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July 31, 2010

Selecting a residential real estate attorney for your legal case is a very important decision. Please enter a zip code to find an attorney that serves your area:

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Texas Residential Real Estate Lawyers

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2006 El Paso Texas Housing Market Overview

Standard financing is a fixed-rate, 30-634 loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house. First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90% home loan at an interest rate 0.5 percent greater than the standard current rate.

2005 Housing Affordability Index

El Paso
Median Price Home - $110,300
Required Income to Qualify - $25,503
Median Family Income - $38,250

Texas Total
Median Price Home - $136,500
Required Income to Qualify - $31,561
Median Family Income - $53,000

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Contact Texas Residential Real Estate Attorneys

Contact a Residential Real Estate Attorney for the following Texas cities:

Alvin
Amarillo
Arlington
Austin
Baytown
Brownsville
Burleson
Carrollton
College Station
Cypress
Dallas
Del Rio
Desoto
Eagle Pass
Edinburg
El Paso
Flower Mound
Fort Worth
Friendswood
Garland
Grand Prairie
Grapevine
Harlingen
Houston
Irving

Katy
Laredo
League City
Lewisville
Mcallen
Mesquite
Mission
New Braunfels
North Richland Hills
Palestine
Pasadena
Pharr
Plano
Richardson
Richmond
Round Rock
San Antonio
San Benito
San Marcos
Seguin
Spring
Sugar Land
Victoria
Weslaco

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Did You Know?

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage. Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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