North Texas Real Estate Blog

First time home buyers haven

First time buyers do not have many reasons to sit on the fence now. Excellent incentives await as President Obama’s stimulus package creates a multitude of options designed to save you a lot of money on your new home purchase. Looking to find that dream home in Keller, TX or maybe Grapevine, TX? The possibilities are practically endless. Perhaps an upgrade home in Southlake, TX or Colleyville, TX is in the plans for a young family wanting the best of schools.
What gives?
Right now and until December 1, 2009, qualifying homebuyers get a tax credit up to 8,000 dollars. The program works on a ‘slide scale’ process. Single prospects with income under $75,000 and married prospects with combined income under $150,000 qualify for the full $8,000 tax credit. Reduced tax credits are available for those with higher incomes. Best of all this tax credit requires no repayment providing that the new homeowners reside at the property for a period of 3 years or more. To qualify for these special tax credits the prospective homebuyer or homebuyers must not have had owned a primary residence within the last 3 years before the purchase of a new home. And of course if you have never had a primary residence then this program applies to you also.
Where to?
As I mentioned at the top of this article, there are a multitude of options available. I have received several emails from the lenders I work with. These guys are extremely excited with the new incentives being offered to the home buying public. What are they excited about? How about a USDA loan with zero down financing (yes, its still available) and a 8,000 dollar tax credit or an FHA loan up to 271,000 with credit scores in the 500’s. Interest rates inevitably will be lower for those with better credit scores, but rates are historically lower than ever. How about a 4.75 interest rate on 30 year fixed rate mortgage? Two lenders I would call FHA experts are Shelly Allred with Wells Fargo in Fort Worth, TX (P817-846-5913) and Tom Sutton of Countrywide in Southlake, TX (P817-247-6799). Give them a call to see what they can do for you. I have worked with them, I like them and I know you will too.
Dave Warden, 817-706-3291