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Relocating to El Paso, Texas

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Relocating to El Paso, Texas

Situated on the US-Mexico border, El Paso Texas is a beautiful area with rich cultural and recreational attractions. Many are speaking to Stonebriar Mortgage about relocating to El Paso, TX and why it’s a smart move. Read more about all the great things you’ll enjoy while living in this great bi-national community.

An Area of Culture and Heritage

A variety of cultural places are open to explore in El Paso. There are missions dating back to the 1600s. Many come here to learn about the rich history. The Symphony has served the community for over 75 years, and the Local Plaza Theatre hosts famous musicians from around the world. A yearly music festival, Viva El Paso, happens in summer at the beautiful the NcKelligon Canyon Amphitheater. The event celebrates the city’s multinational heritage. Many El Paso residents are bilingual in English and Spanish.

Good Grades for Schools, Safety, and Jobs

El Paso has a great school system to provide for a well-educated family. The local community college serves around 35,000 people and the public K-12 schools are top quality. University of Texas at El Paso has been around for over 100 years. Its high-quality, thriving student life is a community tradition. Over at Texas Tech, Paul Foster School of Medicine recently expanded its medical school. It’s the first medical school to serve the US-Mexico Border and will add $10 Billion to the local economy.

The County Sherriff’s office reports that El Paso is top ranked for its peaceful community. Congressional Quarterly also ranked El Paso to be safest big city four years in a row. While it doesn’t rain often, make sure your home is prepared, as it does have heavier storms.

Great Food and Sunshine Year-Round

Locals have estimated the sun shines over 80% of the year in El Paso. With cuisine ranging from Italian, Fine Dining, BBQ, Tex-Mex, and more—you’ll never run out of new things to try.  Residents enjoy playing and recreating during the day and dining late into the night. If you enjoy golf, hiking, biking, swimming, volleyball, or basketball, there’s ample places to go. If you prefer relaxing in a deck chair or seeing the local attractions, there’s plenty to do. The sunshine attracts numerous year-round events.

Once the sun goes down, many El Pasoans stroll the streets late into the evening and enjoy rich local nightlife. There are quiet areas for fine dining. There are also up-town districts with bars and live music frequented by the local college students. Some say the best (and arguably, the first) margarita was invented at Tommy’s Place Bar in 1945.

Stonebriar Mortgage is here to help people in the Texas and California markets find the greatest new neighborhoods to live in—contact our team today!

Relocating to Austin, Texas

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Relocating to Austin, Texas

Austin Texas has a booming real estate market, with a vast number of people relocating to the city each year. In fact, some reports show 150 people are moving to Austin on a given day. Austin is the capital city and hosts an array of cultural and economic opportunities. Currently, there is a huge tech start-up scene in the area. If you’re planning to look at new opportunities, the expert team at Stonebriar Mortgage is here to help you learn about relocating to Austin, TX and why it’s a great time to do so.

Researching the Various Neighborhoods of Austin, Texas

There’s a variety of neighborhoods and housing types to choose from in Austin. Each is suited to its own unique personality and lifestyle. Stonebriar Mortgage recommends you visit and spend some time around town before choosing a home. There are over 24 neighborhoods to choose from. We’ll describe just a few options to convey the range of community types.

If you head east of downtown, you’ll find a popular new development area with an eco-conscious community. Mueller has walkable paths, community gardens, local retailers, and very newly built efficient homes.

Heading to southwest Austin, you’ll find a more secluded living set-up with hike or bike trails and a golf course in Circle C Ranch. There’s an appealing array of local schools making it ideal for families. From gated mansions, to single-family homes, there’s a variety of housing for all types.

If you like a city scene, try out downtown Austin, where you’ll find luxury condos with garden or loft-style set-ups. There is a rich culture with arts and live music activities. You can also find a little escape from city life in the local lake and botanical gardens. If you like older style buildings, check out Clarksville’s renovated condos just outside of downtown. You can find an older early 1900s home, and the area is also bordered by the beautiful lake.

Abundant Opportunities in Austin, Texas

Austin has been rated frequently among the top cities for job growth. Though it is increasing, there is still a relatively low cost of living compared to income—making it a popular relocation destination for Californians. Many find the cost of local goods and services to be reasonable, as well. The projected growth of this city also makes it ripe with real estate investment opportunities.

An Inclusive, Eco-conscious Community in Austin, Texas

Austin is ranked the greenest city in Texas and hosts a transit and bike-oriented culture. American Council for an Energy Efficient Economy also ranked it the 6th most energy efficient in the U.S. Austin also boasts an inclusive community, and is number 5 most inclusive in the U.S. Many businesses market themselves as being welcoming to all, regardless of orientation or identity.

Stonebriar Mortgage is here to help people in the Texas and California markets find the greatest new neighborhoods to live in—contact our staff today!

Homestyle Renovation Loans

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Homestyle Renovation Loans

Homestyle Renovation refers to a loan that helps upgrade a home while on sale or immediately after purchasing. The program aims at making the cost to purchase and repair a home easier and more bearable. This is because the Homestyle loan can be packaged with the mortgage on the home. Homestyle Renovation Loans make it possible to upgrade that home you want to buy. Stonebriar Mortgage is here to help Dallas, TX and California home buyers understand this great lending program.

Homestyle Renovations Help Increase the Value of Your Home

Did you find a home that you’re dying to own, but finding the cost to repair or to make energy upgrades is holding you back? Homestyle Renovation Loans are here to help! Produced by Fannie Mae, this loan is intended to roll into the existing home mortgage. This means you may do less paperwork and pay less fees. That may mean less fees, less paperwork, and less headaches. You can get approved for a loan that matches the value of your new home after repairs are made.

Qualifying for a Homestyle Renovation Loan

Qualifying for a Homestyle Renovation Loan requires an approval of the home you plan to renovate. Fannie Mae has lists for qualifying contractors and architects with this program, make sure you get a good team, they will review your budgets and plans in detail. Most contractors working with the project may need approval from Fannie Mae. Funders will also look to determine if you stick to milestones in your project. Lenders want to know that the projects can be completed within six months after close, and 100 days with energy upgrades.

Before your loan funding comes, you could be required to have an appraiser review the new value after construction. Only certain homes are eligible for this type of loan. A manufactured or mobile home will not qualify. On the plus side, both businesses and individuals can apply for a Homestyle Renovation Loan.

A Lot of Perks Come with Homestyle Renovation Loans

In addition to raising the value of your home, there are many perks that come with using a Homestyle Renovation Loan. Many people do it to pay for energy upgrades, which helps the environment. It also means there will be more savings on your utility bills. Homestyle renovation s can pay for things beyond just construction. The funds can help cover any of the fees charged for permits or inspections, as well. Roll the Homestyle loan into your existing mortgage and eliminate paying two closing costs! Your home will build equity faster and be more appealing to potential investors after all the upgrades!

Stonebriar Mortgage is here to help Dallas, TX and California home buyers benefit from using a Homestyle Renovation Loan. Contact our various offices for more details today!

Nationwide High Balance Loans

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Nationwide high balance loans are a great option for homebuyers looking to finance a higher priced home. They can also be used for current homeowners wanting to refinance. This loan is a jumbo loan. Many receive a great 30-year fixed rate without having to meet strict underwriting requirements normally used on large mortgages. This week, Stonebriar Mortgage teaches Dallas, TX and California homeowners about the benefits of using Nationwide High Balance Loans.

Requirements for Nationwide High Balance Loans

Nationwide High Balance Loans are a type of jumbo loan. This loan exceeds conforming loan limits set by Government-Sponsored Entities (GSEs). Many counties in California and Dallas Texas have high value homes on the market that may require non-conforming loans. The Federal Housing Finance Agency (FHFA) sets conforming loan limits annually. Approval for refinancing using a Nationwide High Balance loan, therefore, is also impacted by the annual limit. If looking to refinance using this product, note that the loan must have met conforming limits at the time it was sold to Fannie Mae. Properties can be one- to four-units, condos, co-ops, or manufactured housing.

How to Qualify for a Nationwide High Balance Loan

If you are looking to gain approval for a Nationwide High Balance Loan, it is best to meet the below criteria:

  • A credit score of at least 620 or more. The lower credit scores may lessen the amount of funds approved.
  • A maximum 80% loan-to-value amount.
  • A debt-to-income ratio of less than 43%.
  • Use of the loan for a primary or second home.
  • Provide ample income documentation, but less documentation than for a jumbo loan.
  • Provide the down payment required by the lender, though many do not usually ask for 20% like with a jumbo loan.

Pros and Cons of Using Nationwide High Balance Loans

With Nationwide High Balance Loan approvals, some lenders prefer to avoid using manual underwriting. Some interest rates tend to be higher than for conventional loans. This is because you are asking for more money, so the loan carries more risk for a lender. There are lower limits on this loan than with a jumbo loan. If you need more than a nationwide high balance loan can offer, you may have to re-apply for a jumbo mortgage. A higher loan amount or lower credit score may increase your interest rates. However, if you have great credit, they may allot you a higher debt-to-income ratio than 43%. You also do not need traditional income documents required by other programs.

Stonebriar Mortgage will help you accomplish your homeownership goals in Dallas, TX or California. We work with customers of all types and enjoy helping investors. Contact our team today and discuss the many benefits of using a Nationwide High Balance Loan.

Non-Owner Occupied Loans

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Non-Owner Occupied Loans

When you live in the home that you pay a loan on, this is called an owner occupied Mortgage. Even if the property has up to four units, and you live in one, it is still considered as owner occupied.  If you have a second home that acts as a vacation home, this is also considered owner occupied.

When you apply for the mortgage, the status of your property will be set as owner occupied or non-owner occupied depending on whether you plan to live there after the loan closes. In this week’s blog post, Stonebriar Mortgage helps real estate investors learn more about non-owner occupied loans in the Dallas Texas and California markets.

Buying an Investment Property with a Non-owner Occupied Loan

Real estate is a great investment, especially if you can generate a lot of income off renting the property out. A property with up to four units where you do not plan to live on-site is considered as non-owner occupied if you plan to rent the units for income. Provide accurate information as to your plans with the property when you go to apply for the loan. If your plans change after the purchase is made, you are fine, so long as your intent was accurate at the time you applied for the mortgage.

For example, you may apply and plan to live on the property, but then you get a job transfer and must leave. This is fine, if you plan to rent out the property, you do not need to change the loan so long as your original application was accurate. You must consider whether to buy a second home in the new area or rent. For this reason, you want to shop around when approving an investment property. The expenses can add up with an investment home that is non-owner occupied, but they are usually worth the wealth gained in ownership.

Costs Associated with Non-owner Occupied Homes

Since you will rent the property out to various tenants, you need to make sure you manage your business well and follow legal procedures for renting. Here are some of the costs you may expect when running the home:

  • Costs to market the property, sign leases, and turn-over the apartments if the tenant decides to vacate (you can consider using a third-party property management company to do all of this for you).
  • Costs for utilities, trash, water, and internet or laundry—you can also look for ways to include these costs in the rent you charge or ask tenants to pay for certain things on their own.
  • Costs for legal fees to ensure you properly maintain the place, address any tenant grievances, or proceed with eviction paperwork if a tenant is breaking the lease agreement.

You can always look for ways to do things on your own and save. Stonebriar Mortgage enjoys helping clients find their second home in Dallas, Texas and California make great income from non-owner occupied loans. Contact our staff today to get started!