk-In Pantry & Custom Cabinetry. Back Patio is Perfect for Entertaining & Surround Sound is Already Installed. Backyard is Perfect for Pool & Play! 2890 sqft. $265,000

Thursday, July 7, 2011


Foundation problems can be a huge expense for Texas homeowner's, especially in North Texas because our soil contains a lot of clay which expands when wet and shrinks when dry. The variation in moisture levels take a toll on a foundation. Taking the time to consistently maintain and protect your home can save you thousands in repairs later.

What can you do to maintain foundation & prevent problems?
-When watering, or when it rains make sure that the drainage flows away from the foundation. Water should never "pool" around your foundation. Too much water is just as damaging as not enough. Also the soil level should not extend above the bricks.

-Make sure that gutters and downspouts direct rain water away from the foundation.

-Large trees or shrubs can consume tremendous amounts of water and should not be planted next to foundation. Do not allow the roots of large trees to extend under foundations.

-Water your foundation. Water should be applied in a systematic manner using automatic sprinkler system or a soaker hose. During the summer this should be done a couple of times a week. Don't forget to keep it moist in the winter, too.

What are some common signs of foundation problems?
-Cracks above doors and windows
-Doors and windows that are harder to open
-Obvious slopes in floors
-Cracks in bricks that follow a stair step pattern (this is usually a sure sign of foundation issues)
-Washed out spots under foundation that leave foundation exposed

If you notice any of the above in your home, call a foundation company to come out and take a look. They will tell you if any work is needed and give you property specific instructions on how to maintain your slab.

I reccomend MBR Foundation, they have been around for over 35 years and are honest, trustworthy and guarantee their work.