Why a Boerne Resale Is Competing Against a Mortgage Rate, Not the House Next Door

At Esperanza in Boerne, Scott Felder Homes has a finished home at 305 Fandango listed at $594,990. It was $627,990 earlier. Its listing also advertises rates "as low as 4.49% + $10,000 in Flex Cash." For the third quarter of 2026, the San Antonio Board of Realtors' quarterly county report put Kendall County's median single-family price at $587,483.

That puts a brand-new house and a typical Kendall County resale within about $7,500 of each other. The loans behind those two prices are far apart. In the week of October 15, 2026, Freddie Mac's weekly survey put the average 30-year fixed rate at 7.40%. The builder's sign advertises a rate almost three points below that. A resale seller with the same budget can't buy that rate, and the reason is in the federal lending rules.

The rule that treats builders and resale sellers differently

Conventional loans sold to Fannie Mae follow a ceiling on what the Fannie Mae Selling Guide calls interested party contributions. That covers money from the seller, the builder or anyone else with a stake in the sale that goes toward the buyer's financing. The cap is a percentage of the sales price or the appraised value, whichever is lower, and it depends on down payment and occupancy:

Under the guide, a temporary or permanent rate buydown paid for by the seller counts against that cap. Anything over the limit is treated as a sales concession and comes off the sales price before the loan is underwritten. A resale seller in Boerne therefore runs out of room fast. On a $600,000 sale with 10% down, the most that seller can put toward the buyer's financing is 6%, or $36,000.

The guide makes one exception. A standby or forward commitment, where a builder and a lender lock blanket rate coverage before any buyer signs a contract, is "not subject to Fannie Mae's maximum financing concessions because they are not attributable to the specific loan transaction." A builder selling dozens of homes in one community can set that up. Someone selling a single house can't.

Perry Homes' fine print describes the same kind of setup. Its San Antonio Year End Sales Event disclosure says Perry "locked in, through Crestmark and Parkstone, an interest rate for a pool of funds made available to homebuyers on certain properties for a limited time." The same document caps Perry's Flex Cash at a combined 6% of the contract price. The cash incentive stays inside the cap. The pooled rate is the part a resale seller has no way to copy.

What the gap does to a monthly payment

Perry's own disclosure gives an example. A $600,000 inventory home bought with 10% down leaves a $540,000 conventional loan. At Perry's promotional 5.99% rate, principal and interest come to $3,234.10 a month. Run the same $540,000 loan at Freddie Mac's 7.40% average from October 15 and principal and interest come to roughly $3,739. That's about $505 more each month, before taxes, insurance or HOA dues.

To match that payment with price alone, a resale seller would have to make a cut far larger than the 6% contribution cap allows. The cap also limits how much of a buydown the seller can fund. So a resale home priced near Kendall County's $587,483 median is up against a monthly payment it can't match. Comparing it with the new house down the road on list price misses that.

The pressure shows up in the builders' own asking prices too. At 214 Fandango, also in Esperanza, Scott Felder lists a home at $639,990, down from $668,990. Builders are cutting prices and buying down rates at the same time.

The fine print decides who actually gets the rate

The advertised rates come with conditions, and they shut out some of the buyers Boerne draws. Here is what Perry's San Antonio disclosure requires:

• One choice of incentive. Buyers take either up to $50,000 in Flex Cash or the promotional rate. Both come with a move-in package valued at up to $6,000.
• Different rates by loan type. 5.49% for qualifying FHA and VA borrowers, and 5.99% for qualifying conventional borrowers.
• Assigned lenders. Financing has to go through Crestmark Mortgage Company or Parkstone Mortgage.
• Principal residence only. The promotional rate applies only to homes bought as the borrower's primary residence.
• Select inventory. Only designated inventory homes qualify, and the flyer has to be presented on the buyer's first visit to a model home.
• A deadline. The home must close by December 31, 2026, and the rates were stated as effective September 30, 2026.

Scott Felder's 4.49% offer and Highland Homes' Esperanza offer, "rates as low as 4.99% or up to $50,000 in savings," appear on their community pages without full terms. Scott Felder's own history shows why "as low as" deserves a question. In a June 2024 promotion, its advertised 3.99% was a temporary buydown on a 5.99% note rate. Payments were set at 3.99% in year one and 4.99% in year two. The offer was limited to principal residences and select homes, with a named lender. Whether the current 4.49% works the same way has to come from the builder's written disclosure. A permanent rate and a two-year step-up can produce the same first payment and very different payments in year three.

The principal-residence requirement matters for anyone eyeing Boerne as a second home or short-term rental. A buyer financing a rental property gets neither Perry's promotional rate nor much seller help on a resale. Fannie Mae limits financing concessions on investment properties to 2% at any loan-to-value. For that buyer, a new build and a resale come back to a fairly even comparison on price, lot, location and finish.

Where the county numbers fit

Kendall County resales aren't sitting idle. SABOR's report counted 82 single-family sales in the third quarter of 2026, with an average price of $731,013, $269 per square foot and 80 days on market. In the second quarter of 2026, the Q2 county report showed 85 sales, a $612,383 median and 92 days on market. From one quarter to the next, the median fell about 4% and homes sold 12 days faster.

A lower median alongside faster sales is consistent with sellers pricing against cheaper new-build financing, though the county report doesn't break out why. Two cautions apply. SABOR's quarterly median is the median of three monthly medians, not one price for the whole quarter. And 82 sales is a small enough count that a few large ranch or estate sales can move it.

The broader San Antonio market points the same way. In SABOR's September 2026 release, the area had 5.95 months of inventory and an average of 88 days on market, and homes sold at 92.4% of original list price. Active listings were up 4% from a year earlier, and pending sales were down 16%. Those are metro-wide numbers, not Kendall County numbers. They describe a market where buyers have choices and time.

What this means for each side of the deal

The comparison that matters is the monthly payment, with each condition attached to it. A Windsong home advertised from the $440,000s and a Highland home at 325 Dulce Vista listed at $829,545 sit in very different price ranges. Both builders still price their offers around the rate, not just the house. On a resale near the county median, the seller's best financing offer usually comes from the contribution cap. A buyer with 10% down on a conventional loan can ask for up to 6%. A buyer putting down 25% or more opens up 9%.

For resale sellers, the useful number is the payment a new-build buyer would get in the same price range. If the gap is about $500 a month, as in Perry's own example, a modest price cut won't close it. A seller-funded buydown within the cap, combined with the things a production builder can't offer, such as a mature lot or an established street, is a direct answer to it.

For FHA buyers, HUD's guidance sets interested-party contributions at up to 6% of the sales price, and that limit includes both permanent and temporary buydowns. That guidance is dated 2019, so an FHA buyer's lender should confirm the current figure.

FAQ

Does a builder's advertised rate stay the same for the life of the loan? Not always. Scott Felder's 2024 promotion was a two-year temporary buydown on a higher note rate. Perry's current disclosure lists a fixed promotional rate with an APR. The written terms say which kind you are getting.

Can a resale seller in Boerne pay for a rate buydown? Yes, within the Fannie Mae or FHA contribution limits that apply to the buyer's loan. The cost of the buydown counts toward those caps.

Do builder rate promotions apply to second homes or rentals? Perry's San Antonio promotion is limited to principal residences. On conventional investment-property loans, Fannie Mae caps financing concessions at 2%.

How long do the current offers last? Perry's requires closing by December 31, 2026. The Scott Felder and Highland pages don't list an end date, so ask the builder before you count on either one.

This post is general information, not lending, legal or tax advice. Lending rules and builder terms change, so confirm the details of your own loan with a licensed lender.

Comparing a Boerne resale with a new build means putting both payments side by side, with the fine print attached. Kelly Jo Gonzalez helps buyers and sellers in Boerne set a builder's offer and a resale's contribution limit next to each other before anyone signs. Bring the builder's written rate terms to the first conversation and we'll work through them together.