Tax credit ineligible for FHA down payment

HUD Officials pulled the Mortgagee Letter authorizing the use an up to $8,000 First Time Home Buyer's Tax Credit as downpayment for FHA Loans.

Information is currently limited, but sources indicate that the IRS officials shot down HUD's plan stating that using bridge loans as the FHA downpayment, pending actual reciept of the tax credit, could create income tax issues.

The First Time Home Buyer's tax credit is still available, but must be claimed after the purchase of a home. Click here for more information on the tax credit

Roman Alfaro and Randy Watson of Mission Realty welcomes you to San Antonio, Texas! We would like to show you why San Antonio is a great place to buy a home and settle down.

Unpretentious neighbors, beautiful weather and a low cost of living combine to make San Antonio real estate a great choice. Whether you are looking for a home to raise a family, a nice ranch or a storefront for your business, you’ll find something that is perfect for you in this growing South Texas city of nearly 1.5 million.

Pure Texan and Mexican culture don’t just co-exist in Alamo City; they blend together to give the city and the region a unique flavor. Spanish-influenced architecture meets the clean lines of modern design in downtown, and historic period homes stand next to the latest custom homes in the residential neighborhoods. Working horse and cattle ranches surround the San Antonio countryside. Regardless of the style or the price range, a San Antonio home search will turn up winning homes that fit any taste or budget.

· Founded in 1718 by Father Antonio Olivares

· Named for Saint Anthony of Padua

Twenty million tourists visit San Antonio every year, taking in the sights at the Alamo Mission, the Majestic Theater, Sea World and many other historic and cultural attractions. In addition to the sightseers, business and professional organizations from around the country schedule hundreds of conferences and seminars in downtown San Antonio. This year-round influx of visitors contributes a significant portion to the city’s economy.

San Antonio Home Search Tip

From your friends, Texas Realtors® Roman Alfaro & Randy Watson

The average cost of a home in San Antonio is about $147,000. Depending on the neighborhood and style of your home, sale price may be as low as $95,000 for a cozy, existing home in an established neighborhood. For a sprawling luxury estate in the new money sections of town, be prepared to put down upwards of 2 million dollars.

Short sale and foreclosure rates are at an all-time high in the housingmarket.Many have found themselves unable to make their mortgage payments and lenders are taking action to recoup their losses. This potentially means good deals are out there, but you should also be aware
of the ramifications of purchasing a foreclosure or a short sale.

It's imperative that you prepare for the process and are flexible since it takes longer than a normal purchase. It's also important to choose an agent that has experience in these kinds of listings who can guide you through every step as seamlessly as possible. You may also want to speak to a real estate attorney to determine the potential drawbacks.

Although foreclosed homes are oftenpriced much lower than regular listings, there are some things you should look out for. Foreclosed homes are often sold "as is." You will be able to have the house inspected before you buy it; however, the bank will not be required to make any necessary repairs. It will be up to you to pay for the inspection and to decide if you should continue with the purchase of the property thereafter.

Any people think another option for a good deal is a short sale, meaning the homeowner is negotiating with the bank to be able to sell the house for less than what is owed on the mortgage. Homeowners who find themselves buried by overwhelming mortgage payments may choose this alternative over foreclosure to avoid bankruptcy and destroying their credit. However, short sales are a notoriously lengthy process, rendering any prospective buyer unable to write a contract on any other home for what could be weeks or months. If you are not restricted to a lease termination, a short sale may be an alternative for you.

With either type of transaction, keep your budget and time constraints in mind when considering the offer. The price may be great, but the possible issues with purchasing an "as is" property may cost you more in the long run.

Courtesy of Navy Federal Credit Union (navyfederal.org)