HomeReady Makes Buying A Home Easier! As FHA tightens, Fannie eases.

Fannie Mae launched a new First Time Home Buyers program called HomeReady designed to encourage home ownership. This great new loan program is designed to compete with FHA. For those clients looking for larger properties or that have higher credit scores, HomeReady is an excellent choice. As a home buyer, our team will provide you with all the tools and a customized analysis to ensure you are getting the best loan program at competitive rates to suit your needs.

There are many benefits for a borrower using HomeReady mortgages. Besides that it is accessible and the financing is practical here are a few more borrower benefits:

There is a low down payment. This is a huge perk because a down payment is a huge draw back for some people that want to purchase a home. The down payment is only 3% for loans up to $417,000 in Dallas Texas and all of Texas.
The down payment can come for the borrowers own funds or as a gift from a relative or fiancé.
HomeReady has an online home ownership education that really help buyers prepare and get ready for what is required as a homeowner. Completion of the home ownership course is mandatory. You can start the Framework Home ownership course here.
HomeReady is a conventional home financing program with a monthly mortgage insurance that can be easily be cancelled as compared to FHA which currently has mortgage insurance for the life of the loan when making the minimum down payment.

There are a lot of questions concerning HomeReady loans. While it is pretty easy to get a HomeReady loan it is also important to understand all the requirements and responsibilities that come with buying a home. Here are some common concerns and questions for HomeReady Mortgages:

· “How does a HomeReady mortgage make it easier to qualify?”

· “Why Should I Own Rather Than Rent?”

· “Home Much Can I Borrow”

· “How Much Will I Save In Taxes?”

· “Can I own any other homes with HomeReady?

· “How Much Financial History and/or Documentation Do I Need?”

“How does HomeReady mortgage make it easier to qualify?”

The most notable difference is that HomeReady uses flexible rules to determine applicants’ debt-to income ration. With the HomeReady program you can be a little more flexible in who’s income you include in your mortgage application, which is especially helpful if you have more than one generation living in the same house.

Other adults living with you, like an adult child, who also contributes to the house.
Family and friends who might be helping you pay the mortgage, but don’t live with you.
Are you renting out your basement apartment to help pay the mortgage? You can count that as part of your income under the HomeReady program.

“Why Should I Own Rather Than Rent?”

Homeownership has many benefits. Some of them include having a home where you can do whatever you want with it, paint, decorate you name it. Besides making it your home there are greater tax deductions and you can build up your own equity, not your landlords.

“Home Much Can I Borrow”

Most lenders try to have your total debt to be less than 45% of your gross monthly income. That percentage includes the new mortgage payments, any car loans, student loans, credit card, and any other debt you have occurred. It does not included things like cable bills, utilities, gym memberships and such. However, HomeReady does have flexible debt to income guidelines. If you have a history of paying your bills on time, then you may qualify for higher debt to income ratios up to 50% of your income.

You also need to think personally how much debt you can live with. Take time to determine how much debt you prefer to manage and if it is an amount you can one day pay off.

“How Much Will I Save In Taxes?”

Talk with a professional CPA or tax preparer to understand your deductions but for the most part, you can deduct from your income the amount of property taxes, interest, and for 2015 the mortgage insurance (this is income determined). This can help reduce your federal income tax burden thus allowing you to pay less in taxes. This reduction in your federal and state (if applicable) taxes often times makes buying more affordable than renting.

“Can I own more than one home with HomeReady?

No, because the occupant borrowers may not have an ownership interest in any other residential property at the time of loan closing.

Below are some of the highlights of the major changes from previous programs like Home Possible in My Community loans

The following list highlights some of the major policy changes that have been incorporated in the HomeReady mortgage:

· Borrower eligibility – Income limit of 80% of area median income. Eligibility is also provided for properties located in low-income census tracts with no borrower income limits, and up to 100% of AMI for properties located in high minority census tracts or designated disaster areas.

· Underwriting enhancements – Non-borrower household income from a family member is permitted as a compensating factor to support a higher debt-to-income (DTI) ratio in DU. The lender must obtain a written statement from the non-borrower that he or she intends to reside with the borrower in the subject property or can use the HomeReady Non-Borrower Household Income Worksheet and Certification (Form 1019) that has been developed to assist lenders in capturing the non-borrower household income requirements.
o Non-occupant borrowers are permitted for qualifying purposes.
o Boarder income guidelines have been updated to provide documentation flexibility.
o Rental income from an accessory unit may be considered in qualifying the borrower.

· Homeownership education – This is required for at least one borrower

· Mortgage insurance – Standard mortgage insurance is required on loans with LTV ratios at or below 90%, and 25% coverage is required for loans with LTV ratios above 90% to 97%.

Buying a home is now easier than it has been in years.

Click Here to start your quick loan app Now!

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!

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

Follow @Harrisjscott
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Millennials: Do You Know What FICO Score is Needed to Buy a Home?

In a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage. There is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos :

“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

So what credit score is necessary?

A recent survey 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 actually, the FICO score on closed loans (as reported by Ellie Mae) is much lower and has been dropping over the last several months.

Millennials who are considering a home purchase should get advice from a local real estate or mortgage professional now. They may be surprised how much the requirements for a mortgage have eased.

Here’s the Bottom Line: We APPROVE loans starting at 580 FICO Scores.

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!

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

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Waiting to buy a home until after the Holidays, Isn’t a Smart Decision

Every year at this time, many homeowners decide to wait until after the holidays to put their home on the market for the first time.

Others who already have their home on the market decide to take it off the market until after the holidays.

Here are six great reasons not to wait:

1. Relocation buyers are out there. Companies are not concerned with holiday time and if the buyers have kids, they want them to get into school after the holidays.

2. Purchasers that are looking for a home during the holidays are serious buyers and are ready to buy.

3. You can restrict the showings on your home to the times you want it shown. You will remain in control.

4. Homes show better when decorated for the holidays.

5. There is less competition for you as a seller right now.

Let’s take a look at listing inventory as compared to the same time last year:

6. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will make a comeback in 2016. This will lessen the demand for your house.

Bottom Line

Waiting until after the holidays to sell your home probably doesn’t make sense

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!

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

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Follow @Harrisjscott
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Existing U.S. Home Sales Rise to Second-Highest Since 2007

By Victoria Stilwell – Mortgage Professional America Magazine – 22 Oct 2015
Original Article

Closings on existing homes, which usually occur a month or two after a contract is signed, climbed 4.7 percent to a 5.55 million annualized rate, the National Association of Realtors said Thursday. The increase was entirely due to a jump in purchases of single-family dwellings.

Higher property values and improved job security are helping persuade more Americans to trade up and relocate, providing a source of support for the economy amid a global slowdown. Faster new-home construction that brings additional housing supply to the market is needed to lure first-time buyers and provide a further boost to the industry.

“The trend of steady improvement continues,” said Richard Moody, chief economist at Regions Financial Corp. in Birmingham, Alabama, who was among the closest forecasters of the housing data in a Bloomberg survey. “Consumers are feeling better and they’re becoming more willing to make that commitment, but it’s still more skewed to the upper-end of the market than we’d probably like it to be.”

The median forecast of a Bloomberg survey of economists called for 5.39 million. Estimates in the Bloomberg survey of 75 economists ranged from 5.25 million to 5.55 million. August’s rate was revised to 5.3 million from a previously reported 5.31 million.

Compared with a year earlier, purchases increased 8 percent in September on an unadjusted basis.

The median price of an existing home increased 6.1 percent to $221,900 from $209,100 in September 2014.

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

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

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Housing is the engine that makes America GREAT! Call me if you want to own a home!

Here’s the Bottom Line: Owning is smarter than renting! Even is another Lender has said NO, we can help you. We will work with you for as long at it takes to get your qualified to buy a home.

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

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Vice President – Mortgage Miracle Working – NMLS #375517

Be VERY careful when asked to Co-Sign

Co-Signing Student Loans, Car Payments or Credit Cards for your children or family could be the worst decision of your life.

It seems fairly innocuous; a friend or family member wants you to co-sign on a loan because they don’t qualify. They assure that they’ll make the payments; they’re quite convincing and very appreciative. You don’t want to disappoint them and after all, it’s not like it’s going to cost you anything…is it?

Think of it this way. They couldn’t get a loan unless you co-sign for them. If they don’t make the payments, the lender is going to look to you to repay the loan plus late and collection fees. The lender may be able to sue you, file a lien on your home or garnish your wages.

And it’s not just money that you could be losing, it could be your credit too. Co-signing a loan is a contingent liability that could affect your debt-to-income ratio and limit your ability to borrow or the amount you can borrow. Unless you can provide 12 months cancelled checks showing them, not you made the payments from a bank account that does not have your name on it, that payment is counted in your qualifying ratios.

Many creditors do not notify the co-signer the payments are running late until they are in default and it’s too late. You credit score can drop 100 points or more.

Co-signing is an obligation to repay the debt if the other signer is unable. You could be out the money and unable to recoup the loss because you don’t have control of the asset. The impact on your credit could take years to recover.

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Betty Beas – The Cost of Co-Signing – 10/5/2015 – Original Article (JSH Edited / Added)

J. Scott Harris
Vice President – Recruiting
Branch Manager – NMLS #375517
Gold Financial Services, Inc.

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
Apply Online – www.MortgageXperts.com

New FHA rules make it tougher for people with Student Loans to buy houses

By Kenneth R. Harney September 15

Heads-up for millennials and first-time home shoppers carrying student debt: New rules could make it tougher to qualify for a low down payment mortgage from the Federal Housing Administration. New rules on down payment gifts could complicate things for you as well.The net effect of the changes, say mortgage lenders and analysts, will be to make FHA loans, which traditionally have been the go-to financing source for young, first-time and moderate-income purchasers, less attractive.

Here’s a quick overview of who will take the brunt of the new restrictions:

At the end of last year, 43 million people, most of them younger than 40, had an estimated $1.2 trillion in outstanding student-loan debt, with an average balance close to $27,000, according to research by the Federal Reserve Bank of New York. Problem rates on those loans are significant: 17 percent of borrowers are delinquent or in default, and another 20 percent are current on payments but have experienced delinquencies in the past.

Student loan payment obligations get rolled into the crucial debt-to-income (DTI) ratios that lenders use to judge whether a borrower has the ability to repay a mortgage. Too high a ratio of total household monthly debt payments to income — typically, lenders want that number to be no higher than 43 percent to 45 percent — means the applicant is carrying too much debt and is more likely to default on the mortgage. Such applicants typically have a tougher time getting approved than people with lower DTIs.

Until Sept. 14, when the revised policy took effect, FHA treated applicants with student loan debt generously on DTI calculations: If an applicant had been granted a temporary deferment from making monthly payments for at least 12 months, the agency instructed loan officers to ignore the debt for DTI qualifying purposes.

Under the new rule, the agency will require that 2 percent of the outstanding student loan balance be counted in calculating the monthly DTI, according to an explanation FHA sent to Congress. So if you have a deferred student debt balance of $20,000, FHA will now impute a 2 percent ($400 a month) repayment obligation in calculating your DTI. That’s tougher than even the figure that giant investors Fannie Mae and Freddie Mac use: 1 percent. If you have a non-deferred payment plan, the actual monthly payment will be counted toward your household debt.

Why the increased restrictions, especially given FHA’s historic role as the home-buying helper for the underserved? Brian Sullivan, an FHA spokesman, told me this: “Deferred student debt is debt all the same and really must be counted when determining a borrower’s ability to sustain both student debt payments and a mortgage over the long haul.” The agency’s primary goal, he added, is to put first-time home buyers “on a path of sustainable homeownership rather than being placed into a financial situation they can no longer afford once their student debt deferment expires.”

What’s the likely impact on millennial shoppers who already are buying fewer homes than predecessor generations at the same age, in part because of heavy student debt burdens? Multiple lenders I spoke with said it’s certain to pose yet another hurdle for many applicants and will be a deal-killer for others.

“I think the student loan being counted will be a big deal and knock a lot of loans out from qualifying” or force applicants “to buy less house” with a smaller mortgage, said Steve Stamets, a loan officer with Apex Home Loans in Rockville.

In addition to the student debt changes, FHA tightened rules on the gifts that many first-time buyers receive from parents and other family members to help swing the transaction. In the past, a gift letter and a canceled check from the donor were acceptable to document the transfer of funds, but now a mortgage applicant is going to need to get a formal statement of the donor’s bank account — plus sourcing of any recent large deposits to that account — to qualify. Lenders such as Stamets say this “will be a new headache” because some gift-givers don’t want to reveal to anybody what they’ve got in the bank.

FHA remains an excellent mortgage source for anyone with less than perfect credit. And most of its rules are more lenient and forgiving for borrowers than competitors’ rules are. But if you’ve got a lot of deferred student debt, you may need to take a new look at whether you’ll qualify.

Original Article – Washington Post

Here’s the Bottom Line: Qualifying for FHA just got Harder. All the more reason to pre-qualify ahead of time to know EXACTLY what you can afford.

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

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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.

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

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Vice President – Mortgage Miracle Working – NMLS #375517

[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%.

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.

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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

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

Tag Archives: 1st Time Buyer

HomeReady Makes Buying A Home Easier! As FHA tightens, Fannie eases.

Millennials: Do You Know What FICO Score is Needed to Buy a Home?

So what credit score is necessary?

Millennials who are considering a home purchase should get advice from a local real estate or mortgage professional now. They may be surprised how much the requirements for a mortgage have eased.

Waiting to buy a home until after the Holidays, Isn’t a Smart Decision

Bottom Line

Existing U.S. Home Sales Rise to Second-Highest Since 2007

Housing is the engine that makes America GREAT! Call me if you want to own a home!

Be VERY careful when asked to Co-Sign

New FHA rules make it tougher for people with Student Loans to buy houses

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

Zillow says: Rent historically unaffordable in Dallas