2009 October | Texas Mortgage Corner
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Archive for October, 2009


I Hate To Say I TOLD You So!

I hate to tell everyone I told them so, but I posted a blog similar to this GREAT article a while back. I cannot stress to you enough how important it is to work with an FHA Lender in Texas that UNDERSTANDS and foresees these types of things! Read on. Addressing Continued Concerns About the…Read the Rest of Article

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5 Buyer Mistakes in a Short Sale

Get Pre-Approved for a Houston Mortgage By Lora Shinn With hundreds of thousands of homes in foreclosure or on short sale lists, there’s never been a better time to score a sweet deal. But discount-priced foreclosures and short sales can come with a raft of expensive problems. Just ask Adam Melson of Philadelphia. Melson had…Read the Rest of Article

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Revised Land Contract Guidelines

A quick Friday fact from your Texas FHA Refinance Lender DID YOU KNOW? If a borrower will use the loan to complete payment on a land contract, contract for deed, or other similar type financing arrangement in which the borrower does not have title to the property, the new mortgage may be processed as either…Read the Rest of Article

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7 Steps to a Great Foreclosure Buy

Reposted by the best Houston Mortgage Lender — By Tracey C. Velt • Bankrate.com Foreclosure. It seems half the country is in it and the other half is trying to make a killing on it. The number of foreclosed homes staggers the imagination and with more adjustable-rate loans about to reset, the end is nowhere…Read the Rest of Article

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New FHA Mortgagee Letter 2009-45

New FHA Mortgagee Letter: October 27, 2009 MORTGAGEE LETTER 2009-45 TO: ALL FHA-APPROVED MORTGAGEES, ALL HUD-APPROVED HOUSING COUNSELING AGENCIES ATTENTION: Single Family Servicing Managers SUBJECT: Introduction of HUD’s Web-Based Training Application: Electronic Class (EClass) on Loss Mitigation and Servicing System The purpose of this Mortgagee Letter is to announce that the Department’s on-line, web-based training…Read the Rest of Article

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Checking if a property is USDA Eligible

I just wanted to send out a quick note to advise everyone (Realtors, Buyers, Sellers) that when looking to go USDA, it is ALWAYS best to check with us at Texas Mortgage Lender to look up the address for you. Sometimes even though the property might not be in an eligible county, by having a…Read the Rest of Article

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Existing Homes Sales Benefit from Tax Credit

by Adam Quinones The National Association of Realtors released Existing Home Sales data this morning. Think about the materials that go into building and maintaining a home….WOOD, STEEL, PLASTICS, WIRING, PIPING, CONCRETE, GLASS, ELECTRICITY, FURNITURE, CARPETING ,ELECTRONICS, APPLIANCES….LABOR. How about the commissions earned by Realtors and mortgage originators who help the borrowers close on their…Read the Rest of Article

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How Bad Are Your Credit Card Mistakes

by Erin Peterson Wednesday, October 21, 2009 provided by Grade yours on a 10-point scale. Nobody’s perfect. When it comes to our financial lives, we’ve all done things we later regretted — whether it’s getting slapped with a $3 fee for using an out-of-network ATM or going on a Las Vegas bender and losing the…Read the Rest of Article

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New, Stricter FHA Condominium Lending Guidelines Coming Nov. 2: First Time Buyers Affected

Via Richard Vetstein (Vetstein Law Group, P.C.) Originally posted on the Massachusetts Real Estate Law Blog Breaking News: The FHA Has Delayed Implementation Of New Rules Until November 2, 2009 To Coincide With Expiration of First Time Home Buyer $8,000 Tax Credit Under revised guidelines which were to be effective October 1, 2009 but now…Read the Rest of Article

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Bank of America loses $2.24B as loan losses rise

ARE YOU FRIKKIN’ KIDDING ME???????? They’re the damn guys that took all of our money and bought out troubled Countrywide and Merrill Lynch! I mean honestly folks- HOW IN THE HELL DO YOU GET BILLIONS OF DOLLARS FROM THE GOVERNMENT and STILL lose money???? Since the Countrywide acquisition, I personally withdrew all my money from…Read the Rest of Article

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Vital Information for First-Time Buyers

by Phoebe Chongchua The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn’t truly just for first-time buyers — it’s defined as those not…Read the Rest of Article

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New FHA Mortgagee Letter, & HUD Housing Counseling

October 9, 2009 Mortgagee Letter 2009-39 TO:                             ALL APPROVED MORTGAGEES ATTENTION:          Single Family Servicing Managers SUBJECT:                Updated Claim Filing and Delinquency/Default Reporting Requirements For FHA’s Making Home Affordable Modification Program (FHA-HAMP) The purpose of this Mortgagee Letter is to provide updated claim filing and delinquency/default reporting requirements for the FHA Home Affordable…Read the Rest of Article

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When Will YOUR Housing Market Recover?

When will YOUR housing market recover? By Marcie Geffner Pundits love to make predictions as to when home prices will stabilize in U.S. housing markets. But even well-respected forecasters and analysts may disagree, and even if a forecast proves true nationally, your local market may behave in a wildly different way. This disconnect between broad-stroke…Read the Rest of Article

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3 Tips for Updating Your Credit History

A neat Q & A that I came across today… By Steve Bucci Dear Debt Adviser, A recent credit score report from TransUnion states that I “have no real estate accounts that can be used in determining a credit score.” Yet I do have a mortgage in good standing with a credit union that does…Read the Rest of Article

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***Update to a Previous Post***

In a previous post of mine, I outlined a problem that FHA has been currently dealing with, and today, on the front page of Yahoo, I found an article from the New York Times that gives a nice little update. I wanted to repost it so please take a moment to read this, as its…Read the Rest of Article

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