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

$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

$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?

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

Here are the basics:

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

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

Here is an example of how the tax credit works:

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

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

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

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

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