About Hidalgo County, TX

Thursday, August 20, 2009

I had an interesting conversation yesterday revolving around the First Time Homebuyer tax
credit. I would like to share that information. First of all we need to be on the same page about the tax credit itself. You cannot have had ownership interest in a property for the last 3 years to qualify and you will recieve a credit of 10% of your purchase price up to a maximum of $8000.00. Sounds great! You have until 11/30/2009 to close and fund to recieve your credit when you file your income taxes. GET SHOPPING. You will recieve your money after you close when you receive your tax refund.

There is also a program with the Texas Department of Housing and Community Affairs that will allow you to take an advance on your Tax Credit prior to closing and use that money for down payment or closing costs.

Check with your Mortgage lender to get specific details on these programs and to see if you qualify. There is a small window of opportunity so if you are interested in these programs, now is the time to ask.

Guess what I did this morning? I took a Wells Fargo Financial Hands on Banking Course for Adults.......For Free! Believe it or not it is available to the general public. I was surprised to find that it breaks down my initial interview with first time homebuyers. It shows you the actual pros and cons of homeownership. check it out.... http://www.handsonbanking.org/en/

My typical first interview is full of questions and answers. I try to ask as much information about my customer's current situation and what they expect for their future. This is how I can help them make the best decisions. Sometimes, I find that first time homeowners are often afraid to ask questions. If you find yourself in this category, check out this Hands on Banking Course, prior to the initial interview. This will help make you feel more comfortable with the material we will discuss. Do not be afraid to ask. Getting a mortgage is a very detailed process. I have been doing this for 10 years and I am still learning every day.

Another very important step in the home buying process is that you really want to make sure you are getting the best information. Consider your source. Is this person really interested in helping you make the best decision for your family? Do you feel comfortable? There is not just one Mortgage Officer out there. You are taking a very big step in your financial future and you will be spending a lot of time with this person. Make sure you feel comfortable with that person and that all your questions are being answered in a way that you understand and are comfortable with. If your loan officer seems hurried, slow them down. This is your time. Be sure you set an appointment and be prepared with the questions you want to ask and do not be afraid to take notes.

Okay, I strayed a bit, back to the Course. I took it in about 30 minutes, (of course I skimmed through some parts) However, it does have a pause button which would allow you to step away for a few minutes and get back to it when you have a little more time. Keep in mind; you spend a lot of time shopping for the perfect house. Don't you want to spend as much time making sure that the loan that you take out fits your needs?
If you know someone who is considering buying a house for the first time, have them check out my blog, or take the course, or call me!

Okay so I went to Starbucks again today and enjoyed my Venti Non-Fat Cafe Mocha No Whip. Did I get that right? I swear I stand in line and rehearse what I am going to say. Venti Non-Fat Cafe Mocha No Whip. I forgot the No Whip today but the girl behind the counter asked before they made it.
I read chapter two of "The Automatic Millionaire Homeowner" by David Bach. It talks about the power of homeownership vs renting. The book describes a few things that show that owning a home will eventually make you money. For example, you can use the bank or "OPM" other people's money to buy the home. Homeowner's get tax breaks that renter's don't and you can get a return on your investment when buying a home, that is greater than any other investment avaialable.
There are a couple of talking points that are a little outdated. (the book was written in 2005) For example, it mentions that you can get 100% financing and banks lend to riskier borrowers. While these statements are now untrue as we speak, there are still FHA loans out there and it is not impossible to get a loan if you are a first time homebuyer. You need to speak to a Mortgage lender and find out where you stand. Make sure you find someone knowledgable and trustworthy. Ask questions, if you do not qualify immediately, your loan officer can help point you in the right direction. If they will not or do not.....call our office and one of us will.

Thanks for reading. and happy homebuying!

The Rio Grande Valley (RGV) aka, The Valley, is an area located in the southernmost tip of South Texas. It lies along the northern bank of the Rio Grande, which separates Mexico from the United States.

The region is made up of four counties: Starr County, Hidalgo County, Willacy County, and Cameron County. The Rio Grande Valley is the biggest metro area on the U.S.-Mexico border with a population of 2.3 million people. The metro area includes the Valley and northern Tamaulipas cities such as Matamoros, Rio Bravo, Reynosa and Mier.

The region is the third largest metro area in Texas, behind only Dallas-Fort Worth and Houston and within the top 25 metro areas in the nation.

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Sources: Wikipedia, The Rio Grande Guardian