Texas Home Loan Blog: December 2009

So you may have bought a new home this year, if so, congratulations.  The home buying process can be a fun and interesting process.  Hopefully you had a good experience.

Most likely when you closed on your home you went to the title co and signed a ton of paperwork.

In that paperwork is probably a form to fill out so you can get your homestead exemption. If not I will post a link for you at the bottom to find your Taxing Office.

Come Jan 1st you can then file for your homestead, but not before the 1st.  You have till April 30th to get the form in.

Now is the important part.

Watch out for scams.  You will most likely get a very official looking notice in the mail that says "company name"  will file your homestead for $25.  All this company does is fill in your information and fax the form to the Tax Office. 

THIS SERVICE IS FREE so please don't pay anyone to do this for you.  Just send in the forms yourself.

Here is the link to the Tax Appraisal offices. http://www.txcountydata.com/selectCounty.asp If your county is not in the drop down box then visit this link. http://www.txcountydata.com/links.asp  This site does not have all the counties, but it is a good start.

Enjoy saving money this Jan 1st.

Here are a few more ways to save money on your next home purchase or let a friend know how to save.
That would be a great holiday gift.

For new home anywhere in Texas purchases please see http://www.RebateOnTexasHomes.com

For resale home purchases anywhere in Central Texas please see http://www.CentralTexasHomeRebates.com

This might help.

http://www.thinkbigworksmall.com/mypage/archive/1/4916/

 

Please sign the petition and help change this.

http://www.hvccpetition.com/

 

Gynell Stalford

Metroplex Appraisal Services - FHA & FLAGSTAR APPROVED

Commerical & Residential Appraisal & Consulting Services

Serving Collin, Dallas, Rockwall, Kaufman and Tarrant Counties.

XEROX IS DOING SOMETHING COOL

If you go to this web site,   http://www.letssaythanks.com/ you can pick out a thank you card and Xerox will print it and it will be sent to a soldier that is currently serving in Iraq. You can't pick out who gets it, but it will go to a member of the armed services. It is FREE and it only takes a second. Our soldiers over there need to know we are behind them. This takes just 10 seconds and it's a wonderful way to say thank you. Please take the time and please take the time to pass it on for others to do. We can never say enough thank you's. Thanks for taking to time to support our military!

For many years home mortgage insured by the Federal Housing Administration (FHA) have made home ownership possible for millions of home owners. During the "boom" FHA loans lost a lot of ground in the marketplace because non-conforming loans were often easier to get and cost the borrower less scrutiny and often less out of pocket. (More on Examiner.com from my article this morning.)

Welcome the day when Housing and Urban Development Secretary (HUD) Shaun Donovan stood in front of Congress and reported the reserves of the FHA insurance pool to be only .53% - far below the federally mandated, by law, 2% reserves. As you may imagine Mr. Donovan, in an effort to save his job, is now scrambling for good ideas to get those reserves back to the minimum legal level. Let us all observe as the fireman tries to put out a big fire while his own pants are on fire.

Here are some of the recommendations thus far:

1. Raise the required minimum down payment from 3.5% to 5%
2. Lower the maximum seller contribution from 6% to 3%
3. Establish a required minimum credit score
4. Eliminate the ability to finance the Up Front Mortgage Insurance Premium (UFMIP) into the loan
5. Raise the cost of FHA mortgage insurance (higher premiums)

Currently it is much more difficult to be approved for a home loan, purchase or refinance, than it was two years ago or even six months ago. Mortgage brokers are not dropping like flies they have already dropped like flies and the remaining small percentage are having great difficulty getting loans underwritten and closed when they involve lower credit, lower income borrowers. Mid-level lenders are now the ones who are disappearing as they still lose warehouse lines of credit at an astonishing rate. This week saw the demise of LendAmerica.

Judging from the applications I have accepted and closed over the last few months these changes will absolutely impact at least 25% of the borrowers who have successfully purchased or refinanced their homes in the last few months. In fact I have two borrowers today who easily qualify who will likely not qualify if these changes are made. Considering I'm one out of tens of thousands go ahead and do the math. 

Just wait ... it's not only FHA - it's Fannie, then Freddie and Ginnie. We predicted it a few months ago that it would not be long until buyers would need a minimum of 5% down, a minimum of a 640 credit score and rates would start to rise.

Are you ready to pay attention even if you don't get CEs for participating in the conference calls? If I were an agent I would be - I would want to be ahead of the curve!

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683