Klose With Karaunda

12/21/2022

Why YES, IT IS! This is a great Christmas blessing to my clients to close right before the holiday!

Comment or DM “HOUSE’ for more info on how I can assist you with your credit and your house purchase.

Karaunda Frederick ®️
EXP Realty
346-978-2091
[email protected]

09/05/2022

It’s the Orange and Open Concept for me!

$575,000

3 Beds
3 Bath
1 Bath/Half-Bath
2126 SqFt

For more info contact me today!
Karaunda Frederick ®️
EXP Realty
346-978-2091
[email protected]

08/22/2022

Financing Tips:

Financing For New Construction

When most people get a loan for a home, they are buying a house that is already built. That means they will take out a loan that covers the existing structures and the land all at once. However, when you decide to have a home custom-built for you, you will usually take out a slightly different type of loan. There are a few ways to handle the financing of a house that is to be built for you.

Builder Financed Loans

Many people choose to finance the new home construction through the builder. This can take a lot of the guesswork out of the financing. The builder handles the financing for the construction period until the home is complete and ready to move into. At this point the homeowner takes out a permanent, traditional mortgage on the home.

The benefit of this is that you let the builder carry the financing and then basically buy the home from them when it is done. It saves you from having to do a dual mortgage, which is another option to consider. It also lets the builder carry some of the risk during construction.

Taking Out Two Loans

If you finance both the construction and the home itself through your own lender, you will find yourself with two different loans. The first is the construction loan, which is the cost of the building. The second is the permanent mortgage that makes you the homeowner.

This is an effective way but can be more time-consuming, and means you have to apply twice for the two different loans. The construction loan has a short time period and the permanent loan is the traditional mortgage. You will have to pay closing costs on each loan and have different terms. You may find that not every lender will offer both types of mortgage.

Combination Mortgages

A combination mortgage is a loan that is designed for people building new homes. It involves only one application process and one set of closing costs, and basically converts from a construction loan to a permanent mortgage when the construction is complete.

This simplifies the loan application process but does come with a downside. Because the options for the permanent mortgage are more limited in this scenario, buyers may find themselves paying too much on the loan in the long run.

Choosing the right mortgage depends on your circumstances and what loan terms are offered through each option. It’s important to compare them carefully and determine which one makes the most sense in the long term.

08/15/2022

FHA Loans: What They Are And Who Qualifies

In your house hunting you may have come across a mention of FHA loans. FHA stands for Federal Housing Authority, and the loans available through this program are designed to help people qualify for loans and purchase homes more easily. If you are wondering about getting an FHA loan for your home purchase, the first thing to do is to learn a little about them and find out if you might qualify.

FHA And HUD

The FHA is part of HUD—the U.S. Department of Housing and Urban Development. It exists to help people who might not otherwise be able to apply successfully for a home loan purchase a home. The FHA insures the loan against default, which means that if the buyer fails to pay the mortgage, the lender will not lose the money because the FHA will cover it.

Who Can Get An FHA Loan?

Just about anyone can apply for an FHA loan. There are no income level requirements, either on the high or low end, and even people with some credit problems can qualify. You will have to meet a certain credit level, however, and you must have a debt to income ratio that is acceptable for the program to prove you can pay the mortgage.

There are specific FHA loan programs for first time buyers, seniors, and people looking to purchase a “fixer-upper” home as well. The many programs can suit just about any buyer.

Limits With FHA Loans

The main problem many people run into is that the limit on how much you can borrow on an FHA loan may make it difficult to purchase the house you need. Allowable amounts are usually on the low end of the market, and it can make house hunting a challenge. If you are willing to take on a home that needs some work, you will probably have better luck with an FHA loan.

If you need to buy a home with a low down payment and are having a little trouble qualifying elsewhere, an FHA loan might be a good option for you. Every state has different laws and requirements for qualification, so check with your state to find out what the process will be. FHA loans can help people get into a house who might not otherwise have the opportunity to buy.

08/03/2022

Super excited‼️ I was able to help a couple young ladies get a really cute space for college!
They got the keys! It’s move in day. 🙌🏽

08/01/2022

What’s the Houston area looking like in the housing market? Well check out these numbers!

Contact me today if you’re looking to purchase!
Karaunda Frederick ®️
EXP Realty
346-978-2091.

07/25/2022

Five Reasons to Use a Real Estate Professional When Selling Your House!

Five Reasons to Use a Real Estate Professional When Selling Your HouseWith today’s real estate market moving as fa

07/19/2022

Tips before you buy!

07/12/2022

Imagine turning the key to open your beautiful new home.

Contact me today if you’re looking to purchase!
Karaunda Frederick ®️
EXP Realty
346-978-2091.

Smart home, minutes from exemplary Cy-Fair ID schools, fu...

07/05/2022

New listing Katy Texas!

Beautiful stonework & brick front porch at the entry to this wonderful one-story home!

$395,000
Single Family
3 Beds
2 Bath
2342 SqFt

Contact me today if you’re looking to purchase!
Karaunda Frederick ®️
EXP Realty
346-978-2091.

06/29/2022

Medical debt keeping you from buying your dream home? Not anymore. The big three credit bureaus (Equifax, Experian and TransUnion) announced that changes are coming to medical debt reporting beginning July 1, 2022.
According to a Consumer Financial Protection Bureau (CFPB) report, medical debt is the most common tradeline (credit account) on consumer credit reports making up 58% of third-party tradelines. As a result, many borrowers miss out on getting a home loan due to the impact medical debt has on their credit score, even if they have paid it.
With the changes to medical debt reporting, borrowers could have an easier time applying for a mortgage.

WHAT’S CHANGING ABOUT MEDICAL DEBT REPORTING
As of July 1, 2022, medical debt that’s been paid after being sent to collections will no longer be included on consumer credit reports, no matter how long the debt has appeared on your report. Existing paid medical collections will be removed as well.
The amount of time before medical debt collections appears on your credit report will be increasing. Currently, the collections appear after six months but in July that will change to one year, giving people more time to pay down medical debt or devise a payment plan.
The last change will happen a little further down the road, but it is still beneficial to borrowers. Credit reporting agencies won’t include medical debt in collections under $500 on credit reports beginning in 2023. This is subject to change as more research is done between now and then.

HOW THE CHANGES HELP BORROWERS
There are many aspects to understanding your credit score. One thing borrowers may not realize is just how long medical debt stays on their credit report, even if they have paid it off. If you had medical accounts sent to collections, it stays on your credit report for seven years. However, with the changes coming in July, that won’t be an issue.
Since credit reporting agencies won’t be including paid medical debt, you won’t have to worry about a bill you paid in 2016 hurting your credit score today. Considering any collection account can drop a credit score by at least 100, this is a boon for borrowers who don’t have any other debts.
If these changes make it possible for you to finally take a step toward homeownership, I can help guide you the rest of the way. Connect with me today.

06/28/2022

Downtown Houston Real Estate ! Can you see yourself here?

Book your appointment with me in my bio.

Contact me today for a tour!
Karaunda Frederick ®️
EXP Realty
346-978-2091