Admin

Home Sweet Texas

By
Mortgage and Lending with Service First Mortgage NMLS# 209335

I just joined and have never blogged before but--There is only 1 first time.

 Texas Bond Program just announced- Home Sweet Texas

Basic Information on this Bond Program:

For property anywhere in Texas

Buyer must be first time homebuyer (has not owned a home in  3 years documented by tax returns)

5% downpayment assistance which is a Grant and is not repaid

Generally used with FHA or VA loan programs

6.5% 30 year fixed rate

Income limit is $53,200

Bond Programs all have limited funds available. We must register your customer when the contract is signed.  I have access to most all of the "First Time Homebuyer Products" if you need more information or a flyer emailed to you on this program, please let me know.  Bond Programs are sometimes successful when used to advertise your listing but works best on listings of under $150,000.

Julie Chapman
Julie Chapman Broker - Ormond Beach, FL
Daytona Beach Shores, Florida
Great first blog and welcome to Active Rain.....
Oct 25, 2007 12:33 PM
Donna Harris
Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX
Realtor,Mediator,Ombudsman,Property Tax Arbitrator
Most of the bond programs I've heard of in the area have many restrictions, the main one being that the home owner must stay in the house for 15 years or they owe the entire thing back, not prorated.  Another one is that they must own it for so many years but are allowed to turn it into a rental after 4 years to avoid the repay.  So, when you say there is no repay, what's the time frame you're talking about that the buyer has to live there, as we all know a first time home buyer making on $53k is not going to stay in that house for years and years.
Oct 25, 2007 12:39 PM
Susan Trombley
Trombley Real Estate - Wake Forest, NC
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs

C.J.

This is awesome. Frist of all Welcom to AR. Keep up the good work on blogging your post. This one is awesome and I wish you the best in helping those first time home buyers out.

Oct 25, 2007 12:39 PM
Linda M. Cataldo
Dock Street Realty - Myrtle Beach, SC
Beach Destinations Realty Myrtle Beach
Welcome to AR.  You are going to love it and will be amazed at what you can learn from this site.  So many intelligent, knowledgable people here, it's amazing.  From the tone of your first blog - you will fit right in.
Oct 25, 2007 01:13 PM
C.J. Winchester
Service First Mortgage - McKinney, TX

Responding to Donna Harris

You do bring up a very valid point.  Recapture tax might be due if all of the following apply:

Sold within 9 years

Income was significantly more  (about 5%)

Must have a gain from the sale.

Bond loans are designed for primary residences not rental property

Oct 25, 2007 01:28 PM