Christian Realty San Antonio

      Christian Realty San Antonio is hosting a free seminar for sellers and buyers on Saturday, July 18th, 2009, from 11 am to 1 pm at Buffalo’s Southwest Case, Bandera Road @ Loop 1604.

      This seminar is for buyers and sellers who have questions about the process to buy or sell a residential property.  Many have never done so before and have many questions.  This is a great opportunity to get some answers to questions before taking the plunge.

      This is also a good forum for those who want to do a For Sale By Owner (FSBO) transaction on their property.  There are many things we forget when we buy or sell a home because the process is rather complicated.  Better to be up to speed on issues before making costly mistakes.

      Invited to answer questions are a mortgage company owner, a Title company escrow officer and a home warranty specialist, along with the members of Christian Realty San Antonio.  You will learn from hearing answers to other people’s questions as well as your own.

      There is no cost or obligation associated with this seminar.  To RSVP please click here.  There is limited seating due to the size of the private room at the Cafe’.  Please register early!  We look forward to seeing you there.

       As always, please call (210) 273-9082 with any questions, without obligation.

      The Texas Department of Housing and Community Affairs (TDHCA) has begun a short-term, interest free loan program in conjunction with the Federal $8,000 Tax Credit to assist first-time home buyers.  This opportunity will expire when the Tax Credit does December 1, 2009.  Texas is one of 13 states to have such a program to assist first-time home buyers.

      This short-term loan, some might call it a bridge loan, is designed to assist a first-time home buyers with down payment or closing costs.  The home buyer gets the loan from the TDHCA and repays when their Tax Credit monies arrive.

      Many may wonder if they qualify for this program.  To be considered a first-time home buyer, you can not have owned your primary residence for the past three years.  This limits the number of folks eligible for the program which is good as there are limited funds available at the TDHCA for this program.

      This program is allowed for conventional home loan programs such as FHA, VA and USDA mortgage loans.  An approved lender will assist potential buyers.  Do not contact TDHCA directly.

      As a reminder, the $8,000 Tax Credit is available to:

            First-time home buyers or those who have not owned a home in the past three years.

            Income limits of $75k for single folks and $150k for married couples filing jointly (No tax credits for single folks earning over $95k and married couples earning over $175k.)

            You must purchase the home by December 1, 2009.

      Time is of the essence so do not delay.  This is a limited program as far as funds and time is concerned.

      As always call me at (210) 273-9082 with any question, without obligation.

      Today there are many programs available to assist folks to either stay in their home or buy a new one.  The following is a short list of programs which may work for some who are having trouble with their mortgage payment or want to buy a new home.

      First-time Home Buyer Tax Credit

      This is the $8,000 tax-credit program for folks who are first-time home buyers (i.e., you have not owned a home in 3 years of longer).  www.federalhousingtaxcredit.com

      Homeownership Incentive Program

      This program provides a low-interest low of up to $12,000 for closing costs and down payment www.sanantonio.gov/nad/LendDiv/DownPayment/homeownerpro.asp

      Texas Mortgage Credit Program

      This is for first-time bueyrs to deduct up to $2,000 of annual mortgage interest.

      www.myfirsttexashome.com

      Home Affordable Refinance Program

      This program helps borrowers who home val has declinedto refinance their existing mortgage.

      www.makinghomeaffordable.gov

      Home Affordable Modification Program

      This program is designed to assist in helping to avoid foreclosure by reducing monthly home payments.

      www.makinghomeaffordable.gov

       As with any home transaction, whether buyer or seller, my recommendation is to always use the services of a real estate professional to assist you in this important family event.

      As always, call me at (210) 273-9082, with any questions, without obligation.

Ten Cities Where Americans Are Relocating
by: Lauren Sherman *

      U.S. migration may be down overall, but these vibrant metro areas are still attracting newcomers.

      Unemployment is on the rise, credit is tight, and consumers aren’t spending–which means they aren’t picking up and moving much either. Very few places in America saw significant population growth in 2008.  

      Despite the overall economic slowdown, some parts of the country keep on moving ahead, attracting more and more newcomers–even if it’s at a slower pace than in more sound economic times. These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability.

Behind the Numbers

      To determine the fastest-growing metro areas in the country, we used 2008 population estimates for metropolitan statistical areas with a population over 1 million, released March 19, 2009, by the U.S. Census Bureau. MSAs are geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics.

      We then compared the 2008 population estimates to the previous year’s data to see which areas had grown the most, percentage-wise.

The Power of Business

      When it comes down to it, a buzzing business community is a metro area’s most important characteristic, says Sean C. Safford, a professor at the University of Chicago and author of Why the Garden Club Couldn’t Save Youngstown: The Transformation of the Rust Belt. He studies the social economics of U.S. cities and metro areas.

      “Perception is driven by the vibrancy of the companies in an area,” he says.  “We don’t quite yet know what the impact of the ongoing recession will be for 2009 populations,” says Frey. “But we do know it’s not going to get any better.”

      Indeed, where Americans are relocating today has little to do with where they’ll be moving tomorrow.

RANKINGS

No. 1: Raleigh, N.C.
(Raleigh-Cary metro area)
2008 Population: 1,088,765
2007-2008 Change: 4.29%

      Raleigh, which ranked first on Forbes’ 2008 list of best places for business and careers, has done well with its hospitals, universities and more than 170 research and development companies. However, the unemployment rate for January 2009 was 7.9%, just 0.2% below the national rate.

No. 2: Austin, Texas
(Austin-Round Rock metro area)
2008 Population: 1,652,602
2007-2008 Change: 3.77%

      With one of the lowest unemployment rates in the country–6.4% in January 2009–Austin’s popularity streak continues. This has quite a bit to do with the metro area’s thriving music, film and fine arts scenes, but it’s also about the employers, which include University of Texas, Advanced Micro Devices and Dell.

No. 3: Charlotte, N.C.
(Charlotte-Gastonia-Concord, N.C.-S.C., metro area)
2008 Population: 1,701,799
2007-2008 Change: 3.36%

      Home to the Bank of America headquarters, this metro area is anything but immune to recessionary woes, with a 10.5% unemployment rate for January 2009. However, it’s also a manufacturing hub, employing 80,000 workers at 2,093 companies that produce everything from computers and electronics to industrial machinery and biomedical equipment. Those jobs offer a bit more security.

No. 4: Phoenix, Ariz.
(Phoenix-Mesa-Scottsdale metro area)
2008 Population: 4,281,899
2007-2008 Change: 2.78%

      While migration to the sunny climates of the Phoenix metro area has certainly slowed–in 2006, the region saw an increase of 4.1%; in 2007, that number dropped to 3.3%–it’s still significantly higher than most metros in the country. The unemployment rate for January 2009 was 6.7%.

No. 5: Dallas, Texas
(Dallas-Fort Worth-Arlington metro area)
2008 Population: 6,300,006
2007-2008 Change: 2.38%

      Despite the fact that the metro area’s unemployment rate for January 2009 was 7.1%, Dallas is still drawing in new residents with its diverse economy, which includes companies like Texas Instruments, TXU Energy and Southwest Airlines.

No. 6: San Antonio, Texas
(San Antonio metro area)
2008 Population: 2,031,445
2007-2008 Change: 2.34%

      With a 6.3% unemployment rate, San Antonio’s job market is faring better when compared with the country overall. The metro area’s success has a lot to do with its sizable health care and oil companies, including Valero Energy and Tesoro Petroleum.

No. 7: Houston, Texas
(Houston-Sugar Land-Baytown metro area)
2008 Population: 5,728,143
2007-2008 Change: 2.33%

      Because of its high concentration of geospace engineering firms, oil and gas operations companies, and oceanic exploration companies, Houston’s metro area ranked third on Forbes’ 2008 list of best cities for young professionals. From December 2007 to December 2008, the metro area had the fastest job growth, according to the Bureau Labor of Statistics. The unemployment rate for January 2009 was 6.5%.

No. 8: New Orleans, La.
(New Orleans-Metairie-Kenner metro area)
2008 Population: 1,134,029
2007-2008 Change: 2.22%

      Still recovering from the damage inflicted by Hurricane Katrina in 2005, New Orleans has been regaining its population slowly over the last two years after losing 22% of its people from 2005 to 2006. Due to massive rebuilding efforts, the unemployment rate is at a moderate 5.5%, 2.6 percentage points lower than the national average.

No. 9: Atlanta, Ga.
(Atlanta-Sandy Springs-Marietta metro area)
2008 Population: 5,376,285
2007-2008 Change: 2.19%

      This bustling metro area was named the best city for singles by Forbes in 2008. It’s also home to several still-healthy corporations, including Coca-Cola, and marketing firms like Catapult New Business. The unemployment rate for January 2009 was 8.7%.

No. 10: Denver, Colo.
(Denver-Aurora metro area)
2008 Population: 2,506,626
2007-2008 Change: 2.17%

      According to an October 2008 survey conducted by Pew Research Center, Denver is the most popular city in America, so it’s no surprise that this metro area still attracts newcomers. The unemployment rate for January 2009 was 7.1%; the national rate was 8.5%.

      As always, call me at (210) 273-9082 with any questions, without obligation.

* http://search.forbes.com/search/colArchiveSearch?author=lauren+and+sherman&aname=Lauren+Sherman

** Reposted from http://www.sabor.com, May 26, 2009

      With all the turbulence in the real estate industry folks are standing on the sidelines waiting for things to settle down.  Do not just wait—be proactive.  You need to make sure you look great to a lender when you apply for a mortgage.

      Many folks are slowing or stopping the plastic at the stores.  This is good.  Plastic must only be used for an emergency or a necessity.  Reducing your use of credit cards will eventually help your credit score by showing you have less debt to income ratio and you are paying on time, as agreed.

      Do not cancel any of your current cards, even those that you do not or have not used for a long time.  Why?  Because each one has available credit.  When they are all added up, you want more “available” credit than charges.  This ration plays in your favor.

      Save money while awaiting the purchase of a home.  Mortgage banks want “seasoned” money in the bank.  Seasoned means at least on deposit for six months.  If you are borrowing from a family member, do it at least six months before you apply for a loan.

      Having money on hand allows you to make a larger down payment.  The amount of 20% is a great number to figure on to make sure you get the loan.  A veteran does not need money down if going through the VA.  If in Texas, a veteran can use the Texas Veterans Land Board (VLB) and sometime walk away with a 3.something% loan.  Disabilities are counted when using the VLB.

      While you are waiting for the right time to buy and trying to save money, the question is “How?”  Start with the little things most folks overlook.

      Reduce your utility bills by turning off lights and reducing your use of water.  Purchase CFLs instead of regular light bulbs.  Turn off computers, printers, chargers, etc when not in use.  Use power strips on the TV so you can kill the pwoer at night.

      Add a timer to the electric water heater to turn it off from 11 pm to 5 am if your personal work schedule allows.  Why heat water when no one is going to be using it??  If you use gas, cehck the tmepurature to make sure it is not hotter than necessary.  If remodeling, consider an on-demand water heater.

      Install a programmable thermostat for the air conditioner.  No need to cool the home when no one is there.  Also, install ceiling fans and use them when rooms are occupied.

      Wash clothes and run the dryer at night when electrical rates are lower.

      Do you really need a house phone?  Look at what it cost per month/year.  Is this a necessity?

      Close the blinds/curtains during the day to keep sunlight out.  This reduces daytime warming and reduces your energy consumption.

      Make sure you change the a/c filter each month.  Better for your health and your a/c unit.  Have it checked in the spring and fall to ensure it will cool and heat at maximum efficiency.  If you are using a system under 10-12 SEER, you may want to check into getting a newer one to save in the long run.

      When running errands with you car, use the circuit method.  Do more than one errand per trip and do it in a logical route.  This saves energy and time.

       All the little things in life we do add up.  The little things mentioned here add up to.  You will be much better off when it comes time to purchase that new house.

      Call me at (210) 273-9082 with any questions, without obligation.

      The following is shared with you from the National Association of REALTORS.

Bringing the Dream of Home Ownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, town homes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

        My recommendation is always work with a real estate professional to guide you through the process of purchasing a home.  This is too big a step in your life to not take advantage of professional help readily available.

      As always call me at (210) 273-9082 with any questions, without obligation.

NOTE:  Information from the NAR website accessed May 11, 2009: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

      The US Attorney General (AG) has released numbers (and some names) on mortgage assistance fraud schemes.  These types of fraud are up 400% from five years ago.

     According to the AG, the Federal Buearu of Investigation (FBI) has 2,100 mortgage fraud cases under investigation.  These usually involve individuals contacting home owners and offering assistance with their mortgage…for an up front fee of $1,000 to $3,000.  These are presented as “loan modifications” and are usually fraudulent.

      Mortgage companies are honest folks who are doing their jobs to earn a living, just like most of us.  It is unfortunate, as with most professions, there are some who are not so law abiding and want to make a fast busc the illegal way, by stealing it from the rest of us.

      Please remember, anyone offering you mortgage assistance for an upfront fee are almost always fradulent.  There is free help for those who are in financial difficulties and need assistance.

      Free housing counselors can be found at http://www.makinghomesaffordable.gov or by calling (888) 995-HOPE.

      As always, please contact me at (210) 273-9082 with any questions, without obligation.  

      Great news again for the real estate market.  Interest rates havefallen for the second consecutive week.  This means you can buy a home for less than previous weeks…or months…or even years!!

      For those who are considering taking advantage of the glut of homes on the market, this may be your time to make a move.  Take a hard look at the home prices in your area and your financial status.  We know the interest rates fluctuate in cycles at times lasting for many months or years.  This may be the lowest part of the cycle before an upturn in rates.  For the first time buyers, this is a tremendous opportunity. 

      For those who wish to down size their homes, you can sell and buy another smaller home at a very low interest rate.  Do not overlook the opportunity for a 20 or even 15-year fixed-rate mortgage and save even more money over the course of the loan.

      The rate for 15-year fixed-rate mortgages has gone down to an average of 4.52 percent.  This is great news for those sitting on an old 30-year fixed-rate mortgage.  Refinance now and not only knock off some years to full ownership of your home, save thousands at the same time. 

      As a disclaimer, not everyone will be eligible for these low rates.  Your personal financial situation, unsecured debt, credit score, etc all come in to play.  Check with your real estate agent or a mortgage lender to see where you stand.

      Do not delay on this important decision.  Rates may not be this low again for many, many years.

      As always, call me at (210) 273-9082 with any questions or concerns, without obligation.

      Now may be the best opportunity for home ownership for some in their lifetime.  This is not a sales pitch.  This is a statement of fact.  The housing market meltdown has a silver lining for some.

      There are a number of segments of buyers who may very well benefit from the current housing situation.  While this is not good news for those who are upside down on their mortgage, for those who are in need of housing there is a small window of opportunity.

      The buyback by the Federal government of some real estate assets may mean a perfect opportunity for some looking to own a home.  All the details have not been released, however for pennies on the dollar, those who can qualify for a mortgage may reap the reward of home ownership at an unheard of discount price.

       For all who are looking to buy, first make sure your credit score is the best you can make it.  Do not open new accounts or go out in the short term and buy large ticket items (i.e., cars, furniture, appliances, etc).  Pay off the smaller accounts where possible and try not to grow any other accounts (which means no new charges). 

      A trip to you preferred lender is recommended to see what your current level of funding is given your credit score, employment, income, savings, etc.  This will then give you an idea of what you can afford to spend on a home.

      Next, find a real estate agent who you feel comfortable with and see what is on the market.  There are so many opportunities to buy: FSBO (For Sale By Owner), auction, foreclosures, short sales, HUD properties, VA repossessions and of course just regular sales.  Each have different rules and nuances so having a professional to assist you is my strong recommendation.

      Apoint of caution: take your time.  Do not rush into any real estate deal.   Keep your eyes wide open.  Anyone trying to rush you into signing a sales contract might not have your best interests in mind.  Buyer beware (Caveat Emptor).

      And for the empty nesters out there, this may be your opportunity to buy a smaller property at a very good price and turn your large home into a rental.  Yes, there are some issues to reconcile yourself with in becoming a landlord.  However the tax gains may out weigh the risk involved.  Again, using a real estate professional as a sounding board is my recommendation.

      Please take this information with a grain of salt.  Not everyone who reads this will benefit from the current Federal program.  Not everyone will qualify for a mortgage.  This is intended for those who are positioned to buy now and take advantage of a situation not experienced before in our history.

      Please contact me at (210) 273-9082, with any questions, as always, without obligation.

      Here is some basic information on the stimulus for the first time home buyer program     

      Does not have to be repaid unless the home is sold within three years. 
     

      Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.  This means in the case of a married couple, either spouse cannot have owned a home.
     

      Available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.  Restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.
     

      Tax credit is for up to 10 percent of the purchase price, up to a maximum of $8,000. For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.
     

      The credit can be taken on 2008 taxes even when the purchase is made in
2009.             

      If you would like a detailed discussion with a professional here in San Antonio, Texas, please call Vini Shah at 210-663-6867.  It’s what she does!!           

      As always, call me at (210) 273-9082 with any questions, without obligation.