Looking For Homes in Plantersville, Texas?
Are you considering exploring smaller towns near and around College Station, TX? If you are looking to buy a new home, but you prefer to be removed from the city there are many nearby small towns to take into consideration as you look for the perfect place to call home. Plantersville, TX is located just 37 miles away from College Station, which means it’ll take you just about 40 minutes to drive in one direction. There are various benefits to living in a suburban area that is removed from the city, but still close enough to take advantage of all the exciting city amenities.
Plantersville is located in Grimes County, TX and is a popular little town where you can enjoy a quiet lifestyle and charming small-town amenities. One of the biggest attractions in Plantersville is the annual Texas Renaissance Festival, that attracts hundreds of thousands of visitors every single year. In 2017, there were more than 644,000 visitors who made the trip to the annual event!
Plantersville came into existence with a community in the 1840s and has an impressive and long history. In fact, there are some structures that are still standing that were originally constructed when the city was being established. The town features many historic destinations, expansive and lush greenery, prominent businesses and incredible Plantersville real estate options for interested buyers.
Whether you are interested in buying open land where you can build your dream home from the ground up or if you prefer to purchase an existing home and renovate it to your design preferences, there are various options for you to look at and at very favorable prices.
One of the biggest benefits of buying real estate away from the bigger cities is that homes are more affordable, which means your money will go a long way and you’ll have more freedom and flexibility to get the things that you want in a home.
If you are looking to buy a new home, chances are that you are probably also shopping around for a new mortgage or home loan as well. The best way to explore the numerous options that are currently available is to work with an experienced lender who will take your finances into consideration and make a recommendation based on your unique situation. Choosing the best option can ultimately save you a lot of money on your down payment, fees and interest. There are many different types of mortgage loans that exist – conventional loans, FHA loans, VA (veteran) loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans and so many others. Each type of mortgage loan may require a specific down payment, mortgage insurance and interest, which will all be taken into account when calculating your monthly payment. Here is a quick summary of the most common types of home mortgage loans, so you can get an idea of what’s available and think about what option may be best for you.
Fixed Rate Loan
The most common type of convention loan is a fixed-rate loan, which consists of a single interest rate and monthly payment for the entire life of the loan, which is typically set for 15 or 30 years. This type of mortgage option is best for the buyer who needs predictability and isn’t planning on moving away or re-selling the property.
The way it works is that you will pay the exact same amount every month until the loan is completely paid off. A fixed-rate loan requires a down payment, but you won’t have to worry about fluctuating interest rates because it won’t affect your monthly payment – it will always stay the same. If you are planning on living in your home for a long time this option may be best for you, if you are thinking of moving within a couple of years then you may want to explore alternate mortgage options.
Adjustable Rate Mortgage
The adjustable-rate mortgage (ARM) offers mortgage interest rates that are typically lower than what you would be able to get with a fixed-rate mortgage. The difference is that you only get this interest rate for a time period of five to ten years instead of for the entire life of the loan. Once the initial time period is up your interest rate (and your monthly payments) will adjust, typically once a year, and adjust to current interest rates. If interest rates skyrocket, so will your monthly payments – but if they drop then you’ll end up paying less on your mortgage payments.
An adjustable-rate mortgage is a great option for the home buyer who has a lower credit score. If you have poor credit then it’s likely that you won’t be able to qualify for the rates on fixed-rate loans, this makes adjustable-rate mortgages a great way to qualify for a loan and makes it easier to buy a home. These loans are also a good option for buyers who plan to move and sell the property before the fixed rate is up and the monthly payments start fluctuating.
Federal Housing Administration
- AN FHA loan, short for Federal Housing Administration, is a government-backed loan that allows you to put a down payment as little as 3.5% of the purchase price of a property instead of the typical 20%. This type of loan is ideal for buyers who don’t have the means saved up for a hefty down payment. One thing to keep in mind is that FHA loans have several requirements:
- FHA loans are limited to $417,000 and there isn’t much flexibility
- FHA loans are fix-rate mortgages with either 15 or 30-year terms.
- Buyers approved for FHA loans are also required to pay mortgage insurance, which can be paid upfront or over the life of the loan and is estimated at around 1% of the cost of the loan amount.
Veterans Affairs Loan
USDA Rural Development Loan
Another government-sponsored home loan to take into consideration is the USDA Rural Development loan, which is specifically designed for families in rural areas. The government finances 100% of the home price for USDA-eligible properties. This means that there is no down payment necessary and there are discounted mortgage interest rates to look forward to as well! Borrowers who are dealing with financial struggles in rural areas can take advantage of USDA home loans. These homes are designed to put home ownership within reach for potential buyers with affordable monthly payments. The one thing to keep in mind with this type of loan product is that your debt cannot exceed your income by more than 41%, and, as it is with the FHA loan you will be required to purchase mortgage insurance.
A bridge loan, also known as “repeat financing,” is an excellent option for buyers who are purchasing a new home before selling their previous residence. This actually happens all the time! Lenders will bundle your current and new mortgage payments into one and then once your previous property is sold you will pay off that loan and refinance the loan on your new home. This type of loan is perfect for homeowners who have excellent credit, a low debt-to-income ratio and who don’t need to refinance more than 80% of the combined value of both properties. If you meet these requirements, then this can be a very simple way of transitioning between two houses without having to worry about your finances and being stressed throughout the process.
Still Have Questions?
As you can see – there are many financing options available for interested home buyers. The system is designed to encourage consumers to buy homes and there are various programs in place to make it easier for buyers to achieve this goal. If you are struggling with finding the right loan product, can’t get pre-approved or pre-qualified for a loan or if you just don’t think you can meet the requirements to secure a mortgage loan, don’t stress. Instead, your best bet is to work with a professional lender who can take a look at your paperwork and help you figure out the best action plan to help you achieve your goals. There are strategies you can implement to raise your credit score, pay down your debt and increase your savings so that homeownership can become a reality. If you have any questions about mortgage loans, Plantersville real estate or any other properties for sale in and around College Station, TX – then please contact us for more information. We would be happy to assist in any way we can and provide guidance for new and aspiring home buyers.