Jerry Newman's Blog
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Down Payment Assistance Programs
Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income. Most agencies are income sensitive, [...]
First Time Home Buyers
If you are still renting, and trying to decide if you should pursue the American Dream of owning your Home? NOW is the time to ACT! Interest Rates are still at an all time low, less than 5% with most lenders, and the 2009 Tax Credit of $8,000 is a great deal for First Time [...]
Do You Qualify for $100 Down payment?
Attention First Time Home buyers, you may qualify for a $100 down payment on your home purchase. If you choose to buy a HUD foreclosed home, and use FHA financing for your loans, then HUD will allow you to put only $100 down instead of the new 3.5% down payment. HUD will even allow up to [...]
Tax Breaks for Homeowners and Homebuyers
Homeowners are really suffering due to declining home values, and there is tax relief for them. If your mortgage debt is partly or entirely forgiven during tax years 2007 - 2012, you may be able to claim special tax relief and exclude the debt forgiveness income. Normally, debt forgiveness results in taxable income. However, under [...]
Tips for Buyers Rejected on Mortgage Application
Nearly half of the buyers who apply for mortgage loans are turned down the first time. Here are a few tips to help you get qualified with the mortgage loan process. 1. Get a read on the reason If you’ve submitted a formal application, federal law dictates that you’re entitled to a formal rejection. Expect an “adverse action” [...]
Buying HUD Foreclosures For Less
You may be able to buy a HUD foreclosure for 50% of the market value , and for as little as $100 out of pocket, when you buy as a First Time Home buyer using a FHA loan. HUD will also allow up to 3% for the buyer’s closing costs and pre-paid items. Homes are [...]
$8,000 Tax Credit for First Time Home Buyers
Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers ? an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions. The new $8,000 tax credit [...]
How to Prevent Foreclosure? Keep Your Dream of Homeownership
Important Announcement written by the Texas Department of Housing and Community Affairs. On February 18, 2009 President Obama announced a comprehensive plan to help responsible homeowners avoid foreclosure by providing affordable and sustainable mortgage loans. The Homeowner Affordability and Stability Plan provides for a sweeping loan modification program targeted at borrowers who are at risk [...]
Why is Texas so Different Anyway? Ask a Texas REALTOR.
Facts About Texas written by the Texas Association of REALTORS. There are so many misperceptions created by the national news about the real estate market, but Real Estate market in Texas is different than other market areas. Here are some of the facts that makes Texas, not only Special, but different. Strong, diverse economy: Texas is strong in [...]
New Stimulus Plan 2009 in the News
Highlights for New 2009 Stimulus Bill for First Time Home Buyers by Hilda Garcia, Cornerstone Mortgage. First-Time Homebuyer Credit of Up to $8,000 Qualified first-time homebuyers who purchase a home in 2009 beforeDecember 1, 2009 will receive a tax credit of up to 10% of the purchase price(up to $8,000). Homebuyers can claim the credit on their income [...]
