New Credit During Mortgage Application Process a No-No

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In an effort to improve the underwriting quality of home loans delivered to mortgage financier Fannie Mae, lenders will be required to take a closer look at your debt obligations beginning next month.
Come June 1, lenders will be directed to “review and evaluate the “inquiries” section of the borrower’s credit report to determine [...]

New FHA Rules Pinch Would Be Home Buyers

FHA New Rules Pinch Would Be Buyers
When mortgage underwriting rules change making it more difficult to obtain an FHA loan, no one likes it.
In January; the FHS tightened lending requirements in order to shore up their capital reserves and help the agency to do a better job of managing risk.  Many of us complain about [...]

Frisco Tx Home Prices Jump 11% in January

Home prices were up nicely in January for the 121  homes sold. The average price is up nearly 11% over January 2009.  While one month is not a trend, this gain is great news for Frisco home owners who saw a decline of nearly 8% in 2009..  The average price this January is $278,303 vs/ $251,437 [...]

Gentle Creek Home Sales for 2009

Gentle Creek Estates ended 2009 with a total of 23 homes sold at an average price of  $460,000.  The average square footage of these homes was 4358.  For the year, the average days on market for these homes was 209 days!  The average per square foot price was $99.  Sellers were able to obtain 94% [...]

3 Big Reasons Not to Wait to Buy a Home

 
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If you are thinking of buying a home, now may be the best time to do it.  Whether you are a first time home buyer, thinking of buying a new primary residence or know someone who is I want to share some important upcoming dates.
Uncle Sam’s help for First Time and Repeat Buyer’s end soon.  [...]

Getting Real about Real Estate

The last three years will go down  in history as the years when the residential real estate bubble popped and Americans got real about their home buying habits.  Look what is happening right before our eyes.  Some economists are forecasting more foreclosures in 2010 than 2009 as subprime loans reset dates come up.  But Prosper foreclosures appear to have already peaked.  Most [...]

Prosper Home Sales for December Encouraging

December was a great month for Prosper TX home sales.  27 homes were sold compared to 2009’s monthly rate of only 11.  No doubt the $8000 federal income tax credit original deadline motivated buyers to slip in under the wire. We think that the Prosper in Prosper awareness campaign by the builders and developers may have impacted [...]

One in Ten Texans Running Late on Payments

Now that third quarter numbers are becoming available we find that nearly 10% of Texans behind in their home loan payments up a full % point over last year!  According to the Mortgage Bankers Association 2% of the state’s mortgage holders were in foreclosure at the end of September.
The state’s loan delinquency rate is about [...]

Prosper Home For Sale…Short Sale That Is

Every buyer wants a deal…especially in this economy.  We are currently working with a couple from Farmers Branch who want to trade up into a nice 4 bedroom home with a 3 car garage.  To date, we have shown them at least 50 homes.  The journey began in McKinney, then Frisco, then Lantana and finally [...]

Plano and Frisco Home Buyers Wait for Lower Prices…Why?

When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible. It’s important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates can easily [...]