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.....
Wednesday, December 30, 2009
Thursday, December 24, 2009
Are Interest Rates Going Up? Should I buy now?
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
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
Thursday, December 10, 2009
203B Mortgage Program - Buy a Fixer Upper & Roll in the Improvement Costs
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.
Sunday, December 6, 2009
New Guidelines for Collecting Your Tax Credit for First Time Home Buyers
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/03/AR2009120305135.html
New form and new guidelines for collecting your Tax Credit
New form and new guidelines for collecting your Tax Credit
Are Rate Hikes Coming?
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?
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?
Wednesday, December 2, 2009
Improve Your Credit Score
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
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
Tuesday, December 1, 2009
Lock in for Best Interest Rates for your First Home
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.
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…
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/>
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.
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?
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/>
Friday, November 6, 2009
Home Buyer Tax Credit Revised, Expanded & Extended
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.
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.
Thursday, November 5, 2009
Senate Clears the Way for Extension of First Time Home Buyer Tax Credit
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.
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.
Thursday, October 29, 2009
Senators Agree to Extend Tax Credit for Home Buyers
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.
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.
Friday, October 16, 2009
Military $8,000 First Time Home Buyer Credit and MILITARY CASH BACK Home Buyer Program
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
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
Friday, October 9, 2009
Sunday, October 4, 2009
$8,000 Tax Credit - There's Still Time to Get Yours!
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
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
Monday, September 21, 2009
Buy a Home with Us and Get Some of Your Closing Costs Paid
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
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.
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
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
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
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
Thursday, September 3, 2009
First Time Home Buyer Book - FREE to First Time Central Texas Home Buyers
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.
(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!
(limit one booklet per address)
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.
(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)
Tuesday, September 1, 2009
Great News about NEW Credit Scoring Model - Could Boost Your Scores
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.
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.
Tuesday, August 11, 2009
Filing for your $8,000 First Time Buyer Tax Credit
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.
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.
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.
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.
Friday, August 7, 2009
Using your $8,000 First Time Home Buyer Credit
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.
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.
Friday, July 31, 2009
New - Statewide 2nd Lien Downpayment Assistance Program
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.
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.
Saturday, July 4, 2009
Get a Brochure about the 8K Tax Credit
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
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
Tuesday, June 9, 2009
Get a Buy versus Rent Booklet! - Great Information for First Time Home Buyers here in the Texas Hill Country
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
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
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
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
Thursday, June 4, 2009
$8,000 Tax Credit as Downpayment for First Time Home Buyers
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
Sue Ellett 866-693-7741
Sunday, May 24, 2009
$8,000 Tax Credit Soon Can be Used as Downpayment!
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
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
Sunday, April 19, 2009
Why Rent When You Can Buy a Home?
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
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
Monday, April 13, 2009
2 Affordable Homes within Walking Distance to Lake LBJ - perfect for First Time Buyers or downsizing
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.
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
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
Tuesday, April 7, 2009
First Time Buyers - Use your IRA to Buy your Home in the Austin & Highland Lakes areas of the Central Texas Hill Country
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!
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.
Contact us today to start your pre-approval process with one of our lender-partners. Find out if you qualify!
Sue Ellett, Broker-Associate
Paragon Property Group - Coldwell Banker United Realtors
Texas Affordable Housing Specialist
512-422-7182
suemellett@yahoo.com
Sunday, April 5, 2009
Mortgage Rates hit new lows
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
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
Sunday, March 29, 2009
Texas Teachers, EMS Professionals, Firemen, Peace Officers & all other Home Buyers - How to Buy your First Home & Get that First Home Loan!
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!
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!
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.
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
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
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
Monday, March 16, 2009
Homes sold in Austin will require Energy Audits - Be "in the know" when you buy your first home.
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
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
Tuesday, February 24, 2009
$8,000 Tax Credit for First Time Homebuyers
First Time Homebuyers have an excellent opportunity to buy and home and save money at the same time.
How is this possible, you ask?
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:
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!
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.
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!
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