Five Smart Reasons to Buy a Home Now

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Sue Ellett, Broker Associate

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

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

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

http://txhomeprograms.org/

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

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

Austin Downpayment Assistance Program

Austin Homeowner Rehabilitation Loan Program

HomeChoice

Section 502 Rural Housing Direct Loans

Special Housing Adaptations

Specially Adapted Housing Grants

Start-Up

Texas First Time Homebuyer Mortgage Program

Texas First Time Homebuyer Program (Bond Program 74)

Texas State Affordable Housing Corporation Home Loan Programs

US Veterans Administration Home Loan

Veterans Home Improvement Loans

Veterans Housing Assistance

Tax Credit Closing Deadline is Extended

Daily Real Estate News | July 1, 2010 |

Tax Credit Extension Passes

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

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

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

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

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

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