El Paso Tx First Time Home Buyer Bond Money Available 1/14/11

Part of my job as a Texas Remax Buyer's Agent is to inform you of the latest real estate news. The El Paso Housing Finance Corp has announced an infusion of $15 million in bond money into the El Paso market. There are certain qualification such as income and the area of town the home is located in but if you have been thinking of buying and just needed a little help this may be the answer for you.


Call me for more information at (915) 873-8646.
RE/MAX Associates
Yvonne Russell
Phone Number
Direct: (915) 873-8646
Mobile: (915) 873-8646
Business Fax: (915) 594-9253
Toll-Free: (800) 880-3060
Email Address
yrussell@russell-realtor.com
Web Site russell-realtor.com
Mobile Search m.russell-realtor.com

Address
RE/MAX Associates
10940 Ben Crenshaw Dr Ste C
El Paso TX 79935

How does the $8000 Tax Credit work

Q. How does the $8000 tax credit work for First-Time Homebuyer?

A. This program does not require any repayment of the credit provided that the purchaser uses the property as their primary residence for a period of thirty-six months after their date of purchase.

Buyer will receive a credit of up to ten percent (10%) of the purchase price or a maximum of $8000.00 as a credit on your 2010 tax return, provided that your new home has a final sale price of $800,000 or less. This program went into effect on January 1, 2010 and is available to qualified buyers of their first new home provided that they have the property under purchase contract on or before April 30, 2010 and closed prior to June 30, 2010 to be able to qualify for the credit.

Buyer(s)cannot have an income greater than $75,000.00 as non-married purchaser or $150,000.00 for married purchases that file a joint tax return.

Q. When does the Tax Credit of 2009 run out?

A. First Time Homebyer Credit

Q. Can I file electronically?

A. No. Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405

FHA Loan Qualification Tips

Here are some things you can do to improve you debt-to-income ratios to qualify for an FHA loan. Your objective is to reduce your debt-to-income.

1. Pay down/pay off debt like credit cards that show up on your credit report.

2. Teachers should try to get your student loan deferred. ( these payments do not have to be included in your debt if deferred for 12 months).

3. Pay off an auto loan (this is one of the biggest killers on a credit report)

4. Consider a home in a lower price point

Real Estate listings in El Paso

Hi El Paso Home Buyers

So glad you found my site helpful. As a Buyer’s Agent, I invest a tremendous amount of time and money to provide these real estate tools and services for my clients. Please call to set up an appointment to meet.

If you are trying to take advantage of the First Time Home Buyer tax credit then time is of the essence. Because the process of buying a home can take 2-4 months on average, you are running out of time.

You may be wondering why the process takes so long. First, you need to pre-qualify because 99% of seller’s want a pre-qualification letter to make sure you have the ability to purchase their home. Call me for El Paso Mortgage companies with many years of experience in bond, FHA, and VA programs and will handle your application promptly.

Pre-qualification should take about 24-48 hours. Then you shop for your home, which can take from 2-4 weeks depending on your expectations. Once you have selected the right home, I proceed to negotiate a contract with the seller. Depending on the number of contingencies, the negotiation process can take a few days. Once the contract has been executed by both parties, you are going to schedule and pay for a termite and home inspection, which can take about a week. I always make my purchase agreements contingent on inspection. It is likely the home inspector my find some issues with the home depending on the age of the home. We then need to decide if you want to take the house as is or we need to ask for concessions from the seller. If the seller makes the requested repairs then that will take some time.

Your lender will require an appraisal which can take 3-7 days due to the changes in appraisal laws. Once the appraisal is done (hopefully at or above the price you offered) the loan goes to an underwriter for review which can take several days. Your lender will often require that you have PMI if you put down less than 20% on the home mortgage.

This is just a brief summary of what to expect in the process. I can provide more details at our meeting but in the meantime, you can read all about buying a home at Texas Real Estate.

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Why you should consider buying a home this years:

With all the recent interest in El Paso and Horizon City I thought I'd add my two cents. According to Washington based CQ Press El Paso is the 2nd safest city in the nation. Economically, if your want to know what is really happening in El Paso, read the IPED economic impact report (dry but good info). With the influx of 30K military personnel relocating to El Paso plus the new medical school we haven't really felt the recession yet. Actually, El Paso is generally insulated from national economic conditions. Additionally we have a thriving housing sector. Horizon city, "the Tierras" has been in the news due to a flood of foreclosures. Not because of the economy but because of subprime loans resetting. This is unfortunate for some but a goldmine for others. These properties are 10-20% below market and in near new condition. As you can probably tell my undergrad degree is Economics and I'm a Realtor but I also love this town.

Author: Yvonne Russell (First posted on City-data)

References:
CQ Report at http://www.elpasoc vb.com/news_detail .sstg?id=127
IPED report at http://digitalcomm ons.utep.edu/iped_ techrep/58/
Horizon city at

Your Homeowners Insurance

Great article Written by Broderick Perkins

Think you know what your home is worth? Think Again!

RE/MAX Realtor helpling First Time Homebuyers

The U.S. Housing and Urban Development Secretary Shaun Donovan on May 29 announced the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. He said this action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit up to $8,000 for purchasing their first home. Families can access this credit after filing their tax returns with the IRS. The new announcement detailed FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. You may visit the HUD web site to learn about this rule. Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Now the lenders can use the tax credit as additional down payment, or closing costs, which can buy down the interest rate. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the down payment. This action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. The Administration’s homebuyer tax credit is estimated to stimulate home sales across the nation and most will be first-time buyers to receive the credit. Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary. This news source came from the (Silicon Valley Association Realtors)