Great News from USDA! Upfront and Annual Fees are going down for Rural Home loans

USDA’s Upfront and Annual Fees are SIGNIFICANTLY Smaller…

On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease.

We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%.

In real money terms, this is $3,500 Upfront & $58.33 per month on a $200,000 Home Purchase.

To be eligible for the program, properties must be outside the major metropolitan areas and income requirements b

Click here to go to the USDA Income & Property Eligibility site

USDA Income Limit Chart (Example – A family of 4 can make no more than $82,450 for eligible homes outside the DFW area)

These sites are confusing, please call me at 214 435 8825 to walk you through the site and your eligibility.

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

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

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

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”
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If you have already started in our Credit & 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 & Loan App Now!

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

Big Banks Have Nearly Abandoned the FHA Market

By Brian Collins June 27, 2016
National Mortgage News

Big banks have drastically reduced their share of the Federal Housing Administration market, a massive shift that has big implications, according to new analysis by the American Enterprise Institute.

Large banks — which had a 60% share of FHA refinancings in late 2013 — had a 6% share as of May 31, according to Stephen Oliner, a resident scholar at AEI. Nonbank lenders currently originate 90% of FHA-insured refinancings, according to new data released by the group.

Large banks also had a 65% share of the FHA purchase market in 2012, which is now down to 20%, according to AEI.

“The shift away from large banks to nonbanks has been truly massive,” Oliner said.

The recent drop in interest rates is expected to spur another surge in refinancings due to Britain’s unexpected decision to leave the European Union.

But the large banks have decided that refinancing FHA loans is “not a good business” due to the regulatory environment and litigation risk, Oliner said.

“They are getting out,” he said, noting that many FHA lenders have been sued under the False Claims Act and had to pay huge fines to the Justice Department.

Banks also don’t get Community Reinvestment Act credit for refinancings. “So this is pretty much a lose-lose business for them,” Oliner said.

Buying a home is now easier than it has been in years.
We are aggressively lending to VA, FHA & USDA buyers!

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Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

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

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

Buying a home in the country just got easier! USDA relaxes credit requirements

February 12, 2016

Credit Validation Requirement – Important Update

Effective immediately, an applicant’s credit score may be validated with at least two eligible trade lines instead of three trade lines as previously required. Such trade lines consist of credit accounts (revolving, installment, etc.) with at least twelve months of repayment history reported on the credit report. Corresponding revisions to the 3555 Handbook will be posted on the USDA Rural Development’s Regulation and Guidance website on March 9, 2016.

At least one applicant whose income or assets are used for qualification must have a valid credit report score or have at least two historical trade line references that have existed for at least 12 months to establish a credit reputation.

For applicants without an established credit history and unable to establish the required number of eligible trade lines to validate the credit score, alternative methods may be used to evidence an applicant’s willingness to pay, such as a non-traditional mortgage credit report or multiple independent verifications of trade references per 7 CFR 3555, Section 3555.151 (i)(6).

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

USDA provides 100% financing for homes outside the major cities.

Click Here to start your quick loan app Now!

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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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

USDA Eligibility Areas & Income to remain the same…. for now.

Single Family Housing

Origination Updates

From the National Office in Washington DC

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Single Family Housing Guaranteed Loan Program

January 9, 2014

Status Update on Proposed Changes to Eligibility Areas Based on 2010 Census Data

As January 15, 2014 approaches, many are wondering whether Rural Development will be implementing the Future Eligibility maps based on the 2010 Census data. At present, the eligible areas remain unchanged and we continue in a “holding pattern” until either an appropriations bill or a continuing resolution is passed. Notification will be sent pertaining to changes to this status.
J. Scott Harris has been one DFW’s top Mortgage Experts for over 20 years. His team of Loan Officers can solve problems and APPROVE loans that other Lenders cannot or will not work hard enough for.
Contact us immediately at 214 435 8825

J. Scott Harris
Vice President – Business Development & Recruiting
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
Email Me Now