These loan programs can help you buy and renovate that fixer-upper

It's tough out there right now for first-time homebuyers. Even though home sales are rising, the share of first-time buyers fell in 2015, according to data from the National Association of REALTORS®. Part of that is the difficulty of saving for a downpayment and strict financing requirements, but in many areas, the inventory of appealing, entry-level homes is limited. Where there is a dearth of updated or move-in-ready homes for first-time buyers, some will consider buying a fixer-upper. If that's you, make sure you know what your options are for financing the purchase and renovation of your first home. While using a traditional mortgage to purchase the home and financing the renovation separately is an option, there are loan products that combine the cost of the home and the renovation in one payment. The Federal Housing Administration's 203(k) program allows homebuyers to finance $5,000 to $35,000 in renovation costs as part of their mortgage. Many of the same rules and restrictions that apply to typical FHA-insured single-family residential mortgages also apply to 203(k) loans, but there may be more fees charged by the lender for additional services that are part of the 203(k) process. The value of the property must fall within FHA limits for the area, as well. With this program, the money is held in an escrow account and released as the work is completed. Like other FHA products, insurance is required throughout the life of the loan. Interested buyers can find a lender using HUD's online tool. While the 203(k) program is limited to primary residences, FannieMae's HomeStyle Renovation mortgages can be used for one-unit second homes or investment properties. HomeStyle mortgages are more like traditional mortgage products in terms of requirements for downpayments and private mortgage insurance, where mortgage insurance can be dropped after a set amount of equity in the home is reached. The amount buyers can borrow through the HomeStyle program depends on either the post-renovation value of the home as determined by an appraiser or the purchase price plus renovation costs, whichever is lesser. HomeStyle loans are also subject to conventional mortgage limits. Unlike the 203(k) program, there is no online tool to find a lender that deals in HomeStyle mortgages. Work with your lender and your Texas REALTOR® to get the property that's right for you.

New Listing - 25 Whooping Crane Dr. in Laguna Vista

Another beautiful home built by Gallery Built Homes. Located in a gated development with two golf courses, bar/restaurant, driving range, pro shop, club house, tennis courts, swimming pool, fitness center. Gated and security from dusk until dawn. Just minutes from the beaches of South Padre Island and championship golf of SPI Golf Club. This is the perfect time to purchase a brand new home on the lake in the Estates of the South Padre Island Golf Community with room for your golf cart. Click HERE for more information

South Padre Island Area Housing Statistics

New Listing at 2 Spoonbill Cove Rd. in Laguna Vista

Absolutely stunning home located on a corner lot in the South Padre Island Golf Community. You will love the spacious open floor plan which is perfect for entertaining! 2 master suites with walk-in closets. The kitchen has stainless steel appliances which convey, granite counter-tops and decorative back splash as well as a kitchen island. Tropical, fenced in private backyard with a saltwater pool built by South Texas Pools. Make this home your own piece of tropical paradise! Click HERE for more information

SPI Birding and Nature Center

New Listing at Seagull Condos $895,000

New Listing at Sea Gull Condos! Absolutely breathtaking views of the Gulf of Mexico. Call me today for a private viewing (956) 433-6291