How many times have you driven past that house, you just love it, kind of like the proverbial "doggie in the window", but can you afford it? Well let's take a moment and see.
If you were a bank the way they would make the decision that you can afford that "puppy" is with the housing expense to income ratio. That is 28% of your income can be used for a house payment, insurance and real estate taxes. This assumes that you are putting 20% down. Next you need to figure out what your other household bills such as credit cards, college loans, car loans etc. add up to. You need to keep this amount along with the house payment at or below 36% of your monthly income. For instance if you make $5000 a month, you could have a $1000 house payment (insurance and taxes included) as long as your other bills are not more then $800 a month.
Here's a tool on my website to figure out a mortgage payment and then you can use this information to find out if you can buy that cute little "puppy". MORTGAGE CALCULATOR
And of course as always please contact your favorite lender to make sure that you have all the current information.
Last week I wrote about the First Time Homebuyer Tax Credit being extended and the addition of the Current Homeowners Credit. Now that it is signed and ready to go I thought I would let you know what the differences were from that blog to the actual signed extension.
One of the changes is that the Current Homeowners Credit was called a refund, now it is a credit.
Clarification of the amount of the tax credit for First Time Homebuyers is the credit is for 10% of the purchase price of the house up to $8000.00. If you are a single income filer then you can receive up to the full amount if you earn up to $125,000. You can receive a partial amount if you earn over that but less then $145,00. If you file jointly you can receive up to the full amount if you earn up to $225,000, and a partial amount if you earn up to $245,000. Please be sure and consult your lender to get the full scoop on this.
So you now are asking what good will this tax credit do me? Well for one, know that you will not go to the closing table and receive the credit on your HUD statement nor will you receive a check at closing. The benefit of the tax credit is at tax time. You will receive a dollar for dollar credit on the amount you owe the IRS. If you owe $8000 and get the full credit, then you will owe the IRS nothing. If you owe the IRS $4000 and get the full credit you will receive a refund check for $4000. If you owe the IRS $9000 and receive the full credit then you will only have to write a check for $1000.
For more information on this credit, go the link above. But for the very best in depth information go to your lender to see what you qualify for and how best to implement it.
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Lora Carlisle, Adminstrative Assistant for The Boehm Team was recently named to the National Association of Professional Women. Amy, Dona & Rita of The Boehm Team all agree that this is an award well deserved. We love having Lora's smiling face in the office and know that things will not fall through the crack as long as Lora is there. She takes care of all of us from helping us find our way when we are out showing to making sure that all the paperwork is in the title company and ready for close. Thanks from The Boehm Team
The Senate voted to 98-0 to extend the First Time Homebuyers Credit to April of 2010. It should be sent to the House for a vote sometime today. First Time Homebuyers will need to have a contract in place by the last day of April with a close by the last day of June to qualify.
In addition on this bill they have added $6500 refund for homeowners who will be buying a new homestead property. If the buyer has owned a primary residence for 5 consecutive years out of the last 8, they will qualify with some stipulations. The purchase price of the home can not be more then $800,000 and their income can not be more then $125,000 for an individual or $225,000 for a couple.
A homebuyer will also be able to claim the credit on their 2009 income tax even if they do not close until 2010.
So now we just sit back and wait to see if it passes the next stage.
Well now we know. President Obama did sign the bill so we are on our way. Call your favorite realtor or lender and find out how this can work for you.
Have you been approved for an FHA loan but all the houses you have been seeing just seem to need a lot of work. Then it is time for you to go back to your loan officer and ask if you might be able to qualify for the FHA Streamlined 203(k) loan.
This loan keeps you from having two separate loans on your new home, no more short term loans to pay for repairs at an interest rate you don't even want to think about. As always there are rules and regulations on what repairs qualify, so you will have to work closely with your realtor, inspector and loan officer to make sure that this is going to work for you. But you could receive up to $35000 in additional loan money to improve or upgrade your new home before move-in. All combined in your original mortgage loan at the interest rate you applied for.
So give your favorite loan officer a call and see what they can do to help you. As you know our favorite loan offiers are Jay Gilmore with W.R. Starkey and Sarah Nelson at Wells Fargo Bank, Boerne. So give one of them a call or someone you know and trust.
Your Realtors for Life! Serving Boerne, New Braunfels, Bandera, the Texas Hill Country and San Antonio.
THE BOEHM TEAM
Amy's knowledge of real estate, marketing, and business ownership has proven to be precedent in leading the Boehm Team. She continues to work at being the best in the market by providing a service that clients deserve. As a former teacher and business owner she understands the importance of working closely with clients, peers, and staff. Real Estate is a business and she takes it very seriously. Amy's spare time is focused on children within the Child Protective Services. It's amazing how small gestures can change an entire life. "It's just that simple." In her leisure time, Amy enjoys spending quality time with her family and attending sporting events.
The Boehm Team's Assistant, Lora Carlisle, brings years of experience in transaction, marketing and the customer service department. Lora is not only qualified for taking care of the day to day duties of a real estate office she also understands customer service is the pinnacle to this very important position. She understands that purchasing a home is one of the biggest decisions a person makes and is determined to do whatever it takes to insure all the Boehm Team's transactions are as smooth and enjoyable as possible. Lora has lived in Boerne, TX for 14 years with her husband and two children. She is very active in the Boerne community and is involved in many organizations. She is proud to say that her daughter graduated from Texas State University and her son is a recent graduate of Texas A & M University. Lora just recently took in her 15 year old nephew and will be seeing him through his last 3 years of high school & hopefully on to A&M. In her spare time she enjoys spending quality time with family and friends.
Recently joining the Boehm Team, Rita M. Garza brings experience, a beaming personality and quality customer service that have allowed her to build quality relationships with clients and peers. Being a former cheerleading instructor, Rita appreciates the importance of discipline, hard work and a competitive spirit, which is evident in her tenacity as a realtor. Rita also recognizes each real estate transaction is unique in its own way; therefore, paying attention to detail in order to ensure for a superior buying or selling experience. Outside of the real estate arena, Rita dedicates her time to health and fitness by serving as a personal trainer. She also enjoys judging cheerleading competitions and coaching when available. Rita is a graduate of the University of Texas San Antonio.
"Thank you for all the hard work you put into selling my house. You had an awesome packet put together before you even started selling the house. The pictures were the best I have seen; and not to mention there was a contract for a buyer 5 days after it was put on the market! We couldn't have asked for more! You even found an incredible house for us to move into! Thank you again for all you have done for us!"
-Steve "Cowboy" & Terry Gross
"The Boehm Team represented us when we purchased a second home in Horseshoe Bay. We wanted to move quickly, so she took time to understand what we were looking for and only took us to view properties that fit our criteria. They were professional and extremely responsive to our questions and any issues that came up throughout the process. We would do business with them again in a heartbeat and refer them to all of our friends!"
-Chris Urbanek
"They say that moving is the second most stressful occurrence in life, but thanks to Amy Boehm, selling our home was easy. It was evident that Amy had a good handle on managing the sales process from the beginning with great recommendations to prepare our home to sell and we could not have been more pleased with the marketing strategy used as the volume of interested buyers was great. Thanks to Amy Boehm, selling our home was a fast, efficient, and simple process."
-Kris Ryan
"I recently found myself in the market for a second home and selecting Jennifer Beaudet as my realtor was one of the greatest choices I've ever made. Finding the right property was effortless and we had an accepted offer within days. Jen then went to work securing a quick close date and continued to follow up daily on the progress we were making. The personal attention I received was absolutely unbelievable. At times, it seemed as if I was her only client. She remained right there with me every step of the way and certainly made the entire process enjoyable. Without hesitation, I would DEFINITELY recommend Jennifer Beaudet and the Boehm Team to anyone looking for real estate.
- Jon Ramsey
When we decided to move to a new area of San Antonio, My Boehm Team stepped in and made the transition a quick, easy and fun process!Within one week we had a contract on our new home and had sold our current one. Amy's expert knowledge of the market areas and value of homes ensured that we didn't waste a lot of time haggling over cost and worrying about closing the deals. We've recommended them to our friends and family....and we certainly plan to come back when we're ready for the next move!
- Tate & Jen Robertson
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