real estate financing: Top 10 FHA Advantages - 06/20/11 03:48 AM
Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA.
More tolerant for credit challenges than conventional loans. Lower down payments than conventional loans. Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. Seller can contribute up to 6% of purchase price - this money … (0 comments)

real estate financing: How Banks Make More Money from Foreclosures - 06/15/11 06:11 AM
Here is an example. It is so unbelievable that you may need to read through more than once.
IndyMac was seized by FDIC June 2008.
FDIC sold IndyMac’s assets to OneWest Bank March 2009.
Guess who owns OneWest? 3 guys: GoldmanSachs vice president Steven Munchin, and big time GoldmanSachs billionaire investors Geoge Soros and John Paulson.
OneWest purchased these assets from FDIC at 70% of first mortgage values and HELOCS at 58% of value.
As an "inducement," FDIC promised to cover 80-95% of any losses OneWest may incur from homeowners not making their payments.
In the event of a short sale … (4 comments)

real estate financing: One More Chance? - 06/15/11 05:20 AM
Fixed Rate mortgages are at their lowest level for 2011 as reported in the current Freddie Mac weekly Primary Mortgage Market Survey. Many qualified buyers missed the opportunity last fall in October and November to refinance at record low rates. This may give homeowners one more chance to refinance and save money on their payments.
An important thing to keep in mind is that points paid in connection for refinancing a home are generally not considered prepaid interest and must be spread over the life of the mortgage. Some advisors suggest that you have the lender quote a "par value" loan … (0 comments)

Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910, Locally Known, Globally Connected, COLDWELL BANKER (Coldwell Banker Apex, Realtors)

Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910

Locally Known, Globally Connected, COLDWELL BANKER

Dallas, TX

More about me…

Coldwell Banker Apex, Realtors

Address: 18800 Preston Road, Suite 312, Dallas, TX, 75252

Office: (214) 237-4500

Mobile: (214) 718-4910

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