For Home Buyers The Importance of Acting Now Waiting Really Could Cost You Low interest rates this year have lulled many people into believing that home loan rates in the 5.00% and lower range are "normal". This is not the case and if you are in the position where you could refinance or are considering buying a home, complacency is not your friend. Stimulus provided by the Obama administration has been instrumental in creating the environment that has lowered rates, increased home sales and assisted distressed homeowners. Uncle Sam Lends a Temporary Hand Tick tock, tick tock. Just as summer turned to fall on September 22nd, deadlines await two programs that supplied the heat directed at the housing markets. Government programs in the housing and interest rate arenas are slated to end in coming months. The time to take advantage of these programs is now. Stimulus programs from Washington have led to incentives for first time home buyers (FTHB), artificially low interest rates, and typically unallowable refinance transactions. Infinite stimulus for the housing sector is not in the cards nor is it reasonable to expect. Deadlines are approaching. Whether you want to buy a home or need to refinance one, do not procrastinate. The best path is to investigate options now before you may find that none are available to you. First Time Home buyer Alert If you are a FTHB who wants to take advantage of the tax credit, think two words. GET BUSY. The tax credit of up to $8,000 is set to expire November 30th. While there is talk that this program may be extended, nothing is certain and millions of FTHBs have already taken advantage of the credit. With real estate closings taking as long as 60-90 days, according the National Association of Realtors, you need to get under contract shortly if you want to take advantage of the tax credit. Home prices are down significantly across the country from their high points the past few years. However, median home prices in August were up 7.8% from their low point earlier this year. If you have been waiting for home prices to decline further, perhaps you should not. Great opportunities are available but many real estate agents report multiple contracts being offered on hot properties. If you wait, you may be disappointed. Check with your mortgage professional to see if he or she can accommodate you if you go under contract in the next two weeks. Many lenders will still be able to help you but only if you have all your paperwork in order. Rates Are Great – NOW! Interest rates dipped in late September to near the lowest points ever recorded. As reported by Freddie Mac, rates for conforming loans approached 5.00% for a 30 year fixed rate and below 4.50% for a 15 year fixed rate with additional fees paid to obtain these rates. Rates for FHA, VA, and USDA Guaranteed loans typically offer slightly higher rates. There is one reason that home loan rates are as low as they are. Last November the Federal Reserve announced a program to purchase up to $1.25 Trillion in mortgage backed securities. This effort lowered rates to the lowest level of all time and has kept rates, according to Freddie Mac, below 5.50% this year compared to rates as high as 6.48% last year for a 30 year fixed rate. This program was slated to end December 31st of this year but in September's Federal Open Market Committee meeting, it was announced that the program will be extended to the end of the first quarter of 2010. However, the amount the Fed will purchase will not change. Peter Hooper, chief economist at Deutsche Bank, told Bloomberg that a sudden end to the Fed purchases could cause rates to rise by a half to one percentage point. If you delay your financing, you could well see rates that are significantly higher than what is available today. As always, if you have any questions or would like to discuss how this may specifically impact you, I'd be happy to sit down with you. Just call or email me to set up an appointment. Posted by Armando Bass on October 05, 2009 at 02:31 AM About Armando Bass Hello and thank you for visiting my website. I know that buying or selling a home is one of the most important things you will ever do, and I want to help make that experience as smooth and successful as possible. My extensive experience and expertise in the Corpus Christi, Portland, Port Aransas, Aransas Pass, Ingleside real estate market will benefit you whether you are looking to buy or sell a home in the area. I am a veteran of the US Armed Forces serving in the US Air Force for 8 years, and worked for the US Navy, US Marine Corps as an Dept Of Defense contractor across the US until 1991, during which I was also a member in the Texas Army National Guard(also the Arizona and Nevada Army National Guard). I have 15 years experience in South Texas real estate originally licensed in San Antonio Texas, I now live and work in Corpus Christi Tx and am very familiar with the Coastal Bend real estate market from Rockport to Kingsville and service Nueces, Aransas, San Patricio, and Kleberg county residents. I am also a licensed Texas loan officer, with previous knowledge of the insurance industry which makes me uniquely qualified to provide you the best service possible in you real estate transaction. As of 11/28/09 the Armando Bass RePage is ranked at 18 with 18,510 points. The monthly top RePage owner will receive a cash prize. 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Local Information for Corpus Christi, TX

Latitude: 27.742857 -- Longitude: -97.401927

Other Area Cities:   Rockport  Corpus Christi  Portland  Aransas Pass 

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Corpus Christi is the county seat of Nueces CountyGR6 and a coastal city located in the U.S. state of Texas. It is part of the region known as South Texas. As of the 2000 U.S. Census, the city had a population of 277,454 people (though a July 1, 2004 estimate placed the population at 281,196), making it the eighth-largest city in the state. The translation of the city's name is Body of Christ, given to the settlement by the Spanish, in honor of the Blessed Sacrament (Eucharist). The city is often referred to as "The Sparkling City by the Sea," particularly in literature promoting tourism. Locals and natives often just call it Corpus. Since 2003, the city has earned numerous awards including: All-America City 2003 Digital City One of the best cities to stretch your paycheck One of the least depressed cities in the nation The city is home to Naval Air Station Corpus Christi. Corpus Christi is served by the Corpus Christi International Airport on the west side of the city. -- Source: Wikipedia.com