Register Real Estate Advisors » tax credit

Resources for Texas Home Buyers

Shannon Register, Broker/Owner — Wed, 06 Oct 2010 15:01:11 +0000

Resources to help more Texans buy a home at TexasRealtors.com/WorkforceHousing.

The recently expired federal homebuyer’s tax credit was one of the most publicized buyer-assistance programs ever. Many Texans now assume they’ve missed the window to benefit from this type of buyer aid. In a lot of cases, though, they are wrong – especially for those considered eligible for “workforce housing.”

Even many Texas REALTORS® aren’t aware of what’s available for their workforce-housing clients. Thanks in part to an NAR grant awarded to the Texas Association of REALTORS®, though, there are three ways you can assist firefighters, teachers, service workers, and other in finding decent affordable housing in the community where they work.

Use TxHomePrograms.org

This site, sponsored by the Texas Association of REALTORS®, contains a searchable online database of homebuyers-assistance programs. You and your clients can find Texas-based programs that offer down payment assistance, below-market mortgage interest, and other aid.

To find programs, the user supplies information about income, family, homeownership status, and location. The site returns results that apply to that person’s situation. TxHomePrograms.org also provides information on issues that may affect first-time buyers, such as predator lending and credit repair.

Take new training

Texas REALTORS® University is offering new courses through local associations on the ever-changing FHA rules, manufactured housing, and TxHomePrograms.org. These courses count toward the Texas Affordable Housing Specialist (TAHS) certification, which puts you in touch with more potential homebuyers via an online searchable database of TAHS graduates on TexasRealEstate.com. The new MCE courses are: Help for Homebuyers, FHA Lending for Workforce Housing, and Manufactured Housing Today. Use the Course search on TexasRealtors.com to find one of these coming to a local association near you.

Conduct a consumer workshop

The Texas Association of REALTORS® Housing Opportunity Foundation will issue grants up to $1,500 to conduct consumer workshops on workforce housing. This is a great opportunity for Texas REALTORS® to position themselves as the expert and advocates for affordable workforce housing in their area. To learn more, visit TexasRealtors.com/WorkforceHousing.

"Resources for Texas Home Buyers" was brought to you by the outstanding agents at Register Real Estate Advisors.

Tax Credits for Houston Affordable Housing

Shannon Register, Broker/Owner — Wed, 01 Sep 2010 17:54:14 +0000

HOUSTON (Houston Business Journal) – Ten developers that are constructing or rehabilitating affordable apartments in the Houston area are set to collectively receive $14.6 million in incentives from the Texas Department of Housing and Community Affairs.

The developers will receive tax credits in exchange for charging lower rental rates on a portion of a property’s units so they are affordable for low-income individuals and families.

The following developments are the local recipients of this year’s tax credit program:

Cypress Creek at Fayridge ($2 million for 148 affordable units)
Cypress Gardens ($1.4 million for 100 affordable units for seniors)
Golden Bamboo Village III ($1.6 million for 130 affordable units for seniors)
Mason Senior Homes ($1.5 million for 120 affordable units)
Perry Street Apartments ($921,000 for 160 affordable units)
Parkway Ranch II ($963,000 for 44 affordable units)
Tarrington Court Apartments ($2 million for 153 affordable units for seniors)
Travis Street Plaza ($1.4 million for 192 affordable units)
Zion Gardens ($954,000 for 70 affordable units)
Tuscany Place ($2 million for 152 affordable units in Kingwood)

"Tax Credits for Houston Affordable Housing" was brought to you by the outstanding agents at Register Real Estate Advisors.

Tax Credit Closing Deadline Extended

Shannon Register, Broker/Owner — Sat, 19 Jun 2010 19:21:28 +0000

WASHINGTON, D.C. (InmanNews.com) – The Senate approved an amendment to the recent tax credit bill in which homebuyers who were under contract by April 30 will receive an additional three months to finish closing and claim the homebuyer tax credit.
Extending the deadline from June 30 to September 30 will allow lenders to clear the backlog of 180,000 homebuyers nationwide who qualified for the tax credit.
The amendment does not extend the deadline for homebuyers who do not have a contract in place.

"Tax Credit Closing Deadline Extended" was brought to you by the outstanding agents at Register Real Estate Advisors.

TAX CREDIT EXTENDED!!

Shannon Register, Broker/Owner — Mon, 14 Jun 2010 02:29:04 +0000

For Active Duty Military personnel living overseas during any part of the $8,000 First Time Home Buyer Tax Credit or the $6,500 Move Up Tax Credit – you are still eligible to take advantage of the tax credits until April 30, 2011.
The $8,000 First Time Home Buyer Tax Credit will be ending soon. You must be under contract by the end of April to qualify for the tax credit and must close on your home by the end of June. To qualify, the purchaser(s) may not have owned a primary residence in the last three years. It does not have to be a resale home, you may purchase from a builder. You should use a Realtor even when you purchase from a builder. It’s free for buyer’s to use Realtors and your Realtor will be representing you and looking out for your best interest. You can receive the maximum $8,000 tax credit if you are single with an income up to $125,000 or married with an income up to $225,000. The amount of the tax credit decreases as home buyers income approaches the maximum limit. Homebuyers earning more than the maximum qualifying income are not eligible for the credit.

There is an existing home buyer tax credit currently in place for $6,500. To use this tax credit you must sell your current primary residence that you have lived in for atleast five consecutive years and purchase another primary residence. If you don’t want to sell your current home, but have lived there for five years and now want to move to a new primary residence, you can still qualify for the tax credit. There are some income requirements, so check with your accountant to be sure you qualify.

Neither of these credits have to be repaid as long as you live in the new primary residence for at least three years.

"TAX CREDIT EXTENDED!!" was brought to you by the outstanding agents at Register Real Estate Advisors.

10 Steps to Prepare for Homeownership

Shannon Register, Broker/Owner — Sat, 22 May 2010 20:04:55 +0000

1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develope a wish list of what you’d like your home to have. Then prioritize the features on your list.

3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.

4. Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2% and 7% of the home price.

5. Get your credit in order. Obtain a copy of your credit report.

6. Determine how large a mortgage you can qualify for. Also explore different loan options and decide what’s best for you.

7. Organize all the documentation a lender will need to pre approve you for a loan.

8. Do research to determine if you qualify for any special mortgage or down payment-assistance programs.

9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10. Find an experienced REALTOR who can help you through the process.

"10 Steps to Prepare for Homeownership" was brought to you by the outstanding agents at Register Real Estate Advisors.

April Fools Day!

Shannon Register, Broker/Owner — Fri, 02 Apr 2010 03:52:27 +0000

Don’t be fooled, take advantage of the $8,000 tax credit before it goes away. It ends at the end of this month. It’s the best gift Uncle Sam will ever give you! If you would like to sell your home and buy another home, you may be eligible for the $6,500 tax credit. Give me a call today so we can get you qualified for your tax credit. I am not fooling around, these tax credits are a great deal!

"April Fools Day!" was brought to you by the outstanding agents at Register Real Estate Advisors.

5 Common First-Time Homebuyer Mistakes

Shannon Register, Broker/Owner — Sun, 21 Mar 2010 03:01:30 +0000

1. They don’t ask enough questions of their lender and miss out on the best deal.

2. THey don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right real estate professional who is willing to help you through the homebuying process.

4. They don’t do enough to make their offer look good to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

REPRINTED WITH PERMISSION FROM REAL ESTATE CHECKLIST AND SYSTEMS ( http://www.realestatechecklists.com ) REPRINTED FROM REALTOR MAGAZINE ONLINE BY PERMISSION OF THE NATIONAL ASSOCIATION OF REALTORS, COPYRIGHT 2005, ALL RIGHTS RESERVED.

"5 Common First-Time Homebuyer Mistakes" was brought to you by the outstanding agents at Register Real Estate Advisors.

10 Tips for First-Time Homebuyers

Shannon Register, Broker/Owner — Wed, 10 Mar 2010 12:43:52 +0000

The $8,000.00 First Time Home Buyer Tax Credit is available until April 2010. The following are ten tips for those First-Time Home buyers:

1. Be picky, but not unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to vover your downpayment and your closing costs.

4. Don’t wait to get a loan. Talk to a lender and get pre qualified for a mortgage before you start looking.

5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if ou feel you need a second opinion.

6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the renatl market in your area?

7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.

8. Don’t let yourself be “house poor”. If you max yourself out ot buy the biggest home you can afford, you’ll have no money left for maintenance or decoration ot to save money for other financial goals.

9. Don’t be naive. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.

10. Get help. Consider hiring a REALTOR as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.

"10 Tips for First-Time Homebuyers" was brought to you by the outstanding agents at Register Real Estate Advisors.

Rent vs. Buy

Shannon Register, Broker/Owner — Fri, 05 Mar 2010 03:42:41 +0000

If you are a renter, you might be wondering how much mortgage you can afford. Please use the Rent vs. Buy calculator on my website to figure out what you can afford. I thought the following information was interesting, so I am sharing it with you. It is reprinted with permission from the National Association of REALTORS and reprinted from REALTOR Magazine Online.

The following calculation assumes a 28% income tax bracket. If your bracket is higher, your savings will be, too.

Rent: _____________

Multiplier: X 1.32

Mortgage Payment: __________________

Because of tax deductions, you can make a mortgage payment – including taxes and insurance – that is approximately 1/3 larger than your current rent payment and end up wtih the same amount of income.

Not only does owning a home give you a haven for yourself and your family, it makes great financial sense, too. Right now, if you are a first time home buyer you can take advantage of the $8,000 tax credit available. You must hurry, because it ends in April! Call me today so we can get started.

"Rent vs. Buy" was brought to you by the outstanding agents at Register Real Estate Advisors.

Government Creating Uncertainty, Dotzour Says

Shannon Register, Broker/Owner — Sun, 28 Feb 2010 16:41:09 +0000

AUSTIN (National Real Estate Investor) – U.S. businesses are hoarding cash instead of helping revitalize the down economy through spending and hiring, says Dr. Mark Dotzour.
The Real Estate Center’s chief economist shared his thoughts on why at CCIM Central Texas’ symposium in Austin Tuesday.
“We are used to thinking of the federal government as the solution to these problems for economic growth and they have rapidly become the source of the problem because of the uncertainty that they have created for business people,” Dotzour said.
Take taxes, for instance.
Although proposals to raise the capital gains tax from the current 15 percent to 24 percent have been scaled back to 20 percent, Dotzour said even that hike would reduce initial returns on investments in commercial real estate. That threat of a bigger tax hit will influence many potential buyers to postpone acquisitions until a definite rate is set and can be factored into purchase prices.
Dotzour also said worries about higher income tax rates, increasing energy costs as a result of cap and trade legislation, and the potential impact of health-care reform proposals are weighing on the minds of business owners and would-be entrepreneurs.
For more on what Dotzour had to say, read the National Real Estate Investor article.

"Government Creating Uncertainty, Dotzour Says" was brought to you by the outstanding agents at Register Real Estate Advisors.