WASHINGTON (Nation's Building News) – The Texas Department of Housing and Community Affairs has introduced two loan programs designed to help first-time homebuyers apply the new $8,000 tax credit toward down payments and closing costs.

The 90-Day Down Payment Assistance Program and the Mortgage Advantage Program will allow consumers to receive a short-term loan before filing for and receiving the federal tax credit. Consumers can apply these loans toward down payments and closing costs.

Both programs provide assistance of up to 5 percent on the first lien mortgage, but the 90-day program maxes out at $7,000 while the Mortgage Advantage Program’s limit is $6,000.

Repayment times also vary for the two programs, at 90 days and 120 days, respectively.

More information about these programs is available at the Texas Department of Housing and Community Affairs' website.

   There are times when you just have to sell despite the current market conditions.  There are a lot of houses on the market so fear sits in that your house will do the same.  Here’s a few things you should consider when putting your home on the market in a buyer’s market.

   The most important thing to remember, when you prepare to put your house on the market is you have to switch your mindset from it being your home to, viewing  it as a product you are prepping to sell.   Then take these steps:

1.       Clean it within an inch of its life!  Just like you clean your car before you take it to the dealership to trade it in, why?  Because you have to have the same mindset!  We clean the car to ensure we get more bang for our buck, the same should be done to the house.  A clean house shows better than one that isn’t.  Eliminate any negative opinions from the buyer.

2.      De-Clutter the home.  You are going to have to pack anyway, so start packing now.  If you don’t want to hire a storage facility, put the boxes stacked neatly in the garage.  Again, in a buyer’s market, you want the buyer to focus on the floor plan and not be distracted by your favorite antiques!   This also shows the buyers you are a serious seller.

3.      Fix all the minor repairs.   Most of us live with flaws that we ignore because they aren’t a big deal, they’re almost become invisible to us.  I.e. leaking water faucet, cracked windows, and sweaky doors.  When selling the house, all flaws become beacons to a home buyer!   So fix the flaws to eliminate the negativity.  When a buyer finds one thing wrong they will look and try to find more flaws, it presents a picture that they feel you haven’t taken care of the home, and it could turn them away. 

   In this type of market, this isn’t the time to redo a kitchen or start major renovations prior to selling your house, there’s a good chance you may not recoup the upgrades.  But fix the small things, clean, clean and clean, de-clutter and you are on your way!

   Ok, you’re excited, your offer got excepted and now you can’t wait to move into your new home.  Not so fast!  You have to make sure your loan is funded and to ensure that happens you have to do your part.  Here are some steps and guidelines to ensure you go to closing and more importantly…. Funding!!

1. Don't, if possible, change your employment status. (If you lose your job, don't buy a brand new home, it's ok, just don't over extend yourself, and be responsible.)

2. Don't buy a new boat, car, furniture, or anything that needs financing. (Wait until you are living in your new home, before you extend on your credit purchases.)

3. Don't go to Lowe’s and buy that new riding lawn mower for that yard opening up a new Lowe’s card or even using your existing credit card, in other words, keep the credit cards in the "do not touch drawer."

4. Don't change your bank accounts, or deposit all of your hard earned money you’ve won on your weekend in Vegas (on the other hand, don’t go to Vegas…..(Be honest about your financing, and keep your current accounts active.)

5. Don't apply for a bunch of new credit cards to buy that new furniture, or co-sign on anybodies applications.

6. That money you set aside to use for closing, DON'T SPEND IT, EVER! (The money you have been saving for your down payment, closing costs, and your new home, don't spend it, or consider your new home, your home that you almost bought.)

7. Mortgage qualification standards change daily, if not hourly, when your agent/broker ask you for information, supply it quickly and correctly. (The often over looked, but little step of submitting paperwork  in a timely manner, can be the difference in closing on time, or losing your earnest money.)

I know these work and always consult my clients on them.  Let’s make it to closing with our part of the deal done!  Once you get the keys, then you can go on a shopping spree! 

Looking to sell your home but all you hear is it’s a “buyer’s market?”  Well actually that’s good news for you.  You can sell your home in this market; you just need to “prep” your home and your mindset.    There’s a list of things to get your home “seller ready”, just email me and I’m more than happy to let you know what they are.

  As for getting yourself ready you have to do a few things.  Disassociate your feelings about your house from the house and focus on working with your agent in getting it sold.  Like I stated earlier a house can be sold in any market and I work with my sellers to educate them how.  Just for a start, condition and price.  With those two things and my list, and advice, we’ll be sitting at the closing table selling your home and taking advantage of this “buyer market” to buy a move up home or a move down home.

  From your San Antonio REALTOR!         

Buying your new home is one of the biggest investments you will make and you need to ensure you have the right "team" in your corner.  Agency exclusiveness is a must to make sure you have the representation that will best guide you into being a home buyer or seller.  Below is the difference in being a customer and a client:

  Now, wouldn't it be better to hire a REALTOR to work for you? 

  The best way to start your home search is to get pre-qualified, period.  You don't know how much you are willing to use of your budget to buying a home without doing that first.  When you get pre-approved, you've started the initial and one of the most important phases of becoming a home owner, however there's some more phases you really need to know:  Research and hire you a REALTOR.  There is a difference between a real estate agent and a Realtor, I've pointed that out in previous posts, if you haven't seen it and would like to know, feel free to shoot me an email and I'll send it to you.

  Another crucial phase is, knowing the tax rate.  The tax rate?  Yes the tax rate.  Although you may be pre-approved for 200k, do you really want to buy in that price range?  Always know how much the taxes are in your new home purchase.  For example, did you know the tax rate for Bexar county is 3.01%?  However, the tax rate for Guadalupe county is 2.01%.  That one percent difference does make a difference in your mortgage payment, (don't forget PMI, which I will go over in another blog, and insurance).

 So, to find out more contact your REALTOR to help you, I or they, will be glad to help.  I hope this shines some light and educate you for your home buyer.

  Your San Antonio REALTOR sends....

You decided it's time to start your casually search of homes, why not, if you're a first time home buyer, you can get an $8,000 tax credit.  Mortgage rates are at an all time low, so it really is a great time to become a home owner.  While on www.fabailey.com, (I hope), you come across a home you really like.  Because of the news and all the horrible news about homes, you decide to wait it out.  A week goes by, your "new home' is still on the market, you think, "I got time".  A month goes by, and you notice a price change...hmm....you think, I will wait this out, it'll drop lower then I can come in and get this home at a steal!  Two more weeks roll by, you look and you see it says "Active Option".  Active option?   What does that mean?

 Not really knowing what it means, you email or call your agent, (I hope you've decided on an agent by now....) and they tell you the news you do NOT want to hear!  "Well, active option, means that there's an accepted offer on the home and they are currently going through an option period", (I will explain this in a future post).  Now who do you have to be mad at?  Yourself...  While you were sitting there in this "buyer's market" there are others also looking for a home in this "buyer's market", waiting and looking at the same house you are.

   Don't let a "buyer's market" become an opportunity lost.  If you see the home you really like, interview a Realtor, hire them, and let them let you know, how much that home is worth.  Now your competing is at closing, buying your new home....

Planning on buying a new construction or building a home?   You should still hire a Realtor!  The great news is you don’t pay the Realtor for their services, the builder does.  You then have a prominent member on your team to ensure that all your needs and requirements are taken care of.  You have someone to assist you with the documentation and translate it for you.  Be there for your inspections; also identify key elements to ensure the home you are buying is to your satisfaction, and not just the builders.

  Most new home sales love when you have a Realtor on your side of the transaction; they know that their clients are being represented by a professional during contract to closing.

  As new home sales certified Realtor, give me a call, I would love to earn your business.

Your San Antonio Realtor

Frank Bailey

Congress has approved a first-time home buyer tax credit up to $8,000 dollars.  This mainly in place to stimulate our lackluster economy.  What does this mean to you, and who is eligible.

  First and foremost, if you havent bought a home or lived in a home you've bought in the last 3 years, then you are eligible.  Different than what was offered in 2008 is, you don't have to pay this one back!  With, of course, stipulations:

   -  Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

  Now truly is the time to become a home owner!  Interest rates are at record lows, and there are plenty of houses in the inventory.  For more information on this great program, just navigate to my rent vs buy section of my site, or email or call me directly, I'm more than happy to help.

   Who do you know looking to buy or sell, let me know and I would love to get them started!

  Your San Antonio Realtor!

Spring is in the air; that means changes are coming, it's time to move on.  As a home seller, what steps do you have in place to get your home sold.  Especially in a market like this with the news saying is solely a buyers market!  90 days are the norm here in San Antonio right now to find the buyer that wants your home.  Are you taking the steps to make your home that buyers dream?

Take my checklist to make your home the one to choose when your selling.  Start with this, then lt me see what i can do to further help.

A Good First Impression Can Help Sell Your Home!
Your major role as a seller will be to make your home as attractive as possible to potential buyers. The time, effort, and limited financial investment involved can give you the competitive edge needed to sell your home when you want for the best possible price. Remember, first impressions are the most lasting and the most important to the sale of your home.

Use this checklist to make sure your home looks its best:
q Cut lawn and edge around walks and drive.
q Weed all flower beds.
q Trim shrubs and remove dead branches and limbs.
q Remove all debris from yard and store toys and lawn equipment out of sight.
q Make sure roof, gutters and downspouts are in good repair.
q Replace cracked windows and torn screens. Clean windows, screens, and sills.
q Polish doorknob. Make sure doorbell and front lights are working.
q Wipe smudges off walls and woodwork.
q Shampoo rugs and carpets, wash/clean all floors.
q Fix any leaking faucets or fixtures.
q Tighten loose banisters or steps.
q Replace burnt-out light bulbs.
q Organize closets and shelves.
q Repair/replace bathroom caulking if needed.
q Organize attic and garage.
q De-clutter!!!!!!!!
q Remove and dispose of any items you do not plan to take to your next home.
q Talk to us before painting walls and replacing flooring if cleaning doesn't do the trick!

  In a buyers market you have to make sure you do your part to make your home as attractive as possible.  A simple test, what you look for in a home is what your future home buyer is looking for.  Cutting costs now will get your home overlooked in a market like this.  I still sell listings even in this market.  Myself and my clients work as a team and we get the job done.  Think as a buyer when preparing your home for sale and price it right... and you will sell.

  From your San Antonio Realtor!

Refurbished!

• 672 sq. ft., 1 bath, 2 bdrm manufactured home "completely refurbished!" - MLS® $44,500 USD

Sassman Road Estates, Marion  -  2 Bedroom 1 bath mobile home located in Marion, Texas. Great starter home or move down home. New kitchen cabinets, counter-tops, PVC plumbing, new carpet and linoleum. Now shower, this home has been refurbished. Investment potential! Huge backyard for the family gatherings. Guadalupe county taxes makes this a plus. Floors have also been redone, and a new shower!

Property information

A stimulus package has been approved; specifically to "boost" the economy and make it effective for first time home buyers to achieve the "American Dream." Wow, fantastic news, but let me clarify it a bit further for you, so you can be aware of what you are receiving.

Yes, when you buy a house in 2009, and if you have not bought a home in 3 years, then you will be considered a first time homebuyer, how good is that?? Now, years of sub-prime lending, and loans being approved because you have a pulse and breath have desecrated our housing market to the point where we are today; sad, yes, correctable, yes. Take the steps to get yourself in gear and lined up, and you have one of the greatest times, in my opinion, you will ever have to be part of the "American Dream."

The New steps you should take, and advice to follow:

•1. Banks are "gun shy" they've been crushed by the loans that shouldn't have been approved in the past, that were, and now have to carry.

•2. What that means to you? PATIENCE..... That's going to be the moniker of 2009. You will be prodded, questioned, and under a great deal of scrutiny. Banks were at the "easy" end of the pendulum for a long time, now things have switched, and you have to be prepared for it. "Once bitten, twice shy" is the way of the loan process. You will/can get a great deal today, and I implore you to take advantage of it.

•3. If you feel your credit is shaky, now's the time to clean it up. www.Freecreditreport.com and I'm sure there are others, will let you know what your credit currently is. Take this report, sit down with your family, and take the steps to get you ready. If you don't have at least a 600 credit score, you may not be able to take advantage of the great interest rates, of the money the government is making available for you. We all know, renting is a thing of the past, and despite the reports on Wall Street, being a home owner is still the best investment you can make.

Curb your debt to credit ratio, save some money. At the end of the day, it's up to you to make yourself "credit friendly" to become a home owner.

So, the programs are in place, all you have to do is make yourself ready to take advantage of them. Contact a Realtor to get you on the right path; we're more than happy to help!

A steal in any market!!

• 2,675 sq. ft., 4 bath, 4 bdrm 2 story "Traditional" - MLS® $160,000 USD - Priced as a bargin!!

Woodlake Park, San Antonio  -  Bring all offers! Relocating. Show this home and sell.... please fax all offers to (210) 967-1850. North American Title with 12500 San Pedro with Suzanne Davis (210) 494-0092... Thanks for showing! Gorgeous 4 bedroom 3 ½ bath home located on a quiet cul-de-sac. Dual masters, both with garden tubs! Short commute to Randolph AFB, and Ft Sam Houston. Close to shopping centers and, short access to major highways. Down the street from the Woodlake golf course! This home is in great shape on a corner lot. Great price for a great home! Good school district.

Property information

I had the pleasure of playing one of the two revamped courses on the Army installation of Fort Sam Houston, here in sunny San Antonio:

  The course was in great shape!  I found this to be a pleasant surprise, considering the water shortage here.  The course has the distinction of being the only military course to host a PGA tournament event twice (the Texas Open).  Arnold Palmer won here on one of those events.

  The bunkers are well place and come in to place on numerous occasions and water is in place on several of the holes.  The greens rolled alot better than they looked and were fast!  With the right pin placement, you really have to take your time with even a 10 foot put.

  The price is reasonable; and comes with a cart and lunch, don't know if this is year round, however with the base having two courses, you have the luxury of not waiting too long for a tee time, and being rushed.

  For a par 71, it boasts a 6,819 yards and was revamped in 2007.

  Nearby boasts some of the higher end homes: particularly in the Oak Hills subdivision:

  the prices are demanded becuase of the closeness to the heart of the city.  However Schertz, Cibolo, and Converse are within a fairly comfortable communte with prices more in a comfortable price range.

  With the age of the internet and the amount of buyers going to the web first; the thrid reason is now a factor.  If your home is not in the condition it should be, it will not sell; only contingent on if you don't price it accordingly; with a follow up contingent on, if your home is not seen, it won't sell!

 Now with all the Internet sights "showcasing homes for sale, you really have to have your home plastered everywhere!  Although.... you can have your home in front of every person on the Internet, it won't sell without the other two conditions.

  A tri-feca needs to be approached in today's market..... now more than ever, you need a Realtor, to market and showcase your home,. for several reasons.... a market analysis is so important right now, a blunt opinion of the condition of your home is imperative, and a Realtor advising you on these two, and willing to market your home, is the final step.

  Trust in your professionals, their price is/and will be earned.  Now's the time to buy and/or sell, if you're willing to take the steps, follow your Realtor, you will get it sold.

 Just my 2 cents from your San Antonio Realtor!