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

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

$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!

A First Time Home Buyer Experience

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

It's Better to Buy than Rent in Austin

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

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

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

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

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


--Sue Ellett

Bond Money for First Time Buyer Homes Available in October

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

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

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

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

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

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