Texas Home Loan Blog: April 2008

I posted some links a while back to CNET and their free courses.

It seems that they are ending this service and you will have very little time to download your courses before they are gone forever. I hope some of you learned something from this free resource. 

IMPORTANT: All class content (class lessons, posts, course completion certificates) will be removed from our site as of Wednesday, April 30, 2008. To save content, follow directions below:

CNET will continue with their free tips section and will be a page to certainly bookmark. I will keep an eye on it for the Outlook Tools alone!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Ok, I cut and pasted the email I got from Scott Harris...... and pasted it here since he doesn't post these here in 'The Rain'

I cannot attend this month, but if interest is there I will be happy to coordinate a meet & greet at this great event.

I have attended many of these in the past and will continue to go and network in the future. The new location sounds exciting too!!

I don't know anything about the door sponsor and this 'greAt mortgage payoff' but I can guess that it is the same old 1st Lien HELOC in a new package. I will look into it if anyone cares to know.

AMP Networking Realtor and Mortgage Industry Event

Come see the Awesome New Dallas Event Venue

Over 150 people Attended the 1st Sting Even March 19th - see the Photos Below!
Wednesday April 16th
5:30PM to 8 PM
North of Beltline on the East Side of the Tollway
Click here for Sting Website

Exciting News from this Month's
Door Sponsor!

Attention Industry Professionals & Homeowners:

Something BIG is coming to Dallas/Fort Worth!

There is a NEW project that is going to help you
EXPLODE your business AND change the way
you look at home ownership...

Be the first to get all the details and see how you can
get in on it...

The Great Mortgage Payoff

Official launch is scheduled for Tuesday April 15th at noon!

AMP Networking Realtor and Mortgage Industry Events

Inexpensive Drinks
$2.00 Draft Beer, $2.50 U Call It Wells & $4.99 Draft Pitchers

Free Buffet from 5pm to 6pm
Good Food - Great Networking!!!

AMP Networking promotes & provides FUN events, education and travel opportunity to deepen business and social relationships, improve networking, and further career opportunities for mortgage industry professionals. Our member invitation list is over 10,000, and 900 people attend our Mortgage Industry Networking events every month in Dallas & Tarrant County, Houston & Austin.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0808.pdf

Fannie Mae has increased time in the penalty box for people with foreclosures on their credit report. Currently a 4yr time frame must pass and that has been increased to 5yrs.

No doubt this is in answer to the many borrowers who can pay their mortgage and elect to let their homes go back to the bank because they owe far more than the home is worth. The banks call it Jingle Mail when a borrower just flat out 'does the give-up' and mails in their keys.
Banks are usually left holding the bag on a home that cannot begin to payoff the balance after auction.

The credit crunch has been here for months and seems to only be getting tighter. If you have past credit issues and are looking for a mortgage, those options are tightening up really quick.

Realtors: Take note that your clients are also subject to rate adjustments for low FICO scores. So when your borrower says that their best offer is 6.5%, do not assume that the Loan Officer is just being greedy. Risk adjustments may be the likely cause.

 While Fannie Mae is quickly adjusting their product offerrings for the current market, FHA Loans are still cranking out deals under the old rules. Although FHA hasn't made any drastic changes, expect a slight rate adjustment and minimum FICO scores going forward(lender requirements, not FHA requirements).

FHA: This isn't your father's mortgage. FHA is looking very sexy these days!!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Fannie Mae is setting new rules about what mortgages it will buy, including a credit score threshold for the first time.

The District-based mortgage giant has told lenders it will no longer buy most loans made to borrowers with credit scores below 580, nor will it buy loans that have been more than 60 days past due within the last year.

http://dallas.bizjournals.com/washington/stories/2008/03/31/daily33.html

More and more FICO requirements.

Pay your bills on time and keep those credit card balances low, low, low. 
Clients will need to be wary of their credit scores and those who do not use a lot of credit will be forced to keep some open credit going on at all times to maintain scores.

Stay tuned as the Mortgage World Turns!!!

http://www.dallasloanguy.com/docs/about_credit.pdf <= A little book about credit that I put together. Some of my writing and some data from other places like the Fair Credit Reporting Act.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

FHA Non Occupying Co-Borrower rules in a nutshell.

Typically called a 'Kiddie-Condo' loan. FHA allows family members to help their kids buy their first home. Whether they are in school with no income or out in the real world and just need a little extra income to qualify.

FHA allows for a family member to be a non-occupying co-borrower in order to assist in qualifying. This is available when your borrower would qualify for the loan when considering their credit but they wouldn't qualify because of debt ratios, employment, income and assets.  

Adding a NOCB does not resolve credit issues!! The occupying co-borrower must be credit worthy or have no credit at all. Bad credit will kill the deal. No credit - no problem.  

The occupying co-borrower does not have to be employed and does not have to invest in the transaction.  

The DallasLoanGuy Originates, Processes, Underwrites, Closes & Funds FHA Loans in-house. We offer manual underwrites down to 620 FICO.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!