1509 Aldrich - New Home On The Market
Thursday, August 20, 2009
1509 Aldrich
3 beds - 2 baths - 2 car garage - covered patio - subject to a Short Sale.
Priced to sell @ $89,900
Call Ashton @ 940.224.0881 for an appt
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5450 Carlson - Wichita Falls, TX - New On The Market
Thursday, August 13, 2009
5450 Carlson - Wichita Falls, TX 76302
Priced @ $143,000
Built in 2007, this 4 bedroom 2 bath home is in great condition and offers numerous amenities that include: crown molding, soaring ceilings, ceramic tile, isolated master, open floor plan, large lot, and privacy fenced backyard.
Call Ashton today @ 940.224.0881 for an appointment to preview this property.
Discounts For Wichita Falls Home Buyers
Tuesday, August 11, 2009
Ashton’s
1st Time Home Buyer
Stimulus Plan
Buy a home with Ashton and get these discounts!!!
1) Hamilton Bryan
10% off one-time appliance purchase of Whirlpool, Maytag, and Kitchen Aid products.
20% off one-time furniture or bedding purchase.
25% off one-time accessory purchase.
Discounts can only be applied to regularly price items. (Excludes sale prices, contract pricing, and discontinued items) Only allowed on Discounts cannot be used in combination with special finance offers. (Finance charges will be added to total ticket.)
Offer expires 5/31/2010. (Tickets must be written no later than 5/31/2010.)
2) Texas Carpet Outlet
10% off any service: carpet, flooring, or counter tops.
3) Harris Nursery
20% off any tree, shrub, flower, or plant purchase at one visit.
4) Perm-O-Green
$10 off first lawn treatment.
*One must use Ashton Gustafson as a Buyer's Agent and Must Close By December 1, 2009 to qualify
the $8,000 tax credit
Today's Mortgage Rate Update
Friday, August 7, 2009
August 7, 2009
The 10 yr bond which has influence on mortgage rates has been in a steady climb this week and we have seen rates follow. Last week the 10 yr bond was in the 3.5% range and today it is currently trading around 3.85%. Consequently, mortgage rates have climbed. I don’t know where we are headed but the last time the 10 yr bond ran to the 4% range, 30 year mortgage rates went to 5.875%. Fortunately, rates receded back into the 5.25% range, but have been on another climb since then.
Today’s rates:
30 yr conventional 5.625% 0+0 (740 FICO, loan amount >$125,000)
15 yr conventional 4.875% 0+0 (740 FICO, loan amount >$125,000)
FHA
30 yr 5.625% 0+0 (660 FICO, loan amount >$120,000)
15 yr 4.875% 0+0 (660 FICO, loan amount >$120,000)
Another option for a conventional product:
If you have a buyer that is only planning on living in the home for a few years (relocation, planned move up):
5/1 ARM with 30 yr amortization 4.625% 0+0 (740 FICO, loan amount >$125,000)
Wichita Falls Investment Real Estate
Wednesday, July 1, 2009
The Real Estate market is similar to the stock market in the fact that it has its highs and lows. Values in Real Estate are currently lower than they have been over the past few years. Because of this, low interest rates, and an increase in foreclosures, there is now a huge opportunity for real estate investors.
We have not seen an opportunity like this since the late 80's. This is when the tax law changed to restrict tax deductions that could be made on a passive income basis. This tax law caused investors to sell everything they had and it flooded the market with investment properties. It created too much supply and drove prices down. People that invested at a low point really capitalized on a great opportunity. We are facing similar times now.
Ashton has expanded his services to help you manage your rental properties as well in Wichita Falls. We will not only help you find the right investment for you, but we will help you find a tenant. We will screen and place tenants in the property.
If you want to learn more about investing in real estate, visit the buyers and investors pages on our website, www.TexomaHomeSource.com, and please feel free to call or email us for more information.
Breaking News Regarding $8000 Tax Credit
Wednesday, May 13, 2009
I wanted to let you know about some interesting news that was just released today in regards to the First Time Home Buyer Tax Credit. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table."
To read the full article, go to http://www.realtor.org/press_room/news_releases/2009/05/re_summit
While this article didn't go into detail about how this will work, this could be very good news for first time home buyers! As always, I will keep you updated with any and all new information regarding the housing market. Again, if you or anyone you may know is a first time home buyer - please have them contact me or see www.TexomaListings.com to take advantage of this opportunity.
Breaking News Regarding $8000 Tax Credit
Wednesday, May 13, 2009
I wanted to let you know about some interesting news that was just released today in regards to the First Time Home Buyer Tax Credit. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table."
To read the full article, go to http://www.realtor.org/press_room/news_releases/2009/05/re_summit
While this article didn't go into detail about how this will work, this could be very good news for first time home buyers! As always, I will keep you updated with any and all new information regarding the housing market. Again, if you or anyone you may know is a first time home buyer - please have them contact me or see www.TexomaListings.com to take advantage of this opportunity.
Wichita Falls Homes With a Pool
Tuesday, May 12, 2009
Are you looking for a home with a pool in Wichita Falls? Please send and email to ashton@bishoprealtors.com with the subject POOL and the price range you would like to stay within.
Within 24 hours you will have a list of every home available with a pool, and receive instant updates as others become available.
First Time Home Buyer - Credit - Wichita Falls
Friday, April 24, 2009
FIRST-TIME HOMEBUYER TAX CREDIT
Frequently Asked Questions
In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-ime homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.
1. What’s this new homebuyer tax incentive for 2009? The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. 2. Who is eligible? Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase. 3. How does a tax credit work? Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500) 4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000? This tax credit is what’s called "refundable" credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year. 5. How does withholding affect my tax credit and my refund? A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination. 6. Is there an income restriction? Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000. 7. How is my "income" determined? For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040. 8. What if I worked abroad for part of the year? Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI. 9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit? Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return). For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown: Couple’s income $165,000 Income limit 150,000 Excess income $15,000 The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute). In this example, the credit would be $2000 (25% x $8000 = $2000) 10. What’s the definition of "principal residence?" Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as "owner-occupied" housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences. 11. Are there restrictions on the location of the property? Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit. 12. Are there restrictions related to the financing for the mortgage on the property? In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.) 13. Do I have to repay the 2009 tax credit? NO. There is no repayment for 2009 tax credits. 14. Do 2008 purchasers still have to repay their tax credit? YES.
Some Practical Questions
15. How do I apply for the credit? There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov. 16. So I can’t use the credit amount as part of my downpayment? No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction. 17. So there’s no way to get any cash flow benefits before I file my tax return? Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments. Some "Real World" Examples 18. What if I purchase later this year but can’t get to settlement before December 1? The credit is available for occur before December 1, 2009 for purchases to be eligible for the credit. 19. I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit? You’ll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can that is due on April 15, 2009. They actually have three filing options.
If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15. They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.) If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov) Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010. 20. I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit? No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount. 21. If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid? No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns. 22. I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well? No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer. 23. I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit? No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit. 24. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government? One situation require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule. 25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years? The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years. 26. I have a home under construction. Am I eligible for the credit? Yes, so long as you actually occupy the home before December 1, 2009. Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 - $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund.
Wichita Falls Open Houses - Sunday April 26, 2009
Thursday, April 23, 2009
This Sunday Ashton will be having 2 open houses in Wichita Falls.
1:15 - 2:00
4941 Trinidad - 3 bed - 2 bath - Wachsman Built - very clean and move in ready.
2:15 - 3:00
3509 Regina - 3 bed - 2 bath - large living space - cleanest, cutest house on the block
Remember our sites...
www.TexomaListings.com - For Buyers
www.TexomaHomeValue.com For Sellers
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Displaying blog entries 111-120 of 129
