About Conroe's Carriage Hills

On January 23, 2012 FHA published a memo recommending a reduction in the amount that a seller can assist home buyers with their costing costs from 3% to 6%.

Foreclosures Lower with FHA but FHA is in Denial

It was brought up in 2010 and commentary from the public was an overwhelming NO. So the Proposal was shelved. However with the new year this proposal has gained new life with the Federal Housing Administration and HUD. As the refinement in home mortgage lending has occurred over the past 5 years. Delinquencies are down sharply as noted in this article by Housingwire. So who will this impact the most? First time Home Buyers who use down payment assistance on more affordable homes.

As it stands now using down payment assistance programs such as Bond 77 and it's higher costs would prevent thousands of First Time Home buyers in Texas from using popular programs like Bond 77, Homes for Heroes and other programs that provide assistance for the down payment but not for closing costs.

Devastating Results of Reducing Seller Concessions to First Time Home Buyers

Lets use the example of a $100,000 house. Total closing Costs of Tax and Insurance Escrows, 1-year of Insurance, Title and Lender fees are fairly fixed and exceed $3,000. Currently the seller may pay up to 6% or $6,000 and this is adequate for homes even that are in higher cost county such as Harris County that has higher Taxes and towards the the coast would have windstorm and flood insurance requirements. Under this proposal anything in excess of the $3,000 would have to be paid for with either cash or a gift to the buyer.

This very fact would knock thousands of first time home buyers, educators, firemen and law enforcement from using down payment assistance in Texas. As a result the housing market which is so important to our national economic recovery would suffer.

FHAs Motto to Serve the Undeserved looks like it needs to be changed.

I'm interested on your thoughts on the subject. Feel free to comment below. As soon as this proposal is released to the Federal Register I will post a Link to the Comment Section so you can voice your opinion to FHA and HUD

10002 Estes Hill Ln is a new Construction FORECLOSURE. Three bedroom, three bath with a study, on a cul-de-sac lot. Open living room with wood floors and a limestone and brick fireplace. Kitchen is open to living area with granite counter tops, gas stove, custom cabinets and an island. Wood floors in office and dining areas. Master bath with separate his and her sinks, garden tub with separate shower and a huge walk-in closet. Four car garage with plenty of extra storage in-between. Call today for your appointment!

This listing has recently been reduced to $375,000. click on Address/Picture or contact Jennifer Moriarty for more Information.

Lake Conroe Homes for Sale

2413 Chantilly Ln is a great single story split floorplan home!this home is light and bright with high ceilings and an open floorplan.this home invites you in, it features: laminate flooring, ceramic tile, ceiling fans in all bedrooms, carpet in the bedrooms, formal dining room, wood burning fireplace in the living room, nice laundry room, master bath has his and her sinks and separate shower and tub.carriage hills is a great neighborhood to raise a family, pool & tennis courts, close to everything yet tucked away!

This listing has recently been reduced to $172,000. Please click on Address/Picture or contact Brenda King for more Information.

Lake Conroe Real Estate

2413 Chantilly Ln is a great single story split floorplan home!this home is light and bright with high ceilings and an open floorplan.this home invites you in, it features: laminate flooring, ceramic tile, ceiling fans in all bedrooms, carpet in the bedrooms, formal dining room, wood burning fireplace in the living room, nice laundry room, master bath has his and her sinks and separate shower and tub.carriage hills is a great neighborhood to raise a family, pool & tennis courts, close to everything yet tucked away!

This listing has recently been reduced to $182,000. Please click on Address/Picture or contact Brenda King for more Information.

2413 Chantilly Ln is a great single story split floorplan home!this home is light and bright with high ceilings and an open floorplan.this home invites you in, it features: laminate flooring, ceramic tile, ceiling fans in all bedrooms, carpet in the bedrooms, formal dining room, wood burning fireplace in the living room, nice laundry room, master bath has his and her sinks and separate shower and tub.carriage hills is a great neighborhood to raise a family, pool & tennis courts, close to everything yet tucked away!

This property is listed at $182,000. For more information click on the Address/Picture or contact Brenda King.