Will Congress Extend The First Time Homebuyer Tax Credit???

Will they or won't they... Let's hope they do.  The Senate will vote this week on whether or not to extend the $8,000 first time home buyer tax credit until April 30, 2009.  It looks promising....

The first time home buyer tax credit extension is definitely the talk of the real estate and mortgage industry at the present time.  With the expiration on the tax credit looming, November 30th, many real estate agents, mortgage brokers and homebuilders are pushing lawmakers to send the credit before it expires on November 30th.  The expiration date of November 30th is on the closing of a home so those first time home buyers starting the process now will not benefit from the tax credit.

Senator Bill Nelson of Florida feels that the tax credit should be able to be extended by the end of the week.  He made the statement while with President Barack Obama so this is a very positive sign.  Senator Majority Leader Harry Reid and Senate FInance Committee Chairman Max Baucus are hoping to add an extension of unemployment benefits along with the extension of the home buyers tax credit.

Baucus and Reid have proposed the extension of the home buyers tax credit through 2010 in which the full $8000 will be received.  The tax credit would then be reduced by $2000 each quarter until expiring at the end of 2010. There is very little question as to whether the first time home buyers tax credit has helped the housing industry.  For the last three months we have seen home prices stabilize or move higher which has been greatly aided by the tax credit.  It will be interesting to see how the housing market reacts if the tax credit is not extended.

•  FIRST TIME HOME BUYER TAX CREDIT EXTENSION – APRIL 2010 FOR FULL $8000?

Keep your fingers crossed!

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$8,000 First Time Home Buyer Tax Credit F.A.Q.

So we finally got the interview with our accountant Cameron Hollis recorded and edited down to the point where it could be shared with everyone.  Every single day we get questions about the $8,000 first time home buyer tax credit.  Do I qualify for it? How do I get it? Does it work with the owner financed homes that you sell?  We quizzed Cameron on these questions and more so that you can have an answer from an expert that helps people file for the credit every single day!  Watch the video interview below!

I hope that we answered all of your questions.  Let's reiterate some of the key points here:

"A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a primary residence on or after January 1, 2009 and before December 1, 2009. Unlike the first tax credit enacted in 2008, the new credit does not have to be repaid. One thing is for sure, the enhanced tax credit is providing an excellent opportunity for new home buyers. It’s no secret that we are in a struggling economy and the government has been taking steps to try and revive it, especially the housing market which many say is the heart of the problems.

The American Recovery and Reinvestment Act of 2009 (The official name of the tax credit) has a few key components that home buyers should be aware of.  Most importantly … it’s for first time home buyers and the credit does not have to be paid back. The credit is equal to 10% of the homes purchase price or a maximum of $8,000.00, and is available for any home bought on or after January 1, 2009 and before December 1, 2009.  Single taxpayers with an annual income up to $75,000 and married couples with an income up to $150,000.00 can receive the tax break.

So with all this talk about first time home buyers lets be sure that you understand exactly what the government defines as a first time home buyer. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the past three-year period prior to the new home purchase. In addition for married couples, the law looks at both parties individually but it affects the couple as one. In other words, if you have not owned a property  in the past three years but your spouse has owned a principal residence, neither you or your spouse qualify for the tax credit." (From - What Does The 8000 Dollar Tax Credit For First Time Homebuyers Mean To You?, March 4, 2009)

Time is running out, you must purchase a home by November 30, 2009 to receive your $8000 tax credit.  This program is available to our owner financed home buyers and we will even set you up with Cameron to walk you through the paperwork.  Contact us right away so that we can find you your dream home.  Call Nick or Brett at 512.456.3657 or visit www.nobankhome.com for more details on our owner finance program.

Beautiful Round Rock Home - Tons Of Unique Features

Today we are featuring an absolutely beautiful home that we are offering with owner financing in Round Rock, Texas.  The home is located in Shadow Pointe Subdivision which gives you easy access to SH-45 and Dell.  Watch the video below for details and pictures of the home.





We are offering this home with owner financing with a mere 10% down.   Whether you have good, bad, or ugly credit, we can sell you this home.  We have many other Round Rock homes as well as many homes all over the Austin Metro area.  Visit www.nobankhome.com for more info.

What is Owner Financing?

"What is owner financing?"  I get this question every single day, so I guess it's a good topic to cover here.  

In a nutshell Owner financing is when a buyer of a home pays the owner, who finances the purchase of the home, instead of paying a mortgage company. This type of transaction allows for lots of flexibility, because the new home buyer does not always have to meet the strict credit and income requirements that are needed by the banks.

An owner financed home seller has the discretion to sell their home to someone that they feel would be a good buyer, whatever their credit situation may be.  

Owner financing is not rent-to-own and it is not a lease option.  With owner financing the new buyer will receive the deed to the home and now be the new home owner starting the day of closing.  The owner financed seller becomes the bank and receives the mortgage payments from the new buyer.  

Owner financing is a great way for a person that may be self-employed or have some credit problems to purchase a home.  For more information and a free report all about owner financing visit www.nobankhome.com 

Enjoy Austin, Live in Elgin. Elgin Texas Home for sale with owner financing.

Elgin, Texas


From the City of Elgin Website:


Long recognized for its Sausage and Bricks, Elgin Texas proudly bears the twin titles of the “Sausage Capital of Texas” and the “Brick Capital of the Southwest.” But today, Elgin is known for much more than these two industries which have been for decades, and remain today, solid economic foundations for the community. Today Elgin is a city on the move, rich in heritage, progressive in spirit, and optimistic of its future.




This great Elgin, Texas home is located close to Elgin schools and has easy access to Hwy 95 and Hwy 290.

Austin Housing Market Back on Track??

Although the Austin real estate market has faired well compared to the rest of the country, there is no denying that we took a hit as well.  We may be seeing the light at the end of the tunnel, but we are not quite out of the tunnel yet.  Last month, the July real estate statistics were released for Austin home sales and showed that we are back to 2008 sales levels and way up over sales from the beginning of the year.


A WebNewsWire article on September 24th explains: 

"REAL ESTATE STATISTICS JUST RELEASED FOR JULY 2009 SHOW A REBOUND IN AUSTIN HOME SALES, WITH 2,069 HOMES SOLD. THIS IS COMPARABLE TO THE 2,068 HOMES SOLD IN JULY OF LAST YEAR, MARKING A 61 PERCENT IMPROVEMENT OVER JANUARY 2009 AND ONLY A TWO PERCENT REDUCTION IN OVERALL HOME PRICES FROM LAST YEAR. EXPERTS IN THE AUSTIN REAL ESTATE MARKET BELIEVE THIS INDICATES A RECOVERY IN THE HOUSING INDUSTRY, LONG BELEAGUERED BY THE SAME CONCERNS THAT HAVE PLAGUED THE NATIONAL REAL ESTATE SCENE." -Submitted by AustinREBroker on September 24, 2009

A September 18th Press Release from the Austin Board of Realtors (ABOR) shows that August home sales in Austin were down again.  

In August 2009, 1,793 homes were sold, a 10 percent decrease from 1,994 homes sold in August 2008. The median home price for Austin in August 2009 was $189,000, a four percent decrease from the same month the prior year.

“It’s fairly normal for our market to slow down in autumn. Although we’ve been encouraged by stable home prices and volume in recent months, we are clearly not out of the woods completely,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Looking ahead, it will be interesting to see what impact the November 30 deadline for the first-time homebuyer tax credit has on demand this fall.”

Austin Board of REALTORS® releases August 2009 real estate statistics

I think its fair to say that the hemorrhaging in the market, at least in Austin, has stopped but the recovery will not be without its hiccups.   As Mr. Gohil mentioned the $8,000 first-time homebuyer tax credit may have an impact on demand in the housing market over the next two months.  Its a buyer's market and the government is insentivizing people to purchase a home now. I cannot think of a better time than now to buy an Austin area home.