Home under $140,000 just North of Austin - First Time Homebuyer Dream Home!

Don't let this one pass you by....it's gorgeous. Probably one of the nicest homes for the price that you will find. Plus, close to Park & Ride and new Metro Station in Leander. Walk to Elementary School from this great home. It's Pristine and Move-In Ready.

Visit our Website for even more area and property information.

Contact Paragon Property Group at 866-693-7741 for more information about this or any other area home in the greater Austin or Highland Lakes areas. We can help you buy or sell your home.

Home Buyer Tax Credit Timeline.....

Below is an article to assist you in the timing of the tax credit and buying your home in the Greater Austin or Highland Lakes areas - time is running out - you must be under contract by 4/30/10 and closed by 6/30/10....so don't hesitate!

Timeline for the Home Buyer Tax Credit
Feb18, 2010 (Bankrate.com)

Time is running short for people who want to take advantage of the homebuyer tax credits.

There are two homebuyer federal income tax credits: the first-time homebuyer tax credit of up to $8,000, and the move-up homebuyer tax credit of up to $6,500. Both come with deadlines.
To collect either tax credit, buyers have to have homes under contract by April 30. That means that both buyer and seller must have signed the purchase contract by that date. After that, there's another deadline: The transaction has to close by June 30.

If you want to collect the tax credit, don't wait until the last half of April to begin looking for a house. Yes, it's possible that you could do it all in a couple of weeks: find a house that you like, negotiate a price and secure mortgage financing. Possible, but not probable.

"Don't wait till the last minute, and be prepared to stay on top of things from the very outset," says Neil Garfinkel, a lawyer with the law firm of Abrams Garfinkel Margolis Bergson LLP, on New York's Long Island.

Below is a timeline for homebuyers who want to complete the transaction on time to collect the federal income tax credit. The following dates aren't ironclad; the real estate agent, lender and title company will know if you need to deviate from this timeline because of your situation or location.

Use this timeline as a general guide and as motivation to take action quickly.

Contact Paragon Property Group at 866-693-7741 for more information about Buying a Home in the Greater Austin or Highland Lakes areas.

Downpayment Assistance Funds now Available in Texas thru TDHCA

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.....

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

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.

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

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?