Posted at 07:58 AM | Permalink | Comments (1) | TrackBack (0)
Lots of people are concerned about their credit report and credit scores for good reason. We depend on these scores to obtain credit for big purchases. Here are some interesting facts....
DID YOU KNOW????
..... A credit report does NOT show your credit score. A credit report contains information about your credit that is used to compute your score.
..... You are entitled to THREE FREE credit reports per year. One from each of the three credit reporting agencies.
..... AnnualCreditReport.com was created by the three credit agencies to provide consumers with their free reports.
..... All of these appear on your report: creditors and status of each account; public records, such as legal judgments; requests by others to view your credit history; personal data (name, address and social security number).
..... Negative information such as a missed mortgage payment, stays on your credit report typically for 4 years.
..... Checking and Savings accounting information is NOT included on your credit report.
..... If you find a mistake on your credit report, you should file a report in writing with the agency that provided the report.
..... Your credit report looks different depending on which agency pulls the report.
..... You can file a 90-day fraud alert on your credit file if you suspect that someone is requesting credit under your name.
And as always, feel free to call me should you have any questions. My direct number is: 210-710-6478!
Source: Texas Realtor, March, 2009
Posted at 11:27 AM | Permalink | Comments (0) | TrackBack (0)
Lots of people ask me about the tax credit for first time home buyers, so here's a easy to understand article by an experienced loan officer. If you have further questions, please consult your tax professional or give Shelly Cohn a call, I am sure she'd be happy to help, her number is 210-408-6060.
First Time Homebuyers Get a Tax Break!
First-time homebuyers can now get a tax credit up to $7500 as part of the Housing and Economic Recovery Act of 2008! This credit has been available to first-time homebuyers in Washington D.C. for many years, and is now available to first-time buyers nationwide.
Who is Eligible?
To qualify for this credit, you (and your spouse, if married) must be first-time homebuyers who have purchased a home between April 9, 2008 and July 1, 2009 and never have taken advantage of the D.C. program. First-time homebuyers are defined as anyone not having owned a principal residence within the last 3 years.
How Does the Credit Work?
The tax credit will directly reduce the total amount of taxes you owe. When you file your taxes for the year in which you purchased your home, you will be able to subtract the amount of your credit from your Federal tax liability. This will either reduce the amount of taxes you owe or increase the size of your refund!
For example if you file your taxes without taking the credit and find you would be receiving a refund of $1000, the maximum tax credit would increase that refund by $7500. This means your refund with the credit would be $8500!
How is the Amount of the Credit Determined?
The tax credit is equal to 10% of the purchase price of your home, with a maximum credit of $7500. If you are single and your income is less than $75,000, you will qualify for 100% of the credit. If your adjusted gross income exceeds $75,000, you may receive a partial credit. For married couples, the income limit for receiving the full amount is $150,000.
Does the Credit Have to be Paid Back? *please see update following....
The tax credit does have a payback provision that is similar to an interest free loan. You must begin repaying the credit two years after it is claimed. You have 15 years to pay the credit back. If you qualify for the maximum amount of $7500, the payback amount will be $500 per year. If you sell the home before the credit is repaid, you will have to pay the outstanding balance at the time of the sale. If you lose money on the sale of your home, you will not have to repay the credit.
For specific questions about the tax implications of the credit, please consult a tax professional.
By Shelly Cohn
Senior Loan Officer
United Lending, LLC
210-408-6060
Tax Credit Repayment Likely to be Eliminated
The House Ways and Means Chairman has voted out the tax portion of the economic stimulus on a party-line vote, 24 - 13. It contains a provision that would eliminate the repayment feature of the $7500 first-time homebuyer tax credit for purchases between January 1, 2009 and June 30, 2009. An amendment that would have significantly modified the credit was offered (Heller, R-NV) but failed on a party line vote. During the course of debate on the Heller amendment, however, senior Committee member John Lewis (D-GA) offered vigorous support for extending the effective date of the credit through year-end. NAR continues to push to have the credit extended and expanded. A vote on all the parts of the economic stimulus (tax and non-tax) is expected in the House on January 28.
The Senate Finance Committee is expected to mark up its tax stimulus on Tuesday, January 27. The repayment provision will likely be included. NAR continues to beat the drums to have the credit expanded and extended.
Posted at 08:52 AM | Permalink | Comments (0) | TrackBack (0)
Posted at 10:12 AM | Permalink | Comments (0) | TrackBack (0)
It's that time again where we sit back and reflect on all of the things that are truly important in our lives. Even with all of the economic woes we are facing, we still have many things to be grateful for. So here's to all of my family, friends and Shady Oaks neighbors, Have a Wonderful Thanksgiving!
I expect to see all of you out walking after that turkey dinner!
I received this cute joke and thought I'd pass it along....
Posted at 12:44 PM | Permalink | Comments (0) | TrackBack (0)
Probably not, but I found this interesting map of Bexar County flood zones. It's interactive so you can locate your home and find out here: http://cip.sara-tx.org/website/cip/viewer.htm
Here is interesting information I found on the website of the Bexar Regional Watershed Management.
What is a watershed?
All of the land area that drains water into a common point, usually through a stream, river or lake. Knowing your watershed helps you better prepare for heavy rain and flooding. To learn more about other frequently used flood and water-related terms, please visit:
www.bexarfloodfacts.org/about_definitions.php
Which watershed do I live in?
There are five watersheds within the San Antonio River Basin which encompass Bexar County: Cibolo Creek, Leon Creek, Salado Creek, Medina River and the San Antonio River. Some of these watersheds extend beyond the jurisdictions of both Bexar County and the City of San Antonio. Click here to learn which watershed you live in.
What is a floodplain?
The area along the edges of a stream or river where floodwaters deposit sediments and that is subject to flooding. Click here to determine if you live in a floodplain.
Why are floodplains regulated?
• Protect human life, health and property
• Ensure that Federal flood insurance and disaster assistance are available
• Minimize damage to public facilities and utilities
• Reduce future flood losses
What is the 100-year floodplain?
The 100-year floodplain is based on a statistical probability needed by the insurance industry as a standard upon which to base policies. Both the federal government and the private sector assist the insurance industry in gathering scientific measurements that are then used to generate a "best guess" of stream flow peaks over a time. All this information goes into a formula/statistical model that generates elevations on tracts of land throughout a watershed that have a “1 in 100 chance (1 percent) of occurrence of flooding in any given year or a ‘return period’ of once every 100 years.”
100-year floodplains are not arbitrary but they are:
For more information on 100-year floodplains, click here:
water.usgs.gov/pubs/FS/FS-229-96/
What is a digital Flood Insurance Rate Map (dFIRM)?
The Standard dFIRM Database is a digital version of the FEMA flood insurance rate map that is designed for use with digital mapping and analysis software. The Standard dFIRM Database is designed to provide the user with the ability to determine the flood zone, base flood elevation and the floodway status for a particular location. It also has National Flood Insurance Program (NFIP) community information, map panel information, cross section and hydraulic structure information, Coastal Barrier Resource System information (if applicable) and base map information like road, stream and public land survey data. More details regarding dFIRM are available at:
www.fema.gov/business/nfip/mscjumppage.shtm
What is the National Flood Insurance Program (NFIP)?
In 1968, Congress created the National Flood Insurance Program (NFIP) in response to the rising cost of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by floods. Nearly 20,000 communities across the United States and its territories participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage. In exchange, the NFIP makes federally backed flood insurance available to homeowners, renters and business owners in these communities. For more information regarding NFIP, click here:
How does development impact flooding?
Human activities encroach upon floodplains, affecting the distribution and timing of drainage and potentially increasing flood problems. The built up environment creates localized flooding problems outside natural floodplains by altering or confining drainage channels. This increases flood potential in two ways: it reduces the stream's capacity to contain flows and increases flow rates downstream. As land is converted from fields or woodlands to roads, parking lots and other types of impervious cover, it loses its ability to absorb rainfall. Urbanization increases runoff two to six times over what would occur on natural terrain.
However, current standards require proactive flood mitigation in order to permanently eliminate or reduce the long-term risk to human life and property and the negative impacts on natural and cultural resources that can be caused by hazards historically associated with land development and urbanization. Because of this proactive approach, there are a growing number of instances where downstream flooding is significantly reduced following the completion of a new development.
How is water quality associated with flooding?
Water may not be safe to drink, clean with, or bathe in after an emergency such as a flood. During and after a disaster, water can become contaminated with microorganisms, such as bacteria, sewage, agricultural or industrial waste, chemicals and other substances that can cause illness or death. As part of its water quality focus in the San Antonio River Basin, BRWM has developed a basin-wide Watershed Protection Plan (WPP). In an effort to enhance the San Antonio River Improvements Project and improve and protect water quality throughout the Planning Reach, the WPP is serving as a guide to address non-point source pollution. To learn more about the WPP, please visit:
www.sara-tx.org/site/water_quality/water_qual_mon/Projects_and_Studies.html
What are the different methods of flood control?
Methods of flood control management and mitigation include low water crossings, enhanced conveyance, stormwater detention facilities (e.g. construction of levees, dams, reservoirs and floodways), stormwater outfalls and property buyouts.
How are Potential Projects identified?
Potential Projects are identified using many sources of data and information, including:
How will the proposed Potential Projects be funded?
Local sources of funding include the Bexar County Flood Tax and the City of San Antonio General Obligation Bonds and Stormwater Revenue Bonds. Other funding sources include grants from state agencies and funding from federal agencies, including the U.S. Army Corps of Engineers, Natural Resource Conservation Service and Federal Emergency Management Agency.
What are the unique characteristics of the Bexar County area that attributes to flash flooding?
According to the USGS, Texas leads the Nation in flash flood fatalities and the state holds about half of the world record rainfall rates occurring in 48 hours or less. The National Weather Service has identified South Central Texas as one of the most flash-flood prone areas in the United States.
Both the geography and geology of this South Central Texas region, which includes Bexar County, allow for the formation of severe storms that can stall and produce torrential rain. For this reason, South Central Texas is called “Flash Flood Alley.” For more information on flooding in Texas, please visit:
pubs.usgs.gov/of/2003/ofr03-193/cd_files/USGS_Storms/floodsafety.htm#part1
What is the flood history of the Central Texas area (including Bexar County)?
There is a long and tragic history to flooding in Bexar County. Below is a short list of catastrophic floods that have occurred in the Bexar County and Central Texas area over the last 30 years. For a full history of major and catastrophic storms in Texas from 1853 to 2002, please visit:
pubs.usgs.gov/of/2003/ofr03-193/cd_files/USGS_Storms/index.htm
Source: USGS
Posted at 06:45 AM in Shady Oaks General Interest | Permalink | Comments (0) | TrackBack (0)
You may or may not be aware of the demise of downpayment assistance programs. This summer President Bush signed a bill eliminating downpayment assistance programs. These will end October 1st. If you know of anyone who wants to purchase a home but needs assistance with the downpayment, your deadline looms! Contact me for more information. We hope that there will be other programs available to assistance with this type of need in the future. Stay tuned!
Posted at 12:28 PM in Real Estate News for YOU! | Permalink | Comments (0) | TrackBack (0)
Ahhh, it's September already and our little darlings are back in school. I found some great things to do in September in San Antonio. Check out the list and comment if you have any neat things to add!
Posted at 10:03 AM in Just for Fun! | Permalink | Comments (0) | TrackBack (0)
The closest city park to Shady Oaks is Blossom Park, it actually borders Shady Oaks. I just love to take my grandson, Tyler here and wanted to find out more about this little local treasure.
Did You Know ......?
Posted at 10:31 AM in Local Fun Spots | Permalink | Comments (0) | TrackBack (0)
August 25, 2008, first day of school! We have new families with children who have moved into the neighborhood so please be cautious when approaching the four way stop signs. It may be a bus stop as is the case with the intersection of Paso del Norte and Encino Grande Street. It amazes me when I see cars approach the intersection and barely slow down or not even hit the brakes then speed through the intersection. Those signs are there for a reason. Please slow down and watch for our kids!
Posted at 08:11 AM in Shady Oaks General Interest | Permalink | Comments (0) | TrackBack (0)


