On Real Estate

Tuesday, October 31, 2000

Program offers qualifying first-time homebuyers extra $3,000

Money is a forgivable loan that doesn't have to be paid back if family lives in its home for five years

Maria Burke moved to Corpus Christi from Colorado with her three children. She wanted to buy a house, but didn't know if she would qualify.
   Now her children, one of whom is 12 and twins who are 6 years old, are excited about the thought of moving in a house before the holidays, said Burke. "My kids are very happy we're going to move into a house," said Burke, who is looking for a home close to the schools her children attend. "I hear every day: 'Mommy, mommy, when are we going to move in?' "
   A program through the Corpus Christi Community Improvement Corp. gives Burke and her three children the option of considering homes that are $3,000 more than they otherwise would have been able to afford.
   "It gives them a little boost on money to buy a home," said Cristina Lara, a real estate agent with Star Realtors Realty who has been showing Burke some of the homes that she can now qualify for.
   The grants are intended to increase the number of first-time homebuyers living in Corpus Christi who make less than 80 percent of the median income.
   Who can qualify depends on the number of people in the family and the family's income. A family of three would need to make less than $29,500 to qualify for the program.
   The $3,000 is a forgivable loan with zero percent interest given to qualifying homebuyers to meet down payment and closing cost expenses. In taking the money, the buyer makes a promise to live in the house for five years. If a person moves out before then, the amount of the loan is due back to the city.
   A real estate agent can pre-qualify a prospective buyer for the forgivable loan, as well as act as a guide while applying.
   Burke found out more about the program through a first-time homebuyers' seminar held at Star Realtors Realty Inc. Real estate agents/owners Dalia "Dee Dee" Cortez and Lara, have the free, informational meeting at 7 p.m. on the first Thursday of the month at their offices. The next one is set for Thursday at their offices at 11014 Leopard St. in Annaville.
   The session will include Lisa Brock, a loan officer with Integra Financial Services who will explain and calculate loan needs.
  

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Business reporter Andrea Jares can be reached at 886-3678 or by email at jaresa@caller.com. On Real Estate is published every other Tuesday in the business section.

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