Judy Berno's Real Estate Blog

 It's great to be a Texan!  You may qualify for another First Time Home Buyer Program that could make you eligible for a tax credit of up to $2000 PER YEAR FOR THE LIFE OF YOUR LOAN!   This is being offered by the Texas Mortgage Credit Program.  It gets better - this program can be combined with the one-time savings Federal Tax Credit of up to $8000.  It is truly a great time to buy a house in Texas.  BTW - A "first-time homebuyer" is someone who has not owned a home in the past three years.  Go to www.myfirsttexashome.com if you'd like to read all about it and then give me a call and let's get you in a new home! 

 The Houston Chronicle is reporting today on the much touted $8K tax credit for first time home buyers in Texas.  A new short-term loan program started this week allowing qualified borrowers to get a portion of the money up front and then pay it back when their tax credit comes in.  That's Great News but know that because it is government backed, it can be a complicated process.  Remember, these are SHORT TERM loans meaning the money has to be paid back between 90 to 120 days, depending on the loan program.  If the loan is not paid back in a timely manner , a nice hefty interest rate will be applied.  Check out the article and talk to your trusted real estate professional when going forward.  www.chron.com.