LGI Homes » Canyon Crossing

Common Questions for First-Time Homebuyers

LGI Homes — Mon, 20 Dec 2010 18:08:08 +0000

Why should I buy, instead of rent?

Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.

How much money will I have to come up with to buy a home?

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money – the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That’s why many first-time homebuyers turn to FHA for help. FHA loans require only 3% down – and sometimes less.

Closing costs – which you will pay at settlement – average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won’t be caught by surprise.

How do I know if I can get a loan?

Answer: Use our simple mortgage calculators to see how much mortgage you could pay – that’s a good start.

In addition to the mortgage payment, what other costs do I need to consider?

Answer: Well, of course you’ll have your monthly utilities. In addition, you might have homeowner association dues. You’ll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. Again, your broker will be able to help you anticipate these costs.

So what will my mortgage cover?

Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you’ve borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, you’ll pay far more in interest than you will in principal – sometimes two or three times more! Because of the way loans are structured, in the first years you’ll be paying mostly interest in your monthly payments. In the final years, you’ll be paying mostly principal.

What do I need to take with me when I apply for a mortgage?

Answer: Good question! If you have everything with you when you visit your lender, you’ll save a good deal of time. You should have:

social security numbers for both you and your spouse, if both of you are applying for the loan;
copies of your checking and savings account statements for the past 6 months;
evidence of any other assets like bonds or stocks;
a recent paycheck stub detailing your earnings;
a list of all credit card accounts and the approximate monthly amounts owed on each;
a list of account numbers and balances due on outstanding loans, such as car loans;
copies of your last 2 years’ income tax statements; and
the name and address of someone who can verify your employment.

Depending on your lender, you may be asked for other information.

I know there are lots of types of mortgages – how do I know which one is best for me?

Answer: You’re right – there are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. There are several government mortgage programs,including the Veteran’s Administration’s programs and the Department of Agriculture’s programs. Most people have heard of FHA mortgages. FHA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money.

[Information provided by U.S. Department of Housing and Urban Development. For addional information and answers to other frequently asked questions click here.]

Why Rent When You Can Buy for Less?

LGI Homes — Fri, 05 Nov 2010 19:14:27 +0000

How much do you spend on rent? If you are spending more than $700 a month, you could purchase your new home for less than you spend renting. Currently, payments are as low as $679 a month at all LGI Homes locations. Stop throwing your money away and get into your very own home.

LGI Homes features beautiful brick single family homes for No Money Down. These three, four and five bedroom homes are only minutes from fantastic shopping, dining and outdoor recreation. Some of the great features included in all new LGI Homes are brand new top of the line appliances, custom cabinetry, landscaping and more.

Don’t throw away another penny on rent! Owning is easier than you think. Call or visit one of our beautiful new home communities today. If you live in the Houston, San Antonio or DFW area LGI Homes has the perfect new home for you.

Canyon Crossing – San Antonio, TX | Deer Creek – S Fort Worth, TX | Chisholm Springs – N Fort Worth, TX | Creekside Village – N Houston, TX | Sunrise Meadow – S Houston, TX

LGI Homes is hiring! 10+ Positions available

LGI Homes — Sat, 30 Oct 2010 22:09:13 +0000

At LGI Homes we are actively acquiring and looking for sales representatives in Houston, Dallas/Fort Worth and San Antonio. Construction and Administrative jobs are also available.

Since 2003, LGI Homes has become one of the fastest growing home builders in Texas and was recognized by Builder Magazine as the only builder in the United States to increase closing in 2006, 2007, and 2008. Recently LGI Homes was recently recognized as the best for Overall Quality for Houston New Homes.

Employee Benefits

Health & Dental Insurance
401(K) Plan with Company Match
Long & Short-term Disability Insurance
Extensive Training Opportunities
Vacation, Holiday, & Sick Pay
New Home Discount

Jumpstart your sales career today! Apply online at Work ForLGIHomes.com

Canyon Crossing: Perfect for Today’s Texas Buyer

LGI Homes — Fri, 15 Oct 2010 01:05:08 +0000

by Racheal, NewHomesDirectory.com

Hey, buyers: Have you ever thought about buying a home in the number one subdivision in San Antonio? You will, when you take a look at Canyon Crossing! This versatile community of San Antonio new homes, from reputable builder LGI Homes, is close to the city, yet wide open enough to feel country; in other words, perfect for the discerning palette of today’s Texas homebuyers.

And, Canyon Crossing is just minutes from two of San Antonio’s largest employers: Lackland Air Base and the Toyota manufacturing center. How about recreation? No worries: At Canyon Crossing, Sea World is practically in your backyard. After all, you don’t want to just visit San Antonio; you want to live there!

There are more advantages to living in this premier community – financial advantages (the best kind!). Not only is there a no money down option; there are also no city taxes when you live here in Canyon Crossing! Add those benefits to the quality lifestyle your family will experience (the 5 acre neighborhood park, basketball court, horseshoe pit, party gazebo, and walking trails) – and you’ll see little reason to live anywhere else!

Plus, your Canyon Crossing home features the new, three and four bedroom floorplans that appeal to today’s practical homeowners. Need any more reasons to consider this great new home community? If so, consider paying a visit. Contact Canyon Crossing at (866) 669-8200, ext. 342 to learn more!

Source: NewHomesDirectory.com

Texas LGI Homes Acquires More Land to Fuel Fast Growth

LGI Homes — Wed, 29 Sep 2010 18:00:10 +0000

In partnership with private equity, the builder buys more land in San Antonio.

By: Teresa Burney, Builder Magazine

The private builder, private equity partnership between LGI Homes and GTIS Partners has bought more land to help fuel LGI’s fast-selling growth in the San Antonio market.

The partners bought Luckey Ranch, a 93-acre parcel with 393 single-family home lots, across the street from LGI’s best-selling Canyon Crossing community, which is nearing build-out.

“You could argue that it’s an extension of its existing community there,” said Rob Vahradian, senior managing director for GTIS. He added that LGI has been selling between 10 and 15 homes a month in Canyon Crossing.

“And in their home market of Houston, [LGI is] doing double the absorptions of any other home builders,” Vahradian said.

LGI is also doing well in the Dallas-Ft. Worth market, where GTIS (formerly known as Goldentree Insite Partners) made its first investment in the company when it bought Chisholm Springs.

“[Chisholm's] pretty much hitting our pro forma numbers,” said Vahradian, adding LGI has sold and contracted to build close to 40 houses there since sales began at the end of May.

Vahradian said GTIS continues to be impressed with LGI’s business model of marketing to apartment dwellers who don’t have a house to sell and who can buy a home with a yard for what they are paying in rent. LGI uses conventional FHA, VA, and USDA financing to finance its houses for buyers with credit scores of 680 or more.

GTIS isn’t finished with its land-buying partnership with LGI. “We’re going to continue,” Vahradian said. “We are working on a few projects with them for Dallas-Ft Worth, San Antonio, and something in the Houston home base. Our original deal was a programmatic venture with them.”

GTIS is making other land-buying deals as well, not all with home builders.

“We basically are making two types of investments,” said Vahradian, “to private home builders who don’t have access to capital, who have sound business models in sound markets. And we are extraordinarily selective.” [Read the entire article.]

Source: BuilderOnline.com

$5,000 off All New Homes at the LGI Homes Memorial Day Sale

LGI Homes — Sat, 29 May 2010 14:04:23 +0000

In celebration of Memorial Day, LGI Homes is offering huge savings this Friday, Saturday, Sunday and Monday only! Come out this weekend to a LGI Homes community and receive $5,000 off the purchase price of a new home at the LGI Homes Memorial Day Sale.

With mortgage interest rates at historic 52 year lows there has never been a better time to purchase a new home. LGI Homes has new homes available and ready for immediate move in. Purchase this weekend at the LGI Homes Memorial Day Sale and you could be moving into your brand new beautiful home in 30 days or less.

Call today to set your appointment to come see the great deals offered this weekend at the LGI Homes Memorial Day Sale.

Canyon Crossing – San Antonio, TX | Deer Creek – S Fort Worth, TX | Chisholm Springs – N Fort Worth, TX | Creekside Village – N Houston, TX | Sunrise Meadow – S Houston, TX

LGI Homes Moves Up the Ranks in the Builder 100

LGI Homes — Tue, 25 May 2010 23:25:54 +0000

For the past 5 years, LGI Homes has been recognized by Builder Magazine as one of the top home builders in the United States. Moving up 11 places from 2008, LGI Homes was recently ranked No. 57 on Builder Magazine’s 2009 Builder 100 List. This list determined based on closings and is made up of both private and public builders. LGI Homes continues to stand out year after year by providing quality homes at affordable prices to new homebuyers.

LGI Homes features three, four and five bedroom floor plans with two bathrooms on over-sized lots. Every home comes with quality appliances, custom cabinets, a fenced backyard, front yard landscaping and a homeowner warranty.

In addition, all LGI Homes are built with thousands of dollars worth of upgrades already included at no extra cost to you in desirable locations that are perfect to fit the needs and desired lifestyle you dream for your family.

Call or visit one of our beautiful LGI Homes communities today and see how you can own a new home for as little as $629* a month with no down payment required.

Canyon Crossing – San Antonio, TX | Deer Creek – S Fort Worth, TX | Chisholm Springs – N Fort Worth, TX | Creekside Village – N Houston, TX | Sunrise Meadow – S Houston, TX

Final Weekend to Take Advantage of the $8,000 Tax Credit

LGI Homes — Fri, 23 Apr 2010 01:59:09 +0000

Did you know the government is giving away $8,000 to all First Time Homebuyers who purchase a new home by April 30th? That is right the government will give you $8,000 to purchase a new home but this is your final weekend to buy. Time is running out! Don’t miss out on this opportunity.

If you are considering the purchase of a new home, the time to act is now! LGI Homes has the perfect home available so you and your family can take advantage of this great opportunity. Make your appointment today to see the great new floor plans and upgrades we now offer in each and every one of our beautiful new homes.

As you can see there has never been a better time to buy a new home. Call today and you too can own a brand new home for as low as $629 a month with no down payment required. Call today and make your appointment to come out this weekend to take advantage of the $8,000 First-time Homebuyer Tax Credit before it expires on April 30, 2010.

Homeowner Spring Checklist from LGI Homes

LGI Homes — Wed, 24 Mar 2010 21:22:47 +0000

Take these steps on the Spring Checklist provided by LGI Homes to keep your new home in tiptop shape and to freshen it up each Spring:

SPRING CHECKLIST

Change Furnace Filter (Monthly)
Check Smoke and Carbon Monoxide Detectors
Clean Aerators on Faucets and Shower Heads
Inspect Air-Conditioning Unit for Proper Operation
Inspect Backsplash Caulking and Re-Caulk as Needed
Inspect Shower and Tub Caulking and Re-Caulk as Needed
Test GFCI receptacles
Inspect Exterior Paint, Stain or Siding, Putty & Caulking
Clean Fins on Outside AC Condensing Unit
Check Drainage Swales for Proper Rain Water Flow
Check for Evidence of Termites
Inspect the Roof and Roof Vents
Re-Seal Wood Fences

Last Chance for $0 Move In!

LGI Homes — Thu, 18 Mar 2010 20:49:18 +0000

TIME IS RUNNING OUT, ONLY 13 DAYS LEFT TO TAKE ADVANTAGE OF $0 MOVE IN!!!

Last chance for $0 move in at Canyon Crossing and Sunrise Meadow! Do not wait until the last minute to take advantage of $0 Move In. Homes must be purchased by March 31! There has never been a better time to buy. Act now! After March 31^st down payments will be at least $4,000 and as high as $5,000. Why wait until April to pay more, $5,000 more?

Visit us today at LGI Homes to set an appointment to take advantage of no money down financing and the $8,000 homebuyer tax credit.