Are the current economic conditions having you considering uprooting and moving? If so, your not alone, Texas has seen an increase in relocation of people looking for work to support their families. Houston, Texas and its surrounding area is a great place to live. Texas has seen some reductions in home and retail sales but not like other states. There has been a slight decline in sales and home prices but compared to other cities across the country our great town of Houston is doing well. There are lots of places to visit such as the Space Center, The Aquarium both in downtown Houston, and Kemah. The Houston Zoo. There is also Moody Gardens in Galveston and many other spectacular eating places.
Houston is the workplace for many hospitals and medical research facilities along with the oil and gas industry and Space center facilities.
I take pride in the area I live in and will be glad to assist you with information regarding Houston, Spring, The Woodlands, Lake Conroe. Please feel free to email or call.
Patti
The Senate passed the 700 Billion dollar Bailout of Freddie Mac and Fannie Mae today. I am curious if everyone out there knows what these companies do and why the Government stepped in to help out.
First, to help clear some of the confusion, these two companies are mortgage guarantors. Fannie Mae was created back in the Great Depression by Roosevelt’s administration to back loans by private banks in order to make homeownership more assesible. Years later the government allowed Fannie Mae to be privately managed. Freddie Mac was created by the government to keep Fannie Mae from becoming to big.
Fannie Mae and Freddie Mac guarantee more than $5 trillion in mortgages, almost half of those in the United States, With many of the mortgages defaulting, the companies are, in effect, bankrupt. These two companies are such a large part of our financial system that failure of one or both would be detrimental Nationally and Globally.
This takeover was put in place to protect us, the taxpayer. How, well the U.S. government will be creating more demand in the marketplace by buying Fannie and Freddie mortgage bonds, homeowners and buyers should start seeing lower mortgage rates. This may become one of the best times to purchase or refinance your home.
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The government has submitted a new program which offers $7,500 tax credit for first-time home buyers. While this is one of the most talked about measures in the upcoming new bill, it is also the most confusing. Simply, the government has created a monetary incentive, a tax credit for first-time home buyers, as a tool to stimulate the housing market. The tax credit will be 10% of the purchase price of a home, up to a maximum of $7,500. That means if the home costs more than $75,000 first-time home buyers (anyone who hasn’t owned a home in the last three (3) years) will receive the full $7,500 tax credit, this is not a new idea. Back in the 1970’s the government offered a similar program with one major difference: this new tax credit will have to be paid back over a period of 15 years, beginning two years after the credit is taken. Basically, the government is providing first time home buyers an interest-free loan up to $7,500 to help them buy a home! If the home owner happens to sell the home before the 15 years is up, the remaining credit is due upon sale from the profit of the home sale. However, and here’s the best part, if there is insufficient profit, after the sale of the home, then the remaining credit due is forgiven. You really have nothing to lose. There are, of course, income limits to qualify for this incentive. With this new tax credit and down payment assistance, you are finally in the driver’s seat in a buyer’s market with some of the best interest rates to date. Let me help you find your dream home.
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The government has submitted a new program which offers $7,500 tax credit for first-time home buyers. While this is one of the most talked about measures in the upcoming new bill, it is also the most confusing. Simply, the government has created a monetary incentive, a tax credit for first-time home buyers, as a tool to stimulate the housing market. The tax credit will be 10% of the purchase price of a home, up to a maximum of $7,500. That means if the home costs more than $75,000 first-time home buyers (anyone who hasn’t owned a home in the last three (3) years) will receive the full $7,500 tax credit, this is not a new idea. Back in the 1970’s the government offered a similar program with one major difference: this new tax credit will have to be paid back over a period of 15 years, beginning two years after the credit is taken. Basically, the government is providing first time home buyers an interest-free loan up to $7,500 to help them buy a home! If the home owner happens to sell the home before the 15 years is up, the remaining credit is due upon sale from the profit of the home sale. However, and here’s the best part, if there is insufficient profit, after the sale of the home, then the remaining credit due is forgiven. You really have nothing to lose. There are, of course, income limits to qualify for this incentive. With this new tax credit and down payment assistance, you are finally in the driver’s seat in a buyer’s market with some of the best interest rates to date. Let me help you find your dream home.
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Are you in need of Foreclosure Assistance
NeighborWorks/HOPE NOW/Homeownership Preservation Foundation Hotline
Homeowners facing foreclosure can call a tollfree hotline at (888) 995-HOPE, 24 hours a day, 7 days a week.
Federal Housing Administration
Government-insured refinancing for credit-worthy borrowers who went into default after their ARMs reset may be available by calling (800) 225-5342 or by visiting http://www.fha.gov.
Other Resources
Avoid Foreclosure Rescue Scams
Federal Trade Commission
Equity Stripping & Loan Flipping – If you agree to a loan that’s based on the equity you have in your home, you may be putting your most valuable asset at risk. Certain abusive or exploitative lenders target borrowers, who unwittingly may be putting their home on the line. These abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges.
Foreclosure Rescue
MassHousing
Foreclosure Resources for Consumers
Federal Reserve Board of Governors
HomeOwnership Preservation Foundation
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If you are looking to purchase a home and not sure where to start, well make it here at the Fellwock Real Estate Group. It is our goal to help ease your concerns with our knowledge of the real estate market. These are some questions buyers have when looking to purchase a home;
1. How much can I afford?
2. What type of Govenment programs/Grants are out there and do I qualify?
3. How much will I need to put down towards a new home?
4. How much are closing costs?
5. Is it hard to purchase a HUD foreclosed home or a bank foreclosure.
For answers to these and other questions you may have please email me at or come by the office in Spring, Texas.
Houston, Texas and its surrounding area has seen a slight decline in sales and home prices but compared to other cities across the country our great town of Houston is doing well. There are lots of places to visit such as the Space Center, The Aquarium both in downtown Houston, and Kemah. The Houston Zoo. There is also Moody Gardens in Galveston and many other spectacular sites to see.
If you would like more information regarding Houston, Spring, The Woodlands, Lake Conroe please feel free to email or give Fellwock Real Estate Group a call at 281-353-8400.
