Frisco Texas Mortgage, Real Estate, Events, and more

If you wait to buy a home in Frisco Texas you may lose thousands of dollars!

If you wait a few more days or weeks to purchase a home, you could lose thousands of extra dollars. Why? Because the Housing and Urban Development (HUD) is implementing several changes for loans guaranteed by the Federal Housing Authority (FHA).

These changes are coming shortly before the April 30th First Time Home Buyer Tax Credit deadline, and just after the March 31st experation of the Federal Reserve Board's mortgage backed securities purchase (which has kept home loan rates artificially low for over a year now), these FHA changes make it even more important to act now to save BIG!

In case you have not heard about these changes, here is a quick explanation:

  • March 30, 2010 - Federal Reserve Board is no longer purchasing Mortgage Backed Securities (MBS) which has been keeping mortgage rates at historic lows.
  • April 5, 2010 - HUD is implementing new requirements for Up-Front Mortgage Insurance (UFMI). Currently, the amount of UFMI is 1.75% and is increasing to 2.25%. What does this mean? For a borrower purchasing a home for $200,000 with a $7,000 down payment, the UFMI will increase by $965. Typically, this amount is financed into the loan, so the mortgage payment increase will be minimal, but overall the fee is increasing for the buyer.
  • Later this Sping - HUD will implement the reduction fees allowed to be paid by a seller. Currently, the seller can pay up to 6% of the buyers closing costs. This percent is decreasing to 3% maximum. Using the same example above, a home buyer purchasing a $200,000 home will lose on "seller concessions" by $6,000.

How do you avoid this loss? GET OFF THE FENCE! Submit your FHA Mortgage Application by the last week of March.

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 13 commentsJohn Cannata • February 02 2010 11:22AM

Comments

Nice call to action!... I hope it works for you.

Posted by Wayne and Lynda Gomillion (Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC) almost 9 years ago

Thanks for the updates.

Posted by peter gyoerkoes (Exit Realty NFI) almost 9 years ago

Thank you Wayne & Lynda.

You are very welcome Pete.

Thank you both for your comments.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) almost 9 years ago

Great shout-out John! It's all about getting word out before these incentives end it's too late and the butt-kicking begins!

Posted by Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (Prado Real Estate South) almost 9 years ago

Hopefully many homeowners wont let the opportunity pass, Wanda.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) almost 9 years ago

All the more important to make a difference in holding off or acting now!

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.) almost 9 years ago

Great info John. It is a good time to buy now.

Posted by Mike Yeo (3:16 team REALTY) almost 9 years ago

John,

Once Again, Excellent Info.

Thanks for making it clear and concise

Have  a great day

Leander

Posted by Leander McClain, Cecil & Harford County Realtor almost 9 years ago

Loreena and Mike - Thanks for the comment.

Leander - I hope its not too cold in NJ. Appreciate the comment.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) almost 9 years ago

John ~ Great presentation and bring in the buyers!

Posted by Monique Hailer, South West Florida & Southern Maryland Homes (Schooner Bay Realty., Inc. & CENTURY 21 New Millenniun) almost 9 years ago

Hopefully more buyers will get moving for all of us, Monique.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) almost 9 years ago

John this post should certainly make a few buyers get off the fence.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) almost 9 years ago

Jennifer - Where ever they live, they should get moving. Thanks for the comment.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) almost 9 years ago

Participate