Does it chafe every time your mortgage statement arrives with your ex-spouse's name on it? Are you tired of being in limbo while you clean up all the messy details of your divorce? It's easier than it sounds to get your ex off your mortgage. The best way to remove your spouse from your mortgage is [...]
A recent CNN Money article summarized movement in the housing market so far in 2015. They stated that: “On a national level, 40% of homes moved off the market in the two-month period, a slight increase from 38% during the same time period in 2014, the report showed. On average, lower-priced homes in the fast-moving [...]
We don’t re-publish a lot of content, but this weekend Jonathan Clements wrote a great article in the WSJ that explains why taking out a mortgage can be a great financial strategy. I liked it so well, I have published it here, almost in its entirety. Here is a link to his original article: Nine [...]
FHA and VA loans are very popular options for home buyers who want to buy a home with a low down payment. FHA loans require only a 3.5% down payment, while VA loans require no down payment at all. However, these loans are rarely used for new construction. This is because most lenders require a borrower to [...]
The jumbo property market in Texas is in much better shape than most markets around the country. However, sales are still slow in the upper end for a few reasons. But, one of the least discussed is the large down payment and reserve requirements for jumbo mortgages. The down payments required are generally 20%-25% of [...]
Homeowners with little or no equity in their homes still have time to take advantage of the Government’s Home Affordable Refinance Program. The HARP program is designed for borrowers with underwater mortgages but who are otherwise qualified and responsible borrowers. This program allows borrowers to refinance their primary residences up to 105% loan to value [...]
Non-conforming loans or Jumbo loans are loans with higher dollar amounts which may not be sold to Fannie Mae or Freddie Mac. A Texas Mortgage that is above the conforming loan limit of $417,000 for the year 2010 is considered to be a Jumbo loan. Non-conforming Texas Mortgage loans often come with a higher rate [...]
The Good Neighbor Next Door Sales (GNND) program is a federal revitalization initiative through HUD that provides homeownership at a substantial discount to qualified buyers. Under this Texas Home Loan program, HUD offers a 50% discount on the list price of a qualified home as long as the buyer commits to live in the property [...]
