What should I do?

Well, we are located in San Antonio, Texas, and in most areas of Texas it is time to buy.  Here is why we think that.  In most areas of Texas our property values have either held or increased during this period of economic decline for out country.  We did not have the large amount of real estate speculation that occurred in, for example, California and Florida.  Most Texans (new and old) were buying homes to live in, not to "flip" in a few months to make huge profits--see California and Florida.  So, we have not had the huge amounts of foreclosures and property losses that these states have suffered.  What we are saying is that even in these worst of times, our property values have either held or increased.  An old truism in Real Estate is that you "buy in bad times and sell in good times."  Nationally, these are bad times and so it is time to buy.

What loans are available?

FHA, VA and conforming conventional.  We have very, very few niche loans to offer.  Niche loans are for those who must state (not able or wanting to prove income) income or are buying "unusual" properties. Niche loans call for large downpayments and high interest rates.

Which if these should I look to first?

FHA and VA.  Typically, FHA offers loans with small down payment and VA offers loans with no down payment.  The down payment for a FHA loan can come from gifts from relatives.  If you (or if you are represented by a Realtor) can negotiate it, the Seller virtually can pay all of the closing costs for these loans.  Rates for these loans are very attractive.  These loans work great for first time home buyers and for those who are mainstream salaried workers.  If you have great financial strength and money to invest, then conforming conventional may be the best option for you.

What about my credit?

The days of being able to "fog a mirror" and get a loan are gone.  You must be credit worthy.  In the end, you must look at your own credit and say to yourself "would I loan my money to a person who's credit looks like mine?"  To get either an FHA or a VA loan, your credit does not have to be perfect, but it has to make sense.

What is the story on the first time home buyer income tax credit?

In our opinion, this is the greatest deal since the slice of bread.  If you purchase a home between January 1, 2009 and December 1, 2009 you may qualify for this credit.  It is as much as $8,000.00.  Right off of the bottom line of your income tax return.  For example, if you qualify for the full $8,000.00 and at the end of the year after all calculations, except for this credit, you owe the IRS $1,000.00, the government will send you a check for $7,000.00.  What a sweet deal.  We have included a link to the National Association of Home Builders site that really does a great job of explaining this.

What else?

You had better have a really good loan officer.  Underwriting has gotten much tighter.  Don't leave your dreams of home buying in the hands of some bank employee who punches in a few numbers, or in the hands of some rookie who is related to your first cousin twice removed.  We have been doing home loans for a long time.  Every loan is like a story, let us help you tell your story in the best way possible.  And so, as that attorney on TV says,  "call us."  One of the wonderful things about making home loans is that we get to make a living in dealing with human happiness.

This is not a commitment to make a loan.  All loans are subject to underwriting guidelines.  Programs and rates are subject to changewithout notice based on market conditions and borrower eligibility.  All will not Qualify.