Register Real Estate Advisors

There are mortgage programs that are aimed specifically for foreign nationals moving to the United States.  If you are a foreign national moving to the United States to live in the Houston area, contact RREA’s in house lender to get qualified for a loan specialized to your needs.  Properties that are eligible for foreign national loans are both single family homes and condominiums.  These loans do require at least 25% down payment.  Call RREA today at 281.288.3500 to talk with our in house lender about qualifying and to our Realtors who can help you purchase a home.  Realtors work differently in Texas than in other parts of the world, so talk with a Realtor before you purchase a new or resale home in the states.

A Reserve Study is an in-depth assessment of a property’s physical components that may be required by Fannie Mae or HUD for residents to get a mortgage.  Many times these are condominiums, or properties that have multiple owners.  They are performed by licensed engineers, finance and legal experts that can analyze the budget.  The inspection includes the roof, mechanical systems, recreational assets, and the financial status of the property.  Recently they are becoming more popular and are sometimes required on real estate purchases.  Inspectors go on location to do a reserve study and they outline antiquated replacements and repairs to common areas of a property.  They also recommend annual reserve funds that will cover long-term capital expenses.  They are beneficial because they can help maintain a property’s value and the owner’s investment by ensuring that adequate funds are reserved to cover anticipated costs of keeping common areas safe and maintained.   Reserve Studies help board members and community association managers anticipate expenses for the future.  One should be completed when a building is built, and on a reoccurring basis as determined by the length of the study. The study will be relevant for about 6 weeks and it covers a 10-30 year period.

According to the National Association of REALTORS®, first-time homebuyers (FTHBs) accounted for half of all homebuyers in the United States last year.  Builders are taking note of those stats!  As a result, many builders in the Houston area are adopting marketing practices targeted at the FTHB market.  They are also making design changes to FTHB preferences.

Did you know that for as little as $650 a month you could own a townhome instead of renting?  Some townhomes rent for $900!  Compare the savings of renting vs. owning a townhome or house.  There’s also a lot of savings on energy bills in newer homes vs. apartments.  Most homes being built for today’s consumers are considered “Green” homes that have energy-saving features.

Many people rent because they do not want to maintain a home.  Did you know that if you buy a condominium you do not have to maintain the grounds?  There is little to no maintenance with a condo purchase.

Consider all of your options when renting, because there may be an alternative that could turn in to a nice investment in the future.

There are both townhomes and condominiums in and around the Houston area.  You will need to know the difference if you are interested in purchasing either homes.  A townhouse is considered a single family residence and the paper work for the Realtor and Lender is the same as a free standing home purchase.  If you are purchasing a condominium, there is additional and different paperwork for the Realtor and Lender to prepare and strict guidelines for financing.

How do you know the difference between a townhouse and a condominium?  One way is to look at the legal description- in most cases, a townhome has a lot/block legal description and a condo will show “unit __” of “Building ___” or on tax records it will show style as being a condo.  If it is still unclear after looking at the tax records, the next step would be to have a title company pull the title information on the property to see how it was legally recorded.

If you are purchasing a condominium, you need to understand that they are considered high risk properties.  The condition and value depend on the neighbors as much as the owners, so owner occupancy is very important.  If too many owners are using the condo as an investment property or second home, then it could limit the type of loan you can get on your condo.  If you are getting a conventional loan on your condominium you have to put down atleast 20% so there will be no mortgage insurance required.  If you do a conventional loan with less than 20% down, then you will be required to get mortgage insurance and the owner occupancy rate must be atleast 75%.  So if the majority of the condos are used as rental units or second homes and you don’t have 20% to put down, you will not be able to get a conventional loan.   For an FHA or VA Loan, the government rules state that the condo association must be on the approved list for either FHA or VA before you can do a loan through them.  The approved lists are available online.  If the property is not on the approved list, then you do have the option to submit to FHA or VA for approval, but this is a long process.  For the property to get approved for an FHA or VA Loan they will require that it has an owner occupancy of atleast 50%, there cannot be any lawsuits going on with the property, past dues cannot be more than 15%, and any other requirements they want to add.

It is definitely easier and less risky to purcahse a townhome, but many condominiums are popular around the city and qualify for both VA and FHA Loans.  Check with a Realtor at Register Real Estate Advisors to learn more about the townhomes and condos in the area where you want to relocate to.  Our agents can help you move into any home you choose!  Call us today to get started.

HOUSTON (Houston Chronicle) – The Harris County Housing Authority (HCHA) has purchased 91 waterfront acres on West Lake Houston Pkwy. to develop Patriots by the Lake, a master-planned community to serve as a living monument to America’s veterans.

The community will provide housing, employment, medical and ancillary support and recreation in and around its 44 parks and programmed open spaces.

Residences will consist of townhouses, condominiums and custom single-family homes ranging from 2,877 to 8,000 sf.

A marina district will also be developed and include a boardwalk, amphitheater, hotel, shopping and restaurants.

A “Wall of Heroes” memorial to honor fallen servicemen and women of the Iraq and Afghanistan conflicts will be accompanied by several monumental tributes throughout the community.