Real Estate Information Archive

December 16, 2009

IMPORTANT NOTICE OF CHANGE FOR

FIRST TIME HOME BUYERS PROGRAM

 Effective IMMEDIATELY the First Time Home Buyers (FTHB) Program administered by the City of Wichita Falls has changed the amount of assistance available to qualified homebuyers to $4,250. This change is a result of a limited annual funding amount from HUD combined with a continued strong market demand for the FTHB Program. All other program requirements will remain the same.

 Once program funds for the current fiscal year are fully committed to qualified applicants, no money will be available to assist in the purchase of a home until next year’s funds are made available to the City. The City’s fiscal year begins October 1^st.  

 Assistance is subject to availability of funds, and applicants are provided assistance on a first-come, first-served basis. The amount of assistance provided may also be subject to future adjustment depending upon program activity and annual funding amounts.

 Funding for assistance is not reserved for the FTHB until the participating lender provides in writing they have been pre-qualified for a mortgage loan, they have properly completed and returned the FTHB application, the application is processed- including income verification, and a signed sales contract is on file with our office.

In the event the initial sales contract is terminated, our office must be notified. We also need to know the FTHB intends to look for another property to purchase. The assistance will remain reserved for the FTHB for a 30-day period after termination of the sales contract. If you do not provide us with another sales contract within the 30-day period, the commitment for assistance will end and the FTHB will once again be subject to the first-come, first-served rule. If all available funds have been committed before the FTHB has completed these steps of the application process, the FTHB will be placed on a waiting list in the event funds become available during either the current or for the next fiscal year.

I have included revised brochures for your information and use.

Thank you for your continued support. Please feel free to call the Neighborhood Resources Division at 761-7448 if you have any questions.

Sincerely,

Brian Gibson

Neighborhood Resources Division

Good Monday morning to you!

I hope this email finds you doing well this Christmas season. It looks like interest rates will remain at historically low rates as we enter into 2010. We have no idea how long they will stay here, but we do know they can only go one way - up!

With these rates, its a great time to look at investing. See www.TexasBankOwned.com for a weekly list of possible investments.

If there is anything we can do for you or anyone you may know this week, please let me know.

Remember,

www.TheFallsHomeFinder.com for Buyers

www.TexomaHomeValue.com for Sellers

www.TexomaForeclosure.com - Foreclosure prevention.

"Patience and perseverance have a magical affect before which difficulties disappear and obstacles vanish." John Quincy Adams

See video below for an update on the Wichita Falls MLS Statistics for October 2009.

83% of the market sold was under $180,000 in the month of October for the Greater Wichita Falls area. There was a total of 118 sales, 67 of which were between $70,000 and $180,000. We can see that the 1st Time Home Buyer market is staying fairly strong and will probably continue to do so into 2010.

Upper end homes continue to be sluggish, offering great opportunities for buyers.

Interest rates also hit the lowest we've seen in a long time - 4.25% fixed for 15 years with a FICO score of over 740. These rates will not stay here long-term.

For more information or to have questions answered, email Ashton @ ashton@bishoprealtors.com.

Good morning to you!

Below you will find this week's list of available foreclosed/bank owned properties in Wichita Falls. Please let me know if I can set up a time for you to preview any of these.

4803 Shenandoah - $130,000 - 4 bed - 2 bath - 0 Lot Line - Needs carpet and paint. Bid deadline is Nov 12 @ 11:59 pm.

4822 Rhea Road - $105,300 - Just reduced nearly $12,000 - 3 bed - 2 bath - 1729 square feet.

1701 Tilden - $123,000 - 2000 sq ft - 4 bed - 2 bath -with back apartment.

1708 Tilden - $74,250 - reduced from $105,930 - 4 bed - 2 baths - 274 square feet.

4918 Silvercrest - $258,500 - 4 bed - 3 bath - 3 garage. Great home near the stadium in Swest Wichita Falls.

2304 Doris - $93,900 - Near Sheppard Air Force Base - 4 bed - 2 bath.

1579 Singleton - $137,500 in Edgemere - 4 bed - 2 bath

The data relating to real estate for sale on this website comes in part from the Wichita Falls Association of Realtors Multiple Listing Service. Information is deemed reliable but not guaranteed.

Email me at ashton.gustafson@gmail.com to set up a time to preview any of these. Subscribe to a weekly list @ www.TexasBankOwned.com

Ashton covers not only Wichita Falls, but also Burkburnett and Iowa Park. Tune in below to the first episode of Ashton's Real Estate On the GO.....

See all Wichita Falls, Burkburnett, Iowa Park, and Sheppard Air Force Base homes @ www.TheFallsHomeFinder.com

1659 Victory, Wichita Falls, TX 76301

Priced @ $112,900

2 beds (could be 3) - 2 full baths - 1323 square feet

1 garage with storage and 1 carport

Great charm and character is found in this lovely Brook Village cottage. Numerous updates can be found here as well...refurbished hardwood floors, recent kitchen appliances, renovations in both bathrooms, and fresh paint throughout. Relax in the open living space with brick fireplace and great natural light from windows.

With the $8,000 Tax Credit Extenison, this would make a great home for a 1st Time Home Buyer.

Good Monday morning to you!

I'm sure you've heard about the credit extension for 1st Time Buyers and now new buyers...here's a quick overall summary for you to review.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

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

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

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.

If you purchased a home between January 1, 2009 and November 6, 2009, please see: http://www.realtor.org/home_buyers_and_sellers/first_time_home_buyer_tax_credit_2009_info

Which Properties Are Eligible?

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

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you purchased a home between January 1, 2009 and November 6, 2009, please see: http://www.realtor.org/home_buyers_and_sellers/first_time_home_buyer_tax_credit_2009_info

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 $125,000 and $145,000 for single buyers and between $225,000 and $245,000 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 $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

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 this three-year period, the full amount credit will be recouped on the sale.

Hope this helps you gain some understanding. If I can serve you or anyone you may know this week, please let me know.

Looks like there are some great buys this week. Let me know if I can set up a time for you or anyone you may know to preview the homes below.

4918 Silvercrest - $258,500 - 4 beds - 3 baths - 3 garage

4822 Rhea Road - $117,000 - 3 bed - 2 bath - 2 garage. Bid deadline is daily @ 11:59 pm.

1701 Tilden - $123,000 - 4 bed - 2 baths - Backyard Apartment - Just reduced $26,000.

2907 Lawrence - $43,900 - 3 bed - 2 bath

4803 Shenandoah - $130,000 - 2251 square feet - 4 Bed - 2 Bath - 2 Garage - Bid deadline is November 12 @ 11:59 pm.

Hope all is well and I look forward to hearing from you.

Did you know that an investment of $7,000 could lead to a value of $109,000 within 15 years? Have you ever thought about have a tenant or renter pay for your children's education? Today there a numerous concerns about the increasing cost of college education. Here, in the video below, Ashton shows us how we can take a small investment and create incredible wealth through Real Estate.

For more information, please let us know how we can serve you further in this manner. You can reach Ashton direct @ 940.224.0881 or ashton@bishoprealtors.com .