A: This is false. There are many good programs available in the lending industry. FHA is a great program that has been around for several years. An FHA loan requires a minimal down payment of 2.25% (this will increase to 3.5% after Jan. 1, 2009) and has increased it’s maximum borrowing limits to $332,500.00 (also subject to change after Jan. 1, 2009).

For 2008 & 2009 the government has issued a tax credit in the amount of $7,500.00 for first time home buyers. This is a great opportunity if you’ve never purchased a home or haven’t purchased a home in the last 3 years. Rates are still at an all time low and will likely stay there for a bit. Now is a great time to take advantage of the large selection of inventory and incentives in the market place.

VA is also a popular program especially in San Antonio. Eligible veterans can qualify for a loan with 0% down. VA is often used in conjunction with the Texas Veterans program which provides the veteran with a buy down on their interest rate.

Conventional financing is also still available with down payments as low as 5% and 10%. Although it is true that there have been many changes to the credit industry if you have decent credit & a little bit of money saved you can obtain a great mortgage with a great interest rate. In addition to the various loan programs available there are also specialty programs for first time home buyers, police, fire fighters, and teachers to name a few. Some of these programs offer grant money that helps the borrower get into a new home without having to repay the money granted.

Got a question? Email me at Meghan@kw.com or visit my website at www.ecodifferencehomes.com or just pick up the phone & call 210-232-3666

Meghan Pelley is a licensed agent of Keller Williams Realty

A: Addressing what architects consider to be the “envelope” of your home will give you the most bang for your buck. The envelope of a home is the roof, outer walls and other areas of the home the make up the shell of the home. The object here is to keep as much of the desired air in the home as possible (i.e. cold in the summer, warm in the winter). Adding things like Radiant Barrier, cocoon insulation or a solar attic fan are very cost effective and can help keep the envelope of the home fully functional. There are things you can do that cost very little or noting at all. Start by unplugging anything that’s not in use. Especially items like unused appliances, TV’s, DVD players, computers, cell phone chargers etc. will reflect a noticeable difference on your utility bill. Check the weather stripping at all your exterior doors & caulk at the windows, replace as necessary. Have your HVAC system serviced at least once a year and change the filter every month and every 2 weeks in the summer when the a/c’s going. There are several rebates and free items offered by your local energy and water providers. To see a list of some of these incentives visit www.ecodifferencehomes.com or contact your local energy/water provider.