TDHCA Down Payment Assistance Programs No Longer Accepting Applications
September 25, 2009
Written By Jason Buch – Express-News
Texas this week halted a loan program that has successfully facilitated hundreds of home purchases by first-time buyers, leaving some people scrambling to pay their down payments and closing fees.
The Texas Department of Housing and Community Affairs no longer is accepting applications for two short-term lending programs to home buyers eligible for the up-to-$8,000 federal tax credit.
The decision does not affect the federal program, which has a Dec. 1 deadline.
In a letter sent to lenders Friday, Eric Pike, TDHCA Texas Homeownership Division director, wrote that the department was still processing many of the approximately 700 applications it had received.
“In order to ensure there is sufficient staff capacity, funding and time to process the remaining inventory of files, effective Wednesday, September 23, 2009, at 5:00 p.m., TDHCA will no longer be accepting loan application packages,” Pike wrote.
The department received more than 300 loan applications over the final two days of the program for a total of about 1,225 said Gordon Anderson, a TDHCA spokesman. It was the issue of being able to serve all the applicants rather than a funding problem that prompted the department to stop taking applications, he said.
“We still have the staff resources and the time and the funds to process the applications received up to that point,” Anderson said. “If you’re in the pipeline, that’s not an issue. But we’re no longer accepting any more applications.”
There are 545 applications for the short-term loans at various stages of approval, he said.
Rochelle Stevenson recently learned she was likely eligible for the loan and decided to use it to put a down payment on a three-bedroom house with a backyard large enough for her 3-year-old son. On Monday, Stevenson’s loan officer said she wouldn’t be able to get her application to TDHCA before the deadline.
“My first reaction was, ‘Will I be able to afford everything? Is this the time for me to buy a house?’” she said.
Now, Stevenson said, she’s trying to borrow money from family members to make the purchase.
“I just feel like they could have given some kind of more of a warning than one week, or a few days actually, before they just pulled their plug on it, because people do have their hopes up,” she said.
TDHCA in July began offering the loans to first-time home buyers who qualify for the federal tax credit. The state set aside $7.5 million for the loans.
Buyers can use the loans to defray closing costs or down payments, and the state is reimbursed when the buyers receive their tax credits.
Dancing Bear Ranch Offering Special Financing But Must Close Before November 30th 2009
September 15, 2009
Dancing Bear Ranch, a private community on Medina Lake, is offering special financing options on Texas Hill Country real estate to anyone who closes on a homesite before November 30th, 2009. Along with benefits such as up to 90% financing and no attorney fees, Dancing Bear Ranch has also partnered with Broadway Bank to make the first 6 payments on new property loans.
Dancing Bear is a master-planned community that sits on 2,526 acres of rolling Texas Hill Country real estate. It provides exclusive access to beautiful Medina Lake from a private lakeside park and boat ramp. Homesites range from 2 to 6 acres, and feature dramatic elevation changes and expansive views of the clear waters and surrounding countryside. Located just 20 minutes Northwest of San Antonio, homes here offer a peaceful lake country lifestyle with easy access to the luxuries and conveniences of city living. In minutes, families can enjoy incredible shopping, dining and entertainment at the famous San Antonio River Walk, SeaWorld, Six Flags Fiesta Texas and La Cantera Resort.
With these special financing options, there’s no better time to take part in the perfect combination of accessibility and seclusion that Dancing Bear Ranch offers. For a limited-time, buyers will enjoy:
- Competitive rates
- Up to 90% financing
- No survey required
- No attorney fees
- No pre-payment penalty
- Simple application process
- Fast closing
- Flexible repayment options
And best of all, if you close before November 30th, 2009, Dancing Bear Ranch will make the first 6 payments on your loan. Please visit www.dancingbearranch.com for more information on this special offer. If you’ve ever dreamed of living in the Texas Hill Country, take advantage of this great opportunity.
Dancing Bear Ranch is a private gated community, featuring Hill Country estates and custom homes with private access to Medina Lake. Just 20 minutes from Northwest San Antonio, Dancing Bear Ranch offers private estate living in an active, family-friendly community, with great amenities and scenic views. Hill Country estate homesites range from 2 to 6 acres, with prices starting at $59,900.
Contact Information:
Daniel Gaitan
Trend Setter Realty
info@searchsahomes.net
210-846-5282 Direct
210-855-8432 Fax
Forecast Says San Antonio Will Be One Of Top 10 Home Markets For 2009
September 10, 2009
Local Market Monitor, today released its latest Home Price Forecast, covering well over 300 US local markets. The forecast, which predicts local market behavior over the next 12 months, identifies markets where home prices will continue to drop as well as stable markets with opportunities for growth.
According to the forecast, among the largest US markets—identified as those with populations greater than 600,000—the 10 markets with the best expected performance in home price are:
Baton Rouge, LA
Buffalo-Niagara Falls, NY
Dallas-Plano-Irving, TX
Fort Worth-Arlington, TX
Houston-Sugar Land-Baytown, TX
Little Rock-North Little Rock-Conway, AR
Omaha-Council Bluffs, NE-IA
Pittsburgh, PA
San Antonio, TX
Syracuse, NY
Wichita Falls, TX
These top markets, where home values are expected to remain level, are among those markets that did not have a big housing boom and have had relatively small job losses over the past year. Home prices in these areas are generally below the US average and reflect where the recession has so far had a relatively mild impact. Dallas, San Antonio and Omaha have all experienced a 1.6 percent job loss over the past year, and jobs have actually increased in Baton Rouge.
“While home building activity nationally is down 35 percent from last year, some of our top markets are doing relatively better,” said Ingo Winzer, president of Local Market Monitor. “Building permits were off only 20 percent in San Antonio and Omaha, and they were up 10 percent in Buffalo.”
The 10 largest markets with the worst expected performance in home price are:
Fresno, CA
Las Vegas-Paradise, NV
Miami-Miami Beach-Kendall, FL
Orlando-Kissimmee, FL
Phoenix-Mesa-Scottsdale, AZ
Portland-Vancouver-Beaverton, OR-WA
San Jose-Sunnyvale-Santa Clara, CA
Stockton, CA
Tacoma, WA
Tucson, AZ
West Palm Beach-Boca Raton-Boynton Beach, FL
These markets, which are expected to have the largest declines in home values over the next year, are also among those that previously had the biggest price booms. This was attributed in large part to speculative buying, including the repercussions of inflated housing construction on the local job market and investor portfolios.
“Right now, a good market is still one where home prices aren’t going down,” said Ingo Winzer. “However, this will change as the recession eases. Next year we’ll see good price increases in many markets.”
