There are a lot of benefits to hiring a REALTOR, peace of mind is one of them! Olga Vega Carter, REALTOR RE/MAX 1st Choice (956) 433-6291

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5 Surprising (and Useful!) Ways to Save for a Down Payment

Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting sum if you follow the textbook advice to squirrel away 20% of a home’s cost. Here are five creative ways to build your down-payment nest egg faster than you may have ever imagined. 1. Crowdsource Your Dream Home You may have heard of people using sites like Kickstarter to fund creative projects like short films and concert tours. Well, who says you can’t crowdsource your first home? Forget the traditional registry, the fine china, and the 16-speed blender. Use sites like Feather the Nest and Hatch My House to raise your down payment. Hatch My House says it’s helped Americans raise more than $2 million for down payments. 2. Ask the Seller to Help (Really!) When sellers want to a get a deal done quickly, they might be willing to assist buyers with the closing costs. Fewer closing costs = more money you can apply toward your deposit. “They’re called seller concessions,” says Ray Rodriguez, regional mortgage sales manager for the New York metro area at TD Bank. Talk with your real estate agent. She might help you negotiate for something like 2% of the overall sales price in concessions to help with the closing costs. There are limits on concessions depending on the type of mortgage you get. For FHA mortgages, the cap is 6% of the sale price. For Fannie Mae-guaranteed loans, the caps vary between 3% and 9%, depending on the ratio between how much you put down and the amount you finance. Individual banks have varying caps on concessions. No matter where they net out, concessions must be part of the purchase contract. Related: New Law Protects You from Surprise Closing Costs 3. Look into Government Options The U.S. Department of Housing and Urban Development, or HUD, offers a number of homeownership programs, including assistance with down payment and closing costs. These are typically available for people who meet particular income or location requirements. HUD has a list of links by state that direct you to the appropriate page for information about your state. HUD offers help based on profession as well. If you’re a law enforcement officer, firefighter, teacher, or EMT, you may be eligible under its Good Neighbor Next Door Sales Program for a 50% discount on a house’s HUD-appraised value in “revitalization areas.” Those areas are designated by Congress for  homeownership opportunities. And if you qualify for an FHA-insured mortgage under this program, the down payment is only $100; you can even finance the closing costs. For veterans, the VA will guarantee part of a home loan through commercial lenders. Often, there’s no down payment or private mortgage insurance required, and the program helps borrowers secure a competitive interest rate. Some cities also offer homeownership help. “The city of Hartford has the HouseHartford Program that gives down payment assistance and closing cost assistance,” says Matthew Carbray, a certified financial planner with Ridgeline Financial Partners and Carbray Staunton Financial Planners in Avon, Conn. The program partners with lenders, real estate attorneys, and homebuyer counseling agencies and has helped 1,200 low-income families. 4. Check with Your Employer Employer Assisted Housing (EAH) programs help connect low- to moderate-income workers with down payment assistance through their employer. In Pennsylvania, if you work for a participating EAH employer, you can apply for a loan of up to $8,000 for down payment and closing cost assistance. The loan is interest-free and borrowers have 10 years to pay it back. Washington University in St. Louis offers forgivable loans to qualified employees who want to purchase housing in specific city neighborhoods. University employees receive the lesser of 5% of the purchase price or $6,000 toward down payment or closing costs. Ask the human resources or benefits personnel at your employer if the company is part of an EAH program. 5. Take Advantage of Special Lender Programs Finally, many lenders offer programs to help people buy a home with a small down payment. “I would say that the biggest misconception [of homebuying] is that you need 20% for the down payment of a house,” says Rodriguez. “There are a lot of programs out there that need a total of 3% or 3.5% down.” FHA mortgages, for example, can require as little as 3.5%. But bear in mind that there are both upfront and monthly mortgage insurance payments. “The mortgage insurance could add another $300 to your monthly mortgage payment,” Rodriguez says. Some lender programs go even further. TD Bank, for example, offers a 3% down payment with no mortgage insurance program, and other banks may have similar offerings. “Check with your regional bank,” Rodriguez says. “Maybe they have their own first-time buyer program.” Not so daunting after all, is it? There’s actually a lot of help available to many first-time buyers who want to achieve their homeownership dreams. All you need to do is a little research — and start peeking at those home listings!

Why didn’t the seller send me a counteroffer?

I submitted an offer to buy a house. Instead of accepting my offer or sending back a counteroffer, the seller replied with a form called Seller’s Invitation to Buyer to Submit New Offer. On it, he wrote a comment that he would view my offer more favorably if I increased my offer price. Why didn’t he just make a counteroffer? Though often sellers will respond with a counteroffer when an offer doesn’t quite meet their approval, sometimes they will reply with the form you mentioned. The form—only for use by Texas REALTORS® and their clients—enables the seller to continue marketing the property to other buyers while you consider your next move. You can discuss with your Texas REALTOR® whether to submit a new offer based on the comment the seller provided in the form. You may not want to wait too long, since the seller can entertain other offers in the meantime.

5 things first-time homebuyers don’t know they should do

You’ve decided that your first home should have three bedrooms and a big yard, but what else have you thought about? You may want to check out Fox Business' list of 10 things that most first-time homebuyers don’t consider during their house hunt. Here are the first five: Make a checklist and use it. Determine what features are essential to you and refer to your list when viewing properties. Your list may change, but it can be a good starting point. Consider all expenses. When you're calculating what you can afford, be sure to factor in other expenses like taxes, insurance, commuting costs, and utilities. Ask for the paperwork. If you’re looking at property in a homeowners association, request a copy of the HOA rules before submitting an offer to see if you’re willing to abide by them. Research funding sources. You may qualify for homebuyer-assistance programs based on your profession, income, or the property’s location. Think about resale value. You may appreciate a home’s unique features, but will potential buyers love them when you’re ready to sell? One of the best decisions you can make you’re ready to buy your first home is to choose a Texas REALTOR®. These professionals have the experience and knowledge to help you reach your real estate goals.

Stop Living on the Edge!

Doesn’t the buyer have to give a reason for backing out?

I accepted an offer on my home, and now the buyers are backing out. I thought they had to a give a valid reason—like that they can’t get a loan—but their agent says they don’t. Is that true? It depends. If the buyers paid you for a termination option (see Paragraph 23 of the contract), they can cancel the deal for any reason within the agreed-upon time period. In that case, the buyers don’t owe you an explanation. You get to keep the option fee negotiated in Paragraph 23, but the earnest money will be refunded to the buyer. If the contract does not include a termination option—or if the option period has expired—the buyers would be in breach of the contract if they tried to walk away without giving a contractually acceptable reason, such as not being able to obtain financing under the terms specified in the contract.

4 ways to stay safe as a new homeowner

You do actions to stay safe every day, like fastening your seat belt, looking both ways before you cross the street, or locking your doors before you go to sleep at night. Your Texas REALTOR® likely has some ideas of how to you can stay safe as a new homeowner, but here are four safety tips to consider: Don't entice thieves with your empty boxes. While it's exciting to upgrade your home to make it your own, putting those boxes from your new TV on the curb might send a signal to potential thieves. Instead of putting boxes out in plain sight, break them down and place them in a trash receptacle or store them inside until trash day. Better yet, take them to your local recycling center as soon as possible. Change the locks. Have you ever made extra keys for your home for the dog walker, your best friend, or as a loaner to give to visitors? You're probably not the only one. Even though your seller will surrender her keys at the sale, there's no guarantee that she remembered to retrieve all of them. For safety's sake, it's worth getting your own set of keys that no one else has but you. If you're in a condo, you might be able to ask a maintenance crew to change your locks for you. If not, your local home-improvement store can give you some guidance, and there are plenty of instructional videos online as well. You can also hire a locksmith to rekey for you. Keep your name to yourself. You might want to tell the world about your new purchase by putting your name on your mailbox, doormat, or elsewhere, but be smart about what you reveal. On your mailbox, use just your last name or your last name and first initial. This keeps strangers from knowing too much about you and your family, like your gender or how many people live in the property. Sign up for the neighborhood email list. If there is a local group email list, becoming a member of it is a good way to stay informed about neighborhood happenings. For example, my neighborhood's email list has alerted me about suspicious door-to-door visitors and car break-ins. Even though it's unfortunate, I'm glad to be in the know. A bonus benefit? You'll probably hear about fun ways to meet your neighbors, too, like block parties or yard sales.