Will BRAC Redefine San Antonio Real Estate?
Military construction projects promise to reshape San Antonio real estate, revitalize communities and create local well-paying jobs. Despite widespread federal budget cuts, the Defense Base Closure and Realignment Commission (BRAC) projects will not be affected, as $640 million has already been set aside for Texas construction efforts through 2012. We can thank the Department of Defense for 200,000 jobs and $15 billion per year for the local economy.
The specific areas targeted by BRAC’s latest round of projects, which include infrastructure and transportation improvements, are the downtown core and East Side neighborhoods, specifically. Alamo City alone will see $960 million in military construction projects from 2012 through 2015.
San Antonio real estate residents will see new Army Corps of Engineers building projects like the Lackland AFB dormitories and a new outpatient hospital that will replace Wilford Hall Medical Center going up, despite receiving no funding from BRAC. The non-BRAC construction projects are said to bring $200 million to $300 million worth of investment each year from 2012 to 2015, with many of the infrastructure improvements centered near Fort Sam Houston.
The BRAC funding is expected to inspire other investors to begin pumping their money into these promising areas as well. Local San Antonio real estate agents say that the turnaround will take a little bit of time, but positive changes in neighborhoods like Dignowity Hill and Government Hill are underway. Pedestrian-friendly communal spaces, public transportation, street connectivity, public libraries and street widening are some of the proposals for making life better for residents of San Antonio real estate.
“This year really represents the big push to the finish of BRAC,” Randy Holman, the Army Corps of Engineers program manager, tells the San Antonio Express News. “It really is incumbent upon us to tie up all the loose ends and make sure that we provide nice, clean closure for the transition of troops into the San Antonio community.”
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Best Places to Eat in San Antonio
San Antonio is an amazing city full of historic sites, lively entertainment and beautiful places. Add in a dash of culture, a heap of flair, and a pound of talent and San Antonio reveals itself as the home of some of the most amazing cuisine in the country. From bakery delights to Mexican marvels and pizza pizzazz to unbelievable burgers, San Antonio has something to whet everyone's appetite.
Here are just a few restaurants that have made the San Antonio Current's Reader's Choice "Best Of" list for 2010 and are among my personal favorites.
Best Barbecue - Rudy's Country Store and Bar-B-Q
Started in 1989 in Leon Springs, Rudy's Barbecue is one of those restaurants that seems like it's been around for 100 years. It's a barbeque staple among many. Rudy's brisket will melt in your mouth and the cream corn will make you smile. If you are looking for true Texas barbeque and an old country store feel, Rudy's is a place that you have to try.
Best Local Burgers - Chris Madrid's
Over thirty years and running strong, Chris Madrid's is that local mouth-watering hangout that everyone knows about. The menu offers burgers, a grilled chicken sandwich, chalupas, and nachos. That's it, and that's all you need! (Oh, of course they also offer the tastiest homemade fries this side of the Mississippi too!) Their specialty is the Tostada Burger made with homemade refried beans, chips, onions, and creamy cheddar cheese on a beef patty. The cheddar cheesy is also a big favorite, with gobs of cheddar cheese dripping off that delicious patty and set just so between a buttery bun -yum. If you really want your fill of Chris Madrid's, they also offer the "Macho" which is the ½ pound version of their regular burgers. They also sell t-shirts that you can buy that say, "I've Eaten the Macho at Chris Madrid's."
Best Tamales - Delicious Tamales
I think I've tried every tamale in town and though Ruben's Homemade Tamales on Rigsby has a decent tamale, the Delicious Tamales are consistently good and are plumb and oh-so savory. They have multiple locations around town and you can always walk in and pick up a dozen or so hot, fresh tamales.
Best Italian - Paesanos
Paesanos has some of the most amazing Italian food and it also topped the Current's Reader's Choice for 2010 beating national chain Olive Garden (3rd) and local favorite Capparelli's. (By the way, Capparelli's is also one of my favorites and has some of the best pizza in town!) Paesanos sports three locations, including one right on the San Antonio River Walk. The menu offers an impressive selection including pasta, seafood, chicken, beef, and veal. Of course, you can't visit Paesanos without trying out their classic Shrimp Paesano, a lightly breaded, savory shrimp in a white wine lemon butter sauce.
Best Bakery - Broadway Daily Bread
If you are trying to diet, you might not want to walk into this bakery. It's hard to resist all they have to offer and the smell of all of that amazing bread is just too much! Of course, they offer healthy whole wheat, specialty and seasonal breads too. If you walk into Broadway Daily Bread you must try one of their amazing chocolate cupcakes. The chocolate icing must be at least an inch thick atop the moistest chocolate cupcake you'll ever bite into. Their muffins, kolaches, and sandwiches are pretty impressive as well.
I'd tell you more about the best restaurants in San Antonio, but I've made myself so hungry I'm going to have to take a break and get some tamales and chocolate muffins.
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UTSA Finally Becoming a Major School in Texas
The University of Texas at San Antonio may seem to be business as usual, but this quiet giant has a thing or two up its sleeve. With 134 undergraduate and graduate programs and over 29,000 students, UTSA is now turning heads and making people take notice as it has become a stand-out university in Texas.
With the prospects of becoming a tier-one university, UTSA has gained momentum on many levels, including research. According to a recent article published through the UTSA website (www.utsa.edu), Robert Gracy, UTSA vice president for research said, "To say we've almost doubled our research activities in the past five years is really significant. Today, we are certainly on an upward trajectory to tier one status. We have developed a stronghold of collaborative research partners in the region and our recruitment of top faculty will certainly lead to even larger increases in research expenditures in the coming year as those individuals gain traction at UTSA." Research activities are key in gaining the tier-one status and the funding that goes with it.
As this University continues to grow, so does its housing. According to the San Antonio Business Journal, American Campus Communities Inc. has begun developing a new apartment complex with 14 building and 792 private bedroom and bathroom "configurations" which will serve the students at the University of Texas at San Antonio. It is scheduled to be completed in time for fall of 2011 and will be located next to the main campus.
With Larry Coker at the helm of its newest venture, the University of Texas at San Antonio now has a football team. Twenty-four high quality athletes recently signed National Letters of Intent to play for the school. The team will begin playing in 2011 as a Football Championship Subdivision Independent and will begin a reclassification period to become a Football Bowl Subdivision Independent in 2013.
What football team is complete without a band? In March of 2010 University of Texas at San Antonio hired a marching band director to lead a 150 member marching band for the 2011 season. Ron Ellis, the new band director, said he planned to expand the band to 350 members eventually.
The high quality research, new buildings, new housing, football team and band added to a myriad of other accomplishments make the University of Texas at San Antonio a true stand-out. Additionally, the June 2010 Edition of Diverse Issues in Higher Education Magazine ranked UTSA fourth in the nation in the number of undergraduate degrees awarded to Hispanics.
Ricardo Romo, president of the University of Texas at San Antonio, summed it up best by saying that the University will work on creating a tier-one university for a "tier-one city."
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The Home Buying Process in Texas
If you are thinking about buying a home in Texas, there are some steps that can help make the process run smoothly, and it's important to understand how the buying process works before you proceed.
Find a Real Estate Agent
The first thing you will probably want to do is find a licensed real estate agent. You can start your search online or by asking friends, family and/or neighbors about any Texas REALTOR® who might make a good fit for you. You may want to speak to several agents to find one who specializes in the buying process and who is familiar with the area in which you are looking. A licensed real estate agent will guide you through every step of the buying process.
Prioritize Your Desires For Your Home
Once you've found a real estate agent that fits your needs, you'll need to decide on what specifics you'll want included in your home. Things you may want to consider include location, price range, taxing jurisdiction, school district, commute time to work, and proximity to shopping, hospitals and major highways. You may not be able to find a home that meets your exact wants and needs in your given price range, so it is important that you prioritize your list to find the best match possible.
Pre-Qualify For A Loan
After you've narrowed your requirements down, you will probably want to pre-qualify for a loan before you make an offer on a house. Dealing with a mortgage broker or bank before you make an offer on a house is a smart step, because then you will have a much better idea as to how much home you can afford. This will also be the time you will decide how much down payment you have the funds for and how much you will actually qualify for. You'll need to make sure that you have all of your financial documents for the last couple of years which outline your income, assets and any outstanding credit you may have.
Find Your Home and Make An Offer
Once you pre-qualify, you are ready to find that perfect home. You and your real estate agent will probably look at many homes before deciding on one. Once you find one you like, you will make an offer on the home. Your real estate agent will sit down with you and fill out all of the standard state required paperwork in order to make an offer. The seller has the right to accept, reject or make a counteroffer. If there is a counteroffer, it may take some time to negotiate a fair deal. If your offer is accepted, the paperwork will become a binding contract and it will be one of the most important documents you sign in the process since it outlines the terms and conditions of the transaction.
Have An Inspection
After your offer is accepted you will want to get the home inspected by a qualified inspector. This is also a good time to have a termite inspection performed as well. You may want to ask you real estate agent to request that the seller include a one year residential service contract as part of the deal. This is often done with an existing home to ensure that certain items will be repaired if there are any issues with the home after you move in.
Secure Financing
Next, you will secure a loan to finance the purchase of the home. If you pre-qualified for a loan before your search began, much of the paperwork may already be done. If not, you will need to provide income, asset and credit information to complete the loan application and lock a rate. If you put down less than 20% you also will be required to pay PMI, Private Mortgage Insurance, which protects the lender if you default on the loan.
Check the Title
The contract will then be sent to a title company and the title will be investigated to make sure there are no legal issues with your property. An implied easement or an existing lien may be issues that could surface. In Texas, according to lawyers.com liens on a piece of property may include the following:
Having the title researched is an important step and protects you. The title company will notify you of any issue with the property and will issue you title insurance to further protect your rights as a homeowner.
Go to the Closing
Once the title clears and the financing is secured, you'll be informed of the closing costs for which you will be responsible. The money you will need to close the deal will include your down payment, inspection costs, title insurance, and any other fees associated with the closing of the home. You'll schedule a time with the title company to sign all of the paperwork, bring in closing costs and finalize the loan. The seller will also sign papers to transfer the rights and validate the information they disclosed about the home.
The last step is to pick up your keys, move in and enjoy your new home!
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What You Need to Know About FHA Loan Reform
So you've finally made the decision to purchase a home and you're ready to look at financing options? Chances are, you may want to look at an FHA Loan and if you are looking into this option some recent changes and legislation may affect how you secure that loan and what you will paying to get it.
What is an FHA Loan?
FHA stands for Federal Housing Administration and it was created as part of the National Housing Act of 1934. This government entity has been providing mortgage financing to people for more than 70 years. Typically, FHA loans are an insured mortgage option for people with modest incomes who can afford to only put a small amount of money down for the purchase of a home. Buyers have been able to become home owners for as little as 3.5%. Applicants can sometimes obtain lower interest rates. When purchasing an FHA loan, home buyers must also purchase mortgage default insurance if they put less than 20% down.
FHA Reform
With the recent housing debacle many changes to the mortgage lending process have come about. The FHA has also had to adapt and recent legislation is in the works to reform the FHA loan process. First, it will increase its up front mortgage insurance premium from 1.75% to 2.25%. It is also hoping to pass legislation that will increase its current monthly premiums by as much as 0.55%. The increase could hurt buyers, but it is supposed to help balance the FHA budget and guarantee more loans.
According to the FHA website, one of the biggest changes and most significant for most borrowers is the changes in required credit score. To qualify for the 3.5% down payment option, home buyers must now have a minimum credit score of 580. Having a lower credit score does not exclude applicants from receiving a loan, but they will now be required to put at least 10% down.
Another change is seller concessions which have been lowered from 6% to 3%. FHA say this change has been instituted to "eliminate the temptation to inflate the appraised value of a home for sale."
Also under the new legislation, the FHA plans to impose stricter guidelines on current lenders offering FHA loans and may deny access to mortgage originators who issue too many bad loans. They will also hold lending firms liable for poorly underwritten loans, and make lender performance information available to the public.
Some of the changes, like the credit score requirements, have already been set in place. Other changes will be coming soon. Regardless, FHA may still be the right choice for you, but you should definitely go into it with your eyes open and be aware of all of the changes that could directly affect your home purchase.
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I help people understand the tax advantages, financing alternatives and investment aspects of homeownership and why now is an incredible time to buy.
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