fha: Can an FHA Buyer do a Temporary Residential Lease? - 06/22/17 06:56 AM
Texas real estate contracts provision for temporary leases for both Buyers and Sellers to accommodate for either early possession (ahead of the closing date) or deferred possession (after the closing date).
Temporary leases under a purchase agreement are different from standard lease agreements in several ways, most notably:
• these temporary agreements have restrictions on the term (duration / number of days). Specifically, a Buyer's Temporary Residential Lease is strictly limited to a term of no more than 90 days PRIOR to closing.
• these agreements do not impose Property Code compliance requirements for matters of repairs and maintenance, smoke alarms, and security devices.
In recent years, … (3 comments)

fha: Can Buyer Rebates Hurt A Seller? - 09/27/16 01:49 AM
In the business of real estate, the BIG D doesn't refer to Dallas… it refers to DISCLOSURE. 
Sellers have plenty to worry about when they list a home.  Selecting the right Listing Broker goes a long way toward protecting a Seller's interests before, during, and after a sale. A savvy, experienced Listing Agent will strategically work to reduce factors which can create conflict between parties. From property condition to title issues,  full disclosure is always the best policy. 
WHAT ABOUT THE BUYER? 
Consumers are slower to realize that there are disclosure obligations on the Buyer's side as well. Many states prompt a Buyer to … (2 comments)

fha: Can A Utility Pole Squash Loan Approval? - 12/05/15 02:00 AM
Working with an experienced Buyer's Agent is worth it's weight in gold. Not only are Buyer Agent services free to a Buyer, their professional services can save a buyer time and money by helping to avoid costly buying mistakes.
Last week, our office began searching for a first-time home buyer in Dallas, TX. This Client plans to use FHA financing, and is both pre-approved and eager to find her perfect home match.
FHA is more stringent than other loan types
when it comes to qualifying property condition. 
The home pictured below was advertised by a local listing broker as being compatible with FHA financing types, and the … (7 comments)

fha: Texas FHA Loan Limits Went Up for 2015 - 05/07/15 12:13 AM
Last March, we alerted Buyers and Buyers Agents to a change in FHA lending that feels disheartening to many -- the "Anti-Flipping" rule was reinstated. This rule prevents loan applicants from getting approval for homes that have been owned for less than 90 days by the Seller. 
Today, we want to share some happy news about FHA... Lending limits have increased for FHA loans in several Texas counties! (See FHA's website for full details about Texas and other states.)
The DFW Metroplex is benefitting from the increase for 2015 as follows:
This recent change also has served to normalize disparities within the Dalls-Fort Worth-Arlington, TX MSA... In … (1 comments)

fha: Home Inventory Is Shrinking for FHA Buyers - 03/22/15 06:56 AM
FHA Buyers and the Realtors® who represent them are facing a shrinking pool of compatible homes to choose from. Ironically, the latest cuts stem from HUD's re-implementation of FR-4615 Prohibition of Property Flipping in HUD's Single Family Mortgage Insurance Programs, better know as the "FHA Anti-Flipping rule" or "90-day Seasoning Requirement" initially enacted in 2003.
As of January 1, 2015, Buyers who are using FHA financing once again aren't able to make offers on certain properties as soon as non-FHA financed buyers.
Originally designed to protect FHA Buyers from illegal flipping schemes and curtail mortgage fraud, the Anti-Flipping rule prevents applicants from successfully getting approved … (0 comments)

fha: When NOT to get a Home Inspection - 12/28/14 08:19 AM
One of the most important roles we fulfill as Buyers Agents is advising our clients on how to accomplish their buying goals AND save money in the process.
New agents often ask, "What can I do to become the best Buyer's Agent I can be in the least amount of time?" The answer never changes... attend as many home inspections as possible to become familiar with conditions that might impact safety or the financeability of a property.
Financing: It's Not All About the Buyer
A common misunderstanding about qualifying for a mortgage is that the burden rests 100% on the shoulders of a … (2 comments)

fha: HUD / REO Overbid Rule Change for 2014? - 05/11/14 07:22 AM
On 4/24/2014, Amerifirst Mortgage posted this video (presented by Dan Moyle) on youtube advertising a recent change to FHA underwriting guidelines that will now allow buyers using 203k loans to overbid on a HUD property without having to pay the difference in cash.  The video touts that "With the FHA 203k loan, borrowers can now bid on a HUD home based on what the value of the home WILL be, not what it is." 
Providing the actual rehab cost isn't cannibalized by the amount of the overbid, this could be a game changer for buyers who need to reserve capital but … (3 comments)

 
Amanda Thomas, ​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™ (Providence Group Realty) Rainmaker large

Amanda Thomas

​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™

Plano, TX

More about me…

Providence Group Realty

Address: 3308 Preston Rd #350-124, Plano, Texas, 75093

Mobile: 469.298.9706

Fax: 469.645.6363

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