Our Market here in Houston Texas is so hot, just like the weather.
I know that you may think how would a Loan Officer know how our Real Estate market be? The reason I know is that I work with Realtors from all over town.
From Katy, Richmond, Sugar land, Tomball, Woodlands, Channel view, and Pasadena. I am able to work with clients from all over Houston and surrounding areas.
I have many clients that have put offers on properties and it is not accepted because of the house having other offers.
Foreclosures are selling at a alarming rate. I see that offers are going over asking price in many cases due to the commpetitive nature of the market.
If you are a First Time Home Buyer there are several different options created to help and make things affordable for you.
These are a couple of options:
1. Down Payment Assistance: Where the Government is giving out money to cover your down payment and most or all of your closing costs. This is a loan for 5 years minimum and if you stay in the home for 5 years then it is forgiven and you don't have to pay any of it back. Note: this program has several limitations (Income, Property & Location.
2. $100 Down Payment:This a little used program it is for First Time Home Buyers and if your interested in buying a Foreclosure property. There are limitations (Type of Foreclosure)
3. $8,000 Tax Credit money from Obama: The stimulas package is funding a credit for your tax return money for $8,000. This money is soon to be approved to be used for purchase money down payment. (Limitations do apply: Income)
If you want to know more about these programs you can contact me for any questions.
Written by Frank Marta Texas Home Loan Specialist
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