J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

5 Things to Tell Your Buyers Now | Trulia Pro Blog

Excellent points! What else are you telling your buyers to help make the process easier for them?

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via 5 Things to Tell Your Buyers Now | Trulia Pro Blog.

Should You Buy or Rent a Home? | Keeping Current Matters

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Moving-Up? Do it NOW not Later | Keeping Current Matters

Another great post from our friends at Keeping Current Matters – this one will definitely light a fire under those ready to move up!  Realtors, this is a great point to make to your clients who are on the fence about it….

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A recent study revealed that the number of existing home owners planning to buy a home this year is about to increase dramatically. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post.

via Moving-Up? Do it NOW not Later | Keeping Current Matters.

A Flood of Listings Coming to the Market? | Keeping Current Matters

We have previously talked about the diminishing supply of housing inventory and how it is impacting the real estate market. The situation might be about to change dramatically according to a recent survey by Lending Tree.

The survey revealed three interesting findings. Of those surveyed:

63% have a positive outlook on the economy this year

69% have a positive outlook on housing this year

71% said they are considering selling their home this year
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While the first two findings are good news, the third was rather amazing.

71% of homeowners are considering selling their home in the next 12 months!

While we realize that 70% of the housing inventory in this country could never be turned over in a year, it is interesting that people are again thinking about moving. There has been a pent-up selling demand over the last few years because families lost both equity in their homes and confidence in the economy. Rising prices have returned equity to many and an improving economy is again rebuilding consumer confidence.

Bottom Line

Only time will tell. However, even if a small portion of that 71% actually decide to sell, this year’s real estate market could be very interesting as we move forward.

Credit: A Flood of Listings Coming to the Market? | Keeping Current Matters.

5 Things You Probably Don’t Know About VA Loans

Gold Financial - Mortgage Bankers

We close VA loans with 580 FICOs or better!

by  on February 6, 2014

Veteran Buying a House

VA loans are the most misunderstood mortgage program in America. Industry professionals and consumers often receive incorrect data when they inquire about them.
In fact, misconceptions about the government guaranteed home loan program are so prevalent that a recent VA survey found that approximately half of all military veterans do not understand it.

With this in mind, we would like to debunk the most common myths about VA Loans.

Myth 1: The VA loan benefit has a “one time” use.

Fact: Veterans and active duty military can use the VA loan many times. There is a limit to the borrower’s entitlement. The entitlement is the amount of loan the VA will guarantee. If the borrower exceeds their entitlement, they may have to make a down payment. Never the less, there are no limitations on how many times a Veteran or Active Duty Service Member can get a VA loan.

Myth 2: VA home loan benefits expire if they are not used.

Fact: For eligible participants, VA mortgage benefits never expire. This myth stems from confusion over the veteran benefit for education. Typically, the Montgomery GI Bill benefits expire 10 years after discharge.

Myth 3: A borrower can only have one VA loan at a time.

Fact: You can have two (or more) VA loans out at the same time as long as you have not exceeded your maximum entitlement and eligibility. In order to have more than one VA loan, the borrower must be able to afford both payments and sufficient entitlement is required. If the borrower exceeds their entitlement, they may be required to make a down payment.

Myth 4: If you have a VA loan, you cannot lease the home.

Fact: By law, homeowners with VA loans may rent out their home. If the home is located in a non-rental subdivision, the VA will not guarantee the loan. If the home is located in a subdivision (such as a co-op) where the other owners can deny or approve a tenant, the VA will not approve the financing. When an individual applies for a VA loan, they certify that they intend on making the home their primary residence. Borrowers cannot use their VA benefits to buy property for rental purposes except if they are using their benefits to buy a duplex, triplex or fourplex. Under these circumstances, the borrower must certify that they will occupy one of the units.

Myth 5: If a borrower has a short sale or foreclosure on a VA loan, they cannot have another VA loan.

Fact: If a borrower has a claim on their entitlement, they will still be able to get another VA loan, but the maximum amount they would otherwise qualify for may be less. For example, Mr. Smith had a home with a $100,000 VA loan that foreclosed in 2012. If Mr. Smith buys a home in a low cost area, he will have enough remaining eligibility for a $317,000 purchase with $0 money down.  If he did not have the foreclosure, he would have been able to obtain another VA loan up to $417,000 with no money down payment.

Veterans and Active duty military deserve affordable home ownership. In recent years, the VA loan made up roughly 13% of all home purchase financing. This program remains underused largely because of misinformation. By separating facts from myth, more of America’s military would be able to realize their own American Dream.

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Gold Financial delivers solutions and results.
Call us to get a firm understanding of the process and your qualification!
My Team of top mortgage professionals can provide solutions and results to your mortgage financing needs!

Jani Mansour (NMLS #877007)
Clay Cummings (NMLS # 874626)

J. Scott Harris
Gold Financial
Vice President
Business Development & Recruiting
NMLS 375517

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Scott@jscottharris.com

          

I LOVE Mortgage Lending – We truly help people, not just sell stuff. A WONDERFUL TESTIMONIAL

Thank you!  This is what we love about our business.  We truly help people, not just sell stuff.

Owing a home is the best investment a family can make for many IMPORTANT reasons than just a financial one!  Your note CLEARLY shows that!

I am sorry you have been given some bad advice and seemed to be going in circles, but your are closer than you think to your GOAL.  Follow the steps we outlined and it will happen.

We are honored to help you get there.

J. Scott Harris

 

From:
Sent: Friday, January 31, 2014 10:21 AM
Good morning Scott,
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I gotta tell ya, after our telephone conversation yesterday, I couldn’t sleep; but because I felt better 🙂 I can’t express how anxious my husband, my daughter and I are to get out of my in-laws house!

My daughter and I cry sometimes and she says all the time, mommy I want our house; it’s heartbreaking and that’s my drive to do everything that I am advised to do.  I thank you for our conversation yesterday; you’ve already shed some light into our lives.

I informed my husband when he got home from work and his eyes got watery; he said, there’s HOPE! We have been cramped in a small bedroom and tiny closet for a year, and I stay quite organized, especially with all of my credit correspondence and CPA correspondences but we were unable to locate his tax returns last night;

I think we were just exhausted; he’s also had vehicle trouble this week and he commutes from almost HWY 380 (my in-laws house) to Downtown on a daily basis; having said that, I should have those tax returns for you by Tuesday; I say Tuesday, because that’s when I will have access to a scanner (at work)–I’m off on Mondays.

We look forward to working with you and making you our LENDER 🙂 Have a great weekend.

Sincerely,

D&DC

Don’t Wait! Move Up to the Home You Always Wanted | Keeping Current Matters

Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still below 5%.

However, sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point:
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via Don’t Wait! Move Up to the Home You Always Wanted | Keeping Current Matters.

USDA Eligibility Areas & Income to remain the same…. for now.

 

   usda Single Family Housing

Origination Updates

From the National Office in Washington DC

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Single Family Housing Guaranteed Loan Program

January 9, 2014

 

Status Update on Proposed Changes to Eligibility Areas Based on 2010 Census Data

 

As January 15, 2014 approaches, many are wondering whether Rural Development will be implementing the Future Eligibility maps based on the 2010 Census data.   At present, the eligible areas remain unchanged and we continue in a “holding pattern” until either an appropriations bill or a continuing resolution is passed.  Notification will be sent pertaining to changes to this status.
J. Scott Harris has been one DFW’s top Mortgage Experts for over 20 years. His team of Loan Officers can solve problems and APPROVE loans that other Lenders cannot or will not work hard enough for.
Contact us immediately at 214 435 8825



J. Scott Harris
Vice President – Business Development & Recruiting
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Email Me Now

Gold Financial Services a Division of AMCAP Mortgage, Ltd.  NMLS # 129122

The Cost of Waiting to buy a New Home may be more than you can Afford!

The Cost of Waiting

While many may balk at purchasing a home because rates have edged up slightly lately, this article will show the true cost of waiting in the current market.

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

The latest survey was released last week. Here are the results:

  • Home values will appreciate by 4.3% in 2014.
  • The average annual appreciation will be 4.2% over the next 5 years
  • The cumulative appreciation will be 28% by 2018.
  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018.

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Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

Original article via Where Prices are Headed over the Next 5 Years | Keeping Current Matters.

Congress raiding FNMA coffers to pay for Unemployment Benefits Extension

The problem with a tax like this is where to get the money.  No problem.  We’ll just go to Fannie Mae and Freddie Mac.  You know, those two companies that are totally kicking ass right now making more money than any other government agency (thanks to their conservatorship), that a bunch of congress people want to tear down.  Yeah, that company.

How does Fannie Mae and Freddie Mac pay for the Unemployment Extension Tax?

A G-Fee hike of course.  Thank goodness Mr. Mel Watt has a temporary hold on it right now as he wants to evaluate it.  But, rest assured, it’s probably going to happen.  We just find it strange that the place they go to get the tax satisfied is the very place that they feel should be terminated as soon as possible.
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How do you feel about future homeowners paying for the Unemployment Extension Tax?  Let us know down below.

 

READ MORE

via Homeowners to Cover Unemployment Extension | National Real Estate Post.