Wednesday, February 24, 2010
The Lakes of Coppell Owners Association Annual Meeting
The annual meeting is to be held on Wednesday, March 24, 2010. It will be at 7 p.m. at the William T. Cozby Library, 177 Hertz Rd. Coppell, TX 75019. Check in is from 6:30 p.m. to 7 p.m. Refreshments provided by "Ole's".
Tuesday, February 16, 2010
Our Winter Market Returns on Saturday the 20th!
8 A.M. is the time and the Coppell Farmers Market at Bethel and Coppell roads is the place for our Winter Market. Local food and crafts will be sold until noon. The Coppell Farmers Market is open the third Saturday in February and March. YEA! See you there...
Early voting for the March 2 Primary Election begins today!
Early voting begins Tuesday, February 16 and ends Friday, February 26
Avoid long lines and vote early.
Early voting in person is easier than you think. You don't have to stand in long lines on election day. If you are a registered voter, you can vote early at any convenient location in your county. The closest for Coppell is
Josey Ranch Library,1700 Keller Springs Rd.,Carrollton 75006
Find a different early-voting polling location try this link
http://dalcoelections.org/march22010/EVLocations.htm
Avoid long lines and vote early.
Early voting in person is easier than you think. You don't have to stand in long lines on election day. If you are a registered voter, you can vote early at any convenient location in your county. The closest for Coppell is
Josey Ranch Library,1700 Keller Springs Rd.,Carrollton 75006
Find a different early-voting polling location try this link
http://dalcoelections.org/march22010/EVLocations.htm
Thursday, February 11, 2010
Pre-Owned Housing Prices Rise
North Texas home prices inched higher last month. The median pre-owned home prices were up 1% in January from a year earlier.
Supply is at six-month now. Six months is considered a balanced market.
Supply is at six-month now. Six months is considered a balanced market.
$30 Million to Aid Vet Buy Homes!
Straight from Austin, Texas has announced a homebuyer initative targeting veterans. The funding was announced Tuesday by Gov. Rick Perry and the Texas Department of Housing and Community Affairs.
The state is releasing $30 million in mortgage credit certificate authority through its Texas Mortgage Credit Program.
The first-time homebuyer status requirement is waived for qualifying veterns who have received an honorable discharge.
The program makes home ownership more affordable by providing a dollar-for-dollar reduction of a borrower's tax liability, not to exceed $2,000 annually. There are some other restrictions.
Are you a Vet? Do you know a Vet that could use this program? Give me a call 214.316.0404. As a Navy man, I'd love to help another Vet.
The state is releasing $30 million in mortgage credit certificate authority through its Texas Mortgage Credit Program.
The first-time homebuyer status requirement is waived for qualifying veterns who have received an honorable discharge.
The program makes home ownership more affordable by providing a dollar-for-dollar reduction of a borrower's tax liability, not to exceed $2,000 annually. There are some other restrictions.
Are you a Vet? Do you know a Vet that could use this program? Give me a call 214.316.0404. As a Navy man, I'd love to help another Vet.
Friday, February 5, 2010
Stop Paying Your Landlord's Mortgage!
It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.
What if I don't have the money to buy a home right now?
There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.
There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:
How much is tax deductible?
Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.
These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:
Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.
Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.
Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.
If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.
What if I don't have the money to buy a home right now?
There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.
There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:
How much is tax deductible?
Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.
These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:
Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.
Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.
Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.
If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.
Monday, August 10, 2009
Decision Time Draws Near for First Time Buyer's Credit
Decision Time Draws Near for First Time Buyer's Credit
While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
1. Competition with Other Buyers: While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments.
2. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
3. Disclosures & Contingencies: The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
4. Appraisal: The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
5. Loan Approval: While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
6. The Holiday Season: Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
7. Additional Delays for Short Sales and Foreclosures: Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
Key Elements of the First-Time Home Buyer Tax Credit:
The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.
While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
1. Competition with Other Buyers: While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments.
2. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
3. Disclosures & Contingencies: The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
4. Appraisal: The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
5. Loan Approval: While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
6. The Holiday Season: Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
7. Additional Delays for Short Sales and Foreclosures: Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
Key Elements of the First-Time Home Buyer Tax Credit:
The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.
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