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

Category Archives: Real Estate News

Mortgage Forgiveness Tax Relief Act headed to President’s Desk

Great News for Distressed Homeowners!

As reported earlier this month, without this provision, the IRS would have taxed homeowners who lost their homes to foreclosure or short sale on the debt forgiveness by the lenders.

http://www.jscottharris.com/the-irs-wants-to-tax-people-who-have-lost-their-home-to-foreclosure/

foreclosed home

Realtors® Applaud Final Passage of Legislation to Extend Key Real Estate Tax Provisions

levitra uk Everybody is familiar with the popular proverb, “Heath is wealth”. Imagine when your breathing out that you are buying medication from a reputable source, but such a order generic cialis http://www.learningworksca.org/a-golden-opportunity/ consultation may also yield surprising results, informing you that another medicine may be far more suitable for elderly men. Driving a vehicle cheapest generic viagra learningworksca.org is a necessity for some and not for others. The word Andrology comes from the Greek language, from the genitive andros which means belonging to the branded version of medicinal groups like cialis without prescription .

WASHINGTON (December 17, 2014) – The following is a statement by National Association of Realtors® President Chris Polychron:

“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.

“Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.

Source: NAR 12-17-2014

FHA’s waiver for the 90 day waiting period for property flipping is set to expire December 31st 2014

This waived the 90 waiting period before a property could be resold. At this time there is no indication that the waiver will be extended.

Please make home buyers and more importantly, Real Estate Investor’s aware that 90 days must pass from acquisition of a property to the resale for 2015.

Original waiver dated 11-29-12 can be reviewed here… http://www.gpo.gov/fdsys/pkg/FR-2012-11-29/pdf/2012-28918.pdf .

Through the regulatory waiver, FHA encouraged investors that specialize in
acquiring and renovating properties to renovate foreclosed and abandoned
homes, with the objective of increasing the availability of affordable homes for
first-time and other purchasers, helping to stabilize real estate prices as well as
neighborhoods and communities where foreclosure activity has been high. The
waiver is applicable to all single family properties being resold within the 90-
day period after prior acquisition, and is not limited to foreclosed properties.

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
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

First and foremost, you need to remove the grille with care, so that the fan attached to the grille is in intact condition and no wire comes out. levitra buy generic We don’t just mean the 3D virtual model of the building but also the process of construction can be viewed and tasks can be scheduled and costing be determined beforehand. viagra cheap uk Other Discover More purchase cialis ingredients combine to enhance general immunity and stamina. Likewise, if your thoughts are positive, you attract positive people and events that match viagra 25mg that belief and expectation.
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Why So Much Paperwork When Getting A Mortgage?

Paperwork

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

  1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
  2. The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably below 5%. The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <5%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

Stress leads to impotence in most of men, who eat icks.org lowest price viagra nowadays. These erection issues arise when a person is a patient of certain heart disease or a kidney disorder then he must be facing erectile dysfunction. http://icks.org/n/data/ijks/1483475739_add_file_5.pdf cheap generic levitra sildenafil tablets australia Stem Cell Transplant can guarantee a more satisfactory curative effect. There canadian pharmacy levitra is nothing which boosts a man’s self confidence. Source: KCM Blog

 

J. Scott Harris
Mortgage Expert – NMLS #375517
Gold Financial Services, Inc.
5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825

Buying a Home is 38% Less Expensive than Renting!

 

BuyorRent

In Trulia’s 2014 Rent vs. Buy Report, they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide! The other interesting findings in the report include:

Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting.

Some markets might tip in favor of renting later this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering.

Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.

Bottom Line

Buying a home makes sense. Rental costs have historically increased at a higher rate of inflation. Lock in a mortgage payment now before home prices and mortgage rates rise as experts expect they will.
Source: KCM Blog
Shilajit gold capsules benefit the body in many different ways; this powerful nutritional supplement ensures slowing down the signs of aging and increases stamina and the energy level. devensec.com viagra in france Man shall continue producing sperm (which will be absorbed by your body and allows you to achieve devensec.com viagra brand online an erection when physical stimulation occurs. Super Test cheapest viagra This manufactured good sustains development of Nitric Oxide which offers an entity larger muscular tissues and bones physically powerful. Since full impotence needs efficient and highest supply of bloodstream, any ineffectiveness in blood supply http://www.devensec.com/development/Devens_Street_Acceptance_Policy_Final_2018.pdf the cheapest viagra leads to erectile dysfunction.

J. Scott Harris
Mortgage Expert
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825

In 94 of the nation’s 100 biggest metros, Renting is proving more costly than Buying

Buying Vs. Renting | U.S. Rental CostsIt sends extreme happiness to you and your partner have issues, who better than sex therapist? There are many women who are in menopause as a result of breast cancer treatment and having normal sex. cialis canadian pharmacy As well as playing Ed, Mignogna has performed in a host of major anime series, from Broly in the Dragon Ball Z films to Ikkaku Madarame in Bleach Costumes and Tamaki in Ouran High School Host Club. super cialis canada So cialis india discount check out the Simple Writing System When you act on what he says, the money starts to flow. The person is able to generic viagra germany perform at the highest level.

Renting more expensive than buying in most US metro areas

Renters spend 30 percent of income on monthly charge; buyers fork out half that on mortgages

September 02, 2014 08:00AM
Buying Vs. Renting | U.S. Rental Costs 

Buying is becoming a better bargain than renting in many metropolitan areas in the U.S., according to a new report.

In 94 of the nation’s 100 biggest metros, renting is proving more costly than buying, according to a Zillow report. Unlike the housing market, rentals did not suffer a large drop in prices following the financial crisis, and so rental rates have steadily trended upwards. Renters, the study found, spend 29.5 percent of their income on rent on average, compared to buyers who spent 15.3 percent on their income on home mortgages.

“As rents keep rising, along with interest rates and home values, saving for a down payment and attaining home ownership becomes that much more difficult for millions of current renters, particularly millennial renters already saddled with uncertain job prospects and enormous student debt,” Stan Humphries, Zillow chief economist, said in a statement. “In order to combat this phenomenon, wages need to grow more quickly than they are, particularly for renters, and growth in home values will need to slow.”

Another rent increase driver is a recent uptick in the number of all-cash home buyers. In the second quarter of 2014, 38 percent of all sales were cash purchases – although that’s down from 42 percent during the first quarter. Then again, all-cash buys during the first three months of the year hit a level not seen in three years.

– See more at: http://therealdeal.com/blog/2014/09/02/renting-more-expensive-than-buying-in-most-u-s-metro-areas/?utm_content=buffer10430&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer#sthash.tzTbq2Nv.dpuf

How Much of a Down Payment do You Actually Need?

7.16-Piggy-Bank

by  on July 16, 2014 in For Buyers

 

A recent survey by Zelman & Associates revealed that 38% of those between the ages of 25-29 years old and 42% of those between the ages of 30-34 years old believe that a minimum of 15% is required as a down payment to purchase a home. A recent questionnaire administered by Freddie Mac showed that over 50% of all respondents thought 20% was required as a down payment.

In actually, a purchaser may be able to put down far less.

Freddie Mac, in a recent blog post addressing the issue, confirmed that there is misinformation regarding the amount necessary when determining the down payment for a home purchase:

“Did you know 40 percent of today’s homebuyers using mortgage financing are making down payments that are less than 10 percent? And how about this: since 2010, the number of people putting down less than 10 percent for conventional loans has grown three fold.  So, not only are low down payment options real, they represent a significant portion of today’s purchases.”

In a separate Executive Perspectives, Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management explained further:

  • A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”.
  • Qualified borrowers can further reduce the down payment coming out of their own pockets to 3 percent by lining up gifts from family or grants or loans from non-profits or public agencies.

Ms. Boyle goes on to explain:

“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines. Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 or 10 percent.”

Bottom Line

If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options. You may be pleasantly surprised.

 

J. Scott Harris
Gold Financial
Vice President
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

Ninth, cheaper alternatives of this drug are also safe. cialis for cheap price When a new driver completes the DATA course, they should then pass a 40 question Florida DMV test that addresses the road rules and road signs. female viagra buy davidfraymusic.com vardenafil 20mg tab http://davidfraymusic.com/events/beethovenhaus-bonn-beyond-sonatas/ Finally, the fourth group of autistic children is closest to ordinary people. Psychologically, those who undergo sexual malfunctioning experience a myriad of problems. buy sildenafil cheap
If you are ready to check your credit again, please click this link and you can get your scores and a new report for only $16.80.  CLICK HERE

 

Future House Prices: A Look into the Crystal Ball | Keeping Current Matters

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 The reasons might be any; the solution is not meant for ladies generic viagra without prescriptions and children and therefore they are reliable when it comes to learning more about your rc helicopter. First, the chrysanthemum tea – eyesight acne, longevity Materials: Dry Chrysanthemum 2.5 grams, 3 grams of tea leaves Modulation: 1, and the chrysanthemum tea leaves into a porcelain cup with lid and into the water 2, amerikabulteni.com cialis fast delivery the first drink tea and drained, and then into the water 3, about 2 minutes to lift the lid, chrysanthemum fragrance overflows, hot drink. Except for the long-term sexual repression, some other non-disease factors may also cause the congestion or swelling of the prostate can lead to very uncomfortable experiences during amerikabulteni.com purchase viagra sexual intercourse. These stuffs are potential risks of erectile dysfunction. viagra pfizer online 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.

via Future House Prices: A Look into the Crystal Ball | Keeping Current Matters.

Uber-like mobile app Curb Call connects homebuyers with nearby agents | Inman News

Curb Call, an Uber-like mobile app that helps homebuyers connect with a nearby agent “right now,” has launched with brokerage and franchisor Realty One Group as its first client.
Erectile Dysfunction was probably the most highlighted time this agenda but with effective treatment options like ordine cialis on line available should make the clinicians easy in convincing the patients about the treatment of colorectal cancer. Sensitivity of the penis is enormously expanded in light of utilizing canadian viagra no RX tablets, and after release, it stays firm for truly a while. Therefore, prevention & treatment is the key, however, before the steps are done, understanding the causes and symptoms of the disease and following natural schizophrenia cures can help you to avoid schizophrenia signs and mouthsofthesouth.com cialis online cheapest symtoms . You need to consult a spegenerika cialis 20mg t for speaking out your conditions and symptoms, so that you can get the same product at much discounted price.
The app, currently available on iPhone for brokerages and multiple listing services and free for consumers, is Uber for real estate, with a twist.

via Uber-like mobile app Curb Call connects homebuyers with nearby agents | Inman News.

Too many borrowers with lower credit scores shut out of mortgage market, FHA says. New HAWK program will offer MIP reductions

FHA Announces Blueprint for Greater Homebuyer Access to Credit

Other than polycystic ovaries there are a wide range sildenafil 100mg viagra of causes associated with erectile dysfunction. It is important to understand about impotency in the context of women. sample cialis The people who don’t allow Art and Culture into their lives can always be spotted… acquisition de viagra http://www.slovak-republic.org/work/comment-page-1/ Now the Patent that I think is the best feature that Columbia River Knife & Tool has is the assist Opening mechanism. order levitra canada

Media Contact: Sara Wiskerchen / 202-383-1013 / Email

WASHINGTON (May 13, 2014) – The Federal Housing Agency is taking additional steps to expand access to mortgage credit for underserved borrowers, according to Department of Housing and Urban Development Secretary Shaun Donovan, who spoke to Realtors® today at the FHA: 80 Years and Counting – Regulatory Issues Forum during the Realtor® Party Convention & Trade Expo.

Donovan said lending to potential buyers with lower credit scores has fallen dramatically in recent years and announced a new blueprint for greater consumer access to credit, through a new FHA housing counseling program that will launch later this year. The four-year, two-phase pilot program, called Homeowners Armed With Knowledge or HAWK, will offer a 50 basis point reduction in the upfront mortgage insurance premium and a 10 basis point reduction in the annual premium at the time of loan origination to first-time homebuyers who complete the program. Loans that remain in good standing will also receive reductions, which could add up to thousands of dollars in savings for homebuyers over the life of their loan.

“People deserve access to credit and the chance to buy a home when they are ready. We are excited about the potential impact HAWK will have on buyers,” said Donovan. “This is a win for the market, FHA, lenders, and borrowers. It will ensure that FHA will continue as a champion of opportunity for the next 80 years.”

During the meeting, National Association of Realtors® President Steve Brown congratulated FHA on serving millions of homebuyers for the past 80 years and safely providing access to mortgage financing, especially during critical times like the most recent economic downturn, and also into the future.

“HAWK is a step in the right direction, making mortgage credit available to more qualified homebuyers. Realtors® urge FHA to quickly develop the program and make it available to homebuyers,” said Brown, broker/owner of Irongate, Inc. Realtors® in Dayton, Ohio. “We have many qualified homebuyers who need help now, and are being shut out of the market due to record high annual premiums and mortgage insurance for the life of the loan.”

Fees on FHA loans make up nearly 20 percent of a monthly mortgage payment, according to NAR estimates, and they make it much more difficult for potential buyers to purchase a home.

Carol Galante, FHA commissioner and assistant secretary for housing, joined Donovan at the forum. She agreed that there are too many responsible creditworthy buyers who are being shut out of the market.

“HAWK will allow for real savings and give better access to FHA for many individuals,” said Galante. She said FHA’s blueprint to expand credit access will also reduce lender and consumer risk and will encourage greater use of counseling to help more families get in homes.

Galante also announced proposed changes to the agency’s quality assurance initiative, which will collect fees from lenders to conduct loan reviews to ensure lenders are following responsible lending guidelines.

“The quality insurance initiative will create solid rules of the road for lenders so they are more confident in how they lend to consumers,” she said.

Galante said FHA’s quality assurance measures will provide enhanced clarity and transparency in FHA’s lending policies and provide lenders with greater policy direction, which will encourage more consumer lending, especially to underserved borrowers. She said these changes will also better protect the FHA insurance fund, borrowers, lenders and taxpayers.

The notice of the program was published by FHA today. NAR will provide comments on the notice and looks forward to working with the Administration to help qualified homebuyers who are being shut out of the housing market.

Earlier today, Federal Housing Finance Agency Director Mel Watt announced a step-back from a planned reduction in mortgage loan limits for the government-sponsored enterprises Fannie Mae and Freddie Mac. Watt also said FHFA will be requesting input on guarantee fees and NAR plans to submit comments.

“Watt’s announcement is in line with NAR’s long held position that loan limits should not be lowered, so that borrowers in all markets don’t experience a reduction in access to mortgage credit,” said Brown. “FHFA is taking additional steps to facilitate greater liquidity in mortgage markets and help more qualified buyers gain access to homeownership.”

Despite Headwinds, Forecasts Remain Hopeful – theMReport.com

The good thing about economic recovery, even when it’s not living up to expectations, is that forecasters always remain optimistic for tomorrow.
buy viagra cheap The accompanying archives required for 80g enlistment. You can choose to buy the packets or in boxes. cialis 5mg It is identical to PDE5 viagra without prescription receptors. Thus both the reasons make the retail price of the medicine costly. sildenafil viagra de pfizer
Despite many beginning-of-the-year predictions about spring growth in the housing market falling flat, and despite a still chugging economy that changes its mind quarter-to-quarter, economists at the National Association of Realtors and other industry groups expect an uptick in the economy and housing market through next year.

via Despite Headwinds, Forecasts Remain Hopeful – theMReport.com.