We’ve all heard it in the news lately - mortgage companies filing for bankruptcy, subprime lending becoming extinct. With the everchanging going ons in the lending world, here are a couple of things to know before applying for a home loan.

Credit Score:Having a good credit score is key in getting approved for a home loan. A credit score of around 680 will satisfy most lenders, but a score of 720 will qualify most people for a prime mortgage at the lowest rates. The average credit score in Texas is 665 according to experian.com.

Down Payment:The days of zero down are few and far between. If you have a strong credit score you may be able to get by with putting down a minimum of 10%. The bigger the down payment you are able to put down, the more likely you are to obtain a loan with lower rates. If your credit score is sub-par be prepared to put down 20 - 25%.

Verifiable Income:If you are self employed, be prepared to have a strong credit score or sizable down payment. Home loans are still attainable but may be harder to come by.

 Other Compensating Factors: Two other important factors in being approved for a loan are your savings and debt to income ratio. The more money you have in the bank, the better. As for your debt to income ratio, your mortgage payment should be less than 28% of your gross income.

 If you’re thinking about buying a house, don’t let the hype deter you from achieving your dream. There are still plenty of lenders out there who are willing to work with you to help that dream come true. Just do your homework before you go out there!

Round up the troops and head out to Auditorium Shores this Saturday, August 25th. First flight takes off at 6:30 and promises to be very entertaining. Make sure to pay special attention to the Flintstones and their prehistoric flying mobile. Dino, also known as my little brother, guarantees a big splash! Yabadabadoo!

http://www.redbullflugtagusa.com/Texas2007/default.aspx

It’s that time of year again. Starting at midnight tonight through Sunday, August 19th, Texan shoppers will get a tax break from state & local taxes. Most clothing and footwear under $100 is included as are backpacks for the first time. Below is a complete list of what is exempt so get out there and start shopping!

 Tax Free Items:

• Baby clothes
• Backpacks for use by elementary and secondary students
• Belts with attached buckles
• Boots - cowboy, hiking
• Caps/hats - baseball, fishing, golf, knitted
• Coats and wraps
• Diapers - adult and baby
• Dresses
• Gloves (generally)
• Gym suits and uniforms
• Hooded shirts and hooded sweatshirts
• Hosiery
• Jackets
• Jeans
• Jerseys - baseball and football
• Jogging apparel
• Neckwear and ties
• Pajamas
• Pants and trousers
• Raincoats and ponchos
• Robes
• Shirts
• Shoes - sandals, slippers, sneakers, tennis, walking
• Socks (including athletic)
• Shorts
• Suits, slacks, and jackets
• Sweatshirts
• Sweat suits
• Sweaters
• Swimsuits
• Underclothes
• Work clothes and uniforms

Taxed Items:

• Accessories (generally) - barrettes, elastic ponytail holders, wallets, watches
• Backpacks - unless for use by elementary and secondary students
• Baseball cleats and pants
• Belt buckles (without belt)
• Boots - climbing, fishing, rubber work boots, ski, waders
• Buttons and zippers
• Cloth and lace, knitting yarns, and other fabrics
• Dry cleaning services
• Football pants
• Golf gloves
• Handbags and purses
• Handkerchiefs
• Hard hats
• Helmets - bike, baseball, football, hockey, motorcycle, sports
• Ice skates
• Jewelry
• Laundering services
• Leather goods - except belts with buckles and wearing apparel
• Pads - football, hockey, soccer, elbow, knee, shoulder
• Personal flotation devices
• Rented clothing (including uniforms, formal wear, and costumes)
• Roller blades and skates
• Safety clothing, glasses
• Shoes - bicycle (cleated), bowling, golf

For an extended list visit:

http://www.window.state.tx.us/taxinfo/taxpubs/tx98_490/tx98_490_list.html

For all of you dog lovers out there, here is a list of pet friendly areas and dog parks around Austin:

Auditorium Shores - 920 W. Riverside Dr.

Bull Creek District Park - 6701 Lakewood Dr.

Emma Long Metropolitan Park - 1600 City Park Rd.

Far West - b/w Great Northern & Shoal Creek Blvd.

Northeast District Park - 5909 Crystalbrook Dr.

Norwood Estate - IH35 at Riverside Dr.

Redbud Isle - 3401 Red Bud Trail

Onion Creek District Park - 7001 Onion Creek Dr.

Shoal Creek Greenbelt - 2600-2799 Lamar Blvd.

Walnut Creek District Park -Â 12138 N. Lamar Blvd.

West Austin Park - 1317 W. 10th St

Zilker Park - 2100 Barton Springs Rd.

With in the past year, property values in Travis County have jumped 13% due in part to new construction activity and a higher level of interest from buyers for the Austin market. To read more from this article log on to Austin Business Journal’s website:Â
Austin Business Journal

It’s unanimous! The Capital Metropolitan Transportation Authority Board has approved $6.5 million worth of contracts for the new commuter rail set to up and running sometime next year. The 32 mile railway will run from Leander down to downtown Austin. Riders are expected to take advantage of the new railway system as early as fall 2008.

Here is a great real estate tip pertaining to bargain homes….

Most buyers want a home that is in tip-top condition and ready for them to occupy, but many homes sell for bargain prices because they need work. Buyers love “fixer-uppers” for the obvious reasons: the affordable price and the satisfaction of remodeling the house to accommodate your tastes and needs.

Whether you are buying the property for yourself or as an investment, choose a house that is in a good location and structurally sound. It should be priced enough below market value (usually 25%) to allow plenty of room for a profitable re-sale after the work is completed.

It is important to educate yourself before taking on a fixer-upper project. Inexpensive cosmetic improvements often give the greatest return on your investment– paint will increase the value three times for every dollar invested. Landscaping, carpeting, and light fixtures are also relatively inexpensive improvements. Try to avoid purchasing a house that needs expensive structural improvements such as a new roof, plumbing, wiring, or foundation repairs.

Remodeling a kitchen will rarely add more than the cost of the upgrade, but new appliances usually give a fine return. An extra bathroom is the best renovation from an investment point of view, often giving twice its cost in added value.