Qualifying for a Mortgage is easier than you think!

A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.Here are the results from a Digital Risk survey done on Millennials:

We approve loans with 3.50% Down or less and credit scores at 580+ everyday.

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.Here are the numbers from a recent Ellie Mae report:

We approve loans with 3.50% Down or less and credit scores at 580+ everyday.

Bottom Line

Here’s the Bottom Line:

If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, sit down with someone who can help you understand your true options..

We approve loans with 3.50% Down or less and credit scores at 580+ everyday.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

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We close loans every day that Banks would not, or could not approve.

J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

[contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Phone Number’ type=’text’/][contact-field label=’How can we help you?’ type=’textarea’ required=’1’/][/contact-form]

New Fannie Program – Home Ready 97% Program for Low Income Census Tracts

Here are the details:

https://www.fanniemae.com/content/fact_sheet/homeready-overview.pdf

Product Features •

DU will automatically identify potentially eligible loans.

Underwriting flexibilities include:
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* Allows non-occupant borrowers, such as a parent.
* Permits rental income from an accessory dwelling unit (such as a basement apartment).
* Allows boarder income (updated guidelines provide documentation flexibility).

• Financing up to 97% LTV (DU is required for LTVs >95%). Borrower is not required to be a first-time buyer; purchase of one-unit principal residence (limited cash-out refi up to 95%).

• Lower MI requirement than standard (for LTVs >90% to 97%). • Allows for nontraditional credit.

• Gifts, grants, Community Seconds®, and cash-on-hand permitted as a source of funds for down payment and closing costs.

• Supports manufactured housing up to 95% and HomeStyle® Renovation (approved lenders) to 95%.

Don’t Get Caught In The Renter’s Trap

There are many benefits to homeownership. One of top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. The National Association of Realtors (NAR) released their findings of a study in which they studied “income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas throughout the US.”

Don’t Become Trapped

The study revealed that over the last five years a typical rent rose 15% while the income of renters grew by only 11%. If you are currently renting, this disparity in growth could get you caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment. The average renter in the United States pays 30% of their income on housing compared to that of a homeowner who can expect to spend 15%. In many metro areas the percentage of income spent on housing is even higher and continues to rise every year. Like in San Francisco, CA, where the average renter spends 59% of their monthly income on housing or nearly 65% in Boston, MA. Homebuyers who purchased their home over the same five-year period locked in their housing costs and were able to grow their net worth as home values have increased and their mortgage balances have gone down.

Know Your Options

Perhaps, you have already saved enough to buy your first home. HousingWire reported that analysts at Nomura believe:

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As we have reported last week, over 60% of Millennials who recently bought a home put down less than 20%; 36% put down less than 5%. Your dream home may be more attainable than you ever imagined!

Bottom Line

Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage.

Let us help you get started on the road to home ownership!
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Zillow says: Rent historically unaffordable in Dallas

Carla Wade, WFAA August 13, 2015 – Original Story

DALLAS — New numbers from Zillow show that rent in Dallas is historically unaffordable.

While financial experts have been telling people to not spend more than 30 percent of their monthly income on rent, DFW renters are coming pretty close to that.

A second quarter analysis shows renters are paying 28.7 percent of their monthly income on rent — more than a seven percent increase over past years. But that’s still less than the national rate of 30.2 percent.

Home values have surged in Dallas-Fort Worth, selling quickly for more than the asking price, and with new listings attracting multiple offers. So much so that some real estate experts have recommended renting over buying right now.

But even so, paying a mortgage is still more affordable than renting. And this all hurts renters over the long haul.

Spending so much money on rent, they save less for retirement and have trouble saving up for the down payment it takes to buy a home.

Watch the WFFA Channel 8 News Story

Here’s the Bottom Line:Owning is cheaper than renting! Even is another Lender has said NO, we can help you.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

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We close loans every day that Banks would not, or could not approve.

J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

Dallas Cowboys’ New Corporate Campus $350M ‘The Star in Frisco’ reaches major construction milestone (Video)

Construction is halfway complete on the $350 million world headquarters of the Dallas Cowboys and Frisco’s special event center — which is branded The Star in Frisco.

The high-profile, 91-acre development at the northwest corner of Warren Parkway and the Dallas North Tollway is part of Frisco’s much-touted ‘$5 Billion Mile,’ which includes more than $5 billion worth of planned development in a mile stretch of the Tollway.

Despite the record-breaking rainy season this spring in North Texas, officials with Manhattan Construction Co. said the corporate headquarters and the 12,000-seat indoor multipurpose event center remains on schedule and is slated for completion in fall 2016.

Cowboys COO Stephen Jones said Saturday, he was thrilled with the progress of the project.

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“The trusses and the concrete represent the strength of our partnership with the City of Frisco and the Frisco ISD,” Jones said.

“This facility is going to bring together high school students and the Dallas Cowboys in a way that has never been done before, and this development will benefit this community, on so many levels, for decades to come,” he added.

The six-story, 435,000-square-foot corporate headquarters building will house the football club’s operations and will overlook the indoor practice facility and fields.

Full Link
http://www.bizjournals.com/dallas/news/2015/07/26/dallas-cowboys-350m-the-star-in-friscoreaches.html?ana=lnk

Shadow Inventory causing CAIVRS Alerts. Do you have a buyer with an old foreclosure that is still causing them problems?

“Can I buy a home with a CAIVRS ALERT?”

CAIVRS stands for Credit Alert Verification Reporting System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal government. Examples of Federal debts include previous FHA or Veterans Administration home loans.

For a borrower that had a FHA mortgage foreclosed upon, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender.

This is the key sentence.

Unfortunately, the clock on the 3 years waiting period does not start ticking until the Lender takes legal ownership of the property, files the claim with FHA and FHA pays the claim.

We have had several prospective buyers recently that had problems 3 to 6 years ago. They left the home and turned the property back over to the lender. But, the lender, didn’t actually transfer title into their name for months and in some cases years!

We successfully pleaded the cases for the prospective buyers and were able to get CAIVRS Alerts cleared. We documented the transfer should have taken place over 3 years ago, and it was not the prospective buyer’s fault that the lender did not file the claim until months or years after they reasonably should have done.

“Can I buy a home with a Foreclosure, Short Sale or Deed in Lieu in less that 3 years with the FHA Back to Work Program?”

“Can I buy a home with a Bankruptcy less that 2 years with the FHA Back to Work Program?”

We also have closed several FHA “Back to Work” loans. FHA allows exceptions to the 3 years waiting period for prospective borrowers who suffered a Economic Event that resulted in a severe reduction in income due to a job loss or other circumstances resulting in reduced Household Income. and the borrower has demonstrated full recovery from the event for a minimum of 12 months.

As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file bankruptcy. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.

Here’s the Bottom Line:
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

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We close loans every day that Banks would not,
or could not approve.

J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

Home Sales Will Remain Hot This Summer

People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).

The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:

“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”

We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely.

Bottom Line – It is a great time to buy a home!

The housing market will remain strong throughout the summer and into the fall, making for one of the best years in real estate over the last decade.

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.

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J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

Dodd-Frank has left consumers with fewer choices, higher costs and less freedom – Must Watch Video

In observance of the fifth anniversary of the passage of the Dodd-Frank Act, the Republican leadership of the House Financial Services Committee (HFSC) has released a video titled “Dodd-Frank–Five Years of Failure.”

“Just like Obamacare, Dodd-Frank has left consumers with fewer choices, higher costs and less freedom,” said an unattributed statement released by the HFSC. “Heeding the admonition of former Obama Chief of Staff Rahm Emanuel, Washington’s ‘Never Let a Crisis Go to Waste’ Democrats seized on a false narrative of the financial crisis to craft ‘a political response’ that does not address the real causes of the crisis. Dodd-Frank did nothing to reform Fannie Mae and Freddie Mac, which were at the epicenter of the crisis. It enshrined taxpayer-funded bailouts and ‘too big to fail’ into law. And the burden of its inefficient rules, regulations and mandates hurts jobs and economic growth.”

The Committee’s statement added that thanks to Dodd-Frank, “the big banks have gotten bigger, the small banks are now fewer, and economic growth is weak and halting.”

Separately, Rep. Ed Royce (R-CA), a senior member of the committee, released his own statement that criticized the Dodd-Frank track record.
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“Five years later, the government dominates an unstable secondary mortgage with taxpayers at risk of being tapped for a bailout should we see another downturn. The legacy of Dodd-Frank should be judged not just by what was included in it, but also what was left out of it. Policymakers owe it to the American people to wind down the GSEs before recent history repeats itself.”

As of this morning, the GOP-run Senate Banking Committee made no mention of the fifth anniversary of Dodd-Frank on its Web site, but ranking Committee member Sen. Sherrod Brown (D-OH) released a statement praising the legislation.

“Five years after Wall Street reform became law, our economy is getting stronger and we have a financial system that is safer, more stable, and works better for taxpayers, investors, and consumers,” said Brown. “We’ve come too far to allow special interests and their allies in Congress to undermine reform and leave the American people exposed to the abusive lending and reckless Wall Street gambling that almost destroyed our economy. Now we need to make sure more Americans feel the benefits of the recovery, without going back to the days of AIG, Countrywide, and Lehman Brothers.”

1st Time Buyers Finally Crashing the Real Estate Party

There has been much conversation regarding the lack of first time home buyers in today’s real estate market. However, three recent reports seem to suggest that they are now entering the market in increasing numbers. The most recent Existing Home Sales Report from the National Association of Realtors (NAR) reported that:

“The percent share of first-time buyers rose to 32 percent in May, up from 30 percent in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers.”

And, in a recent Washington Post article, Ken Harney revealed that:

“According to a June 19 Campbell/Inside Mortgage Finance tracking survey, which polls 2,000 real estate agents nationwide, first-time buyers accounted for nearly 39 percent of home purchases in May; that’s the highest level since August 2010.”

Also, according to American Enterprise Institute’s International Center on Housing Risk’s May First-Time Buyer Mortgage Risk Index (FBMRI), the share of first-time buyers stood at an estimated 52.2 percent. Lawrence Yun, the Chief Economist at NAR explained:

“The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs.”

Bottom Line

It seems that the number of first time buyers is increasing for the first time in a long time. This further lends credence to the fact that the residential housing market is back.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!
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or could not approve.

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J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

4 Reasons to Buy that New Home NOW!

Summer is here! The temperature isn’t the only thing heating up right now, so too is the housing market! Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.8% (most pessimistic) and 26.7% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have started to inch up, most experts predict that they will begin to rise even more over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up approximately 3/4’s of a percentage point over the next 12 months. An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Buy that New Home NOW!

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Here’s the Bottom Line:
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.

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J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517

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

Qualifying for a Mortgage is easier than you think!

1. Down Payment

2. FICO Scores

Bottom Line

New Fannie Program – Home Ready 97% Program for Low Income Census Tracts

Don’t Get Caught In The Renter’s Trap

Don’t Become Trapped

Know Your Options

Bottom Line

Zillow says: Rent historically unaffordable in Dallas

Dallas Cowboys’ New Corporate Campus $350M ‘The Star in Frisco’ reaches major construction milestone (Video)

Shadow Inventory causing CAIVRS Alerts. Do you have a buyer with an old foreclosure that is still causing them problems?

Home Sales Will Remain Hot This Summer

Bottom Line – It is a great time to buy a home!

Dodd-Frank has left consumers with fewer choices, higher costs and less freedom – Must Watch Video

1st Time Buyers Finally Crashing the Real Estate Party

Bottom Line

4 Reasons to Buy that New Home NOW!

1. Prices Will Continue to Rise

2. Mortgage Interest Rates Are Projected to Increase

3. Either Way You are Paying a Mortgage

4. It’s Time to Move On with Your Life

Buy that New Home NOW!