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Wichita Falls Weekly Real Estate Update

by Ashton Gustafson

Good Monday morning to you and Happy Labor Day!

Its hard to believe that we are now 2/3 into 2009. 1st Time Home Buyers now have roughly 90 days to find a home and close before the Tax Credit expires. I saw rates this week hit 5.25% FIXED for 30 Years with local lenders this week - its time to capitalize on this opportunity.

And don't forget my Stimulus Package for buyers! I have negotiated discounts with numerous local vendors to make your next move affordable and stress free. Call or email me if you would like more details.

I hope you and yours have a great Labor Day Holiday - and if you're free this Thursday from 5:30 - 7:00, Kevin Rhine and I will be playing the Summer Music Series @ The Museum at Sikes Lake - should be a great time!

Need quick answers in regards to Real Estate? Remember these sites:

www.TheFallsHomeFinder.com - For Buyers

www.TexomaHomeValue.com - For Sellers

www.TexasBankOwned.com - Foreclosed Properties

www.talkrealty.com/AshtonGustafson - Market Update

"Never will I be of concern that my goals are too high, for it is it not better to aim my spear at the moon and strike only an eagle than to aim my spear at the eagle and strike only a rock?" Og Mandino

Wichita Falls Real Estate Update - August 24, 2009

by Ashton Gustafson

Good Monday morning to you!

This past week was favorable for rates as we saw many local lenders offer rates again below 5.375 on a 30 year fix.

I encourage you to listen to my Pod Cast this month to hear about many things affecting the Real Estate sector.
Here I discuss the 1st Time Home Buyer Tax Credit and other useful information.
Click www.TalkRealty.com/AshtonGustafson to listen.

Have you thought about investing? I've found many great buys lately that would make great rentals.
Click www.TexasBankOwned.com to have them sent to you each Wednesday.

Wondering about the homes for sale in your neighborhood? You can find them all at my buyer's only site.
Click www.TheFallsHomeFinder.com for every home for sale in the Greater Wichita Falls MLS.

If I can serve you or anyone you may know this week, please let me know - I'm here to help.

"Where there is charity and wisdom, there is neither fear nor ignorance." Francis of Assisi

1509 Aldrich - New Home On The Market

by Ashton Gustafson

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

5450 Carlson - Wichita Falls, TX - New On The Market

by Ashton Gustafson

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

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.

Displaying blog entries 171-180 of 224

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