Lerma Sampang

Owning a home is still an American dream within reach in Houston with down payment & closing cost assistance offered through the Texas Department of Housing & Community Affairs. This was my best take away from the Realtor Expo I attended this week.

I’ve been dwelling on all the difficulties the housing market has been taking lately but boy did this reminder give me the boost I needed. I say reminder because I’ve known down payment & closing cost assistance all along. I probably just took it for granted during those days when times were better, i.e. no down payment & closing cost concessions are available in abundance; or people are able to invest in their homes with down payment & closing cost money of their own.

It’s a thrill to own a home for the first time and I’ve never known of anyone not dreaming of that. In a nutshell, down payment & closing cost assistance program in Houston is geared mostly towards first time homebuyers or those who have not owned a home for the last three years. Some areas qualify non-first time buyers as well. Buyers must meet income & loan application requirements & must complete an approved pre-purchase homebuyer education course prior to the loan closing. Purchases should be intended as primary residence. Not bad to finally realize your dream of owning a home in Houston. With the down payment & closing cost covered, renting can’t beat investing on a home that will be yours.

Why is the state is handing down this money? Simply because it wants to build more viable and stronger communities. Statistics show that when people own the homes in which they live, communities are more stable, schools perform better & economic opportunities increase.

Don’t wait any longer to own your home in Houston. I will guide you through the process. Visit my website and call me now for more information.

Mortgage rates are low and home prices are most affordable but why don’t we see activity rise in real estate as much as we hope for if we’ve passed through the worse of the housing bubble? Well, for one it’s the end of the peak home selling and buying season. Even then, I still feel some uncertainty in the air. Are buyers still holding off spending as in other consumer goods because of fear of a still fragile economy? I don’t blame them. On the other side of the equation, for those who are seeing a good opportunity to invest on their own home, it is getting harder to qualify for a loan. And for this I absolutely don’t blame lenders either. I just wish they’d done this a lot earlier, we could have totally avoided this housing bubble. These two ends I think hold back the full throttle of economic recovery but what are we to do? It looks like even those in authority are lost in this economic tangle we found ourselves in.

I can only look at the more objective part of this whole situation which is the availability and accessibility of home loans. I had Bryan Smith, Senior Loan Officer of Cornerstone Mortgage Company in Houston answer related questions.

With stricter loan requirements nowadays, what are the chances of getting a loan for those with credit scores of 620 and below? Banks/Mortgage Companies are still hanging on to their money and have not loosened up yet. Within a month you will see all the banks moving up to 640 for a FHA loan. As far as credit scores under 620, I have seen no new programs yet, even with a large down payment. Money does not talk like it used to.

What could people in this predicament do to improve their credit in the shortest time so that they could still take advantage of the low mortgage rates & affordable home prices? It’s hard to answer this without seeing a credit report. Each credit report is different and different measures are needed to increase the credit scores. The easiest way to increase a credit score is to pay down balances to less than 30% of limit.

We keep hearing that mortgage rates are at an all-time low, when you do you think these rates will start to rise? I believe we will see the low rates until Spring or Summer of next year.

Do you see an increase in the use of FHA loans because of this change in mortgage situation? We have seen a major increase in our FHA originations. FHA is the easiest loan product to qualify for now. 620 credit score, higher debt ratios and a gift can be used for total move in. FHA Federal Housing Administration is a government entity that insures home loans against default. They have been in business since the mid 30’s. See if you qualify for this loan.

It may look like we hit a stalemate, low rates, affordable home prices but not much stir in real estate activity because less are qualified. I think we are just going back to what traditional loan qualification should be. Purchasing a home is an investment that requires responsible financial commitment. Lenders as well should do their own due diligence in assessing the risk of granting loans to prospective borrowers. I think when everybody’s responsible enough to understand and do their part, everybody is served well. No one loses loaned money, no one loses a home.

Please visit my website and let me listen to your real estate need in Houston so I can understand how to serve you in the best way possible.

For more information about where to find international restaurants in Southwest Houston, contact me through my webpage and I’ll be more than happy to give you directions.

Having lived before in different countries that are also home to international residents; I’ve developed a taste for global cuisine. To start with, I already like variety in my menu and I like to cook fresh and healthy meals for myself and my family as much as I can. My family owned a restaurant in the Philippines so did my grandmother. And they’re not just fast food but real home cooked as ordered. So this didn’t really come as a surprise to me. I share this flare for delectable international food with my mom & my dad who both also like fine tasting food.

Thankfully, America being a melting pot and Houston being one among such city, I easily get the variety I’m looking for. I enjoy going out with my family or friends to dine out in different restaurants every so often. Here’s a list of the restaurants I frequent in Southwest Houston for each different cuisine when I crave them. Although I’m not a culinary professional, they to me are quite authentic to the specific country they represent.

Nick’s Italian Restaurant – tops my list because Italian is my favorite cuisine. I like pasta and creamy sauce that Italian recipe offers and Nick’s scores to me not only because of its scrumptious taste but also because of its ambiance. It’s tucked away from a usual busy place you’d normally find a restaurant. Click here to get its location in Southwest Houston.

Ashiana Indian Restaurant – I developed my liking for Indian food when we lived in the Middle East. My friend who used to live there too and moved here in Houston like me took me to this place and it was an instant hit. It was fine dining coupled with authentic Indian taste. I like how they mix a lot of spices and come up with very distinctive taste. Here’s where you find them in Southwest Houston.

Sabai Thai Café – I took my mom to this restaurant when she visited here, and we both agree that our taste buds were pleased. I personally prefer it because of its milder zest. All the way down goes our plate in no time. Here’s where you can find this fine restaurant in Southwest Houston.

There’s an abundance of desirable master planned communities in Katy, Texas and surrounding cities. They’re not only a haven – a place of shelter but also a place of pleasure. A place you’d want to go home to and stay in. Somewhere you can truly say ‘there’s no place like home’ because you don’t want to be anywhere else, be it for rest, relaxation and recreation. That to me is a master planned community.

A master planned community in my own definition is a huge development, usually over 1000 acres, mostly residential but with mixed use, meaning there are commercial/shopping centers, even schools & a galore of amenities, usually the trade-mark of a master planned community. I’ve seen Olympic-size swimming pools, even water-parks; lakes for canoeing, even water-skiing; biking, jogging trails, beautiful landscaped parks, tennis, basketball courts, high-tech gyms, mini theaters, multi-purpose halls for parties. It’s like vacation time the whole year round! Some are gated and/or manned. Virtually a master planned community is like a mini city and a mini resort. It’s the place you want to be and where most of what you need is within your reach.

Master planned communities come with a price though. Price commensurate with amenities available I should say. House prices are more expensive, of course HOA Fees are as well, in order to maintain those perks that go with the neighborhood. I would definitely go for it if I can afford it. I think it pays for itself, in terms of what you are getting especially if you’re one who would enjoy these extra perks. I also think that it adds to the home’s re-sale value as more and more people are looking to live in these kind of neighborhoods.

Here is my top pick master-planned community in Katy: There are a number of master planned communities in Katy but Cinco Ranch is still the one for me. Over 7000 acres of development, there’s not only a wide variety of home styles and price range to choose from, but there’s also recreation, rest & relaxation for everyone of every age. There is even one section for senior living here in this master planned community in Katy. I like it for its beautiful parks, greenbelts, large & wide variety of swimming facilities; putting green, and tennis courts abound. La Centerra, the new shopping center, have plenty of restaurants and shops and set in a most classy & tasteful style. There are about 15 schools housed within this beautifully developed master planned community. As they say, there’s everything for everybody in this favorite master planned community of mine in Katy.

Click here to search for more master planned communities in Katy and surrounding cities.

New homes or re-sale?

I can almost hear you say, ‘Duh?? New homes!’ I would think and prefer the same in fact, but I don't see that being always the case.

I hear some who say that they prefer re-sale because they think older homes have more quality in terms of construction material/stability and style. I am not an engineer so I cannot even attempt to refute nor confirm about construction. I’m somewhat in the middle about styles because that is really a matter of taste. Some may like lavish styles but some would go for more functionality than style.

Sometimes, re-sale buyers are more drawn to the appeal of a location and school district, fame of an established neighborhood where there’s just a lack of choice of new homes. Sometimes the choice is out of budgetary constraints. But it doesn’t always follow that older homes are less expensive than new. Historical older homes carry more value than new ones.

I observe that most of the new home constructions have evolved from the old Bungalow style, with some touches of modern architecture & functionality. It has withstood time more than the old Victorian, Colonial & other styles. I should say though that some old architecture are simply breath-taking but I think they are lavish and pompous. Thank goodness new homes are built these days with affordability for every budget in mind. I have a new cookie-cut home, which we chose more out of necessity to conform to our budget than out of taste. I just wish that builders would offer more variety in design, lay-out and elevation.

How about building on your own lot or building from ground up? Some of the folks who have done so seem to be happier and obviously because they get to participate or have a say from the blue-print to the actual construction. It is always thrilling to get to pick all the materials that will be used in your own home and witness every phase of building it.

Whichever category you fall in, I have just the home for you. I have a list of inventories from re-sale, new home & builders incentives, as well as information regarding building on your own lot in the Houston area and surrounding cities. Click here to visit my website for all new homes and re-sale home inventory in the Houston area.