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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: Home Ownership

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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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

Jump in

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!
We close loans every day that Banks would not,
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Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
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

 

4 Reasons to Buy that New Home NOW!

New Home

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

 

 

Closing Real Estate Transactions change dramatically August 1st, 2015 – Docs to Title = Wait 3 days

Get Ready for TRID!

So, do we all really understand the changes taking place in the next 60 days?

Let’s start with TRID – what does it stand for? It is the TILA-RESPA Integrated Disclosure rule implementation. That is a mouthful so now we all get the abbreviation to just TRID.

What does it mean? Well, for starters…

 Gone forever are: HUD1, GFE and TIL

Replaced by: the “Loan Estimate” and the “Closing Disclosure”

SAMPLE DOCUMENTS
TRID Loan Estimate & TRID Closing Disclosure

 

There are also new rules for the closing procedure.

All forms and closing documents must be ready three days prior to closing.

What this means is you and the other settlement service providers, including our closing team and the title agent, are under the gun to get everything squared away earlier than you have to today.

Buyers and sellers have to be cooperative as well, because if last-minute changes are made a new three-day waiting period kicks in, at least in some cases.

The CFPB’s goal in making these changes is obviously to increase transparency for consumers. Now, I know we don’t always like change on our side… but I do think once this gets ironed out, it will be better for the entire industry in the long run.

The good news is we have until August 1 to get familiar with the new forms and learn about the new closing procedures.

There are also many videos and webinars on the topic.

Quick/Easy video from Stewart Title –  (3 min)

https://www.youtube.com/watch?v=7tNGICYIhtM&feature=youtu.be

Ken Tripeta from NAR – little more in depth but very informative (5 minutes)

https://www.youtube.com/watch?t=39&v=CLjFLD4LsnE

 

Here’s the Bottom Line:
Type a call to actionCall 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.

Mortgage Expert

Mortgage Expert

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.

GoldLOGO
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

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

 

New Construction: Builders cannot get them up fast enough!

Building

 

If you are planning on selling your home over the next two years, now may be the time to act. Demand is high, supply is low and many homeowners are benefiting from an almost auction atmosphere with several buyers fighting for their house in the current multi-bid environment.

Higher prices and less stringent contingencies are making it easier for the seller and their family. However, there may be more (and better) competition about to hit the market in the form of newly constructed homes. This may put an end to the buyers’ frenzy over the limited inventory of existing homes which has been below normal levels for over a year.

According to the latest report from the National Association of Realtors (NAR), the forecast for new housing starts and sales will increase significantly over the next two years:

  • NAR is forecasting 1.1 million new housing starts in 2015, jumping to 1.4 million in 2016.
  • New home sales are projected to increase from the 437,000 in 2014 to 570,000 this year and 720,000 in 2016.

Bottom Line

In DFW, building cranes are again stretched across the city skyline. In most suburbs, you can again hear the thumping of a carpenter’s hammer in the background. Those are the sights and sounds that inform us that it may be time to buy or move-up!

 

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.
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

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

 

August 1st Looming – Real Estate Closings may grind to a halt!

Lawmakers Seek to Give Lenders More Time for New Mortgage Disclosures

BY BRIAN COLLINS

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MAY 4, 2015 3:57pm ET

WASHINGTON — Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.

The bill would shield lenders from regulatory enforcement actions and private lawsuits through yearend if they make a good faith effort to comply with the Consumer Financial Protection Bureau’s new rule.

“It provides a safe harbor for those who are trying to follow in good faith,” said Rep. Brad Sherman, D-Calif., one of the co-authors of the bill. “But this is a shakedown cruise. The ship has got to launch on Aug. 1.If it there is a thing that goes wrong there, you got to fix it.”

The bill, which is co-authored with Rep. Steve Pearce, R-N.M., was introduced late Friday. It is directed at the CFPB’s rule combining the mortgage disclosures of the Real Estate Settlement Procedures Act and the Truth-in-Lending Act.

Read the complete article on National Mortgage News

Here’s the Bottom Line:
Urge your Senators and Congressmen to support this gradual implementation of the CFPB’s new RESPA disclosure rules or Real Estate Closings will happen much slower August 1st.

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.

JscottHarris

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

Apply Online – www.MortgageXperts.com

Gold Financial Services, Inc.
is a division of Amcap Mortgage, Ltd. NMLS# 129122

Rapidly Increasing Home Values Pose Appraisal Problems

Lower Appraisal = Higher Downpayment

Bank

 

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal).

In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank. With escalating prices, the second sale might be even more difficult than the first. And now, there may be a second issue further complicating the appraisal issue. The Mortgage News Daily (MND) recently published an article titled Conservative Appraisals Increasingly Mentioned in 2015; Did Something Change? The article revealed that there was a “flurry” of comments on their website from members expressing concern about…

“…a sudden increase in appraisals reflecting market values well below what had been expected. In some cases the low appraisals had merely required the restructuring of the loan, in others they killed the deal.”

The National Association of Realtors revealed this month that 8% of the contracts that fell through over the last three months were terminated because of appraisal issues. MND decided to survey their members and ask why this sudden increase in “short” appraisals could be taking place. Here is one result of that survey:

“Almost everyone we spoke to mentioned Fannie Mae’s new Collateral Underwriter (CU).”

Collateral Underwriter provides a risk score on individual appraisals which will lead to a ranking of appraisals by risk profile, allowing lenders to identify appraisals with heightened risk of quality issues, overvaluation, and compliance violations. It went on-line on January 26. Marianne Sullivan, senior vice president of single-family business capability with Fannie Mae believes that CU is not a problem for appraisers. She claimed:

“From an appraiser perspective, one of the lender’s responsibilities has always been to review the quality of an appraiser, and they have been using various methods to do that forever. I don’t think appraisers will find this tool to be disruptive.”

However, some think that CU has caused appraisers to become too cautious with their appraised values. One mortgage professional in the MND article explained it this way:

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Ryan Lundquist, a Certified Residential Appraiser in the Sacramento area, agreed:

“One of the unintended consequences of CU may be more conservative appraisals.”

Bottom Line

We must realize that, in today’s housing market, every house must be sold twice and the second sale (to the bank’s appraiser) could be the more difficult one.

Mortgage Expert

J. Scott Harris
Vice President 
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

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122Apply Online – www.MortgageXperts.com

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

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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

Confusing Real Estate News? We Can Help

 image1

Below are the headlines from three separate news releases issued over a one month period:

11/3/2014 – Millions of Potential New Households Waiting Out the Recovery

11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market

And then, the contrarian view:

12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group

It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release. Amazingly, the same entity published all three reports. What? It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in one month!! All the headlines could actually be true. However, a consumer reading them might be misled. This is evidence of how difficult it is to actually understand the intricacies of today’s housing market. Even the experts can seem confused.

Bottom Line

If you are thinking of either buying or selling a home, it is probably best to engage a local mortgage or real estate professional to help you successfully navigate the ins-and-outs of today’s real estate transaction.

Source: KCM Blog 12-11-2014

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

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122