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Don Groff's Advice

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  • 123 Contributions
  • 4 Best Answers
  • 16 Helpful

Don Groff wrote:

How much to build this house?

Answer
You will want to contact several builders to get bids on the construction.  They will need to visit the site because the terrain will play a big role in the total cost.  Make sure you talk to several and don't necessarily go with the lowest bid.  Check references and visit homes they have built.  Speak with the homeowners.  If you can find homes that are older that would be great because you can see how well they have held up over time.Hope this helps.
April 06 2013
(0)

Do 80/20's or other zero down mortgages exist for high income / high credit buyers?

Answer
You will need to come up with 5% for sure.  Unless you qualify for VA financing.  That is one of the few high income 100% options out there if you qualify.
March 14 2013
(0)

What is the average rent increase for Austin, TX?

Answer
It will vary but I am near that area and familiar with rents in Northwest Austin.  Over the past 18 months I have noticed typical rents on single family homes have went up close to 20% in those areas.
March 14 2013
(0)

Know any Home Buyer Assistance Programs available to use with VA Loan?

Answer
You really should be fine without such programs.  They are honestly hard to find and limiting unless you fit.  Right now rates are so low you can get a fantastic rate and a large lender credit to cover all of your closing costs.  It's pretty easy to get in with a VA loan with just about zero out of pocket.Hope this helps.
March 13 2013
(0)

Do 80/20's or other zero down mortgages exist for high income / high credit buyers?

Answer
Yes, there are plenty of options up to a 95% CLTV.  Best speak with a lender or lenders to see what options you have available.
February 27 2013
(0)

Which is the best route on refinance to take HARP or conventional fixed/no cash out?

Answer
Hello,If your LTV is below 80% you do not need to use the HARP program.  That is for LTV's over 80% up to a CLTV of 110%. If your home came in less you cold be switched over.  I am in my Realtor profile now but I am also a mortgage broker so I do these types of loans all the time.Good luck to you.
November 14 2010
(1)

Charged $395 for appraisal at lock-in signing July 11,2010. Can I get this back?

Best Answer
You may have a case.  Brokers and Banks are no longer allowed to charge upfront fees for anything but credit report expenses.  You have not supplied enough information to really know what is going on here.  Why did it take all these months?  Lenders are a little slow but even on a refinance it typically only takes about a month get get the loan closed.You also do not mention if the appraisal was ever completed?  If so and the loan was turned down for some reason (which doesn't seem to be the case with your loan details) than you cannot receive a refund.  Appraisers are 3rd parties and they get paid when they go out and do their job.  In many cases if your LTV is around 30-40% and appraisal may not even be required.If you would like to share some more information on what happened we can give you some better answers to your questions.
November 13 2010
(0)

Well qualified with 20% ready to go...will "First Time Buyer" loans be available?

Answer
Hello,You will not really need any assistance programs with your credit and down payment availability.  As of today my best interest rates are at 4.375% with zero points on 30 year mortgages.  There is really no benefit to you for those other programs.  They are to help people who do not have the available assets for a down payments.  In your case you will want to go conventional because that will get you the very best interest rate, lowest fees and zero monthly mortgage insurance.  If you have any questions please let me know.  I am also a Realtor in Austin and I do not charge my clients any origination fees when I represent them on the real estate side.Best of luck in your search.
June 04 2010
(0)

When will 30 year conventional fixed rates go back down under 5.00%?

Answer
They currently are under 5%.  As of this posting my rates are as follows: 30 year fixed, 720 fico, all LTV's up to 95%4.75% pays a rebate to the client of 1/2% of the loan amount.4.625% would cost .375% discountRetail banks charge more because of overhead expenses.  As a broker I receive their wholesale rates and can pass that savings along to my clients.
April 14 2010
(1)

whats the number to the agent? because i want to buy this house

Answer
I would have your agent contact the agent because the seller's agent represents the seller and has a fiduciary responsibility to represent the sellers best interests.  The seller is paying the commission to the listing agent and the seller's agent so you you may as well be represented.  Unless you do want to try to negotiate yourself and try to save the commission.  Make sure you are very comfortable with real estate transactions to do this yourself.
April 12 2010
(0)