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Discounts For Wichita Falls Home Buyers

by Ashton Gustafson

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

by Ashton Gustafson

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)

New Regulation Z Rules

by Ashton Gustafson

This is from Jeff McClatchy @ Fidelity Bank - for more information - contact Jeff directly @ 940.763.2100

 

INDUSTRY UPDATE

 

New Regulation Z Rules Effective July 30, 20O9

The Federal Reserve has approved new rules concerning Regulation Z / Truth in Lending (TIL)

disclosures which go into effect on July 30, 2009 for ALL loan applications. The rules apply to

all mortgage lenders including brokers, bankers, wholesalers, federal or state banks and

credit unions.

 

In summary:

• Prior to issuance of the three-day disclosures, ONLY a credit report fee can be collected up

front. No other fees may be collected until AFTER the initial disclosures are issued.

 

• A new statement will be added to both the initial and final disclosure that states, "You are

not required to complete this agreement merely because you have received these disclosures or

signed a loan application."

 

• There is a MANDATORY seven business day (all days except Sunday and holidays)

waiting period from the time the initial TIL is issued to the time of closing. For example,

if the loan application is taken on Monday and the disclosures aren't issued to the borrower until

Wednesday, the loan cannot close until the following Thursday. The option to transfer a loan from

another lender one day and close it the next day has been prohibited.

 

• If the final TIL changes from the initial TIL (primarily meaning the APR changes by 1/8% up or

down), there is a MANDATORY three business day waiting period from the time the new

TIL is received by the borrower to when the loan can close. If the new TIL is mailed, then it

is a MANDATORY six business day waiting period.

 

• The new rules apply to owner-occupied purchases, refinances, second homes and

home equity loans. They do not apply to non-owner-occupied properties or home equity lines

of credit (HELOC).

Lenders must allow adequate time for locks; and ensure fees are accurate at the beginning of the

loan application; and items which impact the APR (i.e., fees, loan amount, interest rates) do not

change during the loan transaction. Additionally, short close contracts (less than seven days)

cannot be written.

 

Fines and penalties for violating the regulations include:

• Civil liability (lawsuits)

• Criminal liability ($5,000 and up to one year in jail)

• Administration actions (cease and desist orders)

• Possible forgiveness of the debt to the borrower

 

To review the regulations, visit:

www.federalreserve.gov/newsevents/press/bcreg/20090508a.htm

3200 York - New On The Market - Move In Ready!

by Ashton Gustafson

It simply cannot get better than this! You name it, and it has been updated. Home updates include: gourmet kitchen with maple cabinets and granite counter tops, refurbished original hardwood floors, updated bathrooms, blown-in insulation, new HVAC - and the list goes on.

This home has 2 living areas and an upstairs bonus room.

Located on a corner lot, this home is just minutes from anywhere you need to be in Wichita Falls. There is a side carport with a new door opening system, and a 2 car carport in the backyard with rear access. The workshop in the back has power run to it and a floor drain system.

This is the perfect first time home for anyone in the market.

Act now, and this home can be yours. And if you're a first time home buyer, you would receive the $8,000 tax credit, but you have to close by December 1, 2009.

Call or email Ashton today for your private showing - 940.224.0881 or ashton@bishoprealtor.scom

Now is the time to buy in Wichita Falls.

by Ashton Gustafson

Rates have increased due to concerns over government spending and inflation concerns.   If trends continue rates will continue to rise with periods of stable rates that staircase upward.
 

If you are looking for a home, you must see www.TheFallsHomeFinder.com . This site is the 1 stop shop for everyone looking for a home.

Breaking News Regarding $8000 Tax Credit

by Ashton Gustafson

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."

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

by Ashton Gustafson

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."

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

by Ashton Gustafson

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.

 

When & How Is The FTHB Assistance Available?

by Ashton Gustafson

The 4th in the series of the First-Time Homebuyers Program administered by the Neighborhood Resources Division  - The City of Wichita Falls, Texas is information on what to do if your home needs repairs and how the program is available to you.  If you are not familiar with the previous three series, please take a moment to read these to find out how you can benefit from this great opportunity.

What If The Home Needs Repairs Before It Passes Inspection?

After the inspection of the property, a report will be sent ot your REALTOR(R)  and lender that describes  the needed repairs.  The seller usually performs this work up to the repair limits in the sales contract.  However in some cases, the buy and seller may negotiate the completion of the required repairs.  When repairs are complete, the house is re-inspected.  Also the FTHB Program may possibly provide assistance to the buyer after the closing for a major item (e.g roof, electrical) now working properly but in the judgement of the City's inspector, is approaching the end of its useful life and needs replacement.  These repairs are made after the closing.

When And How Is The FTHB Assistance Made Available To Me?

After you have met all program requirements and the home passes inspection, a check for $7,500 is issued to your title company for the day of closing.

After Closing, Then What?

After closing, your occupancy of the home may be periodically monitored by the Neighborhood Resources Division during the period of the lien.

Remember, you can contact me for more information on this great program and I can assist you in finding the home that meets your goals.  I can even set you up to receive daily emails alerts on homes as the become available within your price range.

Take advantage of this program now and let's start building equity for you!

Applying For The First-Time Homebuyers Program

by Ashton Gustafson

If you have been following my blog this week you have been learning about the First-Time Homebuyers Program administered by the Neighborhood Resources Division of the City of Wichita Falls, Texas.  Now you are most likely wondering

HOW DO I APPLY

First you must apply for a standard mortgage loan (no sub-prime loans allowed) for one of the Participating Lenders, which you can find on my website or from a a recognized mortgage lender who agrees to meet program requirements.  Just mention to your lender or REALTOR(R) that you want to apply for the First-Time Homebuyers assistance through the City of Wichita Falls. (You can apply for a loan and the First-Time Homebuyers Program even before you have found a home!)

Now What?

After your lender pre-qualifies you for a mortgage loan, call the First-Time Homebuyers Program at 761-7448 for an appointment.  Bring with you:

  • Your real estate contract
  • A copy of the loan application that the lender may have provided you
  • Copies of recent earnings
  • Income and benefits statement for all members of the household.

The City of Wichita Falls Neigborhood Resources Division will explain the program requirements, answer any questions you may have, and give you an application to fill out and return.

After you return your application and sales contract to the First-Time Homebuyers Program, they will schedule an inspection of the property to determine if the home meets the required federal and local property standards.

Now, if you are a little overwhlemed by all that is involved, please feel free to contact me and I will be happy to answer any questions.  And, remember, NOW is the time to start building the future you have always dreamed of!

 

Displaying blog entries 141-150 of 181

Contact Information

Photo of Ashton Gustafson Real Estate
Ashton Gustafson
The Bishop Realtor Group
1916 N. Elmwood Ave.
Wichita Falls TX 76308
Office: 940-691-7355
Fax: 940-691-7363