Buying home in Houston - advice?

[conceptmat]

Hi All,

I live in CA and can not afford to buy a home here. I am looking into purchasing first home as investment in Houston, TX - near Medical Center area (up to 20 min drive)

Would someone advice on:

 - Where to start? I had Chapter 7 3 years ago, and now my score is in 680 area. What is the best way to get preapproved? (FHA?) Where?

- Which neighbourhoods to look at?

- Looking for something under $200K (newer the better)

Thank you all

[mskarma]

I live in Houston and I am closing on my house this week. I also work in the med center. You can PM me if you want some specific and location suggestions.

[Anonymous]

I am closing on a home in Pearland Aug. 21. Pearland is south of Houston in Brazoria County, about a 20 minute drive into Houston.

If you are looking for under 200,000 and under 200,000 your best bet is going to be be either pearland area or condos/townhomes.

Home prices inside the 610 Loop (where the Med Center is located) are super expensive. I seriously doubt you will be able to find a single family home inside the loop in decent shape for under 300,000. (Trust me this was the home search I just did.

My approval was for 300,000 and even that was very hard finding anything in a decent neighborhood that was in decent condition.

The good news is there are plenty of townhomes and condos in that price range.

If you are looking for single family homes I suggest Pearland and Sugar Land, otherwise depends on how dicey a hood you want to buy in.

[mskarma]

Lol I agree about the hoods!

[conceptmat]

Thank you all!

The more I look the more i lean towards driving 15 min and getting a bigger place. And yes Pearland looks like not too far/ good value for the money. Starting to research already

[Anonymous]

Houston is a huge cities with many  surrounding municipalities/ suburbs/ etc. such as Tomball, The Woodlands, Spring, etc. Homes are very affordable depending on your needs. When buying a home remember public transportation is primarily in the inner city. So you will either need to work/live alone the bus lines or have a car. All areas have pros and cons. You can PM me for additional information. 

[Anonymous]

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@Anonymous wrote:

I am closing on a home in Pearland Aug. 21. Pearland is south of Houston in Brazoria County, about a 20 minute drive into Houston.

If you are looking for under 200,000 and under 200,000 your best bet is going to be be either pearland area or condos/townhomes.

Home prices inside the 610 Loop (where the Med Center is located) are super expensive. I seriously doubt you will be able to find a single family home inside the loop in decent shape for under 300,000. (Trust me this was the home search I just did.

My approval was for 300,000 and even that was very hard finding anything in a decent neighborhood that was in decent condition.

The good news is there are plenty of townhomes and condos in that price range.

If you are looking for single family homes I suggest Pearland and Sugar Land, otherwise depends on how dicey a hood you want to buy in.

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During rush hours or any giving weekend when there's road work you may and probably will experience a 40 min drive oneway (Houston traffic is a ###!!!). As far as the "hoods also known as wards" all large cities have those areas of towns that may not have been desirable in the past but are experiencing rapid revitalization. For example, 2nd Ward is currently known as Midtown and in this area you will kind homes 300,000 and up. In 3rd Ward you can find TownHomes starting at 200,000. 

[DallasLoanGuy]

sounds like you are getting good advice on locations.

will your job transfer?

yes, fha will be best option unless you are a veteran

[conceptmat]

Yes - I will probably look into 3rd ward.

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@DallasLoanGuy wrote:

sounds like you are getting good advice on locations.

will your job transfer?

yes, fha will be best option unless you are a veteran

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Regarding transfer: I may get it later in the future. Hovewer, I do travel to Houston every month and I do have work location there. 

I don't have a primary residence (owned) anywhere else. I rent right now

Would I still be able to qualify for FHA? Are there any tricks/advices on how to make is look like a primary residence without living there full time?

I

[DallasLoanGuy]

you must intend to occupy the home as your primary residence.

and fha will not fund an investment property