What Homeowners Affected by the Fires in Central Texas Can Do Now

Fires in Central Texas have devastated many families in the last few days. Many consumers may be searching for the necessary steps to either find a new home or continue selling their home. Officials reported that more than 1,000 homes and 100,000 acres have been destroyed in at least 57 wildfires across Texas. The Austin Board of Realtors, through their site www.austinhomesearch, is offering a guide for homeowners, homebuyers and home sellers in the Greater Austin-area and Bastrop County.

Austin Home Search has created a link that provides those affected by the wildfires assistance on finding the resource to help, and resource for those of us who want to help out.

HUD and NeighborWorks America Announce Deadline Extension for Emergency Homeowners’ Loan Program

HUD and NeighborWorks America have extended the deadline for homeowners who have experienced a loss of income to apply for the Emergency Homeowners’ Loan Program (EHLP). The extension is provided in order to give homeowners at risk of foreclosure in the participating 27 states and Puerto Rico more time to apply for the program. Texas is one of the 27 states participating in this program.

The Emergency Homeowners’ Loan Program (EHLP) will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition.

The program has been extended to 07/27/2011.

If you or someone you know is having difficulty with their mortgage due to job loss or a medical condition, they may qualify.

To find out more on home sales in your neighborhood, click the link provided.

Monetizing the First Time Homebuyers Tax Credit

A new program that the Texas Department of Housing and Community Affairs (TDHCA) released on Monday, June 22nd. Many buyers may already know, the American Recovery and Reinvestment Act of 2009 provides a federal tax credit to first-time homebuyers that is equal to 10% of the purchase price of their home up to $8,000. In an effort to monetize the tax credit, TDHCA created the “90-day Down Payment Assistance Program.” If you have questions about this program, please contact me.

Austin Down-Payment Assistance Program

The Down Payment Assistance Program (DPA) provides qualified, first-time homebuyers, with a zero interest loan to assist with purchasing a home located within the Austin City Limits. DPA funds cover the down payment and eligible closing costs and pre-paid expenses associated with buying a home.

The DPA Program options are as follows:

Standard DPA: Up to $10,000 in a deferred, forgivable, 0% interest loan for 10 years. Up to $1,000 additional for borrowers in a Mortgage Credit Certificate Program and up to $4,999 for people with disabilities. The loan is forgiven if the borrower remains in the home ten (10) years without transferring title. Otherwise the loan is due and payable if the borrower sells, leases, transfers title, refinances, gets a home equity loan, or pays off the first lien within ten (10) years.

(NEW) Shared Equity DPA: Up to $40,000 in a deferred,0%-interest loan for 30 years. Borrowers must pay back the DPA loan plus a percentage of their equity (that is the same percentage as AHFC's contribution) when the borrower sells, leases, refinances, gets a home equity loan, pays off the first lien, or otherwise transfers title within 30 years. When selling the home, the borrower agrees to give AHFC the chance to purchase the house at market rate ("right of first refusal").

For more information you can visit: http://www.ci.austin.tx.us/ahfc/first_dpa.htm