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Tuesday, Feb. 2, 1999

Low interest loans available to homebuyers

Also, area could see 3 new post offices within 5 years due to population growth

By ANDREA JARES
Staff Writer

   Even with some of the lowest home mortgage rates in years, some first-time homebuyers still can't qualify for a mortgage or make a down payment.
   So the Texas Department of Housing and Community Affairs is making $116 million in low interest loans available to prospective homebuyers.
   The 30-year mortgage loans are borrowed at a 5.85 percent rate, below the lowest rate reported in Corpus Christi last week: 6.25 percent.
   The state housing agency makes the loans available twice a year. To get an application, prospective homebuyers should call 1-800-792-1119 between 8 a.m. and 5 p.m. Monday through Friday.
   Borrowers in Corpus Christi can earn no more than $49,335, 115 percent of the area median family income, and have good credit.
   In addition, the loan can be no larger than 90 percent of the average purchase price for a home. During 1998, the average home in Corpus Christi sold for $97,201, putting the loan cap at about $87,000.
   The hotline will also put successful applicants in touch with financial lenders who can handle the loans. There are nine locations in Corpus Christi, said Heather Tindall, a department spokeswoman.
   The state housing agency also can help with making the down payment. Families who earn less than $34,320 a year can apply through the same hotline for an interest-free loan to be used for a down payment and closing costs. The loan is due when the home is sold or the mortgage is completely paid.
   

Swan Inn demolition

   Demolition continues this week at the former Swan Inn at 103 N. Shoreline Blvd.
   The property is owned by Pemberton Investments, a group of Vancouver-based Southeast Asian investors who specialize in property investments near saltwater, said Bill Bates, a broker at W.L. Bates Co.
   The group's plans to prepare the 10,000-square-foot site for development was accelerated by the federal courthouse construction across Interstate 37 and developments on the north bay area, Bates said.
   Restoration of the hotel had been considered, Bates said, but the investors decided to tear down the hotel and sell the lot instead.
   The selling price has not yet been determined.
   "I'm expecting any day to have a quotable price," Bates said. "I fully expect it to be quite expensive."
   

3 new post offices

   Growth in the city is likely to mean construction of three new post office stations within the next five years, said Cathy Polderman, postmaster of the Corpus Christi post office. The newest post office was built 10 years ago.
   Though there are no concrete plans, Polderman said locations that will be considered are the Everhart Road/Oso Creek and Padre Island areas. The number of addresses in those areas are expected to grow 10 percent in the next five years, Polderman said. A third station is under consideration for Calallen, where postal officials predict a 5 percent growth in addresses.
   Polderman said construction would also be a result of federal construction funds becoming available for Corpus Christi.
   

Spots in Perspectives

   A few more spots remain open in a leadership group designed for real estate agents.
   Perspectives is sponsored by the Corpus Christi Board of Realtors to give the people closest to the real estate market an opportunity for networking and developing a role in local leadership.
   The group's third class begins Feb. 9. The six evening classes take local issues like tourism, education, law enforcement and industry growth and puts these topics in the perspective of what it means for local real estate.
   "It's also to help in selling our city," said Brandy Kratz, director of member services for the Board of Realtors. Real estate agents are some of the first to talk to people when they move to the city, she added.
   The classes are 30 hours long. Also included is an optional trip to the Texas Legislature in Austin, sponsored by the Texas Association of Realtors.
   The cost is $125 for Board of Realtors members and $175 for non-members.
   On Real Estate is published every other Tuesday in the business section. Articles for consideration on real estate developments and trends can be faxed to 886-3732. Business writer Andrea Jares can be reached at 886-3678 or by e-mail at jaresa@caller.com

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  © 1999 Corpus Christi Caller Times, a Scripps Howard newspaper. All rights reserved.