Dallas Fort Worth Homes and Real Estate for Sale: February 2011

If you are a physician or eligible professional in the Dallas area and are in the market to purchase a home or refinance an existing mortgage, your friends at BBVA Compass have tailored a special program called The Professional Program, which offers competitive rates and 95% mortgage financing for physicians/doctors in the Dallas area. (Program guidelines changed from 100% to 95% max financing as of 6/14/2011).

This program is only offered at BBVA Compass and is a unique opportunity for qualified Dallas area doctors/physicians and eligible professionals to obtain 95% mortgage financing on a home purchase.

 Program highlights of the Professional Program for physicians (Program rules are subject to change at any time without notice):

•  95% mortgage financing up to one million dollars for primary residences.
• NO PMI (private mortgage insurance) required!
• Eligible properties inclue Single Family Residences, Town Homes, Lofts and Condominiums. 
• Student loan payments are NOT included in the debt-to-income ratio calculation if they are deferred for at least 12 months.
• Expansion of loan-to-value ratios for physicians that want to refinance an existing mortgage.
• BBVA Compass offers a free investment and insurance review with a wealth management professional.

Doctors/Physicians Eligible for the 95% Mortgage Financing Program include:

• Resident or practicing physicians.
• Oral surgeons

Other Eligible Professions include:

•  Attorneys
• Certified Public Accountants

Is the BBVA Compass Professional Program available in other areas besides Dallas?

YES! BBVA Compass offers this program in seven states:

• Texas
• New Mexico
• Arizona
• California
• Colorado
• Florida
• Alabama

The first step in the homebuying process should always be mortgage pre-approval.  BBVA Compass makes pre-approval fast and easy.   Their automated approval system allows for quick and streamlined loan pre-approvals with no application fee. 

To consult with a BBVA Compass loan professional about this program, please call Cari Marks at (972) 705-4408.  Or you can email her directly at cari.marks@bbvacompass.com 

DISCLAIMER: I have no affiliation with BBVA Compass and am only providing this information as a service to doctors/physicians and other professionals that may benefit.  If you are a Dallas area physician in the market to purchase a home, please call me today at (972) 978-3553 or email me at johnjonesrealtor@gmail.com .

Good news for Dallas Fort Worth area veterans and military servicemembers who would like to purchase a home and receive the $8,000 tax credit for first-time homebuyers or the $6,500 tax credit for move-up buyers!

Qualified military personnel, foreign service workers and members of the intelligence community have until April 30, 2011 to secure an executed purchase contract and until June 30, 2011 to close the transaction.

This special program for veterans and military servicemembers was signed into law as part of the original extension and expansion of the homebuyer tax credit that went into effect on November 6, 2009.

DEFINITION OF QUALIFIED SERVICEMEMBERS
Per the legislation, a "qualified servicemember" means a uniformed servicemember of the military, a member of the U.S. foreign service or the intelligence community who was called to an extended period of oveerseas service for at least 90 days between December 1, 2008 and May 1, 2010.  (For those that were not called for extended service, the deadline to execute a purchase contract was April 30, 2010 and the closing deadline is September 30, 2010.)

A member of the military, foreign service or intelligence community who was called for extended duty of at least 90 days but was unable to complete this term due to medical reasons MAY still qualify for the extended deadline.

Consult with a licensed tax accountant to make sure you qualify.  I am not an attorney or a CPA and cannot give legal or tax advice!

ADDITIONAL QUALIFICATIONS FOR THE VETERANS $8,000 FIRST TIME HOMEBUYER TAX CREDIT:

• The amount of the tax credit is the LESSER of $8,000 or 10% of the purchase price of the home.  For example, a qualified individual who purchases a home for $68,000 will receive a tax credit of $6,800, not the full $8,000. 
• The home purchased must be a primary residence.
• The income limit to qualify for the tax credit is $125,000 for single filers and $225,000 for married filers.   Single and married filers who make more than this may qualify for a reduced tax credit amount.
• Home must be priced at $800,000 or less.
• Must be a first-time homebuyer (meaning cannot have owned a home in the last three years).
• Non-first time homebuyers may qualify for the move-up tax credit of $6,500. 

QUALIFIED VETERANS:  This opportunity to get the $8,000 tax credit will end on April 30th.   All qualified veterans must have a home under written contract by April 30th but do not have to close the transaction until June 30, 2011.

For more information or to set up a customized home search, please call John Jones at (972) 978-3553.