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Here's What You Need to Know About Buying a Home in the Corpus Christi Area

CEO Khai Intela
The COVID-19 pandemic has had unexpected effects on the housing market in Corpus Christi, and contrary to predictions, it has opened up opportunities for buyers. As more people work remotely and seek more affordable homes,...

The COVID-19 pandemic has had unexpected effects on the housing market in Corpus Christi, and contrary to predictions, it has opened up opportunities for buyers. As more people work remotely and seek more affordable homes, Corpus Christi has become an attractive option. If you're considering buying a home in the area, especially if it's your first, there are some important things you should know.

What to Look for in a Real Estate Agent and Mortgage Loan Officer

When searching for a real estate agent and mortgage loan officer, it's crucial to do your research and find professionals who will guide you through the process. A good agent should educate you about the expenses associated with homeownership compared to renting, including home maintenance and repairs. Your mortgage officer should provide a clear understanding of the different types of loans, down payment requirements, interest rates, and help you explore state or federal government assistance programs available for homebuyers.

First-time homebuyers are taking advantage of the low interest rates in Corpus Christi Image: First-time homebuyers are taking advantage of the low interest rates in Corpus Christi

Determining Your Down Payment Amount

The down payment you need depends on the type of loan you choose. Whether it's a regular conventional loan or a government-backed loan from the Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture, each has different terms and requirements. For example, FHA loans typically require a minimum down payment of 3.5%, while conventional loans often encourage a down payment of 20%.

A rough estimate of a mortgage payment for a home priced around $260,000 is $1,700. That includes the house Image: A rough estimate of a mortgage payment for a home priced around $260,000 is $1,700. That includes the house

Where to Find Assistance

There are several federal and state government assistance programs that can help you find and finance your dream home. Rachel Gomez, vice president of mortgage lending for the Guaranteed Rate branch in Corpus Christi, recommends exploring state programs over federal ones.

Some programs to consider are:

  • SETH GoldStar Program: This program provides forgivable second lien funds of up to 7% of your loan amount. The assistance is considered forgiven at the end of the provided term. These funds can be used towards your down payment and closing costs. The program offers a 30-year fixed-rate mortgage with options for FHA, VA, USDA, and Conventional loans.

MPM Homes under construction on Krypton Drive

  • Texas Homebuyer Program: This program, offered by the Texas Department of Housing and Community Affairs, provides various assistance options including Homebuyer Assistance with New Construction or Rehabilitation, the Texas Bootstrap Loan Program, My First Texas Home, My Choice Texas Home, and the Texas Mortgage Credit Certificate. These programs cater to different demographics and offer fixed interest rates, down payment and closing cost assistance, and tax credits based on the annual interest paid on a mortgage loan.

  • Texas State Affordable Housing Corporation: This organization offers grants to qualifying low-income households with disabilities or located in rural communities. The grants can help with home repairs, accessibility modifications, and supportive housing services.

Devonshire Custom Homes along Willow Weep Drive

Must-Know Tips for Buying a Home in Corpus Christi

  • Don't be discouraged by high home prices. With low interest rates, it might be the right time to buy as larger mortgage loans are possible. Prices are expected to remain high, and interest rates will eventually rise, increasing monthly payments.

First-time homebuyers are taking advantage of the low interest rates in Corpus Christi

  • Get preapproved for a mortgage loan before making an offer. This is crucial for negotiating a real estate transaction.

  • Base your offer on recent comparable sales in the neighborhood to have a strong negotiating position with the seller. Avoid including a lot of closing cost contributions or repair allowances.

  • Always get a home inspection. It's essential to know exactly what you're buying and protect your investment.

MPM Homes under construction on Krypton Drive

More on Corpus Christi's Housing Market

If you want to learn more about Corpus Christi's housing market, its affordability, and important tips for buying or selling a home in the area, you can find additional information in the articles below:

Remember, buying a home is a significant decision, and it's crucial to have the right guidance and support throughout the process. By following the tips and exploring available assistance programs, you'll be well-equipped to make an informed purchase in the Corpus Christi area.

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