Why You should Live in Texas

The combination of Texas’ economic conditions,
geographical location, natural resources, infrastructure,
political conditions and even the weather have created
a perfect storm of opportunity and growth that is
greatly outpacing the rest of the nation. Even in a time
of national recession Texas holds strong and continues
to be the fastest growing state in the nation. Because of
such stability and growth businesses and individuals are
flocking to Texas. Of the 24 million people living in Texas
4 out of 5 live within a the triangular region made up of
Dallas/Fort Worth, Houston, San Antonio and Austin…
we call it the Texaplex. By the year 2030 forecasts show
that we will add an additional 14 million people to
the Texaplex. That’s the equivalent of adding another
Dallas / Fort Worth, Houston, and Austin… all within the
Texaplex! Click Here to see Why!

Emergency Homeowners' Loan Program

The EHLP is designed to provide mortgage payment relief for qualifying homeowners who have experienced a drop in income of at least 15 percent due to circumstances beyond their control, such as unemployment or underemployment due to adverse economic conditions or an illness.Some highlights of the program include:

The $1 billion initiative is expected to provide help for up to 30,000 homeowners.

Applicants who meet the program’s eligibility requirements may receive a zero interest forgivable loan that pays past due mortgage payments, including missed payments and past-due charges, for up to a maximum of $50,000.

The zero percent interest forgivable loans will average $35,000 each, with a maximum of $50,000 awarded to eligible homeowners who are selected through the program. Learn more about this selection process by reading the EHLP frequently asked questions.

The deadline for filing a pre-application worksheet is July 22.

EHLP documents will only be accepted by approved agencies, such as Money Management International. To determine whether you may qualify to for help through this program, fill out the EHLP pre-applicant screening worksheet.

For more information about EHLP, read our list of EHLP FAQs or visit FindEHLP.org.

 

 

Posted via email from TexasHomesDuo's - M & S Realty Services

Texas economy ranks No. 2 in the nation

  San Antonio Business Journal - by Mike Thomas Date: Thursday, June 30, 2011, 12:33pm CDT

Gov. Rick Perry has some new ammunition he can use as he continues to weigh a possible presidential bid with the release of a study showing Texas passing New York as an economic powerhouse.

Based on data released by the Bureau of Economic Analysis, Texas now ranks No. 2 behind California for having the highest economic output over the past decade.

“Texas notched one of the biggest increases in size (based on gross domestic product) in a half-century, surpassing $1 trillion in annual economic output,” reports USA TodayUSA TodayLatest from The Business JournalsTarget CEO gives outlook for 2011 and beyondOregon Coast Aquarium strugglesGulfport restaurants ready for ‘Best of the Road’ visit Follow this company in an article looking at the data.

According to the article, Texas’ $1.2 trillion 2010 GDP represented a 26.8-percent increase since 2000.

While California retained the top spot, it was actually shrinking in size from 2000 while Texas has been growing, leading some to suggest that Texas could soon challenge it for the top spot.

“We’re growing faster than everyone else, and this trend should last a good while,” says economic forecaster Raymond Berryhill of Waco. Berryhill says Texas enjoyed “good fortune and good planning” from having natural resources such as oil and gas, a growing population fueled by immigration and successful technology businesses while also avoiding the worst effects of the real estate bubble.

The recent growth in Texas’ economic clout has been matched only twice in the past 50 years, according to the study — by California in the 1980s and Texas itself during the 1970s oil boom.

 

 

Posted via email from TexasHomesDuo's Exit Realty NW San Antonio posterous

http://www.jongordon.com/seedteleseminar.html

http://www.jongordon.com/seedteleseminar.html

VLB | Interest Rate

VLB | Interest Rate

Mortgage Loan with a 500 Credit Score? It's Possible!

According to a number of Wells Fargo Home Mortgage originators, Wells Fargo will now allow an FHA borrower to get a mortgage with a credit score of less than 600.

In exchange for a larger down payment and a lower overall debt load (lower Debt-To-Income ratios), Wells Fargo Home Mortgage currently allows borrowers to take out an FHA loan on a purchase transaction with a minimum credit score as low as 500.

Here are the details as I understand them:

The credit policy change was posted to Wells Fargo Home Mortgage originators on January 14, 2011 and takes effect for purchase transactions using an FHA loan on or after January 15. The new policy will allow minimum loan scores and loan to value ratios as follows:

• A score of < 500 = not allowed
• 500 to 579 = 10% minimum down payment (90% Max LTV) PLUS "additional requirements"
• 580 to 599 = 5% minimum down payment (95% Max LTV) PLUS "additional requirements"
• 600+ = 3.5% minimum down payment

The "additional requirements" for all borrowers with FICO scores < 600 are:

1. Lower Debt to Income Ratios. These could be as low as 31% for housing debt and 36% for TOTAL debt.
2. 2 full months of "reserves" are required (cash in their bank account AFTER paying down payment and closing costs). The reserves are calculated on the total housing payment, in other words Principal, Interest, Taxes and Insurance (PITI)
3. Seller contributions may not exceed 3% of the purchase price
4. Gift funds are not allowed to count toward the down payment requirement (for any borrower with a score less than 600)
5. Down payment Assistance Programs are not allowed to count toward the down payment requirement (for any borrower with a score less than 600)

The borrower must also be able to document that they accumulated the required down payment funds and that they did not come from a gift or from a DAP. They must prove they had the ability to accumulate the funds and documentation proving how they came to accumulate the funds needs to be included in the loan file.

A few final details:

• This is for purchase transactions only.
• This is only CURRENTLY available ONLY from a Wells Fargo Home Mortgage RETAIL lender.
• Pricing adjustments will still be made to the rate. In other words, the lower the credit score, the higher the interest rate will be. You will not be offered the best rate with a low credit score.

Call me for more details !

 

 

Posted via email from TexasHomesDuo's Exit Realty NW San Antonio posterous

Mortgage delinquencies lowest in 2 years

Mortgage delinquencies lowest in 2 years

MBA economist: U.S. has 'turned the corner' in foreclosure crisis

By Inman News
Inman News™

February 18, 2011

The percentage of mortgage holders who were behind on their payments dropped to the lowest level in two years during the fourth quarter of 2010, the Mortgage Bankers Association said in a report today.

At 8.22 percent, the seasonally adjusted delinquency rate was down from 9.13 percent during the third quarter and 9.47 percent from a year ago.

The percentage of mortgages in foreclosure climbed from 4.39 percent during the third quarter to 4.63 percent during the last three months of the year, matching an all-time high.

Fewer loans are entering the foreclosure pipeline: the percentage of loans only one payment past due -- 3.25 percent -- was at the lowest level since 2007, and the foreclosure start rate fell from 1.34 percent during the third quarter to 1.27 percent.

The percentage of loans three payments or more past due was down from an all-time high of 5.02 percent at the end of the first quarter of 2010 to 3.63 percent at the end of the fourth quarter of 2010 -- a drop of almost 28 percent over the course of the year. All but two states saw a drop in the 90-plus-day delinquency rate, and the increases in those states were "negligible."

"While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner" in the foreclosure crisis, MBA Chief Economist Jay Brinkmann said in a statement.

While unemployment remains high, the economy added more than 1.2 million private-sector jobs during 2010 and first-time unemployment claims fell during the second half of the year, Brinkmann said. Absent a significant economic reversal, he said, "the delinquency picture should continue to improve during 2011."

The MBA National Delinquency survey covers 43.6 million loans -- about 88 percent of all outstanding first-lien mortgages. If the survey's results are extrapolated, about 4.1 million homeowners were 30, 60 or 90 days or more behind on their mortgage payments during the fourth quarter, and another 2.3 million were in the foreclosure process.

 

 

Posted via email from TexasHomesDuo's Exit Realty NW San Antonio posterous

Yellowstone Jan 2011

2011 Housing Forecast

Download now or preview on posterous

The State of the Texas Housing Market - Dr. James P. Gaines.pdf (2977 KB)

Please Check out the Housing Market Report by Dr. James P. Gaines from Texas A & M Real Estate Center.

Texas is still doing well and is becoming the place to live.

 

 

 

Posted via email from TexasHomesDuo's Exit Realty NW San Antonio posterous

Bankrate: Mortgage Rates Jump Again

 

RISMEDIA, January 3, 2011—Mortgage rates climbed higher last week, with the average conforming 30-year fixed mortgage rising to 5.02 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage increased to 4.39 percent and the larger jumbo 30-year fixed rate rose to 5.64 percent. Adjustable rate mortgages also went up, with the average 5-year ARM rising to 4 percent and the average 7-year ARM reaching 4.43 percent.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.02 percent, the monthly payment for the same size loan would be $1,076.09, a savings of $166 per month for a homeowner refinancing now.

Survey Results
30-year fixed: 5.02% -- up from 4.96% last week (avg. points: 0.44)
15-year fixed: 4.39% -- up from 4.29% last week (avg. points: 0.4)
5/1 ARM: 4.00% -- up from 3.92% last week (avg. points: 0.45)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

 

 

Posted via email from TexasHomesDuo's Exit Realty NW San Antonio posterous