Kyle Eby's Blog

Living and Owning in Angel Fire, Part 3. Our Blog series continues today with a posting about employment and business opportunities in the Angel Fire and Taos area. Angel Fire can be a dream- come- true for you too! Remember, someone is on the other end of your vacation to make it all work, it takes a lot to operate a tourist destination and it takes many to do so. Not only that, but there are many other full-time employment opportunities in and around Angel Fire and Taos just like any other town or city. Some of our biggest employers are Angel Fire Resort, The Cimarron School District, Taos School District, Holy Cross Hospital in Taos, The Towns of Taos and Angel Fire, to name just a few. To view employment opportunities at these employers just click on the associated links. As an example Holy Cross Hospital is currently seeking employees for a variety of positions including RN, Physical Therapist, Bookeeping, Housekeeping, Pharmacy, and Physician positions among many others.

The New Mexico Department of Labor projects 47,870 new jobs will be created in the healthcare sector over the next 6 years. The fastest growth within the health services industry is anticipated to occur within the ambulatory health care services, approaching 44 percent and growing by 13,170 jobs. Nursing and residential care facilities are projected to add 4,460 jobs, equating to roughly 35 percent growth, growing from 12,770 jobs in 2002 to 17,230 in 2012. Social assistance employment is projected to increase by 41.4 percent, rising from 15,350 jobs in 2002 to 21,710 in 2012. There were 40 work locations in this industry in Colfax County in 2006, with a total of 906 employees. The average weekly wage for Sector (2 digit) Health Care and Social Assistance in Colfax County in 2nd Quarter, 2006 was $596. This would be equivalent to $14.90 per hour or $30,992 per year, assuming a 40-hour week worked the year around. Source: Work in New Mexico http://www.workinnewmexico.gov/clusters.html.

Business Services companies provide the backbone for any productive business environment. They are a strong sector of employment in the New Mexico economy. New Mexico has an advantage as corporations seek to provide business services to the growing Hispanic population. According to the New Mexico Department of Labor, employment in professional and business services is projected to increase from 98,710 to 125,590 jobs or 27.2 percent during the 2002 to 2012 period. Administrative support positions are projected to experience the fastest growth within the professional and business services industry growing by 49.4% and adding 20,650 jobs. Management of companies and services jobs is projected to grow by 34.5 percent or 1,880 jobs. Professional, scientific and technical services are projected to add 3,880 jobs or grow 7.7 percent. The retail trade industry is by far the largest member in the Small Business/Retail Trade cluster. There were 78 work locations in this industry in Colfax County in 2006, with a total of 630 employees. The average weekly wage for Sector (2 digit) Retail Trade in Colfax County in 2nd Quarter, 2006 was $358. This would be equivalent to $8.95 per hour or $18,616 per year, assuming a 40-hour week worked the year around. Source: http://laser.state.nm.us/default.asp
Source: http://laser.state.nm.us/indprofilrdata.asp.

The Accommodation and Food Services sector comprises establishments providing customers with lodging and/or preparing meals, snacks, and beverages for immediate consumption. The sector includes both accommodation and food services establishments because the two activities are often combined at the same establishment. Excluded from this sector are civic and social organizations; amusement and recreation parks; theaters; and other recreation or entertainment facilities providing food and beverage services. There were 67 work locations in this industry in Colfax County in 2006, with a total of 902 employees. The average weekly wage Accommodation and Food Services in Colfax County in 2nd Quarter , 2006 was $303. This would be equivalent to $7.58 per hour or $15,756 per year, assuming a 40-hour week worked the year around. Source: Work in New Mexico http://www.workinnewmexico.gov/clusters.html.

Of course any discussion of job opportunities in the area should also include the self employed and entrepreneurs. Angel Fire is the fastest growing municipality in New Mexico, and as with all fast growing towns we are in constant need of new service providers, retail outlets, dining establishments, contractors, and the many other types of businesses needed in a fast growing resort town. We also desperately need some fast food outlets, (not that I eat it, ha!). We also are attracting internet commuters who have found our reliable high speed internet and other services allow them to be virtual commuters. They have the best of both worlds, working for big corporations while enjoying the resort lifestyle that Angel Fire affords.

We also have a number of commercial establishments listed for sale, a sampling includes a commercial complex with a laundry, 3 commercial spaces and four nightly lodging units on Hwy 434 for $979,000. A long time established Bar and Restaurant that has a loyal legion of locals business as well as tourist business for $1,300,000. Keep in mind the fact that liquor licenses are very valuable in New Mexico. Pet Pals, which is a boarding kennel with 25 stalls and a 3 Bedroom 3 Bath home on 4 acres with great views of Eagle Nest Lake for $649,000. There are also a number of other businesses available in Angel Fire, Eagle Nest, and Taos. If you dream of being an Inn operator we also have a large lodge and restaurant listed for sale in Angel Fire for $1,350,000. If you are interested in making your dream a reality and have decided to explore Living and Owning in Angel Fire please give the Eby Team a call. We will be more than happy to show you how to do it!

Till next time,

Kyle.

Today we are continuing our series of Blogs, “Living and Owning in Angel Fire.” In our last post we discussed the Federal Tax Credit program for first time homebuyers. This post will continue with our discussion regarding first time home buyers, and other programs available in New Mexico. In New Mexico, the New Mexico Mortgage Finance Authority is a great resource for low to median income families and individuals looking for assistance with buying their first home.

MFA offers a number of programs with below-market interest rates and/or closing cost assistance to first-time homebuyers. These programs are also available to individuals who have not owned a home or a manufactured house in the last three years.

The main programs offered by MFA are the Mortgage$aver Programs, Mortgage$aver Plus Programs, Payment$aver Programs, Mortgage Booster Program, and a new program called HERO for households with at least one member who is a safety worker, health care worker, educator or an active member of the armed forces.

The Mortgage$aver and Mortgage$aver Plus Programs offer below-market interest rates and/or closing cost assistance to first-time homebuyers. First-time homebuyers are individuals who have not owned a home (including a manufactured home on a permanent foundation) in the last three years. A borrower may qualify for funds based upon household income and family size as well as the sales price of the home.

Mortgage loans available under the Mortgage$aver program include FHA, VA, and a variety of conventional loans, including the MyCommunity and Community Solutions Programs. The low Mortgage$aver rates mean lower monthly mortgage payments. The Mortgage$aver Plus programs save the borrower money because they are not required to pay an origination or loan discount fee at loan closing, leaving more money in the borrowers pocket. The Mortgage$aver Plus program also provides the borrower with a grant (that does not have to be repaid) to help reduce the need for up-front cash at closing.

Mortgage$aver loans are 30-year fixed-rate loans available at rates below the 30-year fixed “market” rate. The Mortgage$aver Plus interest rate is slightly higher than the 30-year fixed “market” rate, but has no origination fee or discount fee and features a 3.0% (of the total loan amount) down payment assistance grant “built-in” to the loan. The grant can be used towards down payment, closing costs, and prepaid expenses.

In order to qualify a buyer must start the Mortgage Application process with a professional MFA-qualified mortgage lender who will review the borrowers monthly income, expenses, employment situation, and credit report so that they can determine if the borrower is eligible for the Mortgage$aver programs.

Payment$aver works with a below-market interest rate first mortgage loan as a second mortgage loan at zero-percent interest to cover up-front costs (the down payment and other costs related to the purchase excluding pre-paids). The zero-percent interest Payment$aver loan is a soft second loan that may not exceed the lesser of 8% of the sales price of the home or $8,000. The loan does not need to be paid back until the property is sold, refinanced, or transferred, and it is assum-able if the buyer meets program eligibility requirements. After 5 years, this loan may be forgiven at the rate of 20% per year. An MFA-qualified lender will need to determine qualifications including down payment/closing cost assistance needed by the borrower.

HERO is one of the most interesting programs. This is a great new program for attracting the professionals rural mountain communities need. HERO is designed to serve households in which at least one member is a safety worker, health care worker, educator or an active member of the armed forces. The Hero Program is a special first and second mortgage loan that can be used jointly to include down payment and closing cost assistance to persons in certain occupations. Even if you’re not a first time homebuyer, you may still qualify for the HERO First Mortgage Program and also if necessary a HERO Second Mortgage.

The HERO First Mortgage is a 30-year fixed rate mortgage available for both first time homebuyers and non-first time homebuyers at a below-market interest rate with a 1 point origination fee and 1 point discount fee (1+1). Also, there is no pre-payment penalty! Another big plus of HERO are the substantially higher income limits allowed and the higher purchase prices allowed. An MFA-qualified lender will need to determine qualifications of a buyer.

Two local qualified-MFA lenders would be Peoples Bank of Taos, 575-758-4500, and Wells Fargo of Taos, 575-751-4208. There might be others I could not find on the MFA website, so if you are a qualified lender in our area notify me and I will add you to the list.

There are also many other programs, so be sure your lender is fully up on all the various programs. I have found more often than not that lenders tend to be narrow minded, and need to broaden their knowledge and scope of the programs before they let a potential borrower get out the door. In closing, (no pun intended), if you’re a first time buyer, or have not owned a home in the last three years, or qualify for the HERO program, it might be easier than ever to own your own home in Angel Fire. For more comprehensive information about New Mexico’s MFA Program and qualification tables click here. The next Living and Owning in Angel Fire post will be about employment/business opportunities.
Kyle.

This is the first in a series of Blogs about Living and Owning in Angel Fire. We will be covering topics including First Time Buyer Tax Credits, Demographics/Quality of Life, Schools, Business/Employment Opportunities, and more. Today we are going to address first time home buyers about the Obama Administrations First Time Buyer’s Tax Credit.

We have a large number of individuals and families who have been renting for years here in Angel Fire and the area. This Tax Credit could be just the ticket to making owners out of many of the local renters. There is also the possibility that a potential first time buyer might be interested in relocating to Angel Fire. Either way, it can be just like having cash in your pocket towards the down payment.

The American Recovery and Reinvestment Act of 2009 includes a provision that’s called the First Time Home Buyer Tax Credit. This is an actual credit of $8,000 for Buyers who purchase and close on a condo or home by December 1st, 2009.

Specifically the Buyer must be a first time buyer, and for our area, have an income ceiling of no more than $46,600 for one or two person households, or $53,590 for three or more member households. Additionally you will receive the $8,000 check, (that’s right it’s a check), from the government after all your witholding for the 2008 tax year are paid and after your purchase closes.

To help things along, Governor Richardson has started a Tax Credit Loan Program with the New Mexico Mortgage Finance Authority. This program provides buyers an interest free loan equal to 8 percent of the home’s value up to a maximum of $6,500. This gives potential buyers the cash up front, less $1,500, to use as down money at closing. The catch is that the loan must be paid in full by June 30, 2010 in order to be interest free. If paid after 6/3/2010 the loan rolls over to a second 30 year fixed rate mortgage.

Regardless, this is a great deal for first time home buyers needing the extra cash up front in order to qualify. The price ceiling for a home or condo to qualify is $237,031. Here in Angel Fire there are currently 75 homes that qualify for the program, and in Taos County there are over 110 homes listed that qualify for the program. Amazing, buy your first home and get an $8,000 check from Obama, no strings attached. If you’re a first time home buyer you owe it to yourself to look around at our listings and see if it is a good time for you to make a change. Come in and see the Eby Team to learn more, we always have the coffee on. Tomorrow our Blog series on Living and Owning in Angel Fire will continue…

Sincerely,
Kyle Eby.
http://www.vacationhomesandcondos.com