Ann Cordes

From the newsletter of State Representitive Kip Averitt:

"Following the 80th legislative session 2 years ago, the State legislature sent to the voters a constitutional amendment that would provide a property tax exemption for veterans who are 100% disabled. The voters approved the amendement in November 2007, and during the 81st Session, the legislature passed the tools necessary to put the exemption into effect.

Under the legislation passed this session, beginning in tax year 2009, a 100% disabled veteran whose disability is service related will receive an exemption from taxation of total appraised value of his/her residential homestead.

To apply for the exemption, contact you local appraisal district."

You can contact the Mclennan County Appraisal District at www.Mclennancad.org 0r (254)752-9864

New government mortgage regulations took effect on July 30, 2009. Here are four key elements Realtors need to know.

(1) If the homebuyer is financing a property, these new regulatory and investor guidelines will impact and could even dictate the closing date.

Historically, homebuyers and sellers would agree on a closing date, and then service providers, including lenders, would work the best they could toward meeting that date. Going forward, purchase contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest any home purchase transaction can close is 7 business days after the homebuyer is issued his or her initial mortgage disclosures from the lender.

(2) Upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighter , they are considered "received" the next business day, allowing the fees to be collected on the following business day.

Historically, upfront fees could be collected immediately. Starting July 30, 2009, upfront fees could be collected immediately when the application is taken in person and the homebuyer receives his or her initial disclosures. The only exception is the credit report fee which can be collected at application.

(3) The homebuyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing.

The homebuyer must receive the appraisal at least 3 business days prior to the mortgage closing. If the homebuyer believes the 3 business day required review period is not necessary for whatever reason, he or she has the right to waive that requirement.

(4)An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice. If mailed (or e-mailed) the TIL disclosure is considered "received" 3 business days after mailing.

A more typical contract date may be 30 to 45 days, or possibly longer ( such as with a new construction loan). Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the homebuyer's APR. Therefore it is critical on the front end to ensure that estimated fees are as accurate as possible.

Co-written by Jeff Bradburn , LakeSide Lending. Contact Jeff at 254-296-5046, JBradburn@txlmortgage.com or www.LSLTD.com

Next Wednesday, July 22 at 10:30 a.m, I am being arrested! Some police officers are going to come to my Keller Williams office and take me out in handcuffs.

No I am not psychic. The reason I know this is going to happen is because I am participating in the Lockup for MDA (Muscular Dystrophy Association). Several people from my office are participating. We get "arrested". Jail is La Fiesta, a great local Mexican restuarant. They serve us lunch, then we have to raise "bail", donationS for MDA. They have set our goal at $1600 a person.

I'm sure you are all aware of the MDA Telethon Jerry Lewis has every Labor Day, and the wonderful work they do with the money they raise. If you have had a successful year and have money to give, this is a very worthy cause.

To make a donation pledge to my bail fund, Or just to learn more, visit my personal lock-up page at www.joinmda.org/2009Waco/Realestate or email at Realestate@joinMDA.org.

OR JUST BAKE ME A CAKE WITH A FILE IN IT!

The Mountainview Neighborhood Association will host a 4th of July parade on Saturday July 4th at Mountainview Elementary. Line up will be at 9:15 and the parade will start at 9:30.

Prizes will be given for:

Most patriotic animal

Most patriotic trike, bike, stroller, wagon, and 4wheeler

Most patriotic person

And most patriotic house on parade route.

The city of Waco and H-E-B invite central Texans to join the Fourth on the Brazos celebration in downtown Waco. Each year, more than 10,000 people celebrate the Fourth of July along the river with live music, family fun and the H-E-B Fireworks Extravaganza. Streets around Indian Springs Park will be closed of beginning at 7:00 p.m.

The festivities begin at 6 p.m. and a patriotic ceremony will take place at 9:45 p.m. The ceremony will feature the Young Marines and Waco Mayor Virginia DuPuy. The National Anthem will be performed by the winner of the "Waco Idol" contest sponsored by Star 92.9 FM, which will also be doing a live remote broadcast.

This years concert will feature Sloppy Joe, the soul band T-Bird and the Breaks, and tribute band The Fab 5. The Waco Community Band will play during the fireworks, which begin at 10:00 p.m.

Other attractions will be a food court, a kids area with inflatables, games, and arts and crafts. Coolers, blankets and chairs are allowed. Tents, pets, glass bottles, grills and fireworks are not allowed. For more information call 750-5781 or go to www.brazosnightswaco.com.