Here's a list of the Dallas County property tax rates ranked in order of lowest to highest for 2009.  The 2009 tax rates were just released by the appraisal district. 

Property tax rates in Dallas county consist of three main taxing entities: City taxes, county taxes and school taxes.  It's important to note that I don't recommend selecting a city in which to live based solely on the property tax rates because there are other factors to consider.  Simply having a lower tax rate might in some ways equate to a lower cost of home ownership, but city and county services, as well as the quality of the schools, should also be considered. 

Also, the Dallas area has some rather long commute times in some areas and some toll roads that can add up to a significant expense each month.   Furthermore, the values by which homes are taxed at can often be quite different from their actual market value since home sales prices are not reported directly to the central appraisal district.  It is not uncommon to see homes in some areas taxed below market value and homes in other areas to be taxed above fair market value. 

The market value of a home may also fluctuate regularly, whereas tax appraised values are only set once per year.  It's always a good idea to look up the individual tax value of a property before making a decision to purchase a home.  The central appraisal district allows homeowners to protest the tax value of their home once per year, but not prior to actually becoming the owner of record. 

Parts of some of the cities listed below also lie in adjacent counties.  For example. part of the City of Richardson and the City of Dallas itself lie in Collin County.  So the total tax rate for those areas may be different than what is shown below.

City                                     City Rate       ISD Rate     County Rate  TOTAL RATE

This information was obtained by third parties.  While I believe it to be accurate, I make no claim or warranty as to their accuracy.

The Collin County Property Tax Rates for 2009 have been released by the Collin County Central Appraisal District.  Below is a list of the cities and their respective tax rates for tax year 2009. 

These tax rates will apply to property taxes that are due by December 31 of 2009 for tax year 2009.  Property taxes are paid in arrears, and property taxes for 2010 will not be available until this time next year.

Collin County has a total of 23 cities that are incorporated within Collin county, but there are also several cities that lie partially within Collin county.  The cities of Dallas, Carrollton, Richardson, Garland  and Royce City lie primarily in other counties, but parts of those cities extend into Collin county.  The tax rates for properties in those cities which extend into Collin county are listed below.

Furthermore, many cities in Collin county are served by more than one school district.  Those cities are indicated with a (*).  The property tax rates for some properties in those cities may differ from what is shown in this table.

CITY                           City Rate         ISD Rate   County Rate      TOTAL

Annual property taxes (without exemptions) are calculated by dividing the assessed value of the property by 100 and then multiplying the result by the number in bold (total tax rate).

Information was provided by third parties and I believe it to be accurate but can make no guarantees.

HOME SEARCH GATEWAY - THE EASY WAY TO SEARCH FOR HOMES ONLINE IN DALLAS - FORT WORTH

Thanks to the internet, it is now easier than ever to search for homes online.  It is estimated that as many as 94% of homebuyers begin the search for their new home via the internet.  And while there's little doubt left that the internet has simplified the home search process for many consumers, there can be some pitfalls to searching for a home online. 

For starters, many websites only allow a very narrow set of search criteria.  For example, a buyer searching for a three bedroom, two bath home in Dallas will quickly find that they have an overwhelming number of choices.  How can buyers narrow down their search to the more specific criteria that's relevant to their individual needs and wants?  And how can they eliminate the homes that don't fit their criteria so they don't have to keep sorting and resorting their favorites from the rejects?

Is there a better way to search for a home online?  YES!  It's called a Gateway search, and it can only be set up by a local Realtor®.

WHAT IS A GATEWAY SEARCH?

A Gateway is a customized home search linked directly with the MLS system, which is the computer and home search system used by all Realtors®.  Only Realtors® have direct access to the full MLS system and the ability to create a custom Gateway search for a consumer. 

The Gateway is essentially a custom website prepared by a Realtor® for a potential buyer.  Instead of receiving an email with dozens or even hundreds of home listings to sort through, the Gateway sends an email once a day with a link to all homes that fit a buyer's specific requirements.  And the search is updated every 24 hours with new listings, price and status changes and other updates.  So once the criteria is entered by the Realtor®, the search process becomes much easier and more focused for buyers that have a specific idea of their wants and needs. 

The criteria can be changed at any time, and multiple searches can also be added to a Gateway.  For example, a buyer looking for a home either in the Frisco or Plano School District could have seperate search links for homes in each district. 

But aside from the simplicity, the Gateway also offers many other features that make the process of finding a home even more efficient and enjoyable.  Here are some other features the Gateway allows:

SAVE FAVORITES, POSSIBILITIES AND REJECTS TO SPECIFIC FOLDERS

The Gateway offers users the ability to save favorites, possibilities and rejects to folders for easy sorting and reference.  They can also write and save notes on each home listing, and the Realtor® can make notes as well.   This cuts down on multiple emails and phone calls once a buyer narrows down their selections and helps to keep all of the information and correspondence in one place. 

SEARCH CRITERIA CAN BE CUSTOMIZED VERY SPECIFICALLY.

The MLS system allows for very specific search criteria to be entered on a Gateway search, whereas most online search engines only allow very general criteria, such as price range, bedrooms and city. 

An example of some of the search criteria the Gateway allows:

• SCHOOL DISTRICT AND EVEN SPECIFIC SCHOOLS.  Many cities in D/FW lie in multiple school zone boundaries.  Furthermore, most school districts have specific boundaries for each school.  So if you have specific needs as far as school or district, a Gateway search is the best way to find the home you're looking for!
• HOME FEATURES.  Looking for a home with gas utilities?  Or a pier and beam foundation with a backyard at least half an acre?  The Gateway will find it.  What about a two-story home with wood floors and energy-efficient windows?  They are out there, but you'll be looking through a bunch of lemons to find that lemonade if you're only searching by price and bedrooms. 
• SPECIFIC GEOGRAPHIC LOCATION - Say you want a home within a five mile radius of your office.  Or perhaps you want to be within the borders of specific roadways, such as "North of LBJ Freeway, West of the Tollway, South of Campbell Road and East of Central Expressway".  Or perhaps you want to search multiple areas that aren't connected to each other and would like more than one custom search.  The Gateway Search can do that!
• ROOM DIMENSIONS AND LOCATION.  Have a need for a garage at least 22 feet wide?  Or want a two-story house with the master bedroom downstairs?  A Gateway search will find it. 

And in addition to these features, the Gateway allows all listings to be mapped as well. 

It goes without saying that there is currently an oversupply of homes in most markets.  With all the choices, why waste your time searching multiple websites, making phone calls and spending hours of your time viewing homes that might catch your eye online but don't meet the specific criteria that you're looking for? 

It's your time, and you deserve a better way to search for your new home. 

Contact me today to customize a Gateway search to fit your specific needs and criteria.  The setup process is short, the service is free and it can easily be expanded to include multiple searches. 

If you are a business owner looking for a great office location in the North Dallas area, the Tollway Park Office Condo development, located on the southeast corner of the Dallas Parkway and Frankford Road, is a great location to consider. 

The development is centrally located close to the Tollway and George Bush (190), and just a few minutes drive to Plano, Addison, Carrollton and LBJ Freeway (635).

Our newest listing in the Tollway Park Office Condos is located at 18170 Dallas Parkway, Suite 303 Dallas, TX 75287.  This listing is somewhat unique because the seller is offering unit 303 for sale as a single unit for $300,000 or both units 303 and 304 for sale as a package for $600,000.  

The front of the building has a very nice drive up appeal for an office building.  The Tollway Park Office Condos have been the home of many businesses, including an optometrist, a laser hair removal clinic, a financial planner and a law firm.

The seller is the original owner and did not spare any expense on custom upgrades in the finish out, including granite in the restrooms and granite countertops in both kitchen/utility areas. 

Each unit has its own restroom with space for storage over the commode, handrails for handicapped access. 

The restrooms also have good lighting and are in close proximity to all offices in the building.

Both units also have ample storage space, including seperate, firewalled attics that have been decked for extra storage.  

Here's a view of the utility area of unit 303 looking into the utility areas of both units. 

The two units currently connect together via this passage that connects each kitchen/utility area, which could easily be closed off for a buyer who only wanted to purchase unit 303.  

There are enough options with this work space to mix business with some ammenities that you would find at home.

The lobby area/front office has a wood grain door with a ceiling fan, good lighting and also has small windows on both sides of the door.  There is also a doorbell outside both entrances (Suite 303 and 304), as well as a security system throughout both units. 

This front lobby area could also be used as an office.  

The current owner uses the front entrance as a lobby (suite 303) and the other front entrance (suite 304) as an office.   

Most clients won't mind a short wait in a room like this.

OFFICES IN UNIT 303

Both units combined have a total of eight offices and two lobby areas.   The floorplan is laid out very efficiently with maximum space in the offices and work areas. 

This is the front office in Suite 303.  It is one of the larger offices in the building and has three windows that face east towards the adjacent building and parking lot. 

This is the middle office in Suite 303.  It is large enough to fit more than one person comfortably.  The furniture is also negotiable with the sale of this unit. 

The two back offices in unit 303 both have windows that face West.  However, the adjacent building blocks much of the direct sunlight in the afternoon.

This office is where the current owner has officed for the last two years.  It has more than enough room for a large desk and additional furniture. 

These offices are large enough to hold meetings with several people and without feeling cramped. 

The fifth office area in unit 303 faces west as well and is only slightly smaller than the owner's office next door. 

Although this is the smallest office in Unit 303, it still has more than enough room for a desk, filiing cabinet, extra chairs and plenty of room to spare.

OFFICES IN UNIT 304

Unit 304 is essentially a mirror image of unit 303 with the exception of a few office dimensions.  Some of the offices also have additional windows since this unit is not connected to another on the north side. 

This is the front office/lobby of Unit 304. 

The tile, crown moulding and other finish out items are exactly the same on both sides.

The middle office in Suite 304 is the smallest in the unit but still has more than enough room for a large desk, multiple chairs and other small office furniture, such as a filing cabinet.  The large window faces to the north. 

The second front office in suite 304 is currently used as a conference room and also has three large windows that overlook the parking lot and adjacent buildings. 

This office is perhaps the best seat in the house!  This corner office in the rear of Unit 304 has wondows that face both north and west with a view of the middle courtyard of the Tollway Park Office Condos. 

A RECAP OF THE OFFICES AT 18170 Dallas Parkway Suite 303 and 304

Unit 303 is listed for sale for $300,000

•·     1175 square feet total.

•·     4 offices and a lobby that can be used as a fifth office.

•·     Restroom with granite vanity.

•·     Attic decked for additional storage.

•·     Plumbed for kitchen connections.

•·     Storage closet.

•·     Custom finish out includes custom tile in kitchen/utility area, corwn moulding, granite in work area and six panel doors.

•·     Fully wired with CAT5 and telephone connections.

•·     Security system.

•·     Ample parking spaces.

•·     HOA dues of $200 per month

Units 303 and 304 are available as a package deal together for $600,000

•·     2350 square feet total.

•·     kitchen area in 304 has dishwasher, sink and connections for a refrigerator.

•·     Additional HOA dues of $200 per month.

•·     Additional attic that is decked for storage.

•·     More windows in the offices since this unit is not connected to another on the north end.

Unit 303 is also available for lease, fully furnished.  Please contact me for additional details.

The Tarrant County property tax rates for 2009 have finally been released.  These tax rates will apply to tax year 2009, which are due at the end of 2009.  Current Tarrant County homeowners that have specific questions about their property taxes should contact the Tarrant County Central Appraisal District at (817) 284-0024. 

Tarrant county property taxes have several different taxing authorities and jurisdictions.  In general, homeowners will pay a combination of County, City and School taxes.  Additionally, some homeowners in Tarrant county will also pay an additional fee of $.02 per $100 for areas contained in the Tarrant County Regional Water District and .064% per $100 for the Tarrant County Emergency Services District.  Contact the Tarrant County Appraisal District or visit their website at www.tad.org to verify if a particular property lies in one of these additional districts. 

The total 2009 Tarrant County property tax rates are as follows:

CITY                            City Rate     ISD Rate   County Rate   TOTAL TAX RATE

** Some cities may lie in overlapping school district and county boundaries and some properties may have different final tax rates than the ones shown here.  This information was obtained from Republic Title and other third party agencies and I make no guarantee that these are accurate.

The $8000 Homebuyer Tax Credit has been officially extended and expanded to include a new $6500 tax credit for move-up buyers.  Dallas area first time homebuyers and move-up buyers now have until April 30, 2010 to obtain a written, binding contract and until June 30, 2010 to close the transaction. 

Some of the details and guidelines for the homebuyer tax credit were changed slightly with passage of this new legislation.  Some of the guidelines were loosened while others were tightened.  And there is a sepearate set of guidelines for the new $6500 tax credit for repeat buyers as well.

EXTENSION OF THE $8000 FIRST TIME HOMEBUYER TAX CREDIT

The new legislation extends most of the guidelines of the previous $8000 first time homebuyer tax credit with the exception of the deadline extension, increased income limits and a few other details: 

Guidelines that REMAINED THE SAME:

• Amount of tax credit remains the lesser of $8000 or 10% of the purchase price.
• Home must be primary residence that will be occupied by the owner.  Investors do not qualify.  
• The tax credit does not have to be repaid unless the homeowner sells the home in the first three years. 

Guidelines that worked out BETTER for homebuyers:

• Deadline to obtain a WRITTEN AND FULLY EXECUTED CONTRACT is now April 30, 2010 and the transaction must CLOSE ON OR BEFORE JUNE 30, 2010.  The previous program had no specific date to obtain a fully executed contract, but the deadline to close the transaction would have been November 30, 2009.
• MILITARY SERVICEMEMBERS who were on active duty overseas for a period greater than 90 days in 2008 or 2009 will be allowed until April 30, 2011 to claim the first time homebuyer tax credit. 
• Income limits for single taxpayers raised from $75,000 to $125,000.  The program phases out completely at $145,000.
• Income limits for married couples raised from $150,000 to $225,000.  The program phases out completely at $245,000. 
  

Guidelines that became MORE STRICT for homebuyers:

• Maximum purchase price cap is now $800,000.  Previous program had no price cap.
• Requires written proof of home purchase in the form of a certified HUD-1 closing statement.  Also, the IRS has more authority to conduct oversight on claims for the tax credit.  The previous program was plagued with fraud since it did not require homebuyer to show any proof of purchase. 

CREATION OF THE $6500 TAX CREDIT FOR MOVE-UP HOMEBUYERS

This is a completely new program that was passed as part of the legislation that expanded the first time homebuyer tax credit.  Current homeowners who are "moving up" will quaify for the $6500 tax credit beginning with all purchases that close after November 6, 2009 and who meet the other guidelines listed below.  Many of the guidelines and deadlines are the same or close to the same as those of the first time homebuyer tax credit:

General guidelines (beginning after November 6, 2009):

• Amount of tax credit is the lesser of $6500 or 10% of the purchase price of a new home. 
• Homebuyer must have owned and lived in their previous home for at least five consecutive years out of the last eight years.
• Home purchased must be a primary residence that will be occupied by the homebuyer.  Investors do not qualify.
• Maximum purchase price is $800,000.
• Tax credit does not have to be repaid unless the owner sells the new home in the first three years.
• Income limits are the same as for the $8000 first time homebuyer tax credit ($125,000 for single filers and $225,000 for married couples, phases out completely at $145,000 and $245,000 respectively). 
  
• A written, binding contract must be signed on or before May 1, 2010 and the transaction must close on or before July 1, 2010.  This is ONE DAY LATER than the deadline for the first time homebuyer tax credit for some reason, perhaps because simultaneous closings can often take two days to fully consummate.
• IRS will require proof of purchase for the new home and will likely require proof that the previous home was both owned and occupied by the homebuyer. 

Stay tuned for some additional updates and some frequently asked questions.  If you have any questions about the extension and expansion of the homebuyer tax credit, please email me. 

The Dallas County property tax rates for 2009 have been released. These tax rates will apply to taxes due in December for tax year 2009. All current homeowners should have received a property tax statement in the mail recently that shows the amount of taxes due.

The county mails a copy of the invoice to the homeowner regardless of whether or not the taxes are escrowed by their mortgage company.

The total amount of property taxes for Dallas county homeowners consist of three different taxing jurisdictions: County, City and School taxes.  In some cases, homeowners who live in overlapping areas may receive two separate statements from different taxing authorities. For example, a homeowner who lives in the portion of the city of Dallas that lies in Collin county will receive a tax statement from the City of Dallas for ISD and city taxes, but will receive a statement from Collin county for county taxes. 

Each taxing entity has their own rules for exemptions, such as homestead, over 65 years old and disability exemptions.  The actual amount of taxes owed will be less if the property owner qualifies for any of those exemptions.

The total 2009 property tax rates for each city in Dallas county are as follows:

CITY                                      CITY RATE       ISD RATE   COUNTY RATE      TOTAL

For more detailed infrormatoin on property tax rates in Dallas county, as well as to search by property address or owner name, visit the Dallas Central Appraisal District online.

This information was provided by Christina Annoboli at Republic Title.   

The Lochwood Branch of The Dallas Public Library will be having its Grand Opening on Saturday November 7th, 2009 beginning at 10AM.

The City of Dallas has invited all citizens to the official grand opening of the new Lochwood Branch Library this coming Saturday, November 7th, 2009 at 10AM.  If you live in or near the Lochwood area of East Dallas, then you have probably noticed the rather unique building that's been slowly taking shape for  the last several months across from the Home Depot on Lochwood Boulevard.   I had a chance to visit the library yesterday and it is quite amazing, both inside and out. 

In addition to the over 70,000 books available to the public, the library has a huge selection of magazines, DVDs and CDs.  The computer area has almost two dozen computers with high resolution flat screen monitors.   

The Lochwood Branch Library replaces the old Casa View Branch of the Dallas Public Library that was on Ferguson road.  When that library opened in 1964, they broke a record for the most books ever checked out in a single day at a U.S. public library.  The organizers are hoping once again to break a new record, and they certainly have the inventory on hand to make that happen as long as enough people turn out on Saturday. 

In addition to calling all citizens of Dallas to attend the grand opening, they are also asking for help from volunteers to come by the library between the hours of 10AM and 6PM to help put the finishing touches on the remainder of work that has to be done before the big event.

The Lochwood Branch Library also has a theater room with a maximum occupancy of 420 people.  This room will likely be used for community affairs and theater events.  The library is an impressive 19.000 total square feet, including the black box theater, classrooms and public meeting areas.  The parking lot has enough space for over 100 cars and there is also an area to park and lock up bicycles close to the entrance.  

The area is close to the DART bus lines as well.  The DART rail station is only a few miles away on Northwest Highway.

The building itself is a Silver Rated Leadership in Energy building, so it will consume less energy and use recyclable materials. 

The computer area is right in the middle of the library.  There are 25 desktop computers available, as well as 10 laptops and wireless access.  The library will also have self-checkout stations.

The residents of Lochwood and East Dallas have been anxiously awaiting the formal grand opening of the library ever since construction began back in April of last year.  The previous building that occupied this land was the old YMCA building, which had been somewhat of an eyesore in the neighborhood for quite some time.  The city of Dallas did a wonderful job on the Lochwood Branch Library, and hopefully the residents of Lochwood and East Dallas will have the opportunity to enjoy it for years to come.

SCHEDULE OF THE GRAND OPENING EVENTS ON SATURDAY NOVEMBER 7TH:

10AM - Grand opening begins.

11:30AM - Reilly Elementary Choir will perform.

12NOON - Reinhardt Elementary and Bryan Adams High School will perform

12NOON to 2PM - Childen's Crafts

3PM - Tango lesson with Laurie Vego

4:30PM - Teen Time.

The Lochwood Branch Library is located at 11221 Lochwood Boulevard in Dallas, TX 75218 almost directly across from the Home Depot. 

The Proposed Extension and Modification of the $8,000 Homebuyer Tax Credit

November 4, 2009

Today, the Senate passed legislation to modify, expand and extend the homebuyer tax credit by a vote of 98-0.  This bill must still be passed by the House of Representatives and then signed into law by President Obama, but the overwhelming consensus is that this will happen and happen quickly, perhaps by the end of this week.  The House of Representatives does have the ability to change the bill before making a final vote, but the meat and bones of the legislation is likely to remain intact. 

THE FIRST TWO HOMEBUYER TAX CREDIT PROGRAMS:

There have been TWO versions of the homebuyer tax credit thus far.  The first, which initially applied to homes purchased between April 9th, 2008 and July 1, 2009, was essentially a $7,500 tax-free loan that had to be paid back over the course of 15 years at $500 per year.  If the home was sold before the 15 years, then the remainder of the tax credit was recaptured in most cases. 

Then the current $8,000 tax credit for first time homebuyers was passed into law as part of the stimulus plan in February.  This new law applied to homes purchased between January 1 and November 30th of this year.  Homebuyers that purchased a home after January 1 but before the new law was passed were allowed to claim the revised tax credit.  In addition to the increase, the new plan did not require repayment of the $8,000 unless the home was sold in the first three years. 

THE PROPOSED NEW HOMEBUYER TAX CREDIT PROGRAM AS PASSED BY THE SENATE TODAY WOULD:

• EXTEND THE CURRENT $8,000 TAX CREDIT FOR FIRST TIME HOMEBUYERS to June 30, 2010 with a stiplulation that they must enter into a written, binding purchase contract on or before April 30, 2010. 
• CREATE A NEW TAX CREDIT OF $6,500 FOR "MOVE-UP" BUYERS who have occupied their current home for at least five out of the last eight years. 
• ALLOW MILITARY PERSONNEL who have been deployed overseas by more than 90 days in 2008 or 2009 to claim the credit until APRIL 30, 2011.   
• Cap the price of a new home at $800,000 in order to claim the tax credit.  The current law does not have a cap on the purchase price. 
• RAISE THE MAXIMUM INCOME LIMITS from $75,000 to $125,000 for single homebuyers and from $150,000 to $225,000 for married homebuyers. 

There will most likely be some other minor changes that haven't been fully explained as of yet.   Again, it's important to remember that this HAS NOT BEEN OFFICIALLY PASSED INTO LAW AS OF RIGHT NOW (November 4, 2009). 

In addition to these changes, the IRS will be given greater authority to verify the legitimacy of each tax credit claim rather than waiting for the results of an audit.  There have been allegations that a significant amount of fraud has occured under the current program. 

At one point, there was even speculation that many lawmakers would vote against the bill because of fraud concerns.  The current tax credit doesn't require taxpayers to show proof that they purchased a home.  The new law would require homebuyers to attach a certified copy of a HUD-1 statement in order to claim the tax credit.  The HUD-1 statement is normally the first form that buyers sign at closing and should be kept in a safe place for those that plan to claim the new tax credit. 

So stay tuned for updates as they occur.  The consensus is that this will likely be passed by the House and signed into law by President Obama by next week at the latest. 

CHAPTER 13 BANKRUPTCY AND REBUILDING CREDIT FOR DALLAS HOMEBUYERS

Over the weekend, I received a letter from a gentleman who found my Chapter 13 bankruptcy blog online and had a few more specific questions.  So i decided to post the questions and answers here (with his permission, of course) for everyone to see.

Here's a list of the questions (in bold):

"Hello John- Your chapter 13 and FHA loan article is very concise and helpful. A few additional questions- When opening at least 3 new credit lines should they be a combo of installment and revolving with low or high balances from month to month? "

I would recommend getting two revolving accounts and one installment account to even out the mix.  10% of your credit score is based on having a fair mix of credit, so two revolving and one installment account should do the trick.  As far as the balances, there's no need to keep a high balance on the credit cards.  In fact, this can hurt in the long run because a significant part of your credit score is determined by debt to limit ratios for each open account.  Ideally, i would recommend keeping the balance of the credit cards below 25-50% of their respective limits at all times.

"And... We are in a chapter 13 ( five year plan and currently on month 19) My wife has been on her salaried job for 19 years and I am just starting a new salaried job. Have been out of work for 9 months yet the new job is what I did before- Does FHA still require a full 2 years for me or less time to qualify?"

FHA does require a two year employment history.  However, an underwriter may grant an exception to this rule if the job loss was due to factors beyond your control and if the new job is comparable to the previous job. FHA will still want a full two year work history, so they will just require documentation of the previous two years before the nine month job loss.  Going from a salaried job to another salaried job is just fine.  If you would have started your own business this go-round, FHA would have required a two year history of earnings for the new business. 

If we wait for the Chapter 13 to run its full 60 month course can we apply for an FHA loan the day after? It seems odd that one can apply for a FHA loan while actually in a Chapter 13.

I agree it seems odd, but it's the truth.  FHA does allow a borrower to obtain an FHA loan even if they're currently in a Chapter 13 bankruptcy.  However, there are a few guidelines and requirements that must be met:

• The borrower must have made at least 12 months of timely payments in the Chapter 13 repayment plan. 
• Payment history on accounts not included in the bankruptcy must be near perfect.  This is ultimately an underwriter's call, but they are typically very strict with regards to payment history for all accounts once a bankruptcy has been filed.
• The borrower must meet all other underwriting requirements to obtain an FHA loan (acceptable job history, debt-to-income ratios, cash reserves, credit score, etc).  A loan officer and underwriter will make this determination. 
• The bankruptcy trustee must give written permission for the borrower to obtain a mortgage.  This is true for both purchases and refinances.  To the best of my knowledge and based on my past experiences, there are no specific guidelines for this, but the trustee will generally not approve a request to increase the current payment by very much if any at all.  For example, a person who pays $1000 per month for rent would likely be restricted from purchasing a home with a mortgage of over $1000 per month.  An exception could possibly be made in cases where a specific and compelling need to increase the size of the family home due to a chance in familial status is present (such as an elderly parent having to move in with the family or the birth of a new child).  If you have specific questions, please contact the bankruptcy trustee directly. 

Once the bankruptcy is completed (discharged) and all payments have been disbursed to creditors, you may apply for an FHA loan without having to obtain a letter of permission from the bankruptcy trustee.   But as I mentioned above, it may be possible to obtain a mortgage prior to discharge of a Chapter 13 bankruptcy.  This may or may not be a good idea, depending on your individual financial situation. 

It's very important to focus on rebuilding your financial strength both during and after a bankruptcy.  Ideally, a buyer should try to save at least twelve months of cash reserves in addition to the money needed for down payment. 

Also, make sure to keep all records pertaining to the bankruptcy, including the full petition, discharge and especially the record pf payments to the trustee.  It's not uncommon to see errors on accounts that have been included in a bankruptcy because the creditor did not note the account as included in a bankruptcy. 

Feel free to email me with any specific questions related to this or any other issue regarding credit, mortgages or real estate in the Dallas / Fort Worth area.