Texas First Time Homebuyer Program...

Effective May 2010, the Texas Department of Housing and Community Affairs (TDHCA) announced the release of $500 million in funding for first time homebuyers. The program is designed to assist low to moderate income homebuyers who are interested in purchasing their first home. Two types of mortgage loans are available. “Assisted loans” are 1st lien mortgage loans made available at a an interest rate slightly above the...

Making the Transition from Renter to Home Owner...

If one of your goals this year is to make the shift from renter to homeowner, you should begin preparations now for an exciting emotional and financial adventure. Before you start the home-buying process, make sure you are ready to buy a home where you will live for three to five years or longer, since it can take that long to build equity in a home and recoup your investment costs. Think about your dream home and your dream...

Texas Makes $45 Million Available for First Time H...

(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) this week released $45 million in mortgage credit certificate authority through its Texas Mortgage Credit Program, an innovative homebuyer program that makes homeownership more affordable by providing a dollar for dollar reduction of a borrower’s tax liability, not to exceed $2,000 annually. The credit authority will allow the Department to provide...

Housing Outlook 2011...

The lowest mortgage interest rates in almost 60 years, plus affordable homes in cities where buyers had been priced out for years, should be turning the housing market around. But the market also labors under some heavy burdens: a glut of foreclosures that are dragging down home prices, high unemployment and tight credit. Sales fell off a cliff after the home-buyer tax credit expired. And “foreclosure-gate”...

First Time Home Buyers Think Owning Their Own Home...

NEW ORLEANS – Despite the housing crash, most American homebuyers still think they are making a smart financial move. But recent homebuyers have become a tad more conservative in what they buy and how long they plan to stay in their new homes. “Not surprising, the median price is down a little bit and so is the median size of homes purchased,” said Paul Bishop, research vice president for the National...

10 Worst First-Time Home Buyer Mistakes...

Since interest rates are at an all time low, it’s a great idea to think about making the move out of your rental.  Here are 10 mistakes first time home buyers often make.   1. Not Knowing What You Can Afford As we’ve all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don’t...