LGI Homes

Here at LGI Homes, we understand how frustrating and confusing buying a home can be for inexperienced buyers, so we try to offer assistance programs that make the home buying process as easy as possible. As a first-time buyer with limited or poor credit, you might think your financial history is going to hold you back from your dreams of home ownership, but our credit counseling program might prove you wrong! Here’s how our credit counseling program can help you overcome your credit-related obstacles and get you on your way to moving into one of our affordable, superior quality homes in less time than you think.

Allow LGI Homes’ Credit Counselors to advise you about your financial position and ability to purchase a new home.

Experienced Specialists – We’ve added experienced new home consultants and mortgage specialists to our team, and we utilize their talents in our credit counseling program. When you commit to giving the program a try, you can do so with faith that you’re working with experienced professionals with advanced knowledge regarding home buying, finances and mortgage options.

Confidential Appointments – Our credit counseling meetings are 100% confidential and none of your information will ever leave the room once you meet with a new home consultant and mortgage specialist. The appointment isn’t a commitment of any kind on your end – it’s simply to analyze your finances and determine what sort of financing options we might be able to help you qualify for.

LGI Homes Introduction – We believe our customers should be well-educated in all aspects of buying a home, including information about who they’re buying from! Your consultant will provide you with an introduction to LGI Homes and go over our history, values and service commitments so you can make sure we’re really the company you want to work with.

Free Credit Reports – During your appointment, we’ll provide you with a free copy of your credit report, as well as a mortgage analysis based on the information you give us. The consultant will carefully go over your credit report with you and discuss various options you qualify for.

No Money Down Purchase Option – Many of our customers are worried that lack of immediate funds for a down payment will prevent them from purchasing a home, and many are surprised to learn that they qualify for our no money down purchase option! Your consultant will inform you if you’re eligible for this option, which could make owning a home even easier than you think.

Purchase Agreement – After meeting with a consultant, you’ll get to check out our various floor plans and pick out the house that’s perfect for you. After finding your dream home, we’ll negotiate and settle on a price with you and draft up a purchase agreement that sets your purchase price in stone and solidifies our responsibilities to you.

Diverse Financing Options – Depending on what you qualify for when you meet with the specialist, we’ll go over various financing options that are available to you and help you select the perfect one to fit your budget. We’ll walk you through every step of the mortgage process and answer any questions you have a long the way.

Move In! – After we secure your mortgage, you’ll close on the home and that’s all there is to it! The home is yours and it’s time to start packing and preparing to move in.

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If you’re still on the fence as to whether or not to buy a new home, perhaps these five reasons can help convince you.

As the first quarter of 2013 comes to an end and tax refunds begin pouring in, many renters plan on making their dream of owning a home a reality before summer arrives. The housing market has slowly been recovering since its unfortunate and untimely crash in 2008, and many people don’t want to miss out on the action of getting a great deal before it’s too late. If you’ve been on the fence about whether or not buying your first home should be at the top of your to-do list before 2014 rolls around, consider these points.

One: Home Prices Are Rising – Home prices fell to a historic low in 2008 when the country sunk into a recession, but as the economy has picked back up, home prices have been steadily rising. Home prices have yet to meet or exceed the rates they were at in the mid-2000s when the economy was in top shape, and in fact, are 40% lower still in most parts of the country. Now is the perfect time to buy a house before home values climb back up to their mid-2000s values and secure yourself an excellent deal – especially considering LGI Homes is the leader in affordable home building.

Two: Mortgage Pre-Approval is Expiring Faster Than Ever – Before the housing market crash, aspiring home owners often had the luxury of their mortgage pre-qualification staying valid for upwards of three months. Today, many lenders will only offer pre-qualification rates for 30 days. If you’ve recently sought out a pre-qualifying rate from a lender, you’ll need to act fast if you want to secure the rate offered to you.

Three: First-Time Home Buyer Programs Are Depleting – Many state-offered first-time home buyer programs are quickly running out of their allotted funds, so if you have any hope of securing a grant, you won’t want to wait it out and let this opportunity pass you by. For example, the My First Texas Home program for Texas home owners had an original allotment of $600 million when it was created in October 2012. As of March 2013, only $10 million is assistance is still available in program 79.

Four: Mortgage Rates Are at a Stable Low – While home prices have been on the rise, mortgage interest rates have managed to stay at an almost unheard of low. Since your interest rate determines the exact total you’ll pay for your house over the course of your mortgage, don’t wait too long and give rates the chance to rise. As of March 2013, average rates for a 30-year fixed mortgage are sitting right at 3.5% for qualified borrowers.

Five: You Can Do it With No Down Payment – Have you watched the housing market and economy rise while your salary has stayed the same? As you’ve been focused on spending money on rent, you might not have had the funds to set aside for a down payment on a house. LGI Homes offers a no down payment option for qualified buyers, so you could purchase your home this year without paying anything up front!

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Long gone are the days when movers had to scour the Yellowpages to find a moving company or compile a binder filled with moving checklists on paper. Thanks to modern technology, preparing for your move has never been easier, and you can effortlessly research and organize everything you need with just a few swipes on your smart phone screen. As you anxiously count down the days until you move into your new place, download a few of these smart phone apps to keep you on track and make sure no detail goes unnoticed.

There are numerous smart phone apps available for those who are moving that are designed to ease some of the common issues and problems that can arise.

Moving Day – This application allows you to photograph everything you want to take and converts the images into a virtual checklist. It also allows you to scan bar codes and create labels to keep your boxes organized and to make sure nothing gets left behind. It’s a great resource for packing tips and other advice related to moving, such as how to pack a moving truck or how to choose a company to transport your stuff.

Moving Planner – Android owners can use Moving Planner to compile a detailed checklist of items that need to be packed. The application comes preloaded with 210 common household items and you can add your own items manually so nothing gets forgotten. This app is simple and straight to the point, so it’s ideal for movers who just want an app for making a packing list.

My Move – If you’re looking for an all-in-one app that includes anything and everything you need to stay organized for the move, check out My Move for iPhone and Android. This free application allows you to compile a packing list, research moving company reviews, make to-do lists, jot down important notes and calculate your moving costs.

State Farm Move Tools – Are you a bit prone to procrastination or unsure when you should complete each step of the moving process? State Farm’s Move Tools app for iPhone can help you stay organized on on task by providing you with to-do lists on a moving time line. You can also make labels for your boxes using this application.

Yardsale – Looking to downsize before you pack up the moving truck and head for your new home? Yardsale is an iPhone app that allows you to make a little bit of extra cash off your unwanted goods – right from your smart phone! Save yourself the hassle of setting up tables for a garage sale and simply snap a few photos along with a short description to post on the app. Other users in your area can browse the wares you post on your account and make offers on anything that catches their interest.

Yelp! – Once you arrive in your new community, you may be at a loss when it comes to where to buy your groceries or where to enjoy a nice family dinner to celebrate getting settled in your new place. The Yelp! app will show you first-hand just how convenient our community locations are and will allow you to read reviews for local businesses written by real patrons. The Yelp! app is available for both iPhone and Android.

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Whether you’re anxiously counting down the days until you join one of our communities or you’ve long been established in our neighborhoods, homeowner’s insurance is essential for protecting your investment in one of our properties. Most lenders even require borrowers to carry insurance on their homes for the duration of their mortgages. From lightning strikes to fire damage, homeowner’s insurance has your back in the event something unfortunate happens to your home. While it’s certainly a necessity, it can be an inconvenient expense to pay for every month. Follow these tips to secure yourself a great rate without sacrificing your home’s protection.

When it comes to buying homeowners insurance, you may want to consider bundling it with the other insurance policies you have.

Shop Around – Countless insurance companies exist, and they are not created equally. Some offer better protection plans for less, and each company sets its own rates. Don’t make the mistake of committing to the first insurance provider you stumble across on the Internet, and instead spend plenty of time browsing around and comparing rates among various companies. Read reviews from people who have purchased from each company or ask your friends and family for recommendations. You’ll be committing to a company for at least six months, so make sure you pick the right one.

Raise Your Deductible – A deductible is the amount of money you have to pay out of pocket towards a loss before your insurance kicks in and covers the rest. The higher you set your deductible, the lower your monthly premium will be. Be careful when using this method to save money though, as setting your deductible too high will make it difficult for you to afford the out of pocket costs should something happen to your home.

Buy All of Your Policies From the Same Insurer – Almost every major insurance provider offers a discount to customers who take out multiple policies. Combine your auto insurance, liability insurance, recreational vehicle insurance or any other policies you have with your homeowner’s insurance to secure a great rate from your provider.

Keep Your Credit Up – Your insurance rates are heavily based on your credit score. The higher your credit score, the lower your monthly premium – and vice versa. Don’t fall behind on your payments to any company and keep your debt in check to ensure your monthly payment stays as low as possible.

Seek Out Discounts – You’d be surprised how many specialized discounts insurance companies offer – and how many you just might qualify for! For example, installing a home security system could cause your premium to drop. Since we build our homes using only the finest materials, you might be able to score multiple discounts for having modern heating, plumbing and electrical systems. If you’re retired or over 55, many providers offer a hefty discount.

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The purchase of a new home requires learning all about various aspects of homeownership (financial, legal, and practical) that can be overwhelming to a first-time homebuyer and homeowner. As part of our ongoing All About series, LGI Homes seeks to provide an easy-to-read and easy-to-understand resource that goes in-depth on a variety of subjects connected to buying a home. Today, we explore the process of shopping for a lender and how it will play into your experience of buying and owning a home.

When it comes time to start shopping for the right lender for your home purchase, make sure you do your homework!

What is a mortgage lender? – Most people don’t have the money to purchase their house with cash, so they take out a loan to cover the cost and pay the loan off over a set period of time. A mortgage lender is any company who offers loans to home buyers to finance the purchase of their home.

Are there different types of lenders? – A number of different types of companies and businesses may offer mortgages. This includes mortgage bankers, commercial banks, credit unions and correspondent lenders. There aren’t any specific benefits to borrowing from one type of lender over another. You want to focus primarily on who is offering you the best deal rather than what the company typically specializes in.

What should I do before I start looking for a lender? – Before you start researching current interest rates and looking up the reputations of potential lenders, pull a copy of your credit report and check it thoroughly. It is estimated that up to 35% of all credit reports contain inaccuracies, and the smallest error could impact your interest rate or lead to a lender denying your application for a loan. Make sure everything in your report is correct and file a dispute for any inaccuracies you find with the agency that reported it. You should also look up current interest rates, as rates tend to fluctuate monthly based on market conditions.

How do I find lenders? – There are a number of ways you can find a company willing to loan you money to purchase a home. You can perform a simple internet search if you’re a do-it-yourself type of person, or your real estate agent can put you in touch with lenders he recommends. Mortgage brokers are professionals who work closely with lenders, and about 50% of home buyers use a mortgage broker to shop for a lender for them. Alternatively, we at LGI Homes have our own team of expert mortgage specialists who can work with you.

What should I look for in a lender? – You should look for a lender you trust. Make sure any lenders you meet with are licensed and take time to verify their reputation with customers as well as their approval rating through the Better Business Bureau.

How do I know I’m getting a good deal? – A good deal on a mortgage involves the lowest interest rate you can secure with your credit rating and current market conditions.

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It’s hardly a secret that owning your own home is cheaper and an overall better investment than renting, but many people find themselves postponing purchasing their first home due to their own fears and worries about this exciting new chapter in their lives. While home ownership is certainly a huge responsibility that shouldn’t be taken lightly, the truth is, most people put off purchasing and remain in the vicious cycle of renting for far longer than they should because they aren’t capable of telling that they’re ready to buy a home of their own. If you’ve been on the fence about whether or not now is the perfect time to dive into home ownership, check for these signs that you’re ready to become a homeowner.

If you’re a first-time homebuyer unsure whether or not you’re financially ready to buy, read over these tips.

1. You’ve Mastered the Art of Budgeting – When you first moved out on your own and started renting, chances are, many of your dinners consisted of Ramen noodles and you found yourself struggling to pay the rent every month. As you matured and adjusted to the responsibilities of adulthood, you probably got better at managing your finances and paying your bills began to feel as natural as brushing your teeth. If budgeting is now second nature to you and you’re no longer in a place where you’re living paycheck-to-paycheck, you’re probably ready to convert that rent check into a monthly mortgage payment.

2. You Have a Steady Source of Income – Homeowners come from all walks of life, from waitresses to neurosurgeons. You don’t have to be pulling in a six figure salary to own your own home, and simply having a steady source of income that you can rely on is a good sign that you’re ready for the commitment of owning your own place. If you’ve had your current job for at least a year and can realistically see yourself staying there for at least another five years, home ownership might be in the cards for you.

3. Your Debt is in Control – Plenty of current homeowners have had their fair share of financial hard times, but most walk into home ownership with their debt in check. If your making your monthly payments in time and in full, you don’t have any outstanding judgments or levies against you and you have more credit available to you than you have maxed out, you’ll have an easier time obtaining a mortgage and will have to put a lot less work into purchasing a home.

4. You’ve Got Money in the Bank – Buying a home usually requires some form of down payment, and if you’ve got a substantial amount of money in savings it will make the home buying process a breeze. Having money in the bank is also important for affording the unforeseeable situations that arise from time to time when you own your own place, such as maintenance and repairs. It is important to note, however, that LGI Homes offers a no money down option to buyers, so just because you don’t see this sign in yourself does not automatically mean you are not ready.

5. You’re Ready to Settle Down – This doesn’t necessarily mean you’re ready to get married and start a family (though it certainly could), it simply means you’re ready to have a place you’re comfortable with calling home for the foreseeable future. Most renters move every time their lease is up, which can be fun and exciting during certain phases of adulthood. However, if you’re itching for a bit of stability and a place that is all yours for years to come, now is likely the perfect time to look into buying a home.

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From scheduling tours to browsing neighborhoods and shopping lenders, you’re likely so caught up in the excitement of buying your first home that identity theft is one of the last things on your mind. While many people tend to live with the mindset that identity theft will never happen to them, more and more people fall victim to the crime every year. As you prepare to take out a mortgage and purchase your first home, use these tips to help you avoid falling victim to identity thieves and scams.

Identity theft can have detrimental effects on someone trying to obtain a mortgage, so be sure to protect your ID the best you can.

1. Check Your Credit Report – 35% of your credit score is your payment history, so keep a close watch on your’s to make sure the information is correct. Contrary to urban myth, pulling and reviewing your own credit report does not hurt your credit score, and as you prepare to purchase a home, you should be checking up on your report each and every month. Scour through the entries with a fine-tooth comb to make sure each and every account listed on the report was in fact opened by you. If you find any accounts that were opened without your knowledge, dispute them immediately through the reporting agency and file a police report.

2. Shred Your Mail – During the home buying process, you might receive countless letters from lenders advertising guaranteed financing. Some of these letters may even include vouchers and cards that a thief could attempt to cash in for themselves using your information. Buy an electronic shredder to shred any offers you don’t take up.

3. Protect Your Social Security Number – When shopping lenders by phone or in person, don’t give out your social security number unless the person you’re speaking with has an absolutely imperative reason to know it. You would be shocked to learn just how much an identity thief can do with something as simple as a string of numbers, but from opening credit cards to purchasing houses, a social security number can take an identity thief a long way on your dollar.

4. Check the Background on Lenders – Don’t take a lender’s word for it when they say they are licensed. Many unlicensed lenders have set up scam shops and have led borrowers into extreme amounts of debt. Do your research and make sure a lender is licensed in your state to ensure it is a legitimate business and not a front for an identity theft ring.

5. Place a Fraud Alert on Your Credit Report – Attaching a fraud alert to your credit report will force lenders to ask for a backup form of identification anytime you – or anyone else – attempts to obtain a line of credit in your name. This will catch potential thieves red handed while they’re in the act of trying to steal your identity, and will give you piece of mind throughout your home buying experience and beyond.

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The purchase of a new home requires learning all about various aspects of homeownership (financial, legal, and practical) that can be overwhelming to a first-time homebuyer and homeowner. As part of our ongoing All About series, LGI Homes seeks to provide an easy-to-read and easy-to-understand resource that goes in-depth on a variety of subjects connected to buying a home. Today, we explore the world of credit scores and how they will play into your experience of buying and owning a home.

If you’re unsure about how your credit score effects your ability to buy a home, be sure to read over these frequently asked questions.

1. What credit score do I need to get a home loan? – Typically speaking, most lenders prefer applicants who have at least a 620 credit score. A score lower than 620 is considered sub-prime, and it will be difficult to obtain a loan. A score between 620 and 650 is considered fair credit, anything higher than 650 is considered good credit and obtaining a home loan should be relatively easy – provided you have no other warning flags in your credit report, such as bankruptcy.

2. Can my credit prevent me from getting a loan? – Essentially, yes. If you have a credit score less than 620, some lenders will deny your application outright. However, some may be more than happy to work with you. If you’re unsure about your credit score, give LGI Homes a call. We may be able to assist you in obtaining the home of your dreams.

3. Will my credit score influence my payment amount or interest rate? – It might. Your payment amount will largely depend on how much you borrow and the terms of your loan, and your interest rate will mostly be determined by current market conditions. However, most lenders have a base interest rate for average credit and a sliding scale for people with higher or lower than average credit. For example, borrowers with a 760 credit score or higher may qualify for a 3.818% interest rate, while borrowers with the bare minimum score of 620 credit might be looking at a higher rate. Your interest rate will impact how much total you have to pay on your mortgage, so the better your credit, the less you’ll have to pay in total.

4. How can I raise my score? – If buying a home is on your current priority list, it certainly won’t hurt to start trying to raise up your credit score before you go house hunting and lender shopping. The easiest way to raise your score is to make all of your payments on time and in full every month. Doing this for even just a few months will help bring up your score. Pay down any existing debts you have as much as you can.

5. How can I buy a home with bad credit? – If your credit score is bad, you may be able to obtain a home loan provided you can put down a pretty sizeable down payment. You may also be able to find a lender who specializes in lending to people with poor credit, but expect your interest rates to be higher.

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After your mortgage has been secured, the closing costs have been paid and your boxes are unpacked and settled into your first home, it’s time for you to sit back, relax and enjoy the many benefits that home ownership provides. It’s no secret that owning a home is one of the best tax breaks handed out by the federal government. A variety of tax breaks are given out to home owners, but no such breaks exist for those who choose to rent. If you’ve recently taken the plunge and purchased your first home, use this helpful guide to learn about how your tax filing process will be different – and learn how much money you can expect to save.

If you’re a first-time homebuyer, be sure to familiarize yourself with your the 3 major tax deductions you’re eligible to claim.

Schedule A – Renters don’t have the ability to claim any deductions on their taxes, but as a homeowner, you have several deductions you get to claim. The three biggest home related deductions are your mortgage interest, any points connected to your home loan and your property taxes. You’ll itemize these deductions when you file your long form 1040 and detail the deductible expenses on Schedule A. Doing this on your own the first time can be confusing, so you may want to hire a professional to walk you through it your first tax season as a home owner.

Your Mortgage Interest Write-Off – Out of your three major deductions, your mortgage interest will more than likely be the largest one. During the first few years of owning your home, most of your mortgage payments will go straight to interest, so your highest deductions will be during this few years. Make sure you fully account for all money that was paid toward interest on your mortgage to make sure you get the maximum deduction.

Pay Attention to Your Points – Your 1098 should list any points you paid for your mortgage. A point translates to 1% of your loan amount. Many home owners choose to pay points to obtain a lower interest rate on their mortgage. The IRS lets you deduct points for the tax year that you purchase the home. You include the points paid in the same section of Schedule A where you claim your mortgage interest.

Property Tax Deductions – The third major home-related tax deduction is your real estate taxes. Real estate tax deductions are dependent on when you bought your home and your jurisdiction’s tax year. The tax year typically runs from January to December. Problems arise if your buy your house in July and taxes are due in March, because the seller prepaid the taxes on the home for the full year when they filed in March.

Other Deductions – In some cases, you might be able to write off other expenses related to owning your home. For example, if you moved because of your job, you may be able to write off relocation expenses. If you’re self-employed, you can write off a portion of your mortgage and associated bills as business expenses. Home renovations that are done because of medical issues or disabilities, such as building a wheel-chair ramp, may also be deductible.

What Isn’t Deductible? – When filing taxes for the first time as a home owner, try not to get too carried away with the deductions. Not everything related to owning a home is deductible. For example, non real estate taxes aren’t deductible, private mortgage insurance is not deductible, furnishing and décor are not deductible and your regular bills are not deductible.

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Spring is the perfect time of year to get your garden in order by planting vibrant flowers, bushes, and trees, plus juicy vegetables and sweet fruits.

As the weather begins to warm up and the plants begin to bloom, you’re probably itching to get your garden back up and running after a long winter of neglect. From fallen branches to dead perennials and dried out grass, your garden is probably in need of quite a bit of TLC. To speed things up and ensure you have a lush, healthy garden worthy of showing off to the neighborhood, follow these helpful tips.

Before you get to work choosing new flowers and bushes to plant, spend some time getting your entire yard and garden areas in order. Pick up and fallen branches or debris, cut down last year’s perennials, rake out mulch from your flower beds and check the status of any trees you might have. If you notice any branches that are snapped or weak looking, hire an arborist to deal with the tree for you. If you have bird baths and other decorative items, scrub them out and clean them thoroughly. Not only will birds and other creatures enjoy using them more, but they will be more pleasant to look at for you and your neighbors.

After a full season of being kept on a shelf or in the shed, you may find some of your hand tools have developed rust and some of your motorized tools are in need of maintenance. Check each of your gardening tools to make sure they are in proper order and replace or repair tools as needed.

Purchase an at-home pH testing kit to test the pH levels around your yard. Test the soil anywhere you plan on planting flowers, vegetables or other foliage. If the pH level is too high, you can fix it by mixing some elemental sulfur into the soil. If the pH level is too low, simply mix in some dolomitic lime to raise it.

Plants that have dry or damaged branches won’t bloom as full as plants that are entirely healthy. Prune all of the bushes and other plants in your garden area to remove any diseased or damaged areas so they can grow their fullest this spring.

Spend a day weeding all of your plant beds and removing any other debris, such as dead leaves. You can use the leaves to create a compost pile if you desire. Beds that are free of weeds and other obstructions will provide healthier and more vibrant flowers and other plants.

Some plants flourish best when planted early in the season, such as bare-root trees, shrubs and perennials. Others are better suited for the end of spring, such as container-grown plants.

Fertilizing can be the difference between petite pumpkins and gourds that set records for height and weight. Fertilized plants also tend to be more vibrant and overall healthy than plants that are left to grow in regular soil alone. Use a balanced fertilizer appropriate for the type of plants you’re growing.

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