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
Sunday, May 24, 2009
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
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