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Zilkia Olmeda-Martins, GRI, Realtor San Antonio Texas Luxury Homes

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Government Lending Tip of the Week

02-10-09
Zilkia Olmeda-Martins, GRI, Realtor San Antonio Texas Luxury Homes

FHA Condo Spot Loan Approvals:

For the property to be FHA insured, the condominium project must be approved and in compliance with FHA's policies on condominiums.

If FHA financing was approved on the sales contract, but the condominium development is not FHA approved, it may be possible to have the DE (Direct Endorser) Underwriter approve the loan with a Spot Approval.

In addition to the completed Condominium Homeowner's Association Certification for FHA Spot Loan Approvals, the following documents will need to be provided for the DE underwriter to review.

The UW will also review the appraisal; therefore a loan needs to be boarded with a property address.

  • Recorded Declarations of Covenants, Conditions and Restrictions
  • Articles of Incorporation, filed with the State
  • By-Laws, signed by HOA
  • Current Budget and Financial Statement for the past year (note that the budget and financials should include a breakdown of the reserves)
  • Master Policy coverage or management/HOA certification (insurance coverage)

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Build San Antonio Green Workshop

02-03-09
Zilkia Olmeda-Martins, GRI, Realtor San Antonio Texas Luxury Homes

logoBuild San Antonio Green will host a workshop that takes an in-depth look at green renovation and remodeling in San Antonio. It will be held on Thursday, February 5, 2009 at the Greater San Antonio Builder's Associationheadquarters at 3625 Paesano's Pkwy.

The workshop will address different options for remodeling, materials that can be used and building requirements. Although it is aimed primarily at construction professionals, the public is invited to attend. For more information visit the Build San Antonio Green website.

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San Antonio's Labor Market - One Of The Most Stable In The State Of Texas

02-03-09
Zilkia Olmeda-Martins, GRI, Realtor San Antonio Texas Luxury Homes

Currently, unemployment is one of the major causes of concerns for homeowners and potential home-buyers alike. Although San Antonio has not escaped the effects of the faltering economy, by most statistical standards, our hardships were not as serious as other large Texas cities. Keep in mind that Texas was viewed as one of the strongest states (economically speaking) in our nation in 2008.

flag mapThe Texas Workforce Commission, reported that in 2008, Bexar County, one of Texas' largest counties, suffered 268 layoffs*. This figure is a fraction of of the mass layoff totals that other Texas cities did in 2008.

These facts confirm what us locals have known all along, but have been confused by the national media: The San Antonio economy, is one of the most stable economies in this country. While the nation's unemployment rate jumped 7.2 percent for January of 2009, San Antonio's rate shrank slightly to 5.3%.

Relating this data to real estate, the residential market has not plummeted in San Antonio as it did in many cities. Our median home prices dropped 7% in December, but the decline did not start until late in the year, and has not approached the declines recorded elsewhere.

Overall, San Antonio's future is bright. I am looking forward to a productive and successful 2009.

* Visit the Texas Workforce Commission site for more information.

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Important FHA Lending Updates for Bexar County

02-03-09
Zilkia Olmeda-Martins, GRI, Realtor San Antonio Texas Luxury Homes

keys changing handsI just wanted to keep you updated on the FHA loan changes in Bexar County.

The new FHA loan amount limit is now $287,500. There is also a minimum 3.5% down payment requirement. Remember that FHA still allows up to 6% seller contribution to be used towards closing costs and pre-paids.

This is still one of the best programs for first time buyers!

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The San Antonio Public Library Launches the "Leer Da Poder" (Reading Empowers) Campaign

02-02-09
Zilkia Olmeda-Martins, GRI, Realtor San Antonio Texas Luxury Homes

©2000 Denise Van Patten - http://collectdolls.about.com As our city prepares to ride the economic crisis and moves forward into the future, one troubling fact remains. The city of San Antonio has a 25% illiteracy rate. Although this rate is high by many standards, these findings aren't that different from the illiteracy rates found in most major cities in this country.

In a joint effort, the San Antono Public Library, Scholastic Publishing, the San Antonio Public Library sa libraryFoundation, and city leaders are launching a new literacy campaign, "Leer Da Poder" (Reading Empowers). This initiative supports teachers, librarians, and families with resources to foster a love of reading in San Antonio's children. This campaign will also incorporate the Be One in a Million initiative, aimed at increasing the number of library cards issued in the city to 1 million.

Since the 1990's the city's growing illiteracy rate has continued to be one of our Achille's heel This problem is a threat to a growing city like San Antonio because illiteracy is a catalyst problems such as teen pregnancy, domestic violence and high school dropouts, all of which are prevalent in this city.

I am proud that our city leaders are working together to encourage our youth to improve their reading skills. Once these students begin to understand, appreciate and develop the power of their minds thru reading, the sky is the limit.

clipart courtesy of ©2000 Denise Van Patten -http://collectdolls.about.com

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