As November 30th approaches many have wondered will lawmakers extend the tax credit to first time home buyers.  It looks like we are getting close!  Although a final deal has not been reached, there are encouraging signs that a deal is likley.

 

The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to “move up” borrowers (yeah!).  

 

Details of the revised homebuyer credit are as follows:

• Credit would be 10% of sales price up to $7290
• For first time homebuyers, the income level to qualify is $ 75,000 single/150,000 married.
• For “move up” buyers the income level to qualify is $ 125,000 single/250,000 married.
• For “move up” buyers, they must have been residing in their primary residence for 5 years.
• The credit would run from Dec. 1, 2009 to April 30, 2010.

Bonus Bonus!! They are talking about adding to the proposed plan that all sales contracts signed as of April 30, 2010 would have 60 days to close.  

Although this is all real exciting news until it's signed into law, it is all subject to change.

Make it a great day!

Great news for our Veterans. If you are a disabled veteran who is receiving disability compensation from the Department of Veterans Affairs you could be eligible for a Residence Homestead Exemption. To receive a disabled veteran exemption, you must either be a veteran who was disabled while serving with the U.S. armed forces or the surviving spouse or child (under 18 years of age and unmarried) of a disabled veteran or of a member of the armed forces who was killed while on active duty. You must also be a Texas resident and can only choose one property to receive the exemption.

In order to receive your exemption you will need to submit a Disabled Veterans Homestead Exemption Application with the Bexar Appraisal District. Click here to get the application.

I have attached the pamphlet the Texas Comptroller of Public Accounts put together so you can learn more about the Homestead Exemption for Disabled Veterans. You can get the pamplet by clicking here.

So you found your Realtor now it's time to find a new home. Before showing you homes most Realtors will ask if you have been pre- approved. Realtors ask that question because it's the first step in the home buying process and you need to know:

1. Your ability to qualify for a mortgage loan. You don't qualify, you can't purchase a home or may need to look at someone co-signing for you.

2. How much of a loan do you qualify for...this is how we will set a price range. Example: $150,000 - $175,000.

3. What kind of down payment will you need? If you are looking in rural areas, but still in Bexar county you might qualify for 100% financing.

4. The closing cost associated with your transaction. On average closing cost will be 5%-6% of the sales price.

Keep in mind...When you find your dream home before you can write-up an offer you will need a pre-approval letter from a lender.

Next week: Asking the right questions when meeting with a lender.