Friday Jan 20th came with big news. HUD, in what may be an unprecedented move announced its reversal to its previously announced annual mortgage insurance (MI) reduction which had just been scheduled 11 days prior and set to take effect January 27th. The reduction was to be almost 30% on the most popular program; 30yr mortgage with a 3.5% down payment.
Houston Mortgage Blog
Houston, Texas has a wonderfully diverse culture, with something to offer everyone, whether you are self-employed or on an upwardly mobile career path. We are one of the most diverse cities in the US with all the restaurants to prove it. But that’s not the biggest reason to move to Houston. Let’s face it; it’s all about jobs, yes JOBS.
Thank you to all who attended our 2014 economic and mortgage forum at the Federal Reserve in Houston, TX this afternoon. It was our pleasure to have hosted this event and to have shared this most interesting of events with you.
Topics: 2014 economic forum
Going through the underwriting process can be draining and frustrating but at least it will be over in less than a month, right? Well that used to be the case; not so much over the past 2months. Underwriting times across the nation have been extended at a minimum 2weeks to in some cases 2-3 months beyond the typical underwriting time of 30days. So if you are financing a purchase that needs to close on time read on and avoid some of the common problems identified below.
That’s right. No exaggeration here. Starting this past Monday April 9th all FHA loan files will reflect a slew of new changes NONE of which are here to favor the home buyer. Through these changes FHA has tighten the purse strings on financing and some pundits, including yours truly, believe it’s because FHA just cannot handle the current risk of continuing to absorb close to 8x the volume they used to handle prior to the sub-prime crisis. As some in the industry now call it, “FHA IS the new subprime” or at least it used to be. Starting in early 2009 FHA started making major changes to their underwriting requirements and steadily increased its mortgage insurance costs but nothing as financially drastically as these changes.
In today’s difficult lending environment it is advisable to do your due diligence before locking a mortgage rate and a loan offer. At HomeStart Capital, these are the four most common unknown facts that we see frequently and could delay, in some cases even deny, your loan. This information can save you and everyone involved on this transaction a great deal of headaches and last minute issues. All of this could be easily avoidable if you are a well informed borrower.
Welcome back sub-prime? Well not necessarily. But Fannie Mae and Freddie Mac has revamped a 2yr old refinance program created under HARP (Home Affordability Refinance Program) and has re-launched it as HARP2 or DU Refi Plus. HARP2/DU REFI PLUS’ new features will increase the availability of refinancing to millions of Americans currently left on the sideline due to falling home values. Estimates put this number as high as 2 million new eligible loans.
I love this quote from Zig Ziglar. As you may know we are in another “refinancing boom”. There are thousands of people refinancing every day. Many lenders take advantage of this situation by going after the masses and forgetting what is important, great customer service so they will come back when this refinancing boom is over.
Topics: Why HomeStart Capital?
Realtors can help you avoid these 10 common mistakes when purchasing or even refinancing a home. This week I would like to share with you 10 most common mistakes that people make when purchasing or refinancing a home in Houston and how you can avoid them. To protect yourself from these common pitfalls, you need to have the right team on your side. We can recommend the best Real Estate Agents, Home Inspectors, Home Insurance Agents, and Real Estate Attorneys in Houston if requested.