Shirley's San Antonio Real Estate Blog: January 2009

photo courtesy of Brian Struble

(photo is of JW Marriott in Las Vegas, NV as I don't have permission to use photos from the San Antonio site)

If you've never been to a JW Marriott, prepare yourself.

I've had the pleasure of staying at a few of the JW Marriott hotels in my life and they are always gorgeous.  Taking their hotel brand to the luxury level, JW Marriott is a cut above your average hotel.  Spas, gorgeous grounds, luxury rooms, high end service and absolutely amazing restaurants are what you come to expect from the JW Marriott brand.  And now, San Antonio will soon boast its own taste of the good life.

Nearing completion.

Construction of the JW Marriott San Antonio Hill Country Resort and Spa (a 600 million  dollar project) is coming along and the first guests to the hotel are expected in January 2010.  Although that's a year away, time seems to fly by these days.  Situated in the Cibolo Canyons master-planned community in San Antonio, the resort will provide 1,002 guest rooms, seven restaurants, 26,000 square feet of spa space, 140,000 square feet of conference space, two PGA Tournament Players Club courses (situated on 2,800 acres), and a thirteen million dollar water park.  Over 80 groups have already lined up for future conferences and meetings.

For more information on JW Marriott San Antonio Hill Country Resort and Spa visit their site at www.jwsanantonio.com.

For more information on Cibolo Canyons visit their site at www.cibolocanyons.com or to get more info on the homes available in the master planned community, call me at (210) 240-6222.

For more information on PGA Tournament Players Club visit their site at www.tpcsanantonio.com.

"Associate yourself with men of good quality, if you esteem your own reputation; for it is better to be alone than in bad company."- George Washington - First President of the United States

I consider this quote from our first president good advice.  I have always believed that one of our most valuable assets is our reputation.  When I read this quote after our first day of meetings at the International Builders' Show, I immediately thought of all the men and women I have had and currently have the pleasure of associating with through the NAHB National Sales and Marketing Council and the Institute of Residential Marketing and I know that I am following President Washington's advice.

Chuck Miller _{GMB   CGB   MIRM   CMP   MCSP   CSP}

President / Builder - Chuck Miller Construction Inc.

(208) 229-2553

www.chuckmillerconstruction.com

FHA has had some major changes this past year.  The most negative one is that the downpayment has changed from 3 to 3.5%.  But really that's the extent of negative changes.  The rest of FHA and it's changes have been lateral or better.

FHA is the best thing out there.  Really, as a program, FHA has single handedly saved real estate lending.  You really can't go wrong with FHA. 

First Time Home Buyers can still:

1)  Get a gift for the entire downpayment;

2)  Allow people who won't live in the house co-sign with the borrower who will live in the house;

3)  Credit is still a factor, but the credit parameters are so much more relaxed for FHA than for conventional or any other type of loans. 

4)  Lack of credit is generally not a reason to deny a borrower;

5)  Appraisal guidelines have been relaxed to be more similar to those of Fannie Mae and Freddie Mac appraisals.  The bottom line is that Appraisals don't have the same stigma that they once had years ago. 

6)  FHA mortgages are assumable.  That means that you may have the ability to sell your mortgage along with your home.  Pretty cool huh?

Needless to say....while I like to posiiton myself as someone know really knows my business, the business has changed even more to FHA this past year because of the usefulness of FHA in these markets.  Markets aside....even if markets were great FHA has become so useful that most buyers do consider it for homebuying needs.

First Time Homebuyer Tax Credit Information     <= Link to pdf with FAQ and IRS Form.

 

I am getting lots of questions about the $7,500 First-Time Homebuyer Tax Credit authorized by the Housing and Economic Recovery Act of 2008.

Seems that many believe to be a Down Payment Assistance Program. And it is not.....

But, it could be used to pay closing costs on a FHA Streamline Refinance of a recently closed FHA loan!!! I have a borrower doing that now.

 

REALTORS: Please feel free to share the above document. I suggest you print one and keep it with you as you are working with clients. And, as always, I am available for follow up questions.

Show me some love.... Re-Blog this article.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

 

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

 

 

 

 

Minimum Credit Standards for VA Financing

 

While the Veterans' Administration does not set a minimum credit score standard for VA Home Loans, the mortgage industry does.  In the wake of the subprime meltdown, many of the secondary market mortgage investors (companies that buy bundles of mortgages) have tightened credit criteria. 

 

The minimum credit standard for lending on VA Home Mortgages is set at a minimum credit score of 580.  Credit Rescoring products are available to permanently increase credit scores.  Ask your Loan Originator for more information.

 

Other criteria than just credit score are also considered in underwriting.  A minimum of no more than 1 late on any credit, revolving debt and installment debt, including mortgages, is allowable according to most guidelines.

 

A Bankruptcy does not necessarily preclude VA Home Mortgage financing.  In the case of a Chapter 7 Bankruptcy, a minimum of 1 year from discharge must elapse.  However, cases with less than 2 years from discharge require the presence of an extenuating circumstance, such as loss of job due to medical reasons, for example.  A Chapter 13 bankruptcy is allowable as long as 1 year from filing has elapsed and all payments have been made on a timely basis to the bankruptcy trustee. 

 

Of lesser importance are medical bills, generally considered to be outside of the borrower's ability to control, and having far less negative impact on overall credit underwriting. In some cases, when medical bills are large, they may be required to be paid off with the proceeds of the loan.

I just love this - and I know you will too. This is how a couple of dogs greeted "daddy" after he had been away from home for 14 months!

What a wonderful piece just in time for the Holidays! I have to confess that I'm a little surprised that they remembered him in this way after he had been away for so long, but I do know that this will put a huge smile on your faces.

Dogs = pure and simplistic love. I think they are also saying "THANK YOU FOR YOUR SERVICE!!" Enjoy!

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(Copyright © 2008 By Simon L Conway All Rights Reserved.)

Simon Conway is the winner of the FIVE STAR Best in Client Satisfaction for Real Estate Agents in the Orlando area. Please give me a call if you have questions about the Central Florida real estate market. You can reach me on 407 876 8200. Also visit my web site at www.simonconway.net or www.move2orlando.net