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Assistance to buy foreclosed homes in select areas in city of Fort worth.

A new city program provides financial assistance to income eligible homebuyers seeking to purchase lender-foreclosed homes.

The Neighborhood stabilization Down payment assistance program (DPAP) offers $25,000 of which $5,000 go towards closing costs, and $5,000 on minor repairs. Balance can be used as down payment.

Before qualifying for the DPAP program, homebuyers must first qualify for a home mortgage through a lender. In addition to the mortgage, the $25,000 from DPAP is a deferred-payment loan with no payments or interest for 10 years. If homebuyer remains in the home for 10 years, the loan is forgiven.

However, the program limit buyers of properties in only 7 zip codes of Fort Worth most affected by foreclosures. They are:76131, 76137,76133, 76123, 76179, 76112, and 76248.

All applicants are required to attend an eight hour homeownership training workshop either in English or Spanish. For more info, visit www.FortWorthGov.org/hed/housing or 817.392.7390

Good luck! To locate foreclosed properties in these zip codes, please contact us at 682.429.2559 or email julian.mijol@metrodfwrealestate.com

A trip down memory lane. - revisiting New Hampshire. the foliage has not started yet although patches of it are starting to sprout up.

Right after school ended, we took off to Clearwater beach, Florida for a 5

day worth of relaxation, and chilling ou

t by the beach.

The phones are ringing, the texts are coming in, showings at listings....spring is coming! We are here to help you. Call or email us.

The 3 changes to the first-time home buyers tax credit program include:

1.Tax credit has been increased to $8,000.

2.  Homes have to be purchased between January 1, 2009 and December 31, 2009

       3. No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

SUMMARY 

1. The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase.  Ownership of vacation property or rental property does not disqualify home buyers from this program.


2. The maximum credit is $8,000 or 10% of the home purchase, whichever is less.


3. The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009. 
   
   
4. To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000.  If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
   
   
5. Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment.  However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
   
   
6. There is no recapture or repayment clause IF the home is owned for at least 36 months.
   
   
7. The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house.  So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009.   However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
   
   
8. The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
   
   
9. The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes. 

ver the past weekend, I took my fifteen year old daughter to Las Vegas to compete in the Las Vegas Mayor's Cup soccer tournament. She played with a team from Kansas City, Kansas. Although she managed to play in only two games, it was an experience for her. We had to leave on sunday, Feb 15th since flights on standby were becoming rare. we had to get back so my daughter can attend school on Monday.

Anyway, it was a fun trip for both of us. We managed to sneak a short trip to Valley of Fire, and to Hoover dam. The trip was very short, but still it was worth it.