Archive for Become a Homeowner

FAQS for A First-Time Homebuyer

First time homebuyers in front of first home mat

If you have recently made the decision to buy your own home for the first time, we congratulate you! Buying your own home stands as one of life’s greatest rewards. Although, there is so much to know about buying a home, especially when you’re a first-time homebuyer. Without having all the right answers, it might even be difficult for you to know where to start. That’s exactly what Palo Verde Homes can help you with. Besides working as a home builder, we want to support all of our customers. Our process involves going through some common questions most first-time homebuyers have to ask. 

How Much Do I Need For A Down Payment?

Saving up enough money for a down payment is one of the most challenging obstacles for first-time homebuyers. Most lenders expect between 5% and 20% of the mortgage for a down payment. It all depends on the requirements of the lender, including:

  •  Their customer policies 
  • The type of loan
  •  How long it will take for you to pay it off. 

To prepare for this, make a budget ahead of time and stick with your plan. 

Do I Have To Pay For A Down Payment Out Of Pocket?

Mortgage lenders require a down payment before providing a mortgage. Therefore, they usually mean to get paid out of pocket. We understand how this can feel a bit overwhelming. However, there are ways you can provide a down payment without having to empty out your savings completely. Local governments can sometimes offer down payment assistance programs. You can also use gift funds toward your down payment. Although, this would require a gift letter from the giver to verify that the gifter does not require repayment. 

What Is The Difference Between Pre-Qualified And Pre-Approved Loans?

Pre-qualifications provide homebuyers with an estimate of how much they might be able to buy or what they could possibly afford. This is when no information has been verified yet. The next best step is to get pre-approved for a loan, which gets based on factual information that determines the kind of loan you can receive. 

How Can I Get The Best Mortgage Possible?

It can take plenty of time and energy to learn about the various rates and mortgages out there. If you want to make sure you are getting your money’s worth, do your homework. Look at reviews regarding the lender you’re working with to make sure they are a credible and fair company. You can also get in contact with a mortgage broker for additional assistance. If you are a veteran, you may also qualify under the Veteran’s Administration assistance. 

Are There First-Time Homebuyer Grants?

There are first-time homebuyer grants available. These can be given at the state or local level, but they typically get provided by the state. These grants are also provided by down payment assistance programs. Depending on your mortgage, these grants can cover a big chunk or the entire down payment. You may choose to opt for a low-interest loan. As the name says, borrowers will have to pay back the loaned amount but at minimal interest. 

What Credit Score Do I Need To Have As A First-Time Homebuyer?

Your credit score can either make or break the homebuyer process for you. Obviously, the higher your credit score, the easier it is to put a mortgage and down payment on a home. Anything that is 720 and up is considered excellent. Anything from 680 to 719 is good. 620 to 679 is fair. If you have a score of 620 and below, this is where it can get difficult for lenders to approve you. 

How Much Of My Income Should Be Used To Pay My Mortgage?

The ideal percentage of your income that should go towards paying your mortgage is 28%. If you have to use more of your income to pay for a mortgage, the home might not be the best option for you. This percentage should also account for related expenses, taxes, homeowners insurance, anything that has to do with your home. If you aren’t sure what you can afford, lenders will provide a debt-to-income ratio when you are in the process of buying a home. 

Contact The Professionals at Palo Verde Homes 

Here at Palo Verde Homes, we want to walk you through the process, from start to finish. Any other questions you may have, do not hesitate to come to us! Contact our home building team to learn more about how a Palo Verde Home is your best choice. 

El Paso, Texas: The Best Place to Raise a Family!

Hispanic couple sitting on the sofa reading a book at home with their baby son and young daughterWhether you’ve been stationed to work at the army base or have received a job offer in the southwestern city, you don’t have to think twice about moving to El Paso, Texas. The far west city is known for providing couples and families with the perfect opportunity to balance their social life, work obligations, and their own downtime. If your family is your number one priority, don’t be afraid to go with your gut and make a bold move to the West Texas city. Not only is the city of El Paso perfect for families but it has provided a home for people from all over the world. We discuss the many attributes that make El Paso a definite option for you and your little ones. 

Affordable Cost of Living

El Paso is rather admirable due to the simple fact that housing is affordable in almost every region throughout the city. Looking for a new home? You’re in luck. New homes and models are almost just as affordable as used homes and the city is growing rapidly. Whatever your preference may be in finding a home, we’re confident that you’ll find your every desire here. Additionally, some home builders, such as the proud Palo Verde Homes, have extensive knowledge regarding the many communities that make El Paso what it is. 

Expanding Your Child’s Knowledge

Most El Pasoans are rather knowledgeable when it comes down to speaking English and Spanish fluently. It’s a matter of no time before both you and your child start expanding on your bilingual skills! Many educators and teachers are certified in helping Spanish-speaking children with their English-speaking skills. The amount of support in El Paso is incomparable. Besides the bilingual nature of El Paso, there is so much more our city has to offer. 

Appreciation for the Arts and Culture 

El Paso is a historic site, popularly taught in Texas and U.S. history. With an extensive history, it’s no surprise that it has become an artsy and cultural hub, catching the attention of people from all over the country. Duranguito, an old neighborhood that resides in Downtown El Paso, has become a popular site due to its historical background and the townspeople’s attempt to clean it up with the help of artwork. This neighborhood is only one of many admirable sites here! 

Finding a Job That Works with You 

Almost every profession and field of work can be found here in the city. El Paso is filled with small and local businesses, so with that being said, employers all over the town are almost always willing to take on an extra member. The team at Palo Verde Homes can guarantee that whatever kind of position you are aiming to work for, you’ll be able to find exactly that! Even more, we can guarantee you’ll find a career that still allows you the necessary time for your family and personal life. 

Education Systems: Up and Coming 

As more houses are being built and more communities being established, the demand for more schools has risen dramatically. Whatever is your preferred community in the city, you’ll likely be able to enroll your children in a school that you can place your trust in. Additionally, school officials in El Paso are willing to work with you should you have any concerns! Even better, once your children are ready to pursue their career aspirations, we have colleges and a reputable university! 

Healthcare Everywhere 

Emergencies can happen at any time, any place. In these moments, the most important thing to do is to stay calm. It can be hard to keep yourself cool and collected, but as the city continues to grow, more and more healthcare and medical facilities are being built closer to homes. Besides emergencies, medical necessities can be reached with ease. You don’t have to dread a half-hour drive just to be seen by a doctor. El Paso is ideal in proximity! 

Recreational Areas in Every Neighborhood 

Not only do you want to ensure that you and your children are receiving the appropriate care, but you also want to provide your children with some fun from time to time! With more homes, schools, and small businesses, comes more recreational areas. Parks, athletic centers, and much more can be found in several neighborhoods in El Paso. We have larger sites, such as the Franklin Mountains, for your family to enjoy all year long! 

Providing You with A Beautiful a Home 

Here at Palo Verde Homes, we care about the quality of your home life. To top off your living experience, we suggest you give us a call so we can assist you and provide you with a home. Don’t hesitate to connect with us today! 

If One Of Your Goals For 2019 Is To Become A Homeowner, Read Along…

Owning a home is one of the greatest investments. And right about now you’re thinking, “Yes, I’ve heard that phrase time and time again.” The reality is, owning a home can provide you with many incentives and a prosperous future. However, getting there is what takes the majority of work. Being determined, persistent, and wise about this decision is what truly matters.

Here at Palo Verde Homes, it’s our priority to match people with homes and guide them in their journey to homeownership. If you’ve made it your goal to become a homeowner in 2019 then we’d like to provide you with a couple of tips to help get you started.

Tip #1. Don’t settle.

This is a lifetime investment after all. Spend time exploring what you need and desire in a home. Make a list and carry it with you. There may be some give and take, especially if your partner has a different set of ideas but it’s important to find a balance. Once you begin attending Open Houses and working with a Realtor, who will also pose discovery questions, you’ll have a better picture of what will fill your desires in a home.

Tip #2. Research the builder.

You can fall in love with certain layouts or home features but if the home’s foundation is not what it should be, you’ll have numerous problems down the road. Knowing that the builder is reputable and has a solid customer satisfaction rate is key. One of the first items on your agenda should be researching home builders in the area. See what type of warranties they offer, make sure they meet all of the standard qualifications and don’t be afraid to ask for customer reviews. You should get to know the builder and ensure they are able to provide you with quality service from beginning to end.

Tip #3. Get pre-qualified for a loan early on.

Having your finances in check is especially important. One of the first items your Realtor will want to know is how much you’re looking to spend. If you have any outstanding debt or bad credit, this will affect your qualifications for a loan. Ultimately, it’s critical that you know what amount you can afford for a monthly mortgage. Knowing upfront what you can and cannot afford will save you from headaches and heartbreaks.

Bonus Tip: Contact Palo Verde Homes

We don’t say this because we’re biased to our own high-quality, beautiful homes, we say this because we are confident in our ability to bring you a home you’ll cherish for years to come! Knowing your goal is to become a homeowner in 2019 excites us. Each year we meet so many couples, families, and young professionals embarking on a new journey of homeownership and it’s truly what keeps our passion alive. Once you see a couple of our model homes in person you’ll have a great sense of why we continue to score a 5/5 among current owners.

We’re confident 2019 will be the year you unpack your bags and shout, “I’m home!Contact us today to make that vision a reality!