Cindy Stokes’s Blog

I™ve just sold a Single-family property at 7901 Wisteria Valley Dr in Austin. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

Check out this new property that I just posted on my Web site. It is in Austin.

I™ve just sold a Resale – single family property at 2708 Richcreek Rd in Austin. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

My good friend and  trusted lender, Mark Townsend, has updated me with new information about  new FHA loan limits and down payment percentages.    Below is  his update.    If you are considering going FHA  on your new purchase, you’ll want to take note.   Mark can be reached at  512-336-2121.  

1.       NEW LOAN LIMITS: The 2008 FHA temporary loan limits will expire December 31, 2008 and the 2009 loan limits have been announced. The result is a reduction in the maximum FHA loan amount for the Austin MSA in 2009. The 2009 loan limit will be $271,050. This is down from the temporary 2008 limit of $288,750. The new lower limit translates to a maximum purchase price of $280,880. Your client will still be able to get an FHA loan on a higher priced home, but would need to bring additional cash for the difference between the contract price and $280,880. Any current clients who need FHA financing on a purchase price between $280,880 and $295,396 will need to close on their contract no later than December 31, 2008 in order to take advantage of the 2008 temporary limit.

2.       NEW DOWN PAYMENT REQUIREMENTS: FHA will have a new minimum down payment requirement of 3.5% of the lesser of the appraised value or sales price in 2009. The new down payment will be effective with new FHA case number assigments on or after January 1, 2009. If you can get me a client’s purchase contract by December 30, 2008, I will be able to get the case number assignment before January 1st and your client will only be required to put 2.25% or 3% down (depending on the amount of Seller contributions, if any).

Even with these changes, an FHA loan is still a great option for many buyers. HUD has streamlined the rules for FHA financing in recent years. The appraisal process is now almost identical to conventional financing and you no longer have to worry about Buyer non-allowable closing costs! There are fewer gift restrictions and most borrowers with credit scores between 580 and 720 will receive a better interest rate than they would with conventional financing.

On October 11, 2008 at 14:00 PM, you are invited to an Open House at 2708 Richcreek Rd in Austin. If you are looking for a Resale – single family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Resale – single family property, check out my site at cindystokes.topproducerwebsite.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

On October 05, 2008 at 12:00 PM, you are invited to an Open House at 2708 Richcreek Rd in Austin. If you are looking for a Resale – single family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Resale – single family property, check out my site at cindystokes.topproducerwebsite.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

Check out this new Single-family property that I just posted on my Web site. It is at 3521 Citrine Place in Round Rock. This Single-family property has 4 bedrooms and 3 baths. This home is easily the best value in the neighborhood with its 4 car garage, handsome curb appeal and beautiful rustic finishout, Lots of careful attention to detail in kitchen and bathrooms. Gorgeous hickory hardwoods in entry, formal dining and study. Rich, warm color scheme, lots of backyard privacy. Lovely gourmet kitchen with 42″ uppers, knotty alder and granite. Great floorplan with kitchen in the heart of the home and open to breakfast and living. Master down with luxurious tub and glass shower. Spacious guest bedrooms with custom tilework in the full baths. Lots of storage, lots of luxury, lots of value.

Check out this new Single-family property that I just posted on my Web site. It is at 2708 Richcreek Rd in Austin. This Single-family property has 3 bedrooms and 2 baths. Stunning remodel in Allandale. Elegant, open floorplan with exceptional
attention to detail and truly expert craftsmanship. Here’s what’s new:
Kitchen cabinetry with butler pantry, granite counters, SS appliances
20″ ceramic tile in kitchen, maple hardwoods, ceramic tile in baths
New bathroom vanities and counter tops, custom tile tub surrounds
New light fixtures throughout, ceiling fans, recessed lighting, pendants
New garage doors, new front door, new french doors to covered patio
New limestone and granite fireplace mantle and hearth
The floorplan is remarkably open and modern and the rooms are
enormous. Curb appeal and walk in drama rarely seen in older homes.
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I™ve just sold a Single-family property at 4808 Interlachen Ln in Austin. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I  think everyone agrees that we should make  our  homes in Austin more energy efficient and continue  Austin’s proud tradition of being environmentally responsible.   A recently passed city ordinance calling for energy efficiency at ‘point of sale’ has caused a great deal of concern amongst the Realtor community and the interpretation of this resolution has run the gamut.

The ordinance is  Council Resolution 20070215-023 paragraph 3)c., which sounds like it will put this responsibility squarely on the shoulders of  the seller at the point the home is sold.    Here is an exerpt from the resolution.   You can read the resolution in its entirety at http://www.cityofaustin.org/edims/document.cfm?id=100723:

3) Implement the most energy efficient building codes in the nation and aggressively pursue energy efficiency retrofits and upgrades to existing building stock through measures including:

c.   Implementing policies identifying opportunities for energy efficiency retrofits and upgrades, and requiring all cost-effective retrofits and upgrades for all properties at point of sale.

Some have believed that  we will have to go as far as buying new air conditioners before we are allowed to sell our homes.    A recent letter from Mayor Wynn states that the ordinance will not likely go that far.   More likely, the sellers will be required to obtain an energy audit and pass that information on to the buyer as part of the already existing disclosure process.   The 28-member Task Force, established to study and make recommendations on this problem, has not published as of yet.   I  attached a link to recent letter  from Mayor Wynn published  in the Water Wise Newsletter on June 11th.   Here is the link: document.    http://www.enewsbuilder.net/watercon/e_article001123691.cfm?x=bcQVMT9,bb0dJqtg

We’ll have to wait and see what the  Task Force  develops.   I will stay on top of this issue and pass everything I learn on to you!   Call me if you have any questions.