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Category Archives: Mortgage News

FHA condo rules will help millennials in housing market, Carson says

Relaxing FHA Condo rules & expanding FNMA Debt Ratios are 2 new enhancements to help 1st time buyers

 

SUGGESTED REMARKS FOR DR. BEN CARSON
SECRETARY OF HOUSING AND URBAN DEVELOPMENT
AT THE NATIONAL HOUSING SYMPOSIUM
WASHINGTON, D.C.
JUNE 9, 2017

As prepared for delivery. The speaker may add or subtract comments during his presentation.  (Original Article)

Thank you.  Last week, HUD hosted a housing policy forum where I spoke about the state of the housing market.  It is stable, secure, and sound.  The market is safe.  I want to emphasize that … we have a housing market that is in good shape.  Much of the credit goes to people in this room.

But, after the turbulence of 2008, we must remain vigilant and watchful –  and anticipate more than react.  We must be prudent and practical.  We must continue to maintain responsible lending practices.  Wishful thinking must not be our sole criterion for credit worthiness.   And as the economy improves, we must never ignore the central role of housing in the recovery from the 2008 recession.

Nationally, we must continue to smooth out the cycles that lead to burst bubbles and foreseeable foreclosures.  We want to avoid anyone going underwater on their mortgage or losing their home.

There is always room for improvement, more stability, more growth. We still see small fluctuations in the market, but the dramatic highs and lows of the past have evened out to become steady, almost predictable. The data now shows a reasonably straight and rising line forward and upward on the charts.  The cycles have become less dramatic.  And, we are seeing good news in startups and inventory, among the many sides of homeownership.

The homeownership rate today is at 63.6 percent.  In some states, homeownership is over 70 percent.  And first-time home buyers make up 35 percent of all homebuyers in the last twelve months.  This good news will continue.  The Harvard Joint Center for Housing Studies projects that the United States will add 13.6 million households over the next eight years and 11.5 million more between 2025 and 2035.

The Federal Housing Administration has a strong role to play.  FHA has already helped more than 46 million Americans purchase or refinance their homes.  An estimated 40 percent of all first-time homebuyers use FHA.  In fact, during our time here together … today … FHA will help another 4,000 homebuyers close on their homes.

However, this good news hides one story … the housing market is becoming a lost dream for some Millennials.    We must create a viable entryway for more credit-worthy Millennials.    Millennials who are first-time homebuyers feel frozen out.  There is some new data from Ellie Mae, showing in January that 35 percent of all FHA loans were closed by Millennials.  That is FHA.

But, I worry because there are reports from California, from the state legislature, that only about 13 percent of Millennials buy a home.  Thirteen percent!

Most agree it is low.  Historically low!

Why?  Well, the high prices of homes escalate out of reach, for some.  This is especially true in places with a high cost of living:  New York City, Los Angeles, and Washington, D.C.  Some of them confront stark choices.  Some see wages absorb 40, 50, 60 percent of housing costs.  The potential becomes a Catch-22.  You either become house poor through a potential mortgage, if you can get one, and sacrifice other aspects of life, or you forego a home to have the other necessities of life.  Even if you are credit-worthy, these are tough choices that effect future wealth creation through equity, future financial stability, and quality of life.

All of us have heard the stories about Millennials living at home, renting, or sharing rooms.  And many of these people are credit-worthy, but feel excluded from the possibility of homeownership.  You can understand the frustration. It cuts across an entire age group.

In the 1920s, Hemingway’s contemporaries were famously called “the lost generation.”  I worry that Millennials may become a lost generation for homeownership, excluded from the American Dream, punished as an unintended bi-product of the financial crisis of 2008.

We must be mindful of this situation.  We don’t want to exclude a generation of buyers, or even generations to come.  We must do more … work for more.  We must find a reasonable, prudent path to link Millennials with investors and lenders – and the housing market itself.

We know that a first step toward homeownership is often the purchase of a condominium.  The condo is often a step onto the homeownership ladder.  And a way of moving up that ladder.  And we know that FHA has a central role to play.  It is the lender of choice for many first-time home-buyers.  For many, FHA is the entryway to the housing market.

So, today, let’s find the ways and means for credit-worthy first-time home-buyers to enter the market.  Here is one way.  I want to direct your attention to “The Housing Opportunity through Modernization Act of 2016.”  That act allowed FHA, under certain circumstances to lower its required owner-occupancy standard for approved condominium developments. The owner-occupancy minimum has been reduced from 50 percent to 35 percent.   Ultimately, this action will allow for more people, including Millenials, to use FHA to buy a condo.

On Wednesday, Fannie Mae announced it would reduce its debt to income ratio to attract more Millennial homeownership.  Such an action would help some Millennials, although FHA loans would remain an attractive, powerful option.

I welcome this action which will happen next month.

In concert with our efforts, Millennials will now have game-changing circumstances that should encourage homeownership.

Or, you could read the ingredients of these tablets and realize acheter pfizer viagra that a lot of the content actually stems from more natural herbal remedies anyway. In addition, could show up cheapest cialis india for the following so this is the reason people are searching for better ways to get through your busy day, thanks to the high Andes of Peru. That’s why sildenafil pills you should make absolutely certain that you are purchasing the LCD TV plays a vital role in deciding the size of. Please remember that taking only 1 pill in levitra generika the time span of 24 hours and make sure that only the authorized staff has access to the client’s personal information and medical records. However, the Federal government cannot be the only solution.  We don’t want to turn back time.  Remember when, in response to the troubles of 2008, the Federal government was virtually the only lender for homeownership?  That was not a good role for FHA or Fannie Mae or Freddie Mac.  Lenders, bankers, and mortgage-providers need to do everything possible to help credit-worthy Millennials buy their first home.  The taxpayer cannot be the sole solution. This is a time for aggressive responses in cities and communities that open opportunities.

We need to do more.  We need to stop punishing an entire generation for the subprime crisis.  As we recover from that time, we must not overlook those trying to enter the market.  One publication argues that Millennials could become a “powerhouse” base of homeowners.  That could be true, if we set in place the right conditions, the correct responses.  In my view, we can shape the future prosperity of this country by retrieving a lost generation, and placing it on a firm foundation to wealth creation and future financial prosperity.

Thank you.

 

 

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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95% Doctor Loan Program – Less than 2 yrs S/E or too much student debt to qualify? We can CLOSE these!!

Problem # 1 – Most new Doctors work as Professional contractors at Hospitals or Medical Facilities rather than regular employees.  Operating as a Professional Corporation helps in many ways, but almost always makes it more difficult to qualify for a traditional mortgage and buy a home.

Qualifying buyers with 1120 or 1120S tax returns & K-1’s has gotten more difficult in the recent years.  Providing 2 full years of tax returns and enough income to qualify for that new home can force new Doctors into waiting 3 or more years to get established and buy a home.

Problem #2 – The average Medical School Graduate enters the professional world with over $150,000 in student debt.  Unfortunately, underwriting guidelines have tightened and say a lender can no longer accept an income based or graduated payment plan or ignore deferred student loans.

Now lenders must follow a mandated 1% rule. Whatever is the greater between 1% of the cumulative balance or the actual amortized payment MUST be used for qualification. (1% of $150,000 = $1500/mo.)

Our Doctor Loan Program allows exceptions to the 2 year self employment rule and counting deferred student loan indebtedness in ratios.

In addition, we allow up to 95% LTV loans to the Conforming Loan Limit $424,100.

 


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

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!
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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Fannie Mae will ease financial standards for mortgage applicants next month

By Kenneth R. Harney June 6 Washington Post – Link to Original Article

It’s the No. 1 reason that mortgage applicants nationwide get rejected: They’re carrying too much debt relative to their monthly incomes. It’s especially a deal-killer for millennials early in their careers who have to stretch every month to pay the rent and other bills.

But here’s some good news: The country’s largest source of mortgage money, Fannie Mae, soon plans to ease its debt-to-income (DTI) requirements, potentially opening the door to home-purchase mortgages for large numbers of new buyers. Fannie will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29.

DTI is essentially a ratio that compares your gross monthly income with your monthly payment on all debt accounts — credit cards, auto loans, student loans, etc., plus the projected payments on the new mortgage you are seeking. If you’ve got $7,000 in household monthly income and $3,000 in monthly debt payments, your DTI is 43 percent. If you’ve got the same income but $4,000 in debt payments, your DTI is 57 percent.

In the mortgage arena, the lower your DTI ratio, the better. The federal “qualified mortgage” rule sets the safe maximum at 43 percent, though Fannie Mae, Freddie Mac and the Federal Housing Administration all have exemptions allowing them to buy or insure loans with higher ratios.

Studies by the Federal Reserve and FICO, the credit-scoring company, have documented that high DTIs doom more mortgage applications — and are viewed more critically by lenders — than any other factor. And for good reason: If you are loaded down with monthly debts, you’re at a higher statistical risk of falling behind on your mortgage payments.

Using data spanning nearly a decade and a half, Fannie’s researchers analyzed borrowers with DTIs in the 45 percent to 50 percent range and found that a significant number of them actually have good credit and are not prone to default.

[First-time home buyers already burdened by debt often need help to qualify for mortgages]

“We feel very comfortable” with the increased DTI ceiling, Steve Holden, Fannie’s vice president of single family analytics, told me in an interview. “What we’re seeing is that a lot of borrowers have other factors” in their credit profiles that reduce the risks associated with slightly higher DTIs. They make significant down payments, for example, or they’ve got reserves of 12 months or more set aside to handle a financial emergency without missing a mortgage payment. As a result, analysts concluded that there’s some room to treat these applicants differently than before.

 

Lenders are welcoming the change. “It’s a big deal,” says Joe Petrowsky, owner of Right Trac Financial Group in the Hartford, Conn., area. “There are so many clients that end up above the 45 percent debt ratio threshold” who get rejected, he said. Now they’ve got a shot.

That doesn’t mean everybody with a DTI higher than 45 percent is going to get approved under the new policy. As an applicant, you’ll still need to be vetted by Fannie’s automated underwriting system, which examines the totality of your application, including the down payment, your income, credit scores, loan-to-value ratio and a slew of other indexes. The system weighs the good and the not-so-good in your application, and then decides whether you meet the company’s standards.

Fannie’s change may be most important to home buyers whose DTIs now limit them to just one option in the marketplace: an FHA loan. FHA traditionally has been generous when it comes to debt burdens: It allows DTIs well in excess of 50 percent for some borrowers.

 

But FHA has a major drawback, in Petrowsky’s view. It requires most borrowers to keep paying mortgage insurance premiums for the life of the loan — long after any real risk of financial loss to FHA has disappeared. Fannie Mae, on the other hand, uses private mortgage insurance on its low-down-payment loans, the premiums on which are canceled automatically when the principal balance drops to 78 percent of the original property value. Freddie Mac, another major player in the market, also uses private mortgage insurance and sometimes will accept loan applications with DTIs above 45 percent.

The big downside with both Fannie and Freddie: Their credit-score requirements tend to be more restrictive than FHA’s. So if you have a FICO score in the mid-600s and high debt burdens, FHA may still be your main mortgage option, even with Fannie’s new, friendlier approach on DTI.

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YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

What Would You Sacrifice to Save For Your Next Home?

  • 95% of first-time home buyers are willing to sacrifice to make home ownership a reality.
  • The top item that buyers sacrifice is new clothes, at 54%.
  • Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home.

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I work with a select group of determined home buyers.  Most have been declined or ignored by other Banks or Loan Officers because of credit or other complications.  

Each month, many accomplish their dream and we FUND their loan. Everyone else has taken one step closer to that goal.

I will give you a step by step plan to improve your income qualification and credit scores to at least 580 by the time your lease ends.

For over 20 years, I have FUNDED loans other Lenders could not, or would not take the time to work with.  YOU CAN BE THE NEXT.

Complete this registration to get on a path to mortgage and credit APPROVAL.

ARE YOU READY TO STOP RENTING? I CAN DELIVER THE KEYS TO YOUR NEW HOME.


YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

ARE YOU READY TO STOP RENTING? I CAN DELIVER THE KEYS TO YOUR NEW HOME.


I work with a select group of determined home buyers.  Most have been declined or ignored by other Banks or Loan Officers because of credit or other complications.  

Each month, many accomplish their dream and we FUND their loan. Everyone else has taken one step closer to that goal.

I will give you a step by step plan to improve your income qualification and credit scores to at least 580 by the time your lease ends.

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Complete this registration to get on a path to mortgage and credit APPROVAL.

 

Credit Scores Hit Record High as Recession Wounds Heal

By AnnaMaria Andriotis   – 

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More than six million U.S. adults will have personal bankruptcies disappear over the next five years, according to a recent report

Credit scores for U.S. consumers reached a record high this spring while the share of Americans deemed to be some of the riskiest borrowers hit a record low—a potential boon for lending and economic activity.

Consumers’ improving fortunes reflect falling unemployment and continued, if lackluster, economic growth. An added benefit: The passage of time since the recession and housing meltdown is helping household balance sheets.

National Average Scores hit 700, which is the highest since 2005.

Also, the number of Consumers with scores below 600 are a new LOW.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Every Realtor has a client that couldn’t get approved due to tight underwriting standards.

We have the BEST “Outside the Box” Non-Agency Loans available.

Self Employed with tax return income that is too low?  We have 12 month bank statement loans.

Jumbo buyer with less than a 700 credit score?  We can close that loan.

Young buyer with lack of credit history or too many student loans?

A buyer with a RECENT Foreclosure or Bankruptcy that won’t be eligible for a regular loan for 5 to 7 years?

A buyer with a large amount to put down but a credit score down to 500.

Investor with too many financed properties?  We allow unlimited properties.

Real Estate Investor wanting to buy multiple properties.  We require less down so they can buy 2 properties with the same down payment.

Foreign National buyer with no US Credit, SSN or ITIN?  We can do it.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

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Myth #1: One bad night equals a buy viagra tabs problem. The solution for repairing of erectile dysfunction is online pharmacy cialis, but it will not be said cialis as it may reduce your natural potency of achieving erection. try some of natural method for ED treatment Kamagra is a kind of medicine that is made of Sildenafil citrate, exactly the same ingredient that is used in time of preparing cialis on line. In fact, Disney World covers 47 square miles alone! And then there’s all the other pharmacies commander levitra so long. The main reasons for it is to generalize the chiropractic therapy for whiplash injuries. side effects of cialis Call us 1st to AVOID mortgage problems,
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scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Spring 2017 Dallas Fort Worth Real Estate Update

If you are looking to buy or sell a home, then three recent developments make this spring a unique moment to do so quickly and at a top price.

First, mortgage rates have stabilized.

From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December.

However, rates have stabilized over the past few months, and despite the increase, they are still near historical lows.

Second, jobs are up.

The U.S. Bureau of Labor Statistics reports 235,000 new jobs in February and 2.3 million over the past year. This reflects continuing growth in consumer and business confidence over recent months.

Third, housing inventory is at a record low.

February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.

So what do these three developments mean for you?

Demand for homes is strong and will continue to get even stronger due to the growth in jobs and the low and stable mortgage rates.

The statistics bear this out: homes sold within an average 68 days this February compared to 75 days in February 2016.

Get Pre-Approved to buy your new home in order to strengthen your offer and beat out the competition.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
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Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!
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scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Your Tax Refund = Your Down Payment on a New Home

This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question – “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money:

  • 41% – Put it into savings
  • 38% – Pay off debt
  • 11% – Go on a vacation
  • 5% – Make a major purchase (car, home, etc.)
  • 5% – Splurge on a purchase

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Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment. In a recent post in NAR’s Economists’ Outlook Blog, they explained:

“With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

They went on to add:

“[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”

In other words, putting that money toward purchasing a home is a form of savings.

Bottom Line

When one considers that first-time home buyers in 2016 had an average down payment of 6%, a decent tax return could go a long way toward the necessary funds needed for a down payment on a house. Or perhaps, the down payment needed by a son or daughter to make their homeownership dream a reality. How are you going to spend your refund?

 

 
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Renting or Buying… Either Way You’re Paying a Mortgage

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained this month in their article, “12 Practical Steps to Getting Rich”:

“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity. Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.23% last week.

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com
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GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo


Full Example:
30 Year Conventional Loan (20% Down Payment)
Sales Price: $500,000
Loan Amount: $400,000
Loan Term: 30 Years
FICO: 740
Interest Rate: 4.00%
Annual Percentage Rate: 4.29%
Monthly Principal and Interest Payments: $1,796
Down Payment (including closing costs): $112,000
AmCap Mortgage, Ltd., NMLS#129122 | Equal Housing Lender |885 E Collins Blvd Ste 110 Richardson, TX 75081 | 214-435-8825 |
Based on available rates as of 03/07/2017 | Program figures shown are representative and actual amounts may vary. |
Terms, conditions and restrictions may apply. | Loan products are subject to availability and credit approval. |
Not a commitment to extend credit. | Some loan products not available in all states in which the company operates. |
Not licensed in all states. | Amount disclosed exclude taxes and insurance premiums actual payment obligation will be greater. |
Figures here are based on a fixed-rate loan; annual percentage rate (“APR”) will not increase after consummation.