The Texas State Affordable Housing Corporation (TSAHC) is offering a grant to Texans interested in purchasing their first home.
The programs will now offer a grant of 5% of the loan amount that the homebuyer can use towards down payment and/or closing costs. This grant is in addition to the programs' low fixed mortgage interest rate of 4.00%. This new grant amount is effective on the Home Sweet Texas, Professional Educators, and Homes for Texas Heroes Home Loan Programs.
Eligible homebuyers can apply directly through an approved participating mortgage lender. The program is available statewide on a first come, first-served basis, to homebuyers who wish to purchase a newly constructed or existing home.
Qualifications for each of TSAHC's first-time homebuyer programs are:
- Professional Educators Home Loan Program: Must be a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member of either an undergraduate or graduate professional Nursing or Allied Health program in the State of Texas.
- Homes for Texas Heroes Home Loan Program: Must be a full time paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas.
- Home Sweet Texas Home Loan Program: Must be a family or individual whose annual income is at or below 80% of their county's Area Median Family Income (AMFI). These values can be found here:
http://www.tsahc.org/pdfs/2012_Income_and_%20Max_Purchase_Price_Limits.pdf
Additionally, a homebuyer must:
- Be a first-time homebuyer, or not had an ownership interest in any residence during the last three years;
- Meet the income and home purchase price limits (see link above);
- Complete a HUD-approved homebuyer education course prior to closing on the home loan;
- Occupy the home as their primary residence; and
- Reside in the State of Texas.
Friday, February 3, 2012
Wednesday, January 25, 2012
Austin Tech Industry salaries see Largerst Jump in Country
Tuesday, Jan. 24, 2012
http://bit.ly/xNZCO3
Bolstered by the current tech boom and a shortage of key talent, average salaries for Austin tech workers rose 12.7 percent last year the biggest jump in the country, according to a new survey.
The average 2011 pay for Austin software and engineering professionals was $89,419, according to Dice Holdings Inc., a New York-based tech jobs website.
Of the top 20 cities surveyed, Austin showed the biggest year-over-year jump in tech salaries, said Tom Silver, a Dice senior vice president.
"You're No. 1, and for technology professionals in Austin, that's a great place to be," Silver said. "There's a reason that companies like Google and Facebook open offices in Austin. They know they'll find some of the most highly skilled, top-notch talent in the country."
The survey comes as some Austin startups say they are struggling to find skilled developers in fast-growing areas such as mobile Web and cloud computing. Silicon Valley and emerging technology centers such as Seattle and Boulder, Colo., are also experiencing a tech labor crunch, which is pushing salaries upwards.
"It's really a function of supply and demand, and because demand is high, employers are going to have to pay up," Silver said.
According to the Austin Technology Council, a nonprofit organization that represents more than 200 local technology companies, several dozen Central Texas companies are recruiting technical talent, including software engineers, data engineers and information architects.
Meanwhile, Silicon Valley companies including Facebook, Google and PayPal are hiring at their offices in Austin.
"Most of us here feel like we could grow faster if we could locate the right talent," said Joel Trammell, who is chairman of the Austin Technology Council and CEO of network storage software startup Cache IQ.
"In the types of businesses we're in, the developers create new products for us to sell," Trammell said. "How fast you can grow is dependent on how many creative types you have."
Nationwide, tech workers saw the largest annual salary growth since 2008, the report said. After two straight years of nearly flat wages, tech professionals' salaries increased more than 2 percent, increasing their average annual wage to $81,327.
In Silicon Valley, tech salaries surpassed six figures for the first time last year, with wages rising 5.2 percent to an average of $104,195. It was the first time since Dice started the survey in 2001 that salaries broke the $100,000 mark.
Austin salaries vary greatly, depending on the size of the company and its ability to raise venture capital.
For senior-level software programmers, annual pay can range from $115,000 to $125,000, said Mark Cunningham, technical recruiter at tech placement agency the Bidding Network in Austin. Workers with highly sought-after skills such as mobile programming can make $130,000 to $150,000 a year, he said.
Cunningham said he recently placed a 25-year-old developer with two years' experience with an established software company expanding its Austin operations.
"They offered $85,000 a year, plus a guaranteed 15 percent bonus and stock options," Cunningham said. "There's a big demand for high-end talent, as well as for those with a few years of experience in the right areas."
By Lori Hawkins AMERICAN-STATESMAN STAFF
..
http://bit.ly/xNZCO3
Bolstered by the current tech boom and a shortage of key talent, average salaries for Austin tech workers rose 12.7 percent last year the biggest jump in the country, according to a new survey.
The average 2011 pay for Austin software and engineering professionals was $89,419, according to Dice Holdings Inc., a New York-based tech jobs website.
Of the top 20 cities surveyed, Austin showed the biggest year-over-year jump in tech salaries, said Tom Silver, a Dice senior vice president.
"You're No. 1, and for technology professionals in Austin, that's a great place to be," Silver said. "There's a reason that companies like Google and Facebook open offices in Austin. They know they'll find some of the most highly skilled, top-notch talent in the country."
The survey comes as some Austin startups say they are struggling to find skilled developers in fast-growing areas such as mobile Web and cloud computing. Silicon Valley and emerging technology centers such as Seattle and Boulder, Colo., are also experiencing a tech labor crunch, which is pushing salaries upwards.
"It's really a function of supply and demand, and because demand is high, employers are going to have to pay up," Silver said.
According to the Austin Technology Council, a nonprofit organization that represents more than 200 local technology companies, several dozen Central Texas companies are recruiting technical talent, including software engineers, data engineers and information architects.
Meanwhile, Silicon Valley companies including Facebook, Google and PayPal are hiring at their offices in Austin.
"Most of us here feel like we could grow faster if we could locate the right talent," said Joel Trammell, who is chairman of the Austin Technology Council and CEO of network storage software startup Cache IQ.
"In the types of businesses we're in, the developers create new products for us to sell," Trammell said. "How fast you can grow is dependent on how many creative types you have."
Nationwide, tech workers saw the largest annual salary growth since 2008, the report said. After two straight years of nearly flat wages, tech professionals' salaries increased more than 2 percent, increasing their average annual wage to $81,327.
In Silicon Valley, tech salaries surpassed six figures for the first time last year, with wages rising 5.2 percent to an average of $104,195. It was the first time since Dice started the survey in 2001 that salaries broke the $100,000 mark.
Austin salaries vary greatly, depending on the size of the company and its ability to raise venture capital.
For senior-level software programmers, annual pay can range from $115,000 to $125,000, said Mark Cunningham, technical recruiter at tech placement agency the Bidding Network in Austin. Workers with highly sought-after skills such as mobile programming can make $130,000 to $150,000 a year, he said.
Cunningham said he recently placed a 25-year-old developer with two years' experience with an established software company expanding its Austin operations.
"They offered $85,000 a year, plus a guaranteed 15 percent bonus and stock options," Cunningham said. "There's a big demand for high-end talent, as well as for those with a few years of experience in the right areas."
By Lori Hawkins AMERICAN-STATESMAN STAFF
..
Wednesday, January 18, 2012
One more plus for the Austin Economy!
Samsung seeks to borrow for Austin expansion
Tuesday, January 17, 2012, 10:09 AM
Samsung Electronics Co. plans to expand its just completed chip factory operations in Austin, according to a report by Bloomberg new service.
The South Korean electronics giant has asked for proposals from banks to borrow as much as $1 billion to expand production at its factory in Austin, which is one of the largest in North America.
The company had reported in early December that its latest plant expansion, which cost $3.6 billion, was running at full production.
Samsung’s Main Fab in Austin produces both flash memory and low-processor chips, including those made for Apple Inc.’s portable devices, including smart phones and tablets.
Apple is the largest customer for Samsung’s chip business, which is the second largest in the world. And sales of Apple smart phones and tablets have expanded enormously in the past year.
And many of Samsung’s own mobile devices also use low-power processor chips similar to those made in Austin, where the company employs 2,400 workers.
The Korean company may almost double spending on its logic- chip business, which oversees manufacturing of Apple’s A4 and A5 processors, to a record 8 trillion won this year, said Shin Hyun Joon, a Seoul-based analyst at Dongbu Securities Co.
Operating profit at the business probably more than doubled in 2011 and may increase 82 percent this year, according to Korea Investment & Securities Co.’s estimate, the Bloomberg report said.
Tuesday, January 17, 2012, 10:09 AM
Samsung Electronics Co. plans to expand its just completed chip factory operations in Austin, according to a report by Bloomberg new service.
The South Korean electronics giant has asked for proposals from banks to borrow as much as $1 billion to expand production at its factory in Austin, which is one of the largest in North America.
The company had reported in early December that its latest plant expansion, which cost $3.6 billion, was running at full production.
Samsung’s Main Fab in Austin produces both flash memory and low-processor chips, including those made for Apple Inc.’s portable devices, including smart phones and tablets.
Apple is the largest customer for Samsung’s chip business, which is the second largest in the world. And sales of Apple smart phones and tablets have expanded enormously in the past year.
And many of Samsung’s own mobile devices also use low-power processor chips similar to those made in Austin, where the company employs 2,400 workers.
The Korean company may almost double spending on its logic- chip business, which oversees manufacturing of Apple’s A4 and A5 processors, to a record 8 trillion won this year, said Shin Hyun Joon, a Seoul-based analyst at Dongbu Securities Co.
Operating profit at the business probably more than doubled in 2011 and may increase 82 percent this year, according to Korea Investment & Securities Co.’s estimate, the Bloomberg report said.
Tuesday, January 10, 2012
Great DOWN PAYMENT ASSISTACE PROGRAM for Texans
A borrower that qualifies for this program will get up to $10,000 in down payment and closing costs assistance from The State of Texas. The funds will be provided in the form a zero percent interest second loan that is repayable and amortized over a period between 5 and 10 years. The 1st payment will be due no later than the sixty-first (61) month after the first payment date of the senior lien. This Assistance can also be used in conjunction with the MCC Program!Call me if you are a first time homebuyer and let me help you reach your dreams. Check out my website at: www.austinareahomesforsale.com
Tuesday, October 25, 2011
Buy a Hud Home for $100 down
HUD Offers REO Homes for $100 Down in Select States
10/24/2011 By: Carrie Bay
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HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Denver Homeownership Center’s Jurisdiction:
•Arkansas
•Colorado
•Iowa
•Kansas
•Louisiana
•Missouri
•Minnesota
•Montana
•Nebraska
•New Mexico
•North Dakota
•Oklahoma
•South Dakota
•Texas
•Wisconsin
•Wyoming
•Utah
Atlanta Homeownership Center’s Jurisdiction:
•Alabama
•Florida
•Georgia
•Kentucky
•Illinois
•Indiana
•Mississippi
•North Carolina
•South Carolina
•Tennessee
•Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.
MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.
With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.
“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.
In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
10/24/2011 By: Carrie Bay
Enter your email to receive Daily Email Updates:
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Denver Homeownership Center’s Jurisdiction:
•Arkansas
•Colorado
•Iowa
•Kansas
•Louisiana
•Missouri
•Minnesota
•Montana
•Nebraska
•New Mexico
•North Dakota
•Oklahoma
•South Dakota
•Texas
•Wisconsin
•Wyoming
•Utah
Atlanta Homeownership Center’s Jurisdiction:
•Alabama
•Florida
•Georgia
•Kentucky
•Illinois
•Indiana
•Mississippi
•North Carolina
•South Carolina
•Tennessee
•Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.
MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.
With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.
“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.
In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
Friday, October 21, 2011
Friday, October 7, 2011
Help For An Easier Mortgage Process
As underwriting guidelines for lenders become more stringent, we need to re-examine what a good mortgage application looks like. As home buyers begin their search for a home, there are a few items they should be aware of that they can do to help get their loans approved (with the best possible terms), and, at the same time, lessen some of the stress that goes along with the mortgage process.
1. Income documents
Most lenders want to see a full month of paystubs and two years’ complete Federal Tax Returns. Assembling them ahead of time and holding on to every paystub you get is a good idea even before you find a home and/or submit your mortgage application because it will save you time later. Moreover, looking at those documents and being prepared to explain any deductions that show up is crucial. Child support, alimony, garnishments, and Unreimbursed Employee Expenses are often crippling factors that, if explained and dealt with upfront, can make your loan approval smoother.
2. Asset documents
Most lenders will scour your bank accounts for the two months prior to going to contract. They are looking for large deposits because large deposits can signal a new loan that wouldn’t show up on your credit report yet. What’s a “large deposit”? Typically, any deposit that would represent more than your income can support. If you make $5000 a month, after taxes you likely net $3800 (or $1900 a bi-weekly pay period). Therefore, deposits in excess of that will need to be explained and documented. Sold a motorcycle? Have a paid receipt and motor vehicle documents in place. Received a gift? You will need a Gift Affidavit, proof of the donor’s ability and transfer of the funds. Any and all questions should be discussed with your loan officer.
3. Credit Score Optimization
Do your best to curtail your use of credit as it relates to your available credit lines. Target a cap of 30% of usage of available lines to get the best scores. Do NOT cancel credit cards. That will lower your amount of available credit, thereby raising your percentage of usage. That will damage your score. Do NOT shop for a car, explore life insurance, apply for a new credit card or increase the limits on your current cards because the running of your credit by people in other industries will also lower your credit score. Most importantly, don’t do anything that will require having your credit run without first discussing it with a mortgage professional who knows the impact it could have.
4. Appraisal Concerns
It’s unlikely you will make an offer to purchase without checking out comparable home sales. It’s also likely you received that type of data from the real estate agent you are working with. Make sure your agent prepares the same information for the appraiser. Data about similar sales, similar homes currently on the market and maybe even cost estimates for any repairs or improvements anticipated can preempt future problems with appraised values and conditions.
Overall, it is recommended that you hold onto copies of everything financial, think before allowing your credit to be run and work with an agent and loan officer who can use their experience to put your loan application in its best possible light…as soon as you start thinking about buying a home.
Comments (3)
Picking the Right Agent is Crucial
1. Income documents
Most lenders want to see a full month of paystubs and two years’ complete Federal Tax Returns. Assembling them ahead of time and holding on to every paystub you get is a good idea even before you find a home and/or submit your mortgage application because it will save you time later. Moreover, looking at those documents and being prepared to explain any deductions that show up is crucial. Child support, alimony, garnishments, and Unreimbursed Employee Expenses are often crippling factors that, if explained and dealt with upfront, can make your loan approval smoother.
2. Asset documents
Most lenders will scour your bank accounts for the two months prior to going to contract. They are looking for large deposits because large deposits can signal a new loan that wouldn’t show up on your credit report yet. What’s a “large deposit”? Typically, any deposit that would represent more than your income can support. If you make $5000 a month, after taxes you likely net $3800 (or $1900 a bi-weekly pay period). Therefore, deposits in excess of that will need to be explained and documented. Sold a motorcycle? Have a paid receipt and motor vehicle documents in place. Received a gift? You will need a Gift Affidavit, proof of the donor’s ability and transfer of the funds. Any and all questions should be discussed with your loan officer.
3. Credit Score Optimization
Do your best to curtail your use of credit as it relates to your available credit lines. Target a cap of 30% of usage of available lines to get the best scores. Do NOT cancel credit cards. That will lower your amount of available credit, thereby raising your percentage of usage. That will damage your score. Do NOT shop for a car, explore life insurance, apply for a new credit card or increase the limits on your current cards because the running of your credit by people in other industries will also lower your credit score. Most importantly, don’t do anything that will require having your credit run without first discussing it with a mortgage professional who knows the impact it could have.
4. Appraisal Concerns
It’s unlikely you will make an offer to purchase without checking out comparable home sales. It’s also likely you received that type of data from the real estate agent you are working with. Make sure your agent prepares the same information for the appraiser. Data about similar sales, similar homes currently on the market and maybe even cost estimates for any repairs or improvements anticipated can preempt future problems with appraised values and conditions.
Overall, it is recommended that you hold onto copies of everything financial, think before allowing your credit to be run and work with an agent and loan officer who can use their experience to put your loan application in its best possible light…as soon as you start thinking about buying a home.
Comments (3)
Picking the Right Agent is Crucial
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