Southlake, Keller, Colleyville, Grapevine Real Estate

Speedy Lender Needed To Close Before Tax Credit Deadline

Jon Sutton (The Sutton Group, Southlake TX) — Wed, 17 Feb 2010 09:50:48 -0800

Home buyers who are eager to close the deal before the tax credit expires should be prepared to deal only with lenders who will respond quickly.

Even buyers without A-plus credit should be able to get a loan. "If you go to enough lenders, you can typically get a loan even with a low credit score. The terms, of course, are not as attractive," says Spencer Rascoff, chief operating officer of Zillow.com.

Please contact me today for a list of lenders who are as eager as you to get the deal closed before the tax credit deadline. They will even show you how to apply for the credit and get the paperwork ready.

Selling A Home In Keller

Jon Sutton (The Sutton Group, Southlake TX) — Sat, 16 Jan 2010 18:49:44 -0800

Free Report Reveals Secret To Getting The Highest Price

When You Sell Your Home!

Keller, TX - With all of the ups and downs in the real estate market over the past several years, finally there is some good news for home sellers.

A Free market report has just been released that provides valuable information about how to position your home in the market place so you get the highest price possible.

For years, real estate agents have relied on local market figures to advise homeowners on how to determine the right selling price for their home. The problem is, these figures don’t give you the total picture you need to get the highest price for your home when you sell!

It’s not commonly known that just understanding what is going on in your immediate neighborhood doesn’t give you the complete information you need to get the maximum price for your home... or get it sold on time. Yet, too often sellers make this mistake.

Now, thanks to a new computer system, home sellers can get extremely accurate, up-to-the minute information that will help them get the highest price for their home when they sell.

The FREE REPORT is titled “How to Sell Your Home for the Highest Price”, and also includes a computerized market report. If your home is currently listed for sale with a real estate broker, there are some restrictions on what information can be provided.

However, if you are about to put your home on the market for sale, the complete report can be provided to you without charge. The computerized market report alone could save you thousands when you sell your home!

To get a copy of the report, you can call the message line below for a free recorded message and a written copy of the report. Call now and find out what most buyers are hoping you never read about!

Call 1-800-735-9381, ext. 8886, 24 hrs, For Recorded Message and Your FREE Report!

Dallas Fort Worth SFR REALTOR®

Jon Sutton (The Sutton Group, Southlake TX) — Mon, 11 Jan 2010 21:19:55 -0800

Short Sales and Foreclosures Resource / SFR

REALTORS® with the SFR certification can be a trusted resource for short sales and foreclosures. Have confidence that REALTORS® with the SFR certification have the framework to negotiate with lenders, protect buyers, qualify sellers for short sales, limit risk, tap into buyer demand, develop short sale packages, and direct sellers to finance, tax, and legal professionals.

Presented by NATIONAL ASSOCIATION OF REALTORS®

I am proud to announce my SFR certification and be a Short Sales & Foreclosure Resource for Dallas, Fort Worth, Southlake, Keller, Grapevine, Colleyville, Irving, Saginaw, Haslet, Rhome, North Richland Hills, Haltom City, Hurst, Euless, Bedford, Plano, Lewisville, Flower Mound, Denton, Argyle, Grand Prairie, Arlington, White Settlement, Benbrook, Burleson, Mansfield, Azle, Lake Worth, Trophy Club, Roanoke, Watauga, Farmers Branch, Coppell, Carrollton, and more.

Jon Sutton, SFR
The Sutton Group
Synergy Realty
221 E Southlake Blvd
Southlake, TX 76092
817 793 2367 direct
817 865 1500 office
www.JonSutton.com
Jon@JonSutton.com

Earn FREE Energy For Your Home...And Save 30% Or More On Your Utilities.

Jon Sutton (The Sutton Group, Southlake TX) — Thu, 31 Dec 2009 15:42:05 -0800

Read This Free Report To Find Out How You Can Start Earning Free Electricity And Gas For Your Home!

Tarrant County, TX - Did you know that all energy providers are not the same? And, if you need electricity or gas for your home, you need to make sure of whom you're dealing with before you make any decisions!

Most people really don't know that since Texas deregulated electricity in 2002 they have a choice when it comes to their electricity. Picking the right energy provider can be wonderful, and picking the wrong one can be a big mistake. The wrong one can literally cost you thousands of dollars!

When it comes to saving on your monthly utilities, it definitely pays to explore your options to make sure that you get the best price and terms!

Before you make a choice or if you are just thinking about making a switch to save and even earn free energy, call and get this FREE REPORT. It explains exactly, "How You Can Start Earning Free Electricity And Gas For Your Home!"

To get a free copy of this report, just call the toll-free recorded message line below. Find out the options that many energy providers would prefer you never know!

Call 1-800-735-9381, ext. 0026, 24 hrs, For Recorded Message and FREE Report.

Short Sales Most Likely To Rise With Government Incentives to Lenders

Jon Sutton (The Sutton Group, Southlake TX) — Mon, 14 Dec 2009 09:45:40 -0800

A new program that acknowledges that homeowners are unable to afford their homes is intended to speed up the short sale process. "The push right now is for servicers to avoid foreclosure and the push is coming not only from The Obama administration and the Treasury but also from the owners of the loans such as Fannie Mae and Freddie Mac. And the focus right now is on short sales. So, I think in 2010, you're going to see a lot more short sales and hopefully reduced foreclosures," says Travis Hamel Olsen, chief operating officer of Loan Resolution Corporation.

Guidelines issued earlier in the month for a $75 billion housing plan include the potential for banks to get government incentive payments in cases where borrowers are allowed to sell their home at a loss, bypassing the foreclosure process. Information available at MakingHomeAffordable.gov will help one see how much of a mortgage modification one might qualify for as well as answer some questions regarding loan modifications. If the borrower (homeowner) can complete the short sale, then the incentives go like this:

The homeowner can receive up to $1500 in relocation assistance and the servicers can get up to $1000 compensation.

"You have a primary lien holder and they'll love this program because the servicers will get paid an additional $1000 for completing the short sales. On the other hand, you have all the subordinate lien holders in a short sale who also need to give their approval for the short sale in order for it to happen. The problem, though, is that the subordinate lien holders are the ones that are getting totally wiped out and under the program they would receive $3000 for their lien and in exchange they would have to write off the remaining balance of the loan and give up any rights that they would normally have to pursue the borrower thereafter for the remaining balance," Olsen states.

This program will definitely help the homeowner, bank and speed up the short sale process at the same time; a win win situation for everyone. For more information on short selling your home please visit http://www.jonsutton.com/Short_Selling/page_2144870.html

90 Day FHA Anti Flip Rule Opposition

Jon Sutton (The Sutton Group, Southlake TX) — Tue, 01 Dec 2009 15:10:39 -0800

The directors of the California Association of Realtors® (CAR) have recently adopted the following motion at their fall meetings: "That C.A.R. in conjunction with NAR, "SUPPORT" the elimination of the FHA 90-day anti-flipping rule, and that C.A.R. write and publish a letter to the FHA Commissioner in opposition to the FHA 90-day anti-flipping rule." While support for the motion was not unanimous, it passed by a significant majority. Could Texas and other states be soon to follow? HUD describes flipping as this: "Property flipping is a practice whereby a property is resold a short period of time after it is purchased by the seller for a considerable profit with an artificially inflated value, often abetted by a lender's collusion with the appraiser. FHA's policy prohibiting property flipping eliminates the most egregious examples of predatory flips of properties with the FHA mortgage insurance programs"

The 90 day rule, which is the primary component of FHA's anti-flipping policy. No FHA funding will be provided for properties purchased within 90 days of the seller's acquisition of the property. Proponents of the CAR motion argued that, in the current environment, the effect of the anti-flipping rule was actually to harm potential FHA buyers and to shut them out of the real estate market. The fact that buyers using FHA financing are less preferable to many sellers than those who have cash and is especially true in the REO area of home sales. This is because banks want faster escrows than can be expected from FHA financing. It is frequently the case that an REO property will be in poor condition, requiring repairs, and will not pass an FHA appraisal. Effectively, then, FHA buyers are shut out of the REO market.

Investors buy REOs to hold; others buy to realize a short-term profit. They usually must do rehab work to bring the property into marketable condition and that work adds value and, of course, the investor(s) will seek to profit from this. Does that mean the property will be sold for an artificially inflated value; of course not. This is especially not true in today's appraisals where it is hard to get an appraisal to come in at market value.

These realities are shutting FHA buyers out of the REO market and with the 90-day rule they are also shut out of the opportunity to buy a rehabbed house. Hopefully TAR (Texas Association of Realtors) will jump on the bandwagon and argue the same points along with other states and we can do something about this.

www.BuyFortWorthForeclosures.com

Tax Credit Extended To July 1, 2010

Jon Sutton (The Sutton Group, Southlake TX) — Thu, 29 Oct 2009 14:07:40 -0700

The Senate has decided to extend the first time home buyer $8,000 tax credit. To be eligible, buyers must be under contract by April 1, 2010 and close by July 1, 2010. They are also going to be offering a $6,500 tax credit for homeowners who have lived in their homes for a consecutive 5 year period in the past 8 years. Also there has been reports of abuse of the tax credit and the IRS is getting more involved in the process.

www.JonSutton.com

Tips for New REO Investors

Jon Sutton (The Sutton Group, Southlake TX) — Fri, 23 Oct 2009 11:13:56 -0700

A new wave of novice investors has emerged with the increase in foreclosures and bank REOs and they must keep these three tips in mind before diving head first into the business. Just because the property seems like it is a steal of a deal, they think hurry up and buy it but when in realty there is much more homework that needs to be done before hand.

First, you must understand the local market and where prices are headed along with the demand for real estate in that particular area. Due diligence is the key here. Look into the City and Government's future use plans for that area. The more you know about that market the better off you will be.

Second, purchase properties with a written business plan in effect. This is how the professionals do it, this is how you should to. Make sure you incorporate an entrance strategy as well as an exit strategy for many different scenarios.

Lastly, analyze all of the costs of ownership upfront. Everything. Not just the price you paid for it and what it is worth but how much income it will bring in, what repairs are needed, taxes, insurance, sales commissions, management costs, rental maintenance, etc. You must know everything upfront because surprises in Real Estate aren't really surprises, they are more like a blow to the head.

www.JonSutton.com

Tax Credit Extension Likely

Jon Sutton (The Sutton Group, Southlake TX) — Fri, 09 Oct 2009 12:12:55 -0700

The extension of the first time home buyer tax credit is at the top of Congress' list of things to do legislative aids say. After a meeting between President Obama, House Speaker Nancy Pelosi, and Senate Majority Leader Harry Reid that was held on Wednesday a comment was released that the governemnt should "continue efforts to strengthen the housing market by extending the home buyer tax credit. Economist Mark Zandi at Moody's Economy.com says not extending the credit as more foreclosures continue to hit the market will only continue to drive home prices down.

New First Time Home Buyer Down Payment & Closing Cost Assistance Program

Jon Sutton (The Sutton Group, Southlake TX) — Wed, 23 Sep 2009 19:56:55 -0700

Bond 74

Overview of Tax Exempt Mortgage Revenue Bonds and advantages to borrowers include:

Below market interest rates
Down payment assistance grants
Second mortgages

A 4% Second Lien Deferred Forgivable Loan May Be Used For Down Payment and Normal and Customary Closing Costs:

Based on principle amount of the 1st mortgage note
No Interest
Deferred 10 years and forgiven 1/10 every year
Fully forgiven after 10th year

Requirements for the home buyer:

Must complete a pre-purchase home buyer education course under the program
The certificate must be included in the closing files

So in a nutshell, this program will replace the short term bridge loan program for using the $8,000 tax credit towards the down payment and closing costs and replace it with a second forgivable lien. For additional information contact me immediately as this is a first come, first serve program.

Commercial Investment Opportunities

Jon Sutton (The Sutton Group, Southlake TX) — Wed, 16 Sep 2009 15:46:19 -0700

Investors will have to keep on waiting to purchase commercial properties for cheap as opportunities to purchase at low prices are few and far between. Not many transactions are taking place for hotels, warehouses, offices, and shopping centers as these properties are over-leveraged and lenders are hanging on as long as they can for the most part. The properties' values have fallen according to statistics but buyers can not seem to get deals going at deeply discounted prices. Eventually as time goes on lenders will be forced to foreclose and sell these properties at discounted prices. Commercial investors; keep hanging on and your eyes and ears open.

Fort Worth-Arlington TX Market Named in TOP 10 Markets in the Nation

Jon Sutton (The Sutton Group, Southlake TX) — Fri, 11 Sep 2009 12:03:15 -0700

Local Market Monitor, a real estate forecasting service who puts together nationwide market trends for banks and investors has named the Fort Worth and Arlington real estate market as one of the top 10 markets likely to rebound soon. They expect home values in this market to remain level throughout the year end AND to increase in 2010. Of the 10 market cities named, 4 were located in Texas including Dallas-Plano-Irving, Fort Worth-Arlington, Houston-Sugar Land-Baytown, and San Antonio. This once again affirms that Texas has been and will continue to be one of the most stable real estate markets in the nation. With over 1,000 people per day moving here it is not hard to believe.

NOW Is The Time To Buy

Jon Sutton (The Sutton Group, Southlake TX) — Fri, 11 Sep 2009 09:42:56 -0700

According to BusinessWeek'sreal estate guy Marc Roth, Investors are returning as the real estate market is on the upswing. Some of the opportunities he points out are Single Family Residential, Multi Family Investment property, Vacation property, and Real Estate Investment Trust.

Coming Soon: Fannie Mae Foreclosures Page

Jon Sutton (The Sutton Group, Southlake TX) — Wed, 09 Sep 2009 10:13:14 -0700

I will be adding a Fannie Mae Foreclosures page similar to the Freddie Mac Foreclosures page to the website soon. Yet another way to find a great foreclosure deal. Check my website periodically for the new addition. www.JonSutton.com

Tarrant & Denton County TEA School Ratings

Jon Sutton (The Sutton Group, Southlake TX) — Tue, 08 Sep 2009 16:02:35 -0700

Check out my newly added website page http://www.jonsutton.com/School_Ratings/page_2275349.htmlfor the latest Tarrant & Denton County Texas Education Agency School ratings. Click on "Ratings" once you proceed to my page. Feel free to save this pdf file.

$8,000 Tax Credit Deadline Countdown

Jon Sutton (The Sutton Group, Southlake TX) — Tue, 08 Sep 2009 09:21:59 -0700

The deadline to purchase a home and still be eligible for the first time home buyer's tax credit is November 30, 2009 which means there is still time if you act now. There are a couple of bills proposing an extension but nothing has been signed in yet. Let the rush begin...

FHA's Busiest Year In History

Jon Sutton (The Sutton Group, Southlake TX) — Sun, 06 Sep 2009 11:56:33 -0700

FHA backed loans account for 25% of all new mortgages in the current market which will make this year the busiest ever for Federal Housing and Administration. Applications alone for these type or mortgages are up 50% from last October through August 2009 and approvals and refinancings are up 70%.

Average credit scores for borrowers using FHA loans are up into the 690s which compared to 630s a couple of years ago is quite an improvement. Anyone with a score less than 500 will have to put at least a 10% down payment to purchase a home.

A Bill to Encourage Energy Saving Improvements

Jon Sutton (The Sutton Group, Southlake TX) — Fri, 28 Aug 2009 09:33:16 -0700

Another bill has been brought out claiming to help Americans afford energy saving improvements when purchasing a home. If passed sometime in the Fall of this year, the American Clean Energy and Security Act of 2009 will require Fannie Mae and Freddie Mac backed loans to offer discounts such as extra cash for improving a home's efficiency and decreases in closing costs. This will allow lenders to add in the costs of these improvements on the loan without the buyer having to qualify for that additional amount. For example if a buyer is purchasing a $200,000 home and wished to make $10,000 worth of energy saving improvements, that buyer will still only need to qualify for $200,000 not $210,000.

First Time Homebuyer Tax Credit Extension Possible

Jon Sutton (The Sutton Group, Southlake TX) — Thu, 27 Aug 2009 13:46:03 -0700

There a couple of pending bills in the Senate and U.S. House that will extend the first time homebuyer's tax credit which expires November 30, 2009. Also they are talking about raising the limit from $8,000 to $15,000 but it probably won't happen. Chances are the extension will happen though and it will allow buyers to be included in the program throughout next year. Nothing has passed as of the moment. Will keep you updated.

The Quick Facts About Double Closings

Jon Sutton (The Sutton Group, Southlake TX) — Tue, 25 Aug 2009 19:56:08 -0700

Basically what happens is a buyer puts a contract on a property with a close date sometime in the future. Before the close date the original buyer acts as the seller and finds another buyer who in turn puts another contract on the property between buyer one and buyer two. Both contracts are submitted to the title company and two escrow accounts are opened for earnest money; one for buyer one and seller and one for buyer two and buyer one. On the same day the property is closed between the seller and buyer one at which time the deed is signed over to buyer one's name. Right after that, buyer one and buyer two have a closing and after funding occurs the deed transfers to buyer two's name. If buyer one gets a contract with buyer two for more than their contract with the seller, buyer one nets the difference. For example: Buyer one - Seller = $100,000. Buyer two - Buyer one = $110,000. Buyer one will net $10,000. If you have any questions about this and other tricks of the trade please feel free to visit my website www.JonSutton.com

Foreclosure Real Estate Investing 101 in Keller, Fort Worth, Mansfield

Jon Sutton (The Sutton Group, Southlake TX) — Fri, 14 Aug 2009 12:59:55 -0700

Having a strategy is key to successful real estate investing in Keller, Fort Worth, and Mansfield. Whether the goal is long term or short term, understanding and implementing the fundamentals of good investing tactics will get you there and beyond. One of my favorite sayings in the real estate investment world is "flip to get rich, hold to get wealthy". With this in mind I will begin this guide to wealth by breaking down each of the stages of the foreclosure in order of greater risk, greater reward to lower risk, lower reward.

Preforeclosures:

When a homeowner can't afford to keep their mortgage current and falls behind a couple of months this is when the home moves into the preforeclosure stage. Banks post delinquent mortgage notices down at the courthouse and there are quite a few companies out there such as Roddy.com and Realtytrac.com that provide compiled lists of these notices to their clients for a fee. Why do they do this? Because they know there are savvy investors looking for homes with equity who know investing in these homes have the greatest reward. But with great reward comes great risk...

The process: After finding a preforeclosure you think may have some potential make sure you have done your homework and know about every issue with the title. This is the high risk part of this stage of real estate investment. You do not want to purchase a home that has a tax lien of $100,000 tacked on to it. It is essential to have a good title work team at your fingertips to give you the scoop on potential investments. So you are satisfied with the title. Ok. The next step is to get a contract with the homeowner in distress. The trick is to let the owner know from the get go you are in this for the money, not their benefit. This is a harsh reality but will save you many headaches later on. The truth of the mater is you will be their savior because it will keep the foreclosure text out of their credit. In the state of Texas their credit will be affected like this; 200 point instant deduction and short sale text on the report. Within 6 months they could have repaired their credit and could possibly purchase another home. If you would like to take it one step further to benefit the owner make sure the bank takes the clause making the current owner responsible for the remaining balance after the sale out of the short sale documents. The contract must be a specialized contract that will give you flexibility when moving on to the next step. Please contact me for more information. Negotiating with the bank and the dreaded loss mitigation department. At this point you have essentially moved into the short sale stage of foreclosure. The contract is not the only thing you need in order to speak with the bank about the owner's loan on their behalf. You will also need an authorization to release information, a power of attorney, and some kind of hardship letter. When you get to this point it will be a slow boat to China to get any kind of response from the bank. This investment strategy is not for the feint of heart. You must have extreme patience and perseverance to go from start to closing on this kind of a deal. It may be months and months before you hear from the bank only to have them tell you "no" on your contract. If you can pull through and make it to the other side you will be looking at deals with an excess of $80,000 equity in some instances depending on the value of the home.

So what is the banks problem: Banks are not in the real estate business, they are in the banking business. As far as real estate is concerned they make their dollar from interest on mortgages. Well when the mortgage payment is not being made any longer they do not switch over their goal to hey, let's sell this home for a profit. The bank just wants to get the home off of the books. Why is the preforeclosure investment important? Because you can provide that avenue for the bank to unload the home and keep it from going into the foreclosure process which will costs them more time and money in attorney's fees and etc. This is a catch 22 though. All banks have a loss mitigation department that handles deficient payments. To give you an idea of a typical nationwide bank's loss mitigation department imagine only 1 floor in a high rise with a staff of about 35 dealing with every late mortgage file for that bank! Also they won't increase staffing because they are already losing millions of dollars through this department, why would they want to increase that any more by adding additional salaries.

Short Sales:

We touched on this subject in the last section but basically this is the stage of the foreclosure where the owners realize this is their only option at getting out from under the mortgage responsibility and minimizing the damage to their credit. They are willing to sign a contract for a substantially lesser than market value to sell quickly in hopes that the bank will accept and take a loss rather than going through the lengthy and fee ridden full blown foreclosure process. You can find these homes, with the help of a realtor, listed in the MLS databases but also on preforeclosure lists. The risk factor is the same as the preforeclosures because of the uncertainties about the title. Please read above if you have not already about the process of the short sale in the section titled Preforeclosure.

Courthouse Auctions:

In this stage of foreclosure the bank has authorized a trustee for the county to auction the home publicly with a start price set by the bank. If there are no bids then the bank will officially repossessed the property. The auctions are held on the courthouse steps the first Tuesday of every month, rain or shine. Again, same risk factor as the preforeclosures and short sales because the title has not been scrubbed clean. Many times you will not know the condition of the interior of the home either but every once in a while they will hold viewings before the auction takes place. You must also do your homework before placing any bids here, you do not want any surprise liens or defects. Don't forget to bring cash because when you win a bid, the amount is due in full immediately. Once you have paid in full now you must figure out how to evict the previous owner still occupying the property in some cases.

REOs (real estate owned aka bank owned):

Once a bank repossesses a home they must now go through the process of selling it and getting it off of their books. As stated earlier they are not in the real estate business so they will hire asset managers and real estate brokers to help them with this process. It may take a couple of months before a repossessed home hits the market but once it does it usually sells very quickly. This is because in most instances the homes are marked down 10%-50% below market value. You can find these listed in the MLS databases, like the short sales. A realtor will have the most up to date access to these listings. The homes will be substantially reduced in price for a quick sale and will always be sold as is. No negotiating for repairs here. If you are looking at investments in this stage, your risk factor has mostly disappeared. The titles have been cleared by the bank and the transaction will be similar to a standard owner occupied type sale.

HUD Foreclosures:

So what happens to the government insured loans such as VA that go into default? The government repossess these and they become HUD foreclosures. You can find these by going to Southwestalliance.com, they are the asset managers for the government. You can also contact a realtor for the most current listings. The transaction process is slightly different than purchasing an REO type foreclosure. These will usually be marked about 20%-30% below market value for a quick sale. The process involves placing a bid through a realtor online by a certain deadline. The highest net offer will win the bid. You can be assured that if the home is in good condition it will sell for the full listed price or better. There is also a property conditions report for each and every HUD foreclosure. As with the REOs, the risk factor has disappeared because the government will clean up title making for a smooth transaction.

In conclusion, purchasing real estate from any of the stages listed above will provide you with the best opportunity at procuring a profit whether it be through rental income or resale, short term or long term. For novice investors, HUD Foreclosures and REOs are both a great way to get your feet wet in the business without much risk. Luckily being in the DFW area and the top market in the nation, this will provide the stability and confidence to know your hard earned dollars will be safe. And remember if you need a consultant to guide you through any of these purchase processes, please contact me.

Jon Sutton
The Sutton Group
Synergy Realty
817 793 2367 direct
www.JonSutton.com
jon@synergyrealtors.com

Using $8,000 First Time Home Buyers Tax Credit As A Downpayment To Purchase A Home

Jon Sutton (The Sutton Group, Southlake TX) — Wed, 20 May 2009 14:25:44 -0700

May 12, 2009 the Federal Housing Administration announces it will allow lenders to use the $8,000 first time home buyers tax credit as a downpayment on a home for FHA consumers. This will give buyers access to the cash at the closing table through a short term bridge loan rather than later down the road when taxes are filed. This only applies to HUD owned homes but along with the 3% in closing costs they will cover, it will help stimulate home sales dramatically. For additional information about this program and many others please contact me.

Luxury Townhomes in Grapevine: Stone Bridge Oaks

Jon Sutton (The Sutton Group, Southlake TX) — Tue, 24 Feb 2009 11:09:09 -0800

The luxurious Stone Bridge Oaks community located in Grapevine, Texas is a maintenance free community tucked away off of Glade Rd between Hwy. 360 and Hwy. 121 and surrounded by nature.

Townhomes range in price from the $290's to the $480's and offer a custom home type quality with high attention to detail and of course high efficiency design. The lifestyle oriented community includes amenities that are second to none with 9 acres of common nature areas, a clubhouse with 24/7 private access, and walking trails. The clubhouse being the hub of the community comes complete with a swimming pool, fitness center with flat screen entertainment throughout, WiFi access, and an outdoor kitchen with a fireplace.

For more information about this exquisite new community or to schedule a viewing of the properties available for sale please contact me.

Jon Sutton
The Sutton Group
Synergy Realty
221 E Southlake Blvd
Southlake, TX 76092
jon@synergyrealty.com
www.SuttonSellsDFW.com
(817) 793 2367 direct

Stimulus Plan Signed into Law Yesterday by President Obama

Jon Sutton (The Sutton Group, Southlake TX) — Thu, 19 Feb 2009 10:20:10 -0800

Among several things this plan includes a first time home buyer's tax credit that applies to all homes purchased before December 1, 2009. The credit is similar to the previous $7500 first time home buyer's tax credit but it has now been bumped up too $8000 or 10% of the purchase price of the home if less than $80,000.

While the Stimulus Plan was still being debated, Senate had originally proposed a $15,000 tax credit and to all home buyer's but the final version was signed in at $8000 for first time buyers only to keep the cost of the plan down. Qualifications for the credit include not owning a home in the past three years and claiming the new home as your primary residence. Also for a full credit your annual gross income (AGI) can not exceed $75,000 single or $150,000 jointly and the credit is phased out for AGI exceeding $95,000 single or $170,000 jointly.

As long as you live in the home for three years or more the $8000 credit will not need to be repaid. If you decide to sell before the three years is up then the full amount will be due. The credit will be claimed on the purchaser's income taxes and any excess in taxes owed will be refunded to the purchaser.

USDA 100% Financing Loans Easier to Qualify for than FHA

Jon Sutton (The Sutton Group, Southlake TX) — Wed, 18 Feb 2009 15:53:45 -0800

When shopping around for loans there are many things to consider. What your down payment is going to be is one of the most important. This loan from the US Department of Agriculture is a 100% financing guaranteed loan that is comparable to an FHA loan but easier to qualify for with no maximum loan amount. There is no monthly mortgage insurance fee which keeps that monthly payment down and it is possible to roll in closing costs, repairs, and even renovations into the loan.

The maximum loan amount is 100% of the appraised value plus a one time guarantee fee of 2% (also rolled in) making the loan a 102% LTV. To be eligible you must occupy the property as your primary residence, not own an adequate home already, and not have sufficient cash for a 20% down payment.

Here is the catch; this loan is only available in select areas. For more information about this no down payment type of loan and the areas they are available in please contact me.