It is definitely looking like it’s turning into a Sellers’ Market for nicely renovated homes in the urban core. This wonderful home went under contract after four days of being on the market and receiving two offers at the same time. The seller was pleased with the sale and a great new owner should be moving in this weekend. Keep an eye on the Lone Star Neighborhood as it continues to become the next hot neighborhood for buyers.
What do turkey legs, numerous cups of beer, and throngs of people have to do with historic conservation? More than you may know. The Southside Reporter posted this article yesterday detailing San Antonio Conservation Society’s historic rehab grant program and how money from A Night in Old San Antonio (the event with the beer, turkey legs, and folks) helps make the grants possible. The article also lays out the requirements needed in applying for a grant.
Using the proceeds from its 2012 “A Night In Old San Antonio” event and in keeping with its mission, the San Antonio Conservation Society is accepting applications for grants to individuals and organizations for restoration or rehabilitation of residential or commercial structures in the San Antonio area that are at least 50 years old.
The deadline for all entries is 4:30 p.m. Sept. 28. Grant recipients will be notified by Dec. 3.
The Conservation Society began awarding grants in 1990. Examples of grant projects funded in past years include restoration or rehabilitation of roofs, foundations, windows, plaster, facades, chimneys, front doors, porches and stonework.
Since 2000, the society has awarded $1.8 million to individuals and organizations through its grants programs.
I recently sold this wonderfuly renovated home in Lavaca. My client, CVF Homes, continues to provide newly renovated homes at affordable prices.
Recently renovated historic home in the hip Lone Star Neighborhood. 3 bedrooms & 2 bathrooms. Renovations include refinished floors, new interior paint, electrical upgrades, updated bathrooms, HVAC, updated kitchen with stainless steel appliances, washer & dryer, attic conversion, and a security system. Open floor plan flows into the sleek kitchen with breakfast bar. French doors open to a deck and a large back yard. Perfect for entertaining. Move-in ready and waiting for you.
Click on the photo for more pictures and information about the house.
This article introduces the idea of “defensive lending” as a main reason that underwriting is so difficult. “”Defensive lending is the mortgage equivalent of defensive medicine,” where doctors run more tests than needed to reduce litigation risk. “Rather that more medical tests, mortgage lenders are adding underwriting requirements and program restrictions to avoid overstepping a sometimes ambiguous line” that will trigger penalties from Fannie, Freddie, or FHA.”
WASHINGTON — Two federal agencies with far-reaching influence over the mortgage market are working on a problem that could affect the ability of many consumers to obtain a home loan: How to encourage private lenders to ease up on their underwriting restrictions that go beyond what the agencies themselves require for mortgage approvals.
Both the Federal Housing Finance Agency, which oversees giant investors Fannie Mae and Freddie Mac, and the Federal Housing Administration, which runs the low-down-payment FHA program, are considering steps they might take to persuade lenders to open the mortgage spigots a little wider.
Together, Fannie, Freddie and the FHA account for 90%-plus of all home loan funding. The focus of their little-publicized reform projects: the “overlay” rules many lenders have adopted that call for extra fees, larger down payments and higher credit scores than Fannie, Freddie or the FHA require. Read the rest of Q. Why is underwriting so difficult? A. “Defensive Lending” »