Texas First Time Home Buyer Information-Austin and Central Texas

New homes going up in northwest

2011-07-11T08:47:00.000-07:00

New homes going up in northwest Austin - developers are readying 23,000 lots to build on

Homebuyer Incentives from HomeSteps

2011-05-22T18:35:00.000-07:00

What a great offer if you’re considering homeownership as a first time home buyer or if you are simply trading up or down.

This particular program is from May 16, 2011 – July 31, 2011 with escrow closed on or before September 30, 2011.

Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative. This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing, without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary residence.

HomeSteps SmartBuy^SM is a home purchase program that offers:

A limited two-year HomeProtect® Home Warranty [PDF]
Up to 30% savings* on new appliances

*Certain restrictions, limitations, terms and conditions apply. See HomeSteps SmartBuy Terms and Conditions for further details.

Homebuyer Incentive**

Up to 3.5% actual buyer's closing cost
2-Year HomeProtect Limited Home Warranty***

**HomeSteps homebuyer incentives are available to owner-occupants only.
***Terms, conditions and limitations apply. Not all homes or borrowers will qualify. See http://www.homesteps.com/smartbuy for details.

Of course this involves lending and there are many terms, conditions and limitations. Be sure to check those out. If you’re interested and we can help in the greater Austin or Highland Lakes areas, give us a call.

First Time Home Buyers - A Great Experience for the Realtor, too!

2011-04-17T07:41:00.000-07:00

Wow, how easy it is to forget how exciting it can be to work with someone who is a first time home buyer. I have worked with several over the last couple of weeks and it is truly re-energizing for me. I have worked with several both in the Austin and the Highland Lakes areas.

How rewarding to see the joy, excitement (and a little apprehension!) from a first time home buyer! It reminds me of how we should all be every day - intrigued, energized, excited, open to new feelings and ideas, yet aware of all aspects of everyday life.

I am grateful to have worked with these clients lately, it helps to keep me grounded and reminds me why I do what I do. Real Estate is a time consuming business. It is often hard to balance your own family life with helping other families. I am very fortunate to have a very supportive husband and son who make it possible for me to do what I love.

It can be a wonderful and rewarding experience to help people buy a home they love, to help them through the process, to educate them about our market and get them the best possible deal in the process. How exciting is that??!!

Awesome job!

Let me know if my Team and I can send you a FREE First Time Home Buyers Booklet with lots of great information about the process. Thinking of buying your first home in the Austin area? Thinking of buying your first home in the Highland Lakes area? Give us a call or send us an email.

Texas offers $45M in First Time Home Buyer Assistance

2011-02-03T08:18:00.000-08:00

The Austin Business Journal reports that the State of Texas has released $45 Million in a first-time homebuyer assistance program.   Don't forget, also, there are still funds in the Bond 77 Program for downpayment assistance.

It's a great time to buy and there are some great deals out there.   Rental rates are rising, so there may never be a better time to buy in Austin, TX.

Call or email us for more information or a free list of properties.   Visit our website at www.ppgtx.com

Visit our website for free foreclosure/short sale information: www.ppgtx.com/foreclosures

Austin Rental Rates Likely to Rise in the next two years

2011-01-14T04:10:00.000-08:00

I attended the 2011 Austin Housing Forecast yesterday.

If you are currently renting, here is something that might be of interest:

Austin usually has about 5000-6000 apartment units come on line every year. In 2011, they are only expecting 800 which may pressure rental rates upward and increase occupancy rates.

What does that mean for you, a first time home buyer? Interest rates are currently low, low, low.    Housing pricing in Austin is very affordable.   Increased rental rates and increased occupancy may mean that it will make more sense to look at buying your own home rather than renting.

Thinking about it?   Plan ahead. Get your credit in great shape - pay ON TIME!    Don't max out credit cards.   Save money.   You will generally need at least 3.5% down for a home mortgage plus money to pay for closing costs.

Call us for a copy of the Buy versus Rent brochure and a copy of the First Time Homebuyers Guide.    info@paragonpropertygroup.com      Visit our website at www.PPGTx.com for more information.

What did interest rates do last week? 1/10/11

2011-01-10T06:19:00.000-08:00

Thinking of buying your first home in Austin Texas or the surround Texas Hill Country/Highland Lakes areas? Rates are still super low, so now is a great time to buy.

Get a First Time Homebuyer booklet or a booklet on Buying versus Renting. Email: sue@paragonpropertygroup.com

Visit our website for more information www.PPGTx.com

What Did Interest Rates Do Last Week?
** based on Freddie Mac weekly average survey **

30-yr Fixed – Slightly Lower
Last Week: 4.77%
Previous Week: 4.86%
1yr Ago: 5.09%

15-yr Fixed – Slightly Lower
Last Week: 4.13%
Previous Week: 4.20%
1yr Ago: 4.50%

Jumbo Fixed (Average 30-yr Fixed) – 5.125%

First Time Buyer? Thinking of Buying? Should I Buy or Rent?

2010-12-04T06:28:00.000-08:00

To Buy or Not to Buy – Should I Buy or Rent a Home?

Buying a home is not for everyone in every area nor is renting. Obviously consideration needs to be made on both a personal and market location basis.

The National Association of Realtors recently published results from it’s 8^th Annual Housing Opportunity Pulse Survey which indicates that nearly 8 our of 10 Americans still believe that buying a home is a good financial decision. 77 percent believe strongly or not so strongly, 68 percent strongly so. More than 68% believe that now is a good time to buy a home.

Here in Austin, we have fared better than in many regions of the country. A recent article in Newsweek ranked Austin as one of four Texas cities in its list of the 10 cities best situated for economic recovery. It described Texas as the “Number 1 destination for job-seeking Americans, thanks to a hearty energy sector and a strong spirit of entrepreneurism.”

With respect to housing, projections are that the Austin area will have increasing rental rates over the next year(s), which will make homeownership more attractive to many. Marcus & Milchap reported in November that area apartment vacancies are expected to fall with relatively few projects coming online. Developers report bringing about 2900 new units on line this year versus an annual average of about 4300 per year for the last five years. Rising demand and reduced supply is expected to push rental rates up about 3% in the near future.

In addition, the number of spec homes being built has decreased dramatically over previous years. The combination of these two reductions in conjunction with new job creation will likely create some reduction in housing availability. So far, we have had about 23,000 new jobs created this year and it is anticipated that we will continue to have net job increases over the next several years. The Milken Institute’s October 2010 Report – Best Performing Cities-2010: Where America’s Jobs are Created & Sustained lists Austin as #2

Fiserv Inc forecasts average single-family home prices to fall another 7.1 percent during the next 12 months in the US, though less than 1 percent in Austin. Continued home price declines are expected in markets that have been hurt most by the housing crisis. In Austin, however, we are fortunate to have many popular areas or popular price points that have remained fairly stable or had recent increases in values, not decreases.

Very low interest rates, tax deductions and even a small or neutral average appreciation, combined with relative market stability, potential increased rental rates and decreased rental availability and current home affordability mean that home ownership may make sense particularly for those planning to stay in a home for 3-5 years, at least in the greater Austin area.

For those who stay in their home and pay it off, there are obvious benefits since they will no longer be making mortgage payments - just taxes, insurance and maintenance. For those looking toward their future retirement, continued home ownership can be the right thing.

For many, there are psychological advantages to owning - personally I just prefer to be my own landlord, so to speak. I have the flexibility to do what I like and no matter what, I have to have a place to live. If I have to pay for a place to live anyway, I'd rather have the control myself and not rely upon a landlord to maintain the property properly and in a timely fashion or to keep a fair rental rate indefinitely.

Most investment advisors will tell you that you need to hold your investments in stocks or bonds over a longer time period. There will be ups and downs in the market, but over time, their goal is to make you money over that time period. Selling at any given time during that period may net you a loss or a profit. If your investment goes up 20%, have you really “made” money? I say “no”, unless you actually sell the investment. You could own that investment for 10 years and it could go up and down over time, but you really only “make” that gain (or loss) when it is sold.

The same could be said for owning a home or other real estate. Many markets have experienced substantial ups and now substantial downs. Over time, if you view your home in the same way as you might view your stocks and bonds, chances are you will experience a positive gain over time. The difficulty for many right now is how long that time period is and can you wait it out. One positive in the Austin area is that we generally have experienced a less dramatic downward market swing and are now trending positively in many categories.

If you know that you are going to have to move again in 2 years or think you may lose your job in the near future, it may not be prudent to buy, but if you plan on staying in your home 5 years or more, particularly if buying now while prices are affordable, it may well be the right thing for you to do.

To buy or rent - it’s a very personal decision, largely based on your own circumstances and locale. For some, renting is the way to go for now. For others, now may be the best time to buy and take advantage of low interest rates and affordable home prices, particularly here in the Austin area.

Here in Texas, we are fortunate to be able to offer a Downpayment Assistance Program to make it easier for people to buy a home. And, if you are military, former Military, an Educator, Medical Personnel or a First Responder, we have a CASH BACK Bonus whether you are buying or selling.

Give us a call, email to suemellett@yahoo.com or visit our website at www.ParagonPropertyGroup.Com

Sue Ellett

Broker-Associate

Paragon Property Group

Coldwell Banker United Realtors

866-693-7741

8 out of 10 Americans believe buying a home a Good Decision

2010-11-27T17:36:00.000-08:00

Majority of Americans: Buying a Home Is a Good Decision

Read this article for more information.

Great News - 1st Time Home Buyer Interest Rates Dropped! (Texas)

2010-11-04T13:14:00.000-07:00

From the Texas Department of Housing and Community Affairs:

Effective Nov. 1, 2010, the Texas Department of Housing & Community Affairs reduced its interest rate on mortgage loans offered through its Texas First Time Homebuyer Program to its lowest levels ever, further opening the door to safe and responsible homeownership for qualifying low- to moderate-income Texans.

Interest rates on these 30-year, fixed rate mortgage loans have been set at either 4.20% (unassisted) or 4.95% (assisted), depending on which of two types of loans the borrower selects. Assisted loans offer downpayment and closing-cost assistance up to 5% of the mortgage amount.

To learn more about the program and eligibility requirements, please visit www.myfirsttexashome.com.

Thinking of buying your first home? Contact Brooke LeMond at 512-284-0799 for a free Home Buyer's Book or to get home listings. Or email at brooke@brookelemond.com

Don't Make these Mistakes When Buying a Home!

2010-10-23T06:18:00.000-07:00

Here are a few things, particularly as first time buyers, that you want to consider in order to make good decisions....

1. Get prequalified before starting your search. There is nothing worse than falling in love with a home or an area that you can't afford. Take into consideration your comfort level with your monthly payment and adjust from there. Remember to add in insurance, taxes, homeowners association dues.

2. Once you are under contract, be sure to get a home inspection. It's worth the money you will spend many times over and could keep you from buying a "lemon" of a home.

3. Use a Real Estate agent who will work for YOU. A Buyer's agent is your best bet. In Texas, for instance, all agents work for the seller unless you form a buyers relationship with them. If you call a listing agent for information about a property or to show you a property, they do not have your best interests at heart- they work for the seller!

4. Choosing a Real Estate agent who is not committed to forming a strong business

5. Be flexible in your home search options/location. You could miss out some great homes if you aren't a little flexible. Trust your Real Estate Agent to assist you in the process.

6. Think about long-term goals. Will you be staying in this house for a long time? Planning a family? Will you have a family member come and live with you at some point? Do you want this to be your last home? Consider a one story or a home where the master is on the first floor - it's much easier to stay in a home with no stairs.

8. Get a home protection plan. Most of time it can be added to the purchase contract and the Seller will pay for it. Ask for it! This will at least give you some peace of mind regarding potential repairs for the first year you own your home, all for a small service call charge per incident.

9. If Schools are important to you, do your homework. Your agent can help point you in the right direction.

10. Relax and enjoy the process. Trust your instincts and make use of your Real Estate agent's experience and knowledge.

Go to our website at www.ParagonPropertyGroup.com to search for homes and to get more are and real estate information for the Austin, Lake Travis and Highland Lakes area.

Get Your Credit Score in Order before Applying for a Loan

2010-10-19T06:07:00.000-07:00

This is a great article and may help you have an easier time of getting a home loan.

For Your Clients: Get Credit Score in Order Before Applying for Credit

Thinking of buying or selling a home? Give us a call or send us an email.

Brooke LeMond - 512-284-0799 brooke@brookelemond.com

Check Out Our Website for more great information about home buying or selling.

Sue Ellett, Broker-Associate
Paragon Property Group
Coldwell Banker United Realtors

Austin/Lake Travis and the Highland Lakes

Cash Back At Closing - Home & Move Plus Program

2010-10-18T07:30:00.000-07:00

Thinking of purchasing or selling a home in the Greater Austin or Highland Lakes areas (Marble Falls, Horseshoe Bay, Lake LBJ, Burnet...)?

We may be able to offer you CASH BACK at closing whether you are
BUYING OR SELLING.

First Responders, Medical Personnel, Educators
and
Military & Former Military

may be eligible for this CASH BACK program. Contact us to find out if can participate.

If you are looking in other areas, let us know and we'll be happy to refer you to an agent in that area and be sure you receive a FREE Relocation Package. Many programs are available in other locations too.

Special Loan Programs may be available also.

Also, First Time Homebuyers - USDA Loans (100% financing) and BOND 77 Downpayment Assistance may be available as well.

Email Sue@elletts.net or call 866-693-7741 for more information on how you can benefit and receive CASH BACK or a great loan when you are Buying or Selling a Home. (Cash back is paid to buyer or seller after closing)

Visit our Website for more information.

Bank of America halts foreclosures

2010-10-08T11:02:00.000-07:00

Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. amid political pressure on U.S. banks to examine foreclosure-documentation problems.

The nation's largest bank by assets is the first financial institution to stop all foreclosure actions amid revelations that the banking industry had used "robo-signers," people who sign hundreds of documents a day without reviewing their contents, when foreclosing on homes. Bank of America, J.P. Morgan Chase Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court's approval is required to foreclosure on a home.

The decision by Bank of America to extend its postponement to all 50 states takes effect Saturday. The bank doesn't intend to lift the moratorium until its assessment of all documentation is complete, a spokesman said.

On Thursday, Rep. Edolphus Towns (D., N.Y.), chairman of the House oversight committee, became the latest lawmaker to call for a nationwide moratorium on foreclosures.

Bank of America Chief Executive Officer Brian Moynihan plans to be in Washington, D.C., Friday for an appearance before the National Press Club, but a person close to him said he isn't expected to discuss the moratorium decision.

REALTOR® Magazine-Daily News-Where the Smart Folks Live

2010-10-01T17:56:00.000-07:00

REALTOR® Magazine-Daily News-Where the Smart Folks Live

Austin makes the list!

Deals for Home Buyer from Fannie/Freddie - Foreclosures

2010-10-01T14:18:00.000-07:00

REALTOR® Magazine-Daily News-Fannie, Freddie Offering Hard-to-Beat Deals

Thinking of buying your first home - there are some great deals in the Austin and Highland lakes areas

Give us a call....

Paragon Property Group
Coldwell Banker United Realtors
866-693-7741

USDA Funding is Available - 100% Financing

2010-09-23T19:27:00.000-07:00

Thinking of purchasing your first home? USDA has funding for up to 100% financing available.

Contact us for more information or check out our website at www.paragonpropertygroup.com

Properties in Hays, parts of Williamson, Burnet and Llano Counties are available for this type of financing.

Plus, you may qualify for other rebates such as Military Cash Back, First Responders, Hospital/Medical or Teachers.

Searh for Housing Assistance Programs in Texas - Buy Your Own Home!

2010-08-18T14:42:00.000-07:00

Don't let great interest rates and affordable house prices pass you by! Check out the many available housing assistance programs geared toward helping you buy your own home in Texas.

The Texas Association of Realtors, TAR, has launched TxHomePrograms.org http://txhomeprograms.org, an online searchable database of housing assistance programs in Texas.

Check it out and then give us a call - we can help you find a lender, get pre-qualified and find your new home in the greater Austin and Highland Lakes areas

It's a great Time to Buy your Own Home in the Central Texas area!

Contact for a free Buy versus Rent brochure or First Time Homebuyers Guide.

Contact Brooke LeMond at 512-284-0799 for more information and visit our website at www.ParagonPropertyGroup.com

Whole Foods coming to the Galleria | beecavebee.com

2010-08-03T14:51:00.000-07:00

Whole Foods coming to the Galleria | beecavebee.com

Exciting News!!

Five Smart Reasons to Buy a Home Now

2010-07-30T06:34:00.000-07:00

For Your Clients: Five Smart Reasons to Buy a Home Now

Thinking of buying your first home here in Texas? Here is a great article on why is now a great time to buy a home here in the Austin and Highland Lakes areas, or anywhere.

Texas has many down payment assistance programs, too, and here at Coldwell Banker United Realtors(r), we have programs for Cash Back for Military, Teachers/Educators, First Responders and Medical Personnel... give us a call or send us an email for more information. Or, visit our website at www.paragonpropertygroup.com

Contact Brooke LeMond at Paragon Property Group, Coldwell Banker United Realtors 512-284-0799 or brooke@brookelemond.com

RISMEDIA, July 30, 2010--The economy is stabilizing. Home prices are holding. It's not just as good a time as ever to buy a house. It's one of the best times ever.

ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system – and this is just the opportunity that owners of many desirable properties have been waiting for.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines...again. Now that appraisers have more flexibility to set values that reflect the current market, today's deals will make it over the finish line.

5. Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by "workforce housing" programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.

Credit Score Got you Down? A few Easy Tips that might help improve your Credit Score.

2010-07-28T06:17:00.001-07:00

Poor credit can keep you from buying your first home. Obviously we can't all pay cash for everything all the time - using credit cards and getting loans is necessary for most of us. But, you can protect your hard-earned credit score and keep it....you'll be glad you did!

Buying your own home is a great investment in your future, keep your credit in check and you'll have a much easier time of getting a loan when you are ready.

Don't use all of your available credit on a credit account - try not to use more than 10% on any particular account and try to keep it to 10% total maximum on all of your accounts.
Don't close your old accounts. The longer you have had accounts, the better it looks. You might consider using it for a small amount from time to time and paying it off again in a timely fashion.
It's good to have different types of credit, including gas cards, retail store cards, credit cards, car or motorcycle loan, home mortgage, student loans and personal loans. All can be reported to the credit bureaus.
Don't be lured by offers that say, "No payments until...." These are often high interest rate loans. Plus, it's easy to forget that a year from now you will have to start paying for them. If you forget and then you don't have the money, you will be in trouble.
Don't apply for a lot of credit/credit cards within any 6 month period. Every time you apply, the credit card or loan company will check your credit and an "inquiry" is posted to your account. A lot of inquiries with a short period of time can cause your score to drop.
Check your credit periodically for mistakes. If you find any, report them immediately. It may take some time for these corrections to be posted, so keep that in mind if you are looking at getting that new home loan.
www.annualcreditreport.com - you can check your credit for free once every 12 months.

And, if you are thinking of buying your first home in the greater Austin or Highland Lakes areas, give us a call or send us an email, we can help. We are certified Texas Affordable Housing Specialists, too, and can help you get a great deal on a home, help you find a lender to pre-qualify you and get you into your very first home.

It's a great time to buy.....

We'll even send you a free booklet on Buying versus Renting and one on First Time Home Buying.

Contact Brooke LeMond at 512-284-0799 or email brooke@brookelemond.com for more information.

Sue Ellett, Broker Associate

Search for Texas First Time Buyer Programs now that the Tax Credit is gone....

2010-07-10T07:59:00.000-07:00

Check out this website for programs in the State of Texas.

Contact Brooke LeMond at 512-284-0799 for assistance with being pre-qualified to purchase a home in the Austin and Highland Lakes Areas. It's a great time to buy....

http://txhomeprograms.org/

For more information or to get pre-qualified to buy your own home in our area, give us a call at 866-693-7741 or email brooke@brookelemond.com Brooke is a Texas Affordable Housing Specialist, TAHS

Some Available Programs in our Area of Austin, the Highland Lakes & Central Texas:

Austin Downpayment Assistance Program

Austin Homeowner Rehabilitation Loan Program

HomeChoice

Section 502 Rural Housing Direct Loans

Special Housing Adaptations

Specially Adapted Housing Grants

Start-Up

Texas First Time Homebuyer Mortgage Program

Texas First Time Homebuyer Program (Bond Program 74)

Texas State Affordable Housing Corporation Home Loan Programs

US Veterans Administration Home Loan

Veterans Home Improvement Loans

Veterans Housing Assistance

Tax Credit Closing Deadline is Extended

2010-07-04T07:16:00.000-07:00

Daily Real Estate News | July 1, 2010 |

Tax Credit Extension Passes

After a close brush with a deadline that could have impacted tens of thousands of home buyers, the U.S. Congress last night passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act (H.R. 5623) and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit through no fault of their own. These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.

The Tax Credit is still available to members of the military who have been serving overseas and would otherwise have missed the opportunity. Ask us about Military Home Buying and Selling Discounts!

FHA LOAN FACTS - Did you know?????

2010-07-04T07:11:00.000-07:00

Perhaps you didn't know these facts about FHA loans.....

FHA Loans Are Assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.
FHA Loans Are Not Just Small Loans; In Fact, Loan Amounts Can Be As High As Almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.
FHA Loans Are Not Only For First-Time Buyers. Many people believe FHA loans are available only to first-time homebuyers. This is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option. Plus the minimum down payment is only 3.5%
FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. In fact, even Bill Gates can get one. There is no maximum income restriction associated with FHA loans. Borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

Austin homes sales up 24 percent in May - Austin Business Journal

2010-06-18T13:49:00.000-07:00

Austin homes sales up 24 percent in May - Austin Business Journal

Great News! Thinking of moving to our area? Contact us for a free Relocation Package. Thinking of selling? Give us a call for a complimentary market analysis.

Sue Ellett
Broker-Associate
Paragon Property Group Team
Coldwell Banker United Realtors

866-693-7741

Down Payment Assistance for First Time Home Buyers (and Existing) in Texas - Bond 77

2010-06-16T05:11:00.000-07:00

Even though the Government Tax Credit program is now over (unless you have been overseas military, then you still have one year to utilise), there are still programs available to help you buy a home if you are a first time buyer or even an existing buyer, subject to some limitations.

On June 1st, the Texas Department of Housing & Community Affairs (TDHCA) implemented a new bond program to assist buyers with their down payment when purchasing a home. “Bond 77" is the largest allotment of it's kind in Texas and may be as much as $500 Million in funds. This program was released just in time to fill the void left behind by the home buyer tax credit which expired on April 30th.

Bond 77 has liberal income limits, is available to existing home buyers & first time homebuyers! This is an affordable alternative for down payment funds.

Contact us for more information on this program and how you can buy a home in the Austin and Highland Lakes areas of Central Texas with downpayment assistance funds!

203B Home Loans - Fixer Upper Funds Wrapped Into Your Mortgage Loan

2010-03-22T08:14:00.000-07:00

Great News! If you are thinking of buying a fixer-upper, you can now buy the home and wrap the remodeling expenses into your loan. It's an FHA loan with a minimum down payment of 3.5% (this can be gift funds). These loans are assumable, have no pre-payment penalties.

You can borrow up to $35,000 for the renovations on top of the purchase price of the home. Contact Paragon Property Group today if you are thinking of buying a home in the greater Austin or Highland Lakes areas. 866-693-7741 or email suemellett@yahoo.com

- RISMedia - http://rismedia.com -

Fixer-Upper Financing: 203k Program Provides Buyers with Renovation Funds

^[1]RISMEDIA, March 22, 2010—(MCT)—The word “as-is” can indeed be one scary phrase. Especially when buying a home in today’s market where foreclosures and short sales that need fix-up work are plentiful.

But a little-known Federal Housing Administration (FHA) loan program that’s been around since 1978 can help take the sting out of “as-is.” Only 219 borrowers took advantage of the FHA’s 203k program in 2009. Not that many lending and real estate professionals are aware of the program, say observers.

Last year, Tom Meyer found a classic Oakland, Calif., home built in 1925 near Mills College he liked a lot. As a short sale it was priced right and about half the original asking price. Trouble was, the place needed some fix-up work—foundation improvements, dry rot work, a new roof over the garage and other improvements.

With the help of the FHA’s 203k renovation financing loan program, Meyer folded about $100,000 worth of repairs and improvements into his $422,000 mortgage. He had bought the home for $320,000. “I would not be able to pay a contractor $100,000 and buy a house at the same time,” said Meyer, who works in corporate media at Shaklee’s Pleasanton headquarters. “It had been essentially allowed to start falling apart over the last 20 years.”

He had rented in San Francisco for 25 years before moving into his new digs last September with his girlfriend, Cathy Keating. “We like old houses, and a great benefit of this program is that it helped us keep a beautiful but deteriorating house from deteriorating further. With the work we did, we expect it to still be standing and beautiful 80 years from now,” he said.

Renovation financing through the 203k program allows the costs of needed repairs and improvements to be included in the FHA federally-insured loan amount instead of having the buyer come up with cash or a separate loan to do the work.

“This is a perfect loan for an as-is situation,” said Kristine Marr, a loan officer with Prospect Mortgage in Lafayette, Calif. “It’s not a new loan program, although I think it’s going to have a lot more use today because we have so many foreclosures and bank-owned properties. You go into lots of homes and see people have yanked out stoves and ovens and fixtures and sinks.”

The work has to be done within six months after escrow closes. Borrowers have the option of putting up to six months of mortgage payments on the end of the loan if they don’t want to live in the house while the work is being done.

“Renovation financing is a program that allows you to not only finance the purchase of a home but finance any repairs and/or improvements. It provides buyers with a responsible way to purchase a fixer-upper property,” said Luis C. Munoz, who helped Meyer with the loan and is a renovation loan specialist with the Oakland branch of Mason-McDuffie Mortgage Corp. Munoz also gives presentations about the program at monthly home ownership workshops sponsored by the Unity Council, an Oakland-based nonprofit.

At a time when equity loans are hard to get, the program can also be used as a refinancing vehicle for borrowers who want to do repairs and improvements, provided the value of the home is greater than the value of the loan. “At the same time as you refinance, you pop in the extra dollars you need for whatever you want to do,” Marr said.

FHA home loans require certain health and safety standards be met and that needed repairs identified during the inspection process be completed before escrow closes. However, minor repairs and improvements costing between $5,000 and $15,000 can be done after escrow closes for borrowers who opt for a streamlined repair program.

A 203k loan can help buyers finance both minor and major repairs and improvements. It can also help buyers compete with investors when bidding for short sales and foreclosures, said Sheri Powers, director of the Homeownership Center at Unity Council.

The loans can also be used to pay for improvements such as new appliances, second-story additions, remodeled kitchens and bathrooms, and skylights, just to name a few examples. “Property repairs cost money and they want to make sure people using their loan program are going to be in the home in long run and not just the short run,” Powers said.

The loans have become more popular since home prices started falling and FHA lending limits were raised a couple years ago but are still a tiny sliver of overall FHA loan volume. Last year, 203k loans accounted for 219 mortgages in the Bay Area, compared to 35 in 2008, one in 2007 and none in 2005 and 2006, according to Department of Housing and Urban Development statistics. “It’s making a comeback,” said Powers.

Marr said that 203k financing is not for everyone. A buyer will have to work with contractors and may have to wait several months before moving in, she said. And there is no guarantee they won’t be outbid by an investor for the property. “A lot of listing agents are preferring the investors, because the investors tend to be all cash or 50% cash. That’s always hard to compete with,” she said.

Distributed by McClatchy-Tribune Information Services.

Click here to print.

Home under $140,000 just North of Austin - First Time Homebuyer Dream Home!

2010-02-23T05:20:00.000-08:00

Don't let this one pass you by....it's gorgeous. Probably one of the nicest homes for the price that you will find. Plus, close to Park & Ride and new Metro Station in Leander. Walk to Elementary School from this great home. It's Pristine and Move-In Ready.

Visit our Website for even more area and property information.

Contact Paragon Property Group at 866-693-7741 for more information about this or any other area home in the greater Austin or Highland Lakes areas. We can help you buy or sell your home.

Home Buyer Tax Credit Timeline.....

2010-02-23T05:12:00.000-08:00

Below is an article to assist you in the timing of the tax credit and buying your home in the Greater Austin or Highland Lakes areas - time is running out - you must be under contract by 4/30/10 and closed by 6/30/10....so don't hesitate!

Timeline for the Home Buyer Tax Credit
Feb18, 2010 (Bankrate.com)

Time is running short for people who want to take advantage of the homebuyer tax credits.

There are two homebuyer federal income tax credits: the first-time homebuyer tax credit of up to $8,000, and the move-up homebuyer tax credit of up to $6,500. Both come with deadlines.
To collect either tax credit, buyers have to have homes under contract by April 30. That means that both buyer and seller must have signed the purchase contract by that date. After that, there's another deadline: The transaction has to close by June 30.

If you want to collect the tax credit, don't wait until the last half of April to begin looking for a house. Yes, it's possible that you could do it all in a couple of weeks: find a house that you like, negotiate a price and secure mortgage financing. Possible, but not probable.

"Don't wait till the last minute, and be prepared to stay on top of things from the very outset," says Neil Garfinkel, a lawyer with the law firm of Abrams Garfinkel Margolis Bergson LLP, on New York's Long Island.

Below is a timeline for homebuyers who want to complete the transaction on time to collect the federal income tax credit. The following dates aren't ironclad; the real estate agent, lender and title company will know if you need to deviate from this timeline because of your situation or location.

Use this timeline as a general guide and as motivation to take action quickly.

Contact Paragon Property Group at 866-693-7741 for more information about Buying a Home in the Greater Austin or Highland Lakes areas.

Downpayment Assistance Funds now Available in Texas thru TDHCA

2009-12-30T16:22:00.000-08:00

Great News! TDHCA has replenished their downpayment assistance funds available to First Time Home Buyers. This is a below market interest loan that you get in order to make your down payment and it is a deferred, forgivable 2nd line for up to 4%. There are income limits and you will need to have decent credit. Visit http://www.tdhca.state.tx.us/homeownership/fthb/available_funds.htm for more information.

Contact me if you would like to speak with a lender to see if you qualify. That is your first step.

Of course, the First Time Homebuyer Tax Credit is also available to you if you have a home under contract by 4/30/10, so don't wait - get started now and buy your First Home!

Contact me if you would like to receive a FREE First Time Homebuyer handbook - we will mail it to you right away.

Sue Ellett, Broker-Associate
Texas Affordable Housing Specialist
866-693-7741
suemellett@yahoo.com

Great Austin and the Highland Lakes Areas.

I can refer you to a qualified First Time Home Buyer trained agent in other areas of Texas too.....

Are Interest Rates Going Up? Should I buy now?

2009-12-24T11:56:00.000-08:00

It's a great time to buy and a great time to get a home mortgage loan at great rates. .

Thinking of buying a home? Interest rates are not likely to get any lower than they are today. In fact, it is likely in the near future that they will go up. Why?

The Federal Government agreed to buy mortgage backed securities. By doing so, they are essentially keeping mortgage rates artificially low. They are due to stop this program soon, possibly as early as this Spring. What does that mean?

Basically without the Federal government buying these securities, who is going to buy them? Usually it's investors. And, while the government is willing to take a lower interest rate, most investors are not, hence rates will go up.

What does this mean to you? If you are thinking of buying a home, your purchasing power is greater with a lower interest rate. For instance, a $100,000 mortgage loan at 5.5% is
$568 /month over 30 years. At 6.5%, it jumps to $632 /month. For many people that will be the difference between qualifying or not qualifying, between buying the house you want or buying a less expensive home.

Couple all that with the First Time Home Buyer or General Home Buyer Tax Credits and it won't get any better than this. So, if you are thinking of buying, now is the time. Interest rates are low, prices are great and there are many motivated sellers (you have to be under contract by the end of April, 2010).

If you are a First Time Homebuyer, let us know your mailing address and we'll be happy to send you a FREE First Time HomebUyer Booklet which outlines the process. Plus we have another brochure about Buying versus Renting.

One of your first steps may be to get Pre-Qualified. Coldwell Banker Mortgage is offering a unique program where they offer you pre-purchase rate protection. The great thing about this program is that you can lock in when you start looking rather than waiting until you find something (your rate cannot be locked until you are under contract). Here's how it works:

Our Four to the Door mortgage program gives them an effective way to limit rate risk. At the start of our simple four-step process, you simply tell the lender that they want Pre-Purchase Rate Protection. Depending on where interest rates are, their rate will be capped at a certain level— and whatever happens to rates, you won’t pay more than that cap. On the other hand, if rates go down in the meantime they can still benefit: we offer a one-time “float down” — an opportunity to lock at a lower rate before closing. So whichever way interest rates go, you are protected.

Call or email us today. My Team and I would be happy to help in the great Austin and Highland Lakes areas including Marble Falls, Burnet and Horseshoe Bay areas. We belong to both the Austin and the Highland Lakes MLS systems.

Good Luck!

Sue Ellett, Broker-Associate
Paragon Property Group Team
Coldwell Banker United, Realtors
866-693-7741
suemellett@yahoo.com
www.ParagonPropertyGroup.com

203B Mortgage Program - Buy a Fixer Upper & Roll in the Improvement Costs

2009-12-10T04:13:00.000-08:00

Just because a home needs work, you don't have to rule it out as a candidate to buy. The FHA Section 203k program is specifically designed to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements.

In many cases, homes that would qualify for the 203k loan are in good areas but have issues more to do with aesthetics than big structural issues, for instance. The 203B program—because the home improvements are built into the loan—opens the whole market to the more home buyers.

For more information on the 203k loan program, visit www.hud.gov or www.re-buildusa.com.

At Paragon Property Group, we are always looking for new ways to help you buy the home of your dreams, whether in the greater Austin area or in the Highland Lakes areas of Marble Falls/Horseshoe Bay/Burnet. There are some good deals out there and interest rates are low, plus the home buyer incentives from the Federal Government make it a really great deal.

New Guidelines for Collecting Your Tax Credit for First Time Home Buyers

2009-12-06T07:54:00.001-08:00

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/03/AR2009120305135.html

New form and new guidelines for collecting your Tax Credit

Are Rate Hikes Coming?

2009-12-06T07:37:00.001-08:00

Are Rate Hikes Coming?

The last thing the struggling housing sector of the economy needs is escalating mortgage interest rates, however recent comments from Fed Chairman Bernanke have many traders concerned that rate hikes are on the way. Bernanke indicated the Fed would cut back and close emergency lending programs as the markets normalize. The reaction to these remarks was fast and furious as mortgage interest rates quickly rose higher.

While it is almost inevitable that the Fed will eventually raise rates, the question still remains is WHEN? Many took Bernanke’s remarks as a warning of things to come sooner rather than later.

Despite the recent rate increases last week rates remain historically very favorable. Lower rates are not guaranteed and floating in this environment is very risky.

What does this mean to you? It means that if you are thinking of buying a home and, particularly buying a home and using the Tax Credit for First Time Buyers, you need to act QUICKLY. Rates are likely to rise in the new year and the tax credit deadline for having a contract in place in April 30th, 2010.

Contact Paragon Property Group for more information about homes in the greater Austin area or in the Highland Lakes area including Marble Falls, Burnet, Kingsland, Granite Shoals, Sunrise Beach and Horseshoe Bay. There are many affordable homes out there...don't let this opportunity pass you by.

Isn't it time you owned your own home?

Improve Your Credit Score

2009-12-02T08:07:00.001-08:00

Here are a few tips to help improve your credit score. Remember, interest rates are based upon your credit score, so the higher your score, the lower your rate, usually:

1. Review your report for accuracy - you should look at it at least once a year - each of the three credit bureaus will send you one report per year FREE. Make sure the information is about you and only you - if you have a common name, your records could be mixed up with someone with the same or a similar name.

2. Repair any credit report mistakes - if you find something that is incorrect or missing from your report, dispute the information with the credit bureau directly. They are required to investigate any disputes, generally within 30 days of the request.

3. Don't cancel old cards or get a lot of new ones in a short time span, it will hurt your score - the length of your credit history accounts for 15% of your total score.

4. PAY YOUR BILLS ON TIME - this is probably one of the most important things that you can do and accounts for 35% of your total score. If you are having trouble paying on time, call the creditors and work out a payment schedule with them - VERY IMPORTANT!

5. Keep your credit balances below 25% of the available credit total. High average balances impact your score. This can account for as much as 30% of your total score.

6. The fewer credit requests, the better. Too many and you will get dinged for too many inquiries. This accounts for 10% of your score. If you are trying to get a new home loan, don't apply for any other credit such as a car loan, credit cards or other.

7. If you have an account in collections and pay it off, it will not be removed from your credit report - it will stay on there for 7 years. However, once you have passed the 7 year mark, be sure to contact the credit bureaus to get the item removed.

8. Rather than moving credit card debt from one card to another, pay it off. It may be actually hurt your score to owe the same amount and change to fewer open accounts.

9. Be careful with credit repair agencies - You don't have to pay anyone to repair negative items on your creidt file - you can do this yourself for FREE.

For more information about your situation, talk to your mortgage lender to find out how your credit score can be improved.

Call or email us if you are thinking of buying a home in Texas, our preferred lenders will be happy to pre-qualify you and help you make some decisions on what you need to do to improve your score if you need to increase your score to qualify.

Sue Ellett, Broker-Associate Coldwell Banker United Realtors
512-422-7182

Lock in for Best Interest Rates for your First Home

2009-12-01T17:18:00.000-08:00

I'm re-posting this information from our Coldwell Banker Mortgage Broker - I tend to agree with her that interest rates are at their lows and will start to go up once the FED stops purchasing mortgage backed securities, possibly as early as this Spring.

Now is the time to buy in order to lock in the lowest rates.
Plus, you can take advantage of the First Time Home Buyer Tax Credit if you put a home under contract before April 30, 2010.

I can recommend Adrienne as a mortgage broker - she is very conscientious and can get you a pre-approval quickly and over the phone. Always get a pre-approval letter before you look to buy. My Team and I would love to help you with all of your Real Estate Needs throughout the Highland Lakes, Central Texas Hill Country and Greater Austin Areas.

Sue Ellett, Broker-Associate, Paragon Property Group - Coldwell Banker United, Realtors

I normally stick to the facts in the weekly newsletter but this week I’m going to give you my opinion at no extra charge.
Here’s what I know and believe…

The 30 Year Fixed Mortgage Rates dropped this week to match a record low set in April.
The 15 Year Fixed Mortgage Rates fell to a new all-time low.
While FHA is still a solid 1/2% higher then it’s conventional counterpart it’s still a very low rate.
The Fed has almost finished purchasing all the mortgage backed securities that they agreed to buy earlier in the year in order to subsidize mortgage rates
Typically mortgage interest rates go against the stock market. A bad day on Wall Street is typically a good day for mortgage rates and visa versa.
On March 2nd the DOW dropped to 6626 and Rates are around 5.125 and a point
4 months later on July 6th the DOW went up to 8146, a jump of 23% in 4 months, yet rates only moved up a π%
5 months later here we are with a DOW over 10,300, another jump of 27%, and rates moved DOWN to the lowest in recorded history?

I believe that the FED has been successful in artificially driving rates down but that’s about to come to an end.

My personal belief is that without federal intervention interest rates will begin their rise upward imminently. We have a tool that no one else in the market place has…Pre-Purchase Rate Protection.
If rates move even a 1/4 to 3/8 in the next 60 days customers, who are in rate protection will win big.

We’re the only game in town protecting customers while they look for a house!

Adrienne Austin
Senior Mortgage Advisor
Coldwell Banker Mortgage
Cell: 512/539-7721
http://adrienne.austin.coldwellbankermortgage.com <http://adrienne.austin.coldwellbankermortgage.com/>

Home Buyer Tax Credit Revised, Expanded & Extended

2009-11-06T14:22:00.000-08:00

It's effective - so don't hesitate - you only have until 7/1//10 to close and have to be under contract by 5/1/2010. If you have some small credit issues, get working on them now and be sure to pay all your bills ON TIME and let's get you pre-qualified with your improved credit score. Read about the new plan below:

RISMEDIA, November 6, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.

Senate Clears the Way for Extension of First Time Home Buyer Tax Credit

2009-11-05T04:53:00.001-08:00

The Senate cleared the way yesterday in an 85-2 vote to stop debate on the proposal which clears the way for it to be sent to President Obama.

The homebuyer tax credit, due to expire at the end of November would be extended through April 30 of next year. First-time buyers who are in the process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

Senators Agree to Extend Tax Credit for Home Buyers

2009-10-29T09:48:00.000-07:00

Looks like they've got it in the works... it would still need to be passed by the House of Representatives, but it's a step in the right direction! Stay tuned for more information.

Sue Ellett 512-422-7182
===================================================

By Stephen Ohlemacher, Associated Press Writer

WASHINGTON — Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6% in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.

If the Senate passes the bill, it would go to the House, which passed a similar bill extending unemployment benefits last month. House leaders have also said they support extending the tax credit for home buyers.

Sen. Chris Dodd, D-Conn., has been negotiating for several weeks with Sen. Johnny Isakson, R-Ga., to craft an extended tax credit for homebuyers that would pass the Senate.

Lawmakers didn't release a cost estimate for extending the tax credit, though similar proposals were projected to cost about $10 billion.

Industry representatives said uncertainty about the tax credit is hurting new home sales. September's decline was the first since March.

It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.

"Buyers right now have an incentive to hold off, not knowing whether the credit will be extended," Salvant said.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

The tax credit for money-losing businesses is a favorite among Republican lawmakers. Businesses could get tax refunds by using losses from 2008 and 2009 to offset taxable profits made in the previous five years. Under current law, they can only offset profits from the previous two years.

The provision would help a variety of industries, including retailers, manufacturers and home builders, though it's expensive.

"It's clearly a way to put cash in the hands of some major economic players," said Clint Stretch, a tax policy expert at Deloitte Tax.

A similar proposal that was ultimately dropped from the economic stimulus package enacted in February would have cost nearly $20 billion over 10 years. Lawmakers are working to reduce the price tag.

Because people are so strapped for cash, this is a good way to get refunds when businesses need them for operating expenses, said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation.

Military $8,000 First Time Home Buyer Credit and MILITARY CASH BACK Home Buyer Program

2009-10-16T08:06:00.000-07:00

The $8,000 Tax Credit has been extended for One (1) year for one group of First Time Home Buyers - see below.

House Passes Legislation Extending FTHB Tax Credit for Veterans
Oct 15th, 2009

The House of Representatives voted unanimously Monday to extend the deadline for the home buyers’ tax credit for one group of Americans.
HR 3590 will allow eligible military personnel, foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond its current November 30 deadline. Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year. It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law. The bill, introduced by Representative Charles Rangel (D-NY) because it was thought that families serving overseas were being passed over for this one-time opportunity to purchase a home

There is currently a battle being waged over extending the popular credit for all eligible persons and possibly even removing the requirement that the home be a qualified first-time purchase. Many credit the current tax break for a recent surge in the housing market after months of rising inventories and falling prices. Such an extension is strongly supported by the National Association of Realtors, the National Association of Homebuilders, and other major players in the housing industry, however, many argue against it on the basis of cost.

In addition, Coldwell Banker United, Realtors(r) has a program for Military personnel to get CASH BACK when buying or selling a home. Contact us to sign up for this program-it's a great deal!

We focus on the greater Austin and Highland Lakes Areas including Travis, Burnet, Llano, Hays, Blanco, and Williamson Counties. If you live somewhere else, we can refer you to a Real Estate Agent certified to work with Military Personnel and you can still get the Cash Back Program.

Sue Ellett, Broker-Associate
866-693-7741

Partnerships spawn affordable homes - Austin Business Journal:

2009-10-09T04:49:00.001-07:00

Partnerships spawn affordable homes - Austin Business Journal:

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Cherryville project to consume 3,400 acres off SH 130 - Austin Business Journal:

2009-10-09T04:48:00.001-07:00

Cherryville project to consume 3,400 acres off SH 130 - Austin Business Journal:

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Austin leads as Texas metros set jobs pace in dismal year - Austin Business Journal:

2009-10-09T04:47:00.001-07:00

Austin leads as Texas metros set jobs pace in dismal year - Austin Business Journal:

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$8,000 Tax Credit - There's Still Time to Get Yours!

2009-10-04T16:05:00.000-07:00

As I'm sure you have heard (after all, it's on the news, in the news and all over the place!), the First Time Home Buyer Tax Credit which can rebate you up to $8,000 when you file your taxes, is ending on November 30, 2009.

So, there are less than 60 days to take advantage of this great offering. You CAN still buy a home and get your credit before it goes away.

But, don't wait any longer....! Loans are taking 45-60 days to close, so you will need to move quickly. There are loads of great affordable homes available for you to purchase and call your own.

We can help - with membership in both the Austin and Highland Lakes Board of Realtors, we cover the entire Central Texas Highland Lakes and Austin areas. Contact the Paragon Property Group, Coldwell Banker United, Realtors at 866-693-7741 today. (If you aren't in our area, no problem, we can get you pre-qualified and refer you to a great professional to help you on your journey.

Plus, send us an email or give us a call and we'll send you our First Time Homebuyer's Guide FREE. It's a great resource to understand how the homebuying process works.

suemellett@yahoo.com

Buy a Home with Us and Get Some of Your Closing Costs Paid

2009-09-21T07:07:00.000-07:00

At Paragon Property Group, we are eager to help you buy your first home. Not only are we Certified Texas Affordable Housing Specialists with the knowledge to assist you in your search, we really do enjoy helping others to realize the joy of owning their first home. It's such a great feeling knowing that you aren't paying rent any more, but paying your monthly mortgage towards a home that you own and can love for many years to come!

One of the great things that we can do is offer our First Time Home Buyer Clients a special credit to be used towards their Closing Costs when they buy their first home. This is our Special Thank You to help you buy your own home.

Buy Your First Home with Us & Get $$ at Closing!!
Up to $100,000 Purchase Price - $250 Closing Credit
$100,000-$200,000 Purchase Price - $500 Closing Credit
$200,000-$300,000 Purchase Price - $750 Closing Credit

CALL or EMAIL us TODAY!
Subject to change & Other Restrictions may Apply. Credit Only, Not Cash At Closing.

Plus, call or email us today and we'll send you a copy of Why Rent When you Can Buy? Or, ask for a FREE copy of our First Time Homebuyers Guide.

We look forward to hearing from you and helping you on your journey to buying your own home. Contact us today for your FREE copy of these publications, plus we can have one of our Lender-Partners get you pre-qualified for a loan, too.

Sue Ellett, Broker-Associate
Paragon Property Group, Coldwell Banker United Realtors
866-693-7741
suemellett@yahoo.com

Texas has Most Affordable Housing in the United States

2009-09-21T06:55:00.000-07:00

According to the first quarter 2009 Texas Housing Affordability Index compiled by the Real Estate Center at Texas A&M University, Texas is the state with the most affordable housing in the nation.

This make Texas, and particularly our Austin metro and Highland Lakes area particularly attractive to First Time Home Buyers....Affordable Homes, Job Creation, a Wonderful Lifestyle.

Plus, through November 30th, all first time buyers (or those who haven't owned a home in 3 years) have a tremendous advantage with the $8,000 First Time Buyer Tax Credit from the Federal Government. It's free, it's easy and it's waiting for you. But, HURRY, time is running out for you to get your $8000 Tax Credit.

Contact us today to get pre-qualified for a loan to see if you can join the many others who are taking advantage of this great program. Call or email us for a FREE First Time Home Buyers Guide.

Sue Ellett, Broker-Assoicate
Coldwell Banker United Realtors
512-422-7182
suemellett@yahoo.com

First Time Home Buyer Book - FREE to First Time Central Texas Home Buyers

2009-09-03T17:33:00.000-07:00

Call or email for your FREE First Time Home Buyer Booklet.
(Central Texas)

This booklet is Free and full of information for First Time Home Buyers to help them in the Home Buying process.

Thinking of buying your first home? Now is a GREAT TIME, especially with low house prices and interest rates and the $8,000 First Time Buyer Tax Credit. This book will help you navigate the process with ease.

Contact us at Paragon Property Group - 866-693-7741 or email suemellett@yahoo.com and we'll mail your FREE booklet today. We can help!

We cover the entire Austin, Lake Travis and Marble Falls/Burnet/Highland Lakes areas
(Travis, Burnet, Llano, Hays, Williamson, Blanco and Gillespie counties). Some areas offer 100% USDA financing (income limits apply)

Not located in our area? We can refer you to a qualified 1st Time Home Buyer professional in your area.
Moving to another area? We'll be sure that you receive a FREE Relocation Package.

(limit one booklet per address)

Great News about NEW Credit Scoring Model - Could Boost Your Scores

2009-09-01T05:47:00.000-07:00

Read all about it here: New Credit Scoring Model May Boost Some Borrowers’ Scores | RISMedia

In the newest version of the credit scoring system, called FICO 08, small missed paymenets lingering in collections with original amounts of less than $100 will no longer damage your credit rating. Plus you are less likely to be penalized for a single delinquency if it was two or more years ago and your credit is otherwise clean.

But, don't forget: Getting close to your Credit Card Limits is still a strict NO-NO and is penalized in some way in every FICO score.

This new system has been available to all three credit bureaus since last month, so if your credit is otherwise clean except for one or two small glitches, keep it that way and now you may actually have a better credit score.

Plus, don't forget, to get the $8000 tax credit, you MUST close by 12/1/09. So, call us today if you are thinking of buying a home in the Austin or Highland Lakes areas (Travis, Hays, Williamson, Blanco, Burnet or Llano counties) and we will get you pre-qualified in just a couple of hours.

Filing for your $8,000 First Time Buyer Tax Credit

2009-08-11T17:59:00.000-07:00

So, you've made your move and purchased your first home!

First, Congratulations!

Second, you'll want to go ahead and file for your First Time Home Buyer Tax Credit, but should you file and amended 2008 return or wait and file with your 2009 Federal Income Tax?
Whether you are filing on your 2008 return or your 2009 return, visit the IRS Web site and download Form 5405 (PDF 257KB) . This is a very short form and takes just moments to complete.

On line 1, enter either $8,000 or 10 percent of the home purchase price, whichever is smaller. (in order for the credit to be less than $8,000, the purchase price would have to be $79,999 or less, so most people will qualify for the full $8,000 credit).
On line 2, enter your adjusted gross income.

You can find your gross adjusted income on line 37 of Form 1040 from your 2008 Tax return.

If your adjusted gross income is greater than $75,000 (individual) or your joint income is more than $150,000, you'll have to complete some additional calculations to determine your credit amount.

Everyone else (income under $75,000 individual or under $150,000 joint) you can just enter the tax credit amount on Line 6.

How easy is that???!

Don't forget, if you haven't yet purchased your first home, the tax credit is only available on homes purchased and CLOSED by 11/30/09.

If you are thinking of buying a home in the Austin or Highland Lakes areas, give us a call and we can send you a First Time Home Buyer Booklet to help you through the process. We'll be happy to help you find the perfect home and get it closed before the deadline. Call us today at 866-693-7741 for more information.

Using your $8,000 First Time Home Buyer Credit

2009-08-07T18:14:00.000-07:00

So, you've decided to to buy your first home and now it's time to apply for your first time Home Buyer's Credit - What are the steps you need to take?

Close on your home purchase by November 30, 2009,
Make sure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009
File an amended 2008 return or choose to apply the credit to your 2009 tax return.

Collect your Tax Credit and Enjoy your new home!

If you live in Austin or the Highland Lakes area of Texas, give us a call or send us an email and we can help you find your first home.

New - Statewide 2nd Lien Downpayment Assistance Program

2009-07-31T19:04:00.000-07:00

FIRST TIME HOMEBUYER in Texas?? - now is the time to take a look a buying your own home!

Here in the Austin and Highland Lakes areas of Travis, Burnet, Hays, Llano, Blanco and Hays counties, you may be able to take advantage of the First Time Homebuyer Tax Credit as a downpayment. There are many reasonably priced homes in our area and plenty of bargains, so it's a great time to buy!

Thinking of buying a home and using the $8,000 Federal Tax Credit? There is a new program to help use this $8,000 tax credit as a downpayment. Call us at Paragon Property Group for more information.

The Texas Department of Housing and Community Affairs (TDHCA) has announced two new downpayment assistance programs that allow you to take advantage of a short term loan prior to filing and receiving the First Time Homebuyer Tax Credit. The program is outlined below.

90 Day Down Payment Assistance Program

5% of the first lien mortgage amount up to a maximum of $7,000 for down payment and/or closing costs.

Program is only available in onjunction with first lien mortgage loans originated by a participating lender.

0% interest for 90 days.

Failure to repay within 90 days results in a monthly payment of principal & interest for 2 years with an interest rate of 10% This translates into a second lien note of $7,000 which is about $323/month.

Income limit for single taxpayers is $75000 and $150,000 for married taxpayers filing a joint return.

Mortgage Advantage Program

5% of the first lien mortgage amount up to a maximum of $6,000 for a down payment and/or closing costs.

The tax credit is equal to 10% of the home's purchases price up to a a maximum of $8000.

Homebuyers must meet the First Time Homebuyer or Mortgage Credit (MCC) Program guidelines.

0% interest for 120 days.

Failure to repay the down payment assistance loan in full within 120 days will resul in monthly payments of principal and interest for 5 years with an interest rate of 7%. Using this scenario, a homebuyer borrowing the maximum of $6,000 would have a second lien note of approximately $119/month.

Applicable income limits for the Texas First Time Homebuyer or Texas Mortgage Credit Programs.

--------------------------------------------------

Both of the programs require the homebuyer to complete a pre-purchase homebuyer education course. Homebuyers must be eligible to claim the federal first time homebuyer tax credit (can not have owned a home in the last 3 years). Homebuyers must complete IRS Form 5405 and file an amended 2008 IRS federal tax return.

All purchases msut close by December 1, 2009.

Funds area available on a first come, first served basis.

The tax credit must be repaid to the IRS if the borrower sells or moved from the home within 3 years of purchase.

There is a $250 administrative fee for either program.

Tax refunds are generally processed within 8-12 weeks. TDHCA recommends that each taxpayer consult with their tax advisor on how to maximize their benefits.

For current available program funds please visit the Available Funds page.

Get a Brochure about the 8K Tax Credit

2009-07-04T05:12:00.000-07:00

Send us an email and we will forward you a brochure about the $8,000 Tax Credit for First Time Buyers.

It's a great time to Buy your first home.....rates are low, there are some good deals on homes in the Austin and Highland Lakes areas and the tax credit is ONLY good thru December 1st.

Don't let this wonderful opportunity pass you by - it's like FREE Money!

Did you know?

-In certain areas/counties, USDA loans can be used and offer up to 100% financing?

- FHA Loans only require 3.5% down and often we can get Sellers to pay up to 6% of your closing costs?

- Conventional loans may be available to borrowers with very good credit at only 5% down.

So, what are you waiting for? It's time to buy your own home!

Contact Brooke LeMond at 512-284-0799 for more information about buying your first home in Travis, Llano, Burnet, Blanco Williamson or Hays counties. brooke@brookelemond.com

Sue Ellett, Broker Associate
Paragon Property Group
Coldwell Banker United Realtors
512-422-7182

Get a Buy versus Rent Booklet! - Great Information for First Time Home Buyers here in the Texas Hill Country

2009-06-09T07:00:00.001-07:00

Send me an email and I'll mail or email you a First Time Home Buyers booklet on Buying versus Renting.

This booklet offers great information to help you understand how your money can work for you in your own home. Don't forget, there is an $8,000 Tax Credit available to First Time Buyers through December 1, 2009. Plus, FHA loans require only 3.5% down and Sellers can pay up to 6% of the Buyer closing costs for you. Plus, Paragon Property Group Team will credit you with $$ towards closing costs as well!

Up to $100,000 Purchase Price - $250 Closing Credit
$100,000-$200,000 Purchase Price - $500 Closing Credit
$200,001-$300,000 Purchase Price - $750 Closing Credit

You'll receive the credit at closing - what a great deal!!

I'll need the following information:

Name

Phone #

Address (if I'm mailing it to you)

City where you live - (we are located in Central Texas Hill Country, so are focused on helping First Tine Buyers in this area - especially the Austin and Highland Lakes areas, but we can connect you with a great First Time Buyer agent in other areas of Texas, too. Just ask!

Email Address

For more information about Buying your First Home, Call Brooke LeMond at 512-284-0799 or email her at brooke@brookelemond.com

Making your Move into your First New Home

2009-06-09T06:21:00.000-07:00

You've taken the plunge and bought your first home! Congratulations!

Now, you've got to move into it..... Many first time buyers will move themselves, but others will hire someone to do it for them. Here are a few tips before choosing your moving company.

Be sure to ask friends and family who they have used in the past. Your Real Estate Agent may have some ideas also. Their experiences can help you to make a better decision.

Be sure that any mover you choose is licensed and carry the appropriate insurance needed to conduct business as a moving company. Here in Texas, moving companies will have different regulations than in other states.

Get several bids and ask plenty of questions to be sure that the bids that you are getting are really offering the same services. Is it a firm bid or can they add additional charges once they are done if the work takes longer, for instance?

Check with the Better Business Bureau for complaints on the movers - a lot of complaints or claims is a big red flag and you may want to drop those companies from your list.

Don't pay up front. You may have to pay a partial deposit, but no reputable company should ask for payment in full before doing their job. Besides, if you pay up front, what recourse do you have if they don't finish the job (or even show up to start in the first place??!)

Book in advance when moving during the summer - this is the busiest time of the year for people to move.

Do your homework in advance and you will have a less stressful and more successful move. And, then you can start enjoying and decorating your new home!

Sue Ellett 512-422-7182

$8,000 Tax Credit as Downpayment for First Time Home Buyers

2009-06-04T18:09:00.000-07:00

We are still waiting for final information on the criteria for these new potential Downpayment loans. More info to come as we receive it...

Sue Ellett 866-693-7741

$8,000 Tax Credit Soon Can be Used as Downpayment!

2009-05-24T05:47:00.000-07:00

Homebuyer Tax Credit Loans may be available soon to use as a down payment on a home.

The Federal Government is working on a plan that will allow eligible borrowers to use the first-time homebuyer tax credit as a downpayment.

The proposal is that State agencies and other HUD-approved lenders would be able to provide short-term loans to qualified buyers as a "bridge loan" to use as the down payment for a first-time home. This loan would then be repaid over time by the borrower.

Parameters for the loans and their repayment are under discussion now and details are expected to be reported soon.

This will be a wonderful opportunity for First Time Buyers to be able to step up their ability and timing to buy to make use of the $8,000 Tax Credit before it expires in December, 2009.

Stay in touch for more information and once it is available, don't hesitate, but get with your Lender and Realtor right away to make it happen - it is a limited time offer!

Sue Ellett, Paragon Property Group - Coldwell Banker United, Realtors 512-422-7182

Why Rent When You Can Buy a Home?

2009-04-19T06:13:00.000-07:00

If you have never owned a home before, it can be a bit daunting. It is a commitment perhaps greater than leasing, but the rewards are high, so can outweigh any fears you might have.

It's not just about the money.....it's also about how you feel when you own your own home. You can enjoy your own home in so many more ways than you can a rental property. You can decorate & paint however you like, you can create a beautiful garden of flowers to enjoy, grow vegetables, have a dog with the security of a fenced yard, and you can build equity for your future. Sometimes, you will even save money when you buy a home because of the tax breaks/deductions you can receive.

Of course, this year until December 1st, there is an even bigger benefit - the $8,000 Tax Credit. This Tax Credit is only available on homes that close before December 1st. Basically, the program is as follows:

* First-time home buyers only on a primary residence (can not have owned a home in the past 3 years. If married, this applies to both spouses.)
* The tax credit does not have to be repaid (as long as you own your home for 3 years).
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum amount of $8,000.
* The credit is only available for homes purchased on or after January 1, 2009 and prior to December 1, 2009. (if you purchased a home between April 1, 2008 and December 31 2008, don't despair! You may still qualify for the previous $7,500 tax credit.
* Single taxpayers with incomes up to $75,000 (modified adjusted income) and married couples with incomes up to $150,000 (modified adjusted income) qualify for the full tax credit.
* Qualifying properties include Single Family Detached Homes, Attached homes such as Condos & Townhomes & Manufactured Homes.

For more information - http://www.federalhousingtaxcredit.com/glance.php

Beyond the $8,000 Tax Credit, there are several other factors that can make Buying a Home a great deal right now. Interest Rates are at amazing lows and there are many, many Affordable Homes on the market in our area - Austin/Lake Travis and the Marble Falls/Highland Lakes areas. The entire Central Texas Hill Country area around Austin has a lot of homes that are essentially On Sale!! These are two conditions that may not last long together and may not come around again, so it's time to take advantage of the market conditions and buy your own home.

There are other Tax Advantages to owning a home and the result is Savings! You will save money by taking deductions on your income tax for your interest paid on your mortgage and the property taxes that you pay. This can be substantial. By having these deductions available, you can either increase the number of dependents and thus keep more of your paycheck, or just get a tax refund at the end of the year. Either way, it's money in your pocket. As a renter, you get none of these benefits...you just keep paying and get nothing for it.

Another benefit to Home Ownership is the Equity that you will likely generate in your home. Homeownership is generally considered to be a Good Investment. For many, your home is your largest financial asset and a large part of your investment portfolio. Over time, home prices tend to increase on average 4.5% per year. That's a steady return over time. Yes, there may be years when the increase is less and years when the increase is more, but over time, the average is 4.5%. With home prices down slightly over the past, it's like buying a home on sale right now. Over 5 years, a $100,000 could appreciate to almost $125,000!!

The Federal Reserve Board estimates that people who own a home have net worths almost 36 times more than that of renters!!! The appreciation that you get on you home makes a big difference to your personal net worth. For instance, if your home has appreciated to $125,000 in five years, you will also have paid a portion of your mortgage principal down, as well, thus increasing your net worth to over $30,000 with a 5% loan.

Are you ready to be a Homeowner?

Pay your bills on time, keep your credit good, don't buy any new cars or large purchases when you are thinking of buying a home and check your credit report to be sure there are no mistakes or items which should have already been cleared. You can do this at www.myfico.com where, for $8.50, you can subscribe to Score Simulator Service. It will take your actual score and tell you actions that will raise it. You can watch their score increase over time by taking this advice. A higher credit score means you will get better loan terms and rates, generally.

So, What are you Waiting for??!! Not only in the Austin and Highland Lakes areas a great place to live, work, play and invest, it's a great place to buy Your First Home!

Contact us for a FREE COPY OF "Why Rent When You Can Buy?" , a publication of the National Association of Realtors.

Contact Sue Ellett at 512-422-7182 or Brooke LeMond at 512-284-0799 for more information about buying a home in the Austin or Highland Lakes (Marble Falls/Burnet) areas, today!

Sue Ellett, Broker-Associate
Paragon Property Group
Coldwell Banker United, Realtors
512-422-7182
sue@elletts.net

2 Affordable Homes within Walking Distance to Lake LBJ - perfect for First Time Buyers or downsizing

2009-04-13T15:55:00.000-07:00

These homes are in a location that can also qualify for USDA Funding (up to 100% possible). At $145,000, both of these homes are brand new construction.

Click Here To View Flyer

View Flyer Web Page

Call Sue at 512-422-7182 for information about these homes and any others in the Highland Lakes or Austin/Lake Travis areas. Affordable Homes are out there!

www.ParagonPropertyGroup.com

First Time Buyers - Use your IRA to Buy your Home in the Austin & Highland Lakes areas of the Central Texas Hill Country

2009-04-07T18:03:00.000-07:00

Here is another option to think about to help you buy your first home. With interest rates this low, now is a great time to buy - there are many affordable homes & good deals right now in our Central Texas Hill Country. Start by being pre-qualified by one of our Lender-Partners.

Use funds from your IRA to buy a home if you are a first time buyer (including those who have never owned a home or those who haven't owned a home in two years). Use your funds penalty free. Use it in conjunction with your
$8,000 Tax Credit and you can even put the money back to replenish your IRA when you get your Refund Check from the IRS.

Did you know that you can use funds from your IRA to buy a home? The IRS allows first time home buyers (defined by them as anyone who has not owned a home in the last 2 years - so many more people can qualify for this option) to use up to $10,000 in IRA funds toward the purchase of your first home. If you're married, and you and your spouse are both first-time buyers, you each can pull from retirement accounts, giving you $20,000 in residential cash. This is penalty free!

Even more interesting, you can share your IRA funds with family members for their home purchase. The IRS says the first-time home buyer using your IRA funds for a down payment can be you, your spouse, one of your children, a grandchild or a parent.

But, don't take your money out too soon. You must use the IRA funds within 120 days of withdrawal to pay qualified acquisition costs. This includes the costs of buying, building or rebuilding a home, along with any usual settlement, financing or closing costs.

Sue Ellett, Broker-Associate
Paragon Property Group - Coldwell Banker United Realtors
Texas Affordable Housing Specialist
512-422-7182
suemellett@yahoo.com

Mortgage Rates hit new lows

2009-04-05T18:09:00.000-07:00

Freddie Mac report that 30 year mortgage rates fell to a record low of 4.78% this week. This is an unprecedented opportunity for First Time Home Buyers (& all buyers and refinancng homeowners).

Interest rates are unlikely to stay this low for long, so take advantage of them while you can. Take the low rates in conjunction with the $8,000 First Time Home Buyer Tax Credit and the possibility of a 3.5% down FHA loan, First Home Buyers have a wonderful opportunity.

Call us about being pre-qualified and see if you can buy your own home. Our Lender Partners will work with us to help you through the process and you'll be on your way to the joys of Home Ownership!

Sue Ellett
Broker-Associate
Coldwell Banker United Realtors
Paragon Property Group
512-422-7182
suemellett@yahoo.com

Texas Teachers, EMS Professionals, Firemen, Peace Officers & all other Home Buyers - How to Buy your First Home & Get that First Home Loan!

2009-03-29T06:19:00.000-07:00

Some of you may be familiar with some of the downpayment assistance programs available in Texas for Texas Teachers, Firemen, Peace Officers, EMS Professionals, etc. Unfortunately, these programs are currently out of money and no future funding dates have been announced. That doesn't mean that you can't buy a home, though....!

Using FHA financing, you can buy a home with only 3.5% down, plus many Sellers will contribute up to 6% to your closing costs, so you can buy a home for a very very low amount. Plus, the $8,000 Tax Credit is available through 12/1/2009 and means that you can get up to $8,000 back on your next tax return which can offset you outlay. The great thing about the Tax Credit is that if you stay in your home for 3 years, you don't have to pay it back - it's like getting free money!

What you may not know is that you can receive a gift of funds for the downpayment from friends or family members.

Another option, depending on the area in which you live, is USDA funding. This funding can be up to 100% but is limited to more rural areas. This is a great option and can be used in conjunction with the $8,000 Tax Credit as well.

Another possibility is using your status as a Texas Vet - the Texas Veterans Land Board has home and land loans guarantees available. If you are a Vet, you can often get 100% financing for your new home. It's worth checking out.

Did you know that you can use funds from your IRA to buy a home? The IRS allows first time home buyers (defined by them as anyone who has not owned a home in the last 2 years - so many more people can qualify for this option) to use up to $10,000 in IRA funds toward the purchase of your first home. If you're married, and you and your spouse are both first-time buyers, you each can pull from retirement accounts, giving you $20,000 in residential cash. This is penalty free!

So, just because downpayment fund are not currently available for First Time Teacher (or other first time) buyers, you still can buy your own home with little or no money down.

Give us a call and we'll help you get on the road to being pre-qualified and owning your own home! What are you waiting for?

Sue Ellett 512-422-7182

Suemellett@yahoo.com

USDA Loans - Have Funding! - 100% Loans Possible

2009-03-29T05:54:00.001-07:00

USDA loans are available in Burnet County, Llano county, parts of Williamson and Hays Counties in the immediate Austin, Texas Area.

These loans are great for First Time Home Buyers - up to 100% loans (102% if you include their one-time fee), are valid only in certain more rural areas, have income maximums (generally based on moderate average incomes in the area, adjusted by the number of dependent family members). It can be a great deal. Qualifying ratios are 29%/41%.

Check out our website for more information about this program and how you can be pre-qualified. It's a great time to buy - interest rates are amazingly low and won't stay this low forever! There is a substantial inventory of qualifying properties in very affordable price ranges. You can go wrong.

What are you waiting for? It's time to buy your own home!

www.TexasFirstHomeBuyer.com
www.ParagonPropertyGroup.com

Homes sold in Austin will require Energy Audits - Be "in the know" when you buy your first home.

2009-03-16T06:08:00.000-07:00

As a First Time Home Buyer in the Austin, TX area, there is something that you need to know.......

A new ordinance in Austin will require that homeowners have an energy efficiency audit performed prior to selling their homes (homes that are 10 years old or older). Homeowners will be required to provide this report to any potential buyers for their property. This is in additional to any currently provided Seller's Disclosure statements and any Building Inspection that a buyer might perform once under contract.

This audit will focus on the central heat/airconditioning systems, insulation, leakage thru doors & windows, the need for solar screens on windows, particularly west facing and other simple energy "wasters". Basically, this new requirement is geared towards improving energy efficiency in homes in our area and thus helping to reduce utility needs and costs.

Specially trained auditors will perform this inspection and report. There are companies who will focus solely on this and there are many buildng inspectors in the area who will also become certified.

This new audit will now become part of a seller's "pre-marketing" plan, just like sprucing up the yard, touching up paintwork, cleaning the house or removing all the excess clutter. As a result of this, many seller's will now be caulking, adding insulation, weather stripping and doing other chores in order to improve the energy efficiency of their homes and to show buyer's that their home meets the grade.

While making these repairs is not yet mandatory under this plan, Buyers will likely expect and request that many of these repairs/maintenance items be performed, so savvy Sellers will be sure to make these energy efficiency improvements prior to listing their homes.

This is truly a great thing for buyers, and particularly for First Time Home Buyers on a budget who will benefit from lower utility bills and a greener home for years to come.

Sue

$8,000 Tax Credit for First Time Homebuyers

2009-02-24T03:26:00.000-08:00

First Time Homebuyers have an excellent opportunity to buy and home and save money at the same time.
How is this possible, you ask?

This new program by the Federal Government provides an $8,000 tax credit to qualified First Time Home Buyers who purchase a home during 2009 and, the best part is, it doesn't have to be repaid!

Here are the basics:

First-time home buyers only on a primary residence (can not have owned a home in the past 3 years. If married, this applies to both spouses.)
The tax credit does not have to be repaid (as long as you own your home for 3 years).
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum amount of $8,000.
The credit is only available for homes purchased on or after January 1, 2009 and prior to December 1, 2009. (if you purchased a home between April 1, 2008 and December 31 2008, don't despair! You may still qualify for the previous $7,500 tax credit.
Single taxpayers with incomes up to $75,000 (modified adjusted income) and married couples with incomes up to $150,000 (modified adjusted income) qualify for the full tax credit.
Qualifying properties include Single Family Detached Homes, Attached homes such as Condos & Townhomes & Manufactured Homes.

For the purposes of the tax credit, the purchase date will be the closing date of the property, not when the contract is originally written.

Here is an example of how the tax credit works:

If a qualified home buyer expected, notwithstanding the tax credit, a federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Now, suppose that the taxpayer qualifies for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed) from the IRS.

This is an amazing deal and should not be overlooked. Not only are interest rates extremely low, house prices are stable or dropping in certain areas, so now is a great time to buy.

If you are interested in finding out the difference between renting & buying, send me an email and I'll mail you a brochure "Why Rent When you Can Buy?" developed by the National Association of Realtors. Be sure to give me your name, email address and mailing address. Include your phone number if you have specific questions or would like to Pre-Qualify for a Mortgage (that is one of the first steps on the way to Home Ownership...)

Thinking of buying your first home now? While we are located in the Austin and Highland Lakes areas, we have a large nationwide network of Professional, qualified agents and we can refer you to a great agent. Just send me an email or give me a call!

Don't wait, this great deal is good for 2009 only!

A First Time Home Buyer Experience

2008-11-16T13:38:00.000-08:00

My Team and I are based in the Austin and Highland Lakes areas of the Central Texas Hill Country where affordable housing is still available, so we are fortunate to have many potential first home buyers. Recently, one of my buyer's agents, Brooke, and I worked with a First Time Buyer in the Austin area.

Let's call our Buyer, John. John and I had spoken about 1 year ago about his desire to buy a property, but at the time, John felt he many have some credit issues. So, we talked about it, I sent him to a mortgage broker who pulled his credit and we all identified the problems together. After some discussion, we let John know a few things that he should do over the next 12 months in order to improve his credit rating and his chances of qualifying for a loan with a good rate.

When we work with a buyer, we feel that our mortgage professional is part of our team as we all work together towards a common goal - finding a home for our first time buyer, getting them qualified and starting them on the path of Home Ownership!.

Over the next year John improved his credit rating, cleaned up a few things that needed to be removed, paid his bills on time and didn't over-extend himself with respect to credit...in other words, he didn't keep buying a lot of high ticket items on credit (car, tv, stereo, etc) that would have impacted his credit rating or available credit. After the year passed, John had raised his credit rating to about 640, which is a number that our local lender could work with.

John completed an application and received a pre-qualification letter - an important piece of paper to have, particularly when you are a first time buyer. We decided that an FHA loan was the best option with 3% down and our plan was to get the Seller to pay maximum closing costs. Our search for the perfect home began! Of course, we talked about what was important to John - location, size, type of property, ideal price, etc. We had a basis to start with.

We started sending listings to John by email so he could review them and he would do the occasional drive-by if he thought he might be interested. Eventually we came up with a short-list to go view. We chose a day, made appointments and started out day. It was clear after a few showings, that John's "ideal" home was getting more refined as we looked. By the end of the day, both he and Brooke (buyer's agent) had a good idea of what would work for him.

There was one condo property that stood out from the rest - it was a recently converted apartment unit close to downtown that was refurbished and basically "brand new" - new appliances, new flooring, new look totally. The price, however, was right at the upper edge of John's price range. So, again, we sat down and calculated what payments would be, closing costs etc. We prepared to make an offer, knowing that it was important that we get some concessions from the Seller to pay for closing costs.

After careful consideration, John decided that even though this was his "ideal" home, he was uncomfortable with putting himself at the top of his range. He was concerned with maxing himself out and being worried about every penny. At that point, we knew we had to fnd a home that had a slightly lower price tag so he could feel good about his decision. Remember, if you are the buyer, you should be in the driver seat. Ultimately, it is you who will make the monthly payments, not your realtor! You should feel great about your decision.

We searched some more and broadened our search area slightly. A great property emerged that we thought John would love and the price was right. It was a great 1 story condo unit with a fenced patio, vaulted ceilings, in a community with excellent maintenace, beautiful trees and a community pool. John and I went to look at the unit. It was love at first sight!

By listening to what was important to my Buyer, both in his needs and wants and accessing his criteria, we only wound up looking at only 7 properties before this one was found.

We made the offer, it was accepted and loan processing began. Yes, it is tedious, yes, you have to provide a lot of information, and yes, it might even feel invasive. But, the rewards are so worthwhile when you move into your very own home! It's a new beginning and the start of building equity for your future in a property that is yours to enjoy.

Brooke & John worked hard over the next 45 days with getting building inspections, repairs done, wading through the mortgage paperwork needed etc. At last, closing occured and John was a proud homeowner in his very own home! It was a pleasure for both Brooke and I to be able to assist and help experience the joy of someone buying their first home.

The Austin and Highland Lakes area offer many affordable housing opportunities, and besides FHA loans, there are special loan packages available for Teachers, Police, EMS, Fire Professionals, there are USDA loans for more rural properties and some amazing mortgages opportunities through the Texas Veterans Land Board for Texas Vets.

Visit our website at www.TexasFirstHomeBuyer.com for more information or call Brooke LeMond in the Austin area at 512-284-0799 or me for either Austin or Highland Lakes area properties at 512-422-7182. We look forward to working with you on buying your first home!

Buy a Home in Austin or Highland Lakes & get $$$ Credit At Closing

2008-10-03T05:40:00.001-07:00

If you are a first time home buyer in the Austin or Highland Lakes areas, contact us. We'll arrange for you to be pre-qualified with one of our Lender-Partners. Then, you can be on your way to owning your own home!

Just think, you could be in your own home for holidays this year - Thanksgiving, Christmas - wouldn't it be great for family & friends to visit you??!

When you close on a home with us between now and 12/31/08, we will credit you $$ at closing. This is our way of saying "thank you" and helping you out with your closing costs.

Spend up to $100,000 - get a $250 credit at closing
Spend between $100,000-$200,000 - get a $500 credit at closing
Spend between $200,000-$300,000- get a $750 credit at closing
Spend over $300,000 - we'll credit you with $1,000 at closing !

This is a great opportunity. You may not think that you can buy your own home right now, but you may be surprised. There are many special programs for first time buyers in our area. And, we have affordable housing available, so it might be very easy.

Don't let this opportunity pass you by.... Start Saving for your Future in your Own Home.
Stop Renting Today!

Contact us and we'll send you a FREE brochure on Renting vs Buying - It may make a huge difference in your life! email to brochure@paragonpropertygroup.com

Sue Ellett, Broker-Associate
Texas Affordable Housing Specialist
512-422-7182

Brooke LeMond, Realtor(R)
Buyer Specialist
512-284-0799

It's Better to Buy than Rent in Austin

2008-09-20T15:07:00.000-07:00

Stop Paying Rent!
It's More Affordable To Buy Than Rent in Austin......

The Austin Area has many Affordable Homes that you can buy & start building for your future in your own home. Plus, there are many financing programs available for First Time Home Buyers and for Teachers/Educators and and people who have jobs such as EMS Professionals, Firemen, and Policemen. Don't let this great Buying Opportunity Pass you Buy - give us a call and get Pre-Qualified by one of our Lender Partners and we'll help you on the path to Home Ownership.....You could be spending the Holidays this year in your own home!

It's more affordable to buy than to rent in Austin (see below) according to data compiled by the National Low Income Housing Coalition. The study states that an average three-bedroom rental costs higher than the cost of a 6-percent interest rate loan for a typical low-priced house, per the just-released report. What that means to people renting two-bedroom apartments is that you would be better off buying a low-priced home rather than renting an apartment.

These are the top 10 markets where it makes sense to buy rather than rent. The full list of 66 markets is available at MSN.com.
1. McAllen-Edinburg-Mission , Texas
2. San Antonio , Texas
3. New Orleans -Metairie- Kenner , La.
4. Houston-Sugar Land-Baytown , Texas
5. Dallas - Fort Worth-Arlington , Texas
6. Rochester , N.Y.
7. Syracuse , N.Y.
8. Buffalo-Niagara Falls , N.Y.
9. Jackson , Miss.
10. Austin-Round Rock, Texas

Source: MSN Real Estate, Marilyn Lewis (09/15/2008)

--Sue Ellett

Bond Money for First Time Buyer Homes Available in October

2008-09-14T07:28:00.000-07:00

Many of the Bond Funds that finance loans for First Time Home Buyers and for First Time Teacher & Educator Home Loans and First Time Policemen/EMS/Firemen Home Loans are being replenished in October for Texas.

So if you live in the greater Austin area or in the Highland Lakes areas of Marble Falls, Burnet and more, you may qualify.

So, now is the time to get pre-qualified so you can buy a home and be in for Thanksgiving or for Christmas. Spend your holidays in your own home!

Home Ownership is a wonderful way to build for your future, reduce your federal income tax, have your own own, and build equity. No more renting!

Email or call today to get the process started. Get Pre-Qualified Today.

Sue Ellett
Broker-Associate
suemellett@yahoo.com
512-422-7182

Special Loan Programs -Homes For Heros - Texas

2008-08-18T13:33:00.000-07:00

There are a lot of special home buyer programs in the State of Texas including some called "Homes for Heroes". These programs are for full-time Teachers & other Education Professionals, including: Classroom teacher * Teacher's aide * School librarian * School counselor * School nurse * Professional Nursing Program Faculty member * Allied Health Program Faculty member

Also included in the program are other full-time community professionals employed in the State of Texas such as:
Paid Firefighter * Emergency Medical Services Personnel * Peace Officer * Corrections Officer * Juvenile Corrections Officer * County Jailer * Public Security Officer

One available program is the "Good Neighbor Next Door" where these professionals can purchase HUD homes for 50% off!

Other programs offer reduced interest rates and down payment assistance. Contact us for more information about these and other first time buyer programs (also eligible if you have not owned a home in the last 3 years).

These programs are available thru the Texas State Affordable Housing Corporation (TSAHC).

Sue Ellett
sue@texasfirsthomebuyer.com
512-422-7182

First Time Home Buyer Tax Credits

2008-08-01T12:54:00.000-07:00

It's a great time to buy a home. Interest rates are at some of their lowest levels and likely won't be getting in lower. In fact, historically, after an election, they will start to creep upwards. So, don't wait to begin enjoying the excitement and joy of Owning Your Own Home....

Here is the Central Texas Hill Country areas of Austin and the Highland Lakes (Marble Falls, Horseshoe Bay, Burnet areas), there are many affordable homes available and just waiting for you!

Did you know that the Federal Government has a First Time Home Buyer Tax Credit Program with tax credits of up to $7500? This program applies to Singles with Income up to $75,000 per year and Married Couples with Incomes up to $150,000 per year, combined. This is a great opportunity.

Check out their website at: Federal Housing Tax Credit Website

Then, call us at Paragon Property Group at 866-693-7741 or email sue@TexasFirstHomeBuyer.com and Stop Renting and Build for Your Future!