Real Estate Information Archive

1304 Harvey - Wichita Falls, TX For Lease

3 Beds - 1 Bath - 1 Garage - recently refurbished hardwood floors - backyard has covered RV parking and a workshop with power and garage bay.

$685/month - or 2 year lease at $650/month

Call 691.7355 for an appt to preview.

Good morning. Have you planned on going to open houses today in or around Wichita Falls? In all reality, we offer open houses 24 hours a day for our Wichita Falls listings. Today I am having 80 open houses!!! 80???? Yes, online that is - and you can view them at any time. See www.texomahomesource.com/Properties. 

Please let me know if you would like to preview any of these in person or if I can answer any questions for you.

www.TexasBankOwned.com - Investor's Site

www.TexomaHomeValue.com - Thinking of Selling?

www.TexomaForeclosure.com - Having trouble with your mortgage?

First-Time Homebuyers Program Wichita Falls Texas

 

I. Introduction

 

Since 1993, the City of Wichita Falls has received grant funding through the HOME Investment Partnership Program (HOME Program) administered by the U.S. Department of Housing and Urban Development (HUD).  Using HOME Program funding, the Neighborhood Resources Division of the City's Community Development Department implemented a First-Time Homebuyers Program to meet the needs of our community.  This program assists low and moderate income families and individuals in obtaining affordable, permanent housing that is safe, sanitary, and decent, and that serves to enhance family stability and neighborhood viability.  The following guidelines describe the basic elements of and policies governing the First-Time Homebuyers Program and outline the requirements for persons qualifying for the program.

 

II. Program Overview

 

First-Time Homebuyers Program funds are used to assist qualified low to moderate income first-time buyers (see definition of “Eligible Persons”) with the costs of acquisition in the purchase of a single-family dwelling located within the city limits and with certain minor repairs for the property after closing.  A total of $4,250 assistance may be applied to downpayment, customary and reasonable closing costs (including pre-paids), and principal reduction of the mortgage loan.  Assistance will be in the form of a zero-interest, deferred payment loan with a 5-year term and is secured by a subordinate lien.  Applicants must meet income requirements (household income must not exceed 80% of the area median income) and the property must pass an inspection conducted by the City of Wichita Falls.

 

If within a 5-year period following purchase, the buyer fails to occupy the home as a principal residence, all or part of the First-Time Homebuyers assistance will be due and payable to the City.  If non-occupancy occurs during the first year of the lien, the homeowner is obligated to repay the full amount. On each anniversary date of the lien, 20% of the assistance amount is forgiven.  On the fifth anniversary from date of purchase, the lien amount is forgiven, and the lien released. 

 

In addition to the FTHB acquisition assistance, funds are available for certain repairs after property transfer (but before occupancy) through the City’s Minor Repair Program.  The program may possibly provide assistance to the buyer after property closing to replace a major component (e.g. HVAC, electrical system, roof) that in the judgment of the City’s inspector, is approaching the end of its useful life or is in danger of failing, and that may need replacement in the reasonable future.  The funds for this repair are also subject to recapture within a five-year period following closing, are forgiven at 20% on each anniversary, and are also secured by a subordinate lien.

 

Program assistance is subject to available funding, and amounts and terms may be changed as necessary.  If change in funding amount occurs during the program year, notice of such change will be given to realtors, participating lenders, and title companies.  Those applicants who have provided the City with existing, executed real estate contracts and who have completed the application process with the City, but have not yet closed on the property, will receive the assistance amount in place at the time of application and contract execution.

 

NOTE: If the assistance amount from the First Time Home Buyer Program and the Minor Repair Program is less than $15,000, the period of affordability is 5-years and the assistance is forgiven at 20% on the anniversary date of the transfer of title for each year the buyer occupies the property as my principal residence. If the assistance amount from the First Time Home Buyer Program and the Minor Repair Program is greater than $15,000, the Period of Affordability is 10-years and the assistance is forgiven at 10% on the anniversary date of the transfer of title for each year the buyer occupies the property as my principal residence.

 

III. Eligible Persons

 

To be eligible for the First-Time Homebuyers Program, households must be classified as low or moderate income at the time of application.  For the purposes of this program, "low or moderate income" means total gross earnings of the household must be equal to or less than 80% of the median family income for this area, adjusted for family size, as defined by the most recent annually-published HUD Income Limits for Wichita Falls, Texas (Appendix D).

 

The buyer must be a "first-time homebuyer," defined as a person who has not owned a home during the previous three years, with exceptions made for displaced homemakers and for single parents with custody of minor children. 

Single parents and displaced homemakers are eligible to apply for assistance even if they have had ownership in a home during the previous three years.

 

A "single parent" is defined as "an individual who is unmarried or legally separated from a spouse and has one or more minor children for whom the individual has custody or joint custody or is pregnant."

 

A "displaced homemaker" is "an individual who is an adult and has not worked full-time, full-year in the labor force for a number of years, but has, during such years, worked primarily without remuneration to care for the home and family and is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment."

 

IV. Eligible Properties

 

Eligible properties include any publicly or privately-held existing single-family dwelling within the city limits of Wichita Falls whose sales price does not exceed $95,000.00.

 

The property must not be located within either the Floodway or the 100-year Flood Zone designated by the most currently-published Federal Emergency Management Agency floodplain maps.

 

Duplexes and mobile homes or manufactured housing units are not eligible dwellings for First-Time Homebuyers assistance.

 

Because of the potential of a claim for relocation benefits under provisions of the Uniform Relocation Act, for-sale, tenant-occupied properties (except those occupied by the buyer) are not eligible properties.

 

Before First-Time Homebuyers assistance is approved for the applicant, the property must pass an inspection by the City of Wichita Falls (Appendix P) and meet HUD Section 8 Housing Quality Standards (HQS), as defined in 24 CFR 882.109 and any locally-adopted housing codes, and must conform to lead-based paint regulations for HUD-assisted programs. After the initial inspection, a list of required repairs will be provided to the buyer’s lender, and to the realtors involved in the sale.  Any required repairs listed by the City’s inspector must be satisfactorily completed before the property will pass inspection.  Once notified that repairs are complete, the City re-inspects the property and provides notice of property approval and buyer eligibility to the lender.

 

V.  Eligible Loans

 

Buyers must be eligible for standard, fixed-rate FHA, VA, or conventional mortgage loans at current prevailing interest rates and terms.  No sub-prime or balloon mortgage loans are allowed. Co-signers are not allowed. The First-Time Homebuyers Program can also be used in conjunction with any mortgage funding that may currently be available through Nortex Housing Finance Corporation’s Mortgage Revenue Bond Program.

 

VI.    Other Program Requirements

 

The Neighborhood Resources Division will accept applications for the First-Time Homebuyers Program only from persons who are pre-qualified and referred through participating lenders.  Participating lenders are those recognized, federally-regulated financial institutions that agree to participate in and comply with requirements of the FTHB Program.

 

Although buyers must apply for the FTHB Program after pre-qualification by the lender, buyers are not required to have chosen a property for purchase or submitted a purchase offer in the form of a TREC Residential Real Estate Contract at the time of application.

 

The buyer(s) must not have outstanding unpaid debts to the City of Wichita Falls.

 

Applicants must be citizens or legal residents of the United States.

 

The buyer(s) must occupy the property as a principal residence ensured by deed restriction or comparable covenant.  No subleases of the property are allowed, even on a temporary basis.

 

The buyer must hold the property in fee-simple title or in a 99-year leasehold interest.

 

The ownership interest must be subject only to the first mortgage and deed of trust.

 

Owner-financed properties are not eligible for assistance, nor does the First-Time Homebuyers Program recognize a Contract for Sale or Contract for Deed as an acceptable form of legal ownership.

 

The contract sales price must not exceed the current, published FHA 203(b) mortgage limits adjusted for family size, and the maximum per-unit subsidy limit must not exceed the published 221(d) (3) limits (Appendix E). 

 

A recipient of HOME funds under the First-Time Homebuyers Program is not eligible to receive assistance under this program again, even in instances where a new household is created through divorce and remarriage.

 

The City imposes no affordability requirements to the HOME-assisted buyer, except those established by the lending institution. 

 

VII.   Loan Recapture Provisions

 

 If at any time within a five-year or ten-year period following purchase, the homeowner fails to occupy the property as a principal residence, either the full amount or a portion of the First-Time Homebuyers assistance will be due and payable to the City. 

 

If non-occupancy occurs within the first year, and the assistance amount from the First Time Home Buyer Program and the Minor Repair Program is less than $15,000, the full amount is repayable.  On each anniversary thereafter, 20% of the assistance is forgiven so that on the fifth anniversary from date of purchase, the lien amount is totally forgiven and the lien is released. If non-occupancy occurs within the first year, and the assistance amount from the First Time Home Buyers Program and the Minor Repair Program is more than $15,000, the full amount is repayable. On the anniversary thereafter, 10% of the assistance is forgiven so that on the tenth anniversary from date of purchase, the lien amount is totally forgiven and the lien is released. (Appendix O).

 

The period in which recapture requirements are in effect is known as the “Affordability Period” and will be enforced through a Subordinate Deed of Trust & Note furnished by the Neighborhood Resources Division at the time of closing and the lien filed for record by the title company in the Wichita County Clerk's Office.  These legal documents secure the City's interest as a secondary lien holder on the property (Appendix F, G).

 

VIII. Application Process

 

            A.  Referral By Financial Institution – Lender Requirements

 

Applicants for First-Time Homebuyer assistance must first seek a mortgage loan through a Participating Lender, and are then referred to the Neighborhood Resources Division by the lender or realtor. 

 

The financial institution should pre-screen the loan applicant for basic eligibility requirements of the First-Time Homebuyers Program.  If the applicant appears to be initially qualified for a mortgage loan and meets basic eligibility criteria of the First-Time Homebuyers Program, the lender should provide the applicant a Pre-qualification Letter and a Good Faith Estimate (Appendix H) to furnish to the City at the time of the interview for the First-Time Homebuyers Program assistance.  The lender should also provide the City a copy of the buyer’s credit report. 

 

The applicant should be advised to call the Neighborhood Resources Division to schedule an appointment for the initial FTHB Program interview.

 

After the property appraisal is conducted, the lender must furnish the City a copy of the appraisal and lender’s closing instructions prior to the scheduled closing.

 

  Applications for HOME assistance are processed as they are received.

 

B.  Contingency Language In The Sales Contract

 

Realtors are encouraged to include contingency language in the sales contract that enables the First-Time Homebuyer to select another property without potential loss of earnest money if the property does not pass the City’s inspection and the seller is not willing to make the required repairs identified in the City’s inspection report, or if the applicant for some other reason does not qualify for the First-Time Homebuyers Program.

 

           

 

C.  Applicant Interview

 

During the applicant interview for First-Time Homebuyers assistance, program requirements are explained in detail and the First-Time Homebuyers Application (Appendix A) and accompanying notices are provided to the buyer and reviewed.  The applicant should have a basic understanding of the overall program requirements, application process, legal obligations assumed by receiving First-Time Homebuyers Program assistance, repayment triggers, nature and implications of the City property inspection, and approximate time frames to complete the process.

 

Program requirements include an explanation of:

• The amount and type and use of assistance provided by the First-Time Homebuyers Program.
• The basic conditions of the deferred payment loan, including the buyer’s obligation for repayment under conditions specified in the City’s legal documents.
• Income verification requirements and how income is defined, calculated, and verified for the FTHB Program. (Appendix C, Q, R, S, T)
• Floodplain restrictions.
• The nature and purpose of the property inspection conducted by the City (Appendix N, P).
• How the condition of the property affects property eligibility.
• Occupancy requirements and recapture provisions.
• Lead-based paint requirements for the property, health and safety reasons for the requirements and provision of the Lead-Based Paint Notice   (Appendix J).
• Grievance procedure (Appendix K).
• Certification and verification of occupancy (Appendix U).
• The Minor Repair Program component available to the buyer after closing.

 

An applicant's file will contain items listed on the Checklist of Duties and Documentation (Appendix B).

 

Information gathered during the application process is subject to the Privacy Act (Appendix W).  The Subordinate Deed of Trust is a public record (Appendix V).

 

 

            D.  Property Inspection

 

When the buyer returns the completed application and the City receives a copy of the TREC Residential Real Estate Contract, the Neighborhood Resources Division will schedule and conduct an initial inspection of the property to determine property condition and what, if any, repairs will be required in order for  the house to be approved for the FTHB Program.   

Buyers and realtors will be provided a copy of the City’s First-Time Homebuyers Property Inspection Guidelines (Appendix P) to use as a guide for understanding the required overall condition the home must be in and for types of repairs commonly required for the home to pass inspection.

 

All homes built before 1978 are subject to Federal Lead-Based Paint Regulations and must be free from any lead paint hazards before assistance is provided. 

 

If the buyer orders a private home inspection, the City should receive a copy for review.

 

Should the home contain potential health or safety-related hazards, these must be corrected prior to occupancy and prior to any HOME Program funding for the project. 

 

The buyer, lender and realtor will be notified of required repairs, and the home must pass a re-inspection following correction of any deficiencies. If the inspection reveals that the structure is obviously substandard, and the seller decides that correcting the deficiencies would not be cost effective, the applicant may look for another property to purchase that meets property standards.

 

If the City inspection reveals a major system that may be working but is in danger of failing or has exceeded its customary life expectancy, the buyer may apply for the Minor Repair Program.  Any such repair is performed after property closing but before occupancy by the buyer.

 

The Neighborhood Resources Division inspection is not intended to identify all potential deficiencies nor produce a complete evaluation of the entire structure and systems of the home.  The buyer can contract with a private inspection service for a more comprehensive and detailed analysis and evaluation of the structure and condition of the property. 

 

E.  Property Appraisal

 

As a requirement for receipt of HOME funds, an appraisal of the property by a qualified, state-licensed third-party is necessary.  Prior to closing, the lending organization must provide to the City a copy of the appraisal to be included in the First-Time Homebuyer's file. (Appendix I).

 

F.  Income Verification

 

Although the financial institution's process for mortgage loan approval includes an evaluation of income for the applicant, the Neighborhood Resources Division will also verify and document income using the definition for income according to criteria in 24 CFR Part 5.609 (Appendix C).  Household income is determined not from evidences of past income, but from projected future income during the 12 month period from date of application.  Income from all persons age 18 or older who will be living in the home must be included to arrive at total family income.  Types of income included in the household income calculation include wages, salaries, overtime pay, tips, bonuses, commissions, child support, SSI/Social Security, disability, unemployment compensation, pensions, annuities, cash contributions, and dividends, interest or other income derived from assets.  Income verification is valid for a six-month period following receipt of information.  If the homebuyer does not acquire title to the property within six months, income must be re-verified.         

 

 

G.  Environmental Review

 

Prior to property and applicant approval, the City of Wichita Falls will conduct an environmental review of the property as required by HOME regulations.  Property sites will be identified with respect to the 100-year Floodplain, Coastal Barriers Resources Act requirements, and the Runway Clear Zone of a civilian airport or the Clear Zone of a military airfield (Appendix L).  Documentation of compliance will be included in the applicant’s file.

 

IX. Uniform Relocation Act Requirements

To comply with requirements of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, sellers of properties purchased with First-Time Homebuyers funds must sign the form, "Notice of Uniform Relocation Act Requirements" (Appendix M).  This form informs the owner-seller of the fair market value of the property and although federal funds are involved in the purchase, the buyer is an individual and does not possess the power of eminent domain in acquiring the property.

 

Properties currently or recently occupied by renters are ineligible because of liability exposure to the City under the Uniform Relocation Act.

 

X. Verification of Occupancy

 

During the period when the loan recapture provisions are in effect, compliance with the principal-residence requirement will be randomly monitored from time to time.  Any discrepancy that creates a question of ownership will be resolved by written contact with the homeowner, asking the homeowner to furnish verification of residency by furnishing a copy of a current bill or other third-party documentation that indicates the present address of the homeowner.

 

 

 

 

 

 

Good Monday morning to you!

I just returned from a conference with 200 of the top agents in the country. Its always good to be around the best of the best, and I hope to put to use the knowledge learned for my current and future clients.

One thing to keep in mind at this time is investing in an income producing piece of Real Estate. I feel its the perfect storm - low rates and a good amount of inventory. When these rates swing upward (and they will), the lease market is going to be on of the best we've ever seen. Let me know if you would like to discuss some possibilities for yourself in this matter.

Also, I've launched a new site. Know someone that is having a hard time with their mortgage? They may qualify for a "short sale". A short sale is when the lender will accept less than what is owed on the mortgage. If someone you know would like to explore the possibility of a short sale for their property, avoid foreclosure, and potentially save their credit rating, please forward the link below.  http://www.texomaforeclosure.com/ 

If I can serve you or anyone you may know this week, please let me know.

The greatest discovery of my generation is that man can alter his life simply by altering his attitude of mind.James Truslow Adams

Ashton's clients comment on his service.

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

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.