dallas mortgage: Rapid Rescore Your Credit Report for Loan Approval - Part Deux
- 09/19/10 05:29 PM
Rapid Rescore Your Credit Report for Loan Approval
I wrote an article in July of 2009 that still gets tons of search engine hits…. Yet, it is still very misunderstood. Rapid Rescore Your Credit Report for Loan Approval
Well, let’s go ahead and get this out right away….. It is a dangerous tool in the hands of a poor loan officer; that is for sure. But in the hands of the right Mortgage Loan Officer, it can be very valuable
Rapid rescoring a credit report is a tool that has been around for a while. I have used … (5 comments)
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dallas mortgage: Non Purchasing Spouse with Texas FHA Loans
- 11/22/09 06:04 AM
Non Purchasing Spouse with Texas FHA Loans
The non purchasing spouse is a married person NOT on the mortgage loan. But there is special treatment of the non purchasing spouse with respect to FHA Mortgage Loans in Community Property States like The Great State of Texas.
A non purchasing spouse situation arrises when for whatever reason one spouse is left off of a mortgage loan. Typical reasons are that one spouse has bad credit and the other spouse can buy the home solely on their income and credit.
In Texas, as all community property states, the non purchasing spouse will … (0 comments)
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dallas mortgage: SEO Testimonial from a recent article I wrote...
- 01/31/09 10:15 AM
I recently put together a bunch of info about the First Time Home Buyer Tax Credit and included the IRS form to submit along with your tax return.
I just got an email that I have copied below.... It speaks for itself.
THANK YOU!!!!!! For days I have been attempting to find out how to claim the tax credit for the house I purchased in December. Using the "freedom" turbo tax on-line service does not prompt one to answer a query regarding a recent home purchase. Reading through the 1040 form does not either. After being placed … (8 comments)
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dallas mortgage: First Time Homebuyer $7,500 Tax Credit Information - With IRS Form 5405
- 01/14/09 04:45 AM
First Time Homebuyer Tax Credit Information <= Link to pdf with FAQ and IRS Form.
I am getting lots of questions about the $7,500 First-Time Homebuyer Tax Credit authorized by the Housing and Economic Recovery Act of 2008.
Seems that many believe to be a Down Payment Assistance Program. And it is not.....
But, it could be used to pay closing costs on a FHA Streamline Refinance of a recently closed FHA loan!!! I have a borrower doing that now. They bought last yr and have a rate over 6%. They will use their tax 'rebate' to help with closing costs on … (25 comments)
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dallas mortgage: FHA Streamline Refinance Mortgage Loan
- 12/20/08 01:08 AM
Interest rates are near historical lows!
The calls are starting to come in... And quite a few of the callers have already been advised by the DallasLoanGuy to NOT refinance. It just doesn't make sense for every homeowner.
But, if you have a rate that will adjust in the near future or your fixed rate is 6% or higher.... This might just be the opportunity that is too good to pass up. It costs nothing to bring your profile to a professional Mortgage Banker for a tune up. And you could save thousands in interest payments over the life of your … (12 comments)
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dallas mortgage: Texas' swift foreclosure process puts struggling homeowners in a bind
- 12/12/08 07:40 AM
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-foreclosures_10bus.ART.State.Edition2.4a3780e.html
WASHINGTON – Even as banks streamline programs to renegotiate troubled mortgages, efforts to help Texas homeowners are being hindered by the state's fast-track foreclosure process, according to housing counselors and government officials.
Photos by COURTNEY PERRY/DMN Forrest Brannon, 78, of Dallas got behind on his mortgage after having to spend more on health care and seeing the interest rate on his adjustable-rate mortgage spike. He recently got a notice of impending foreclosure on his home. In other states, foreclosure can take as long as four months, giving the borrower more time to negotiate a better loan or catch up … (7 comments)
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dallas mortgage: Will Fannie Mae and Freddie Mac waive appraisal requirement on refi's?
- 12/10/08 06:50 AM
Fannie, Freddie May Waive Appraisals for Refinancings
By Dawn Kopecki
Dec. 10 (Bloomberg) -- Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering waiving a requirement for new appraisals on refinanced loans, their regulator said.
“If they refinance someone, rather than doing a loan mod, do they need a new appraisal if they already have the credit?” Federal Housing Finance Agency Director James Lockhart told reporters after a speech in Washington today. “That’s an issue that’s being discussed. They’re looking at it.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRUu8VhISqEo&refer=home
I think this makes more sense than anything I have seen regarding how to address … (8 comments)
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dallas mortgage: Real Problems for North Texas Real Estate Agents
- 11/12/08 04:46 AM
Buyer's are still buying homes in North Texas -- Remember That The Media thrives on NEGATIVITY, so call your Realtor or Loan Officer before you decide to do nothing!
No, the sky isn't falling and the credit crunch didn't get worse....!! The problem is reporting like this. Jay Gormley with CBS 11 News pretty much told all of North Texas that they can forget buying a home. The loans are all GONE!!! And if they aren't GONE, then the financing can be yanked out from under the borrower in the 11th hour.
http://cbs11tv.com/local/real.estate.mortgage.2.836975.html <= see the article if you wish
Email Jay
… (5 comments)
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dallas mortgage: D-I-V-O-R-C-E --- Divorce and Credit...... How Does it Affect You?!?!?
- 10/01/08 04:48 PM
Divorce or dissolution of marriage is the termination of a marriage.
Divorce can be contrasted with an annulment, which is a declaration that a marriage is void, though the effects of marriage may be recognised in such unions, such as spousal support or alimony, child custody, child support, and distribution of property.
The above is from WikipediA, the Free Encyclopedia. (does anyone use a dictionary anymore?)
Why would I be blogging about Divorce on my ActiveRain blog? No!! I am not getting divorced…. I have a life sentence with no possibility of parole!!
No, I am talking about the effects of Divorce on your credit!! And how … (12 comments)
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dallas mortgage: Congress weighs reprieve for seller-funded gifts
- 09/09/08 10:10 AM
Holy Smokes!!!
It looks like we have some breathing room.
Congress Weighs Reprieve for Seller Funded Gifts
Please Call Your Congressman/Person!! This deal looks like it will make some sense.
FICO requirements apply. And I am sure this will change a lot before it passes, if it does. But maybe Congress will address the issue correctly this time!!!
Stay tuned!!
Tom BurrisDallasLoanGuy.comDallas, TX
"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/Texas Home Loans Dallas Mortgage Loans
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay … (2 comments)
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dallas mortgage: 2008 NCAA Football 'Helmet Schedule' Spreadsheet
- 09/09/08 03:48 AM
I have been overwhelmed by emails from friends wanting a new copy of the Helmet Schedule I sent to them last year.
This is a cool little tool! It is a complete 2008 NCAA Football Schedule broken down by conference; all in one spreadsheet. Every game!!
So, here it is: http://www.dallasloanguy.com/2008_helmet_schedule.xls
Feel free to reblog this to other groups or post the link for your friends. I can use the backlinks. ;-)
Go Sooners!!
Tom BurrisDallasLoanGuy.comDallas, TX
"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/Texas Home Loans Dallas Mortgage Loans
I write about Texas Home Loans , live in the Dallas, TX area and lend … (3 comments)
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dallas mortgage: Elimination of Seller Funded Down Payment Assistance - Timeline
- 08/22/08 07:47 AM
A memo from my operations team. I thought I would throw this out to the readership since I get a lot of questions about the timing of this event.
Due to FHA's elimination of Seller-funded down payment assistance programs October 1, 2008 Supreme is implementing the following deadlines:
All FHA loans with seller-funded down payment assistance must:
1. Have an application date on or before September 30, 2008
2. Have a case number assigned on or before September 30, 2008
3. Must be closed and funded by November 10, 2008
PLEASE NOTE THESE DATES COULD CHANGE. … (10 comments)
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dallas mortgage: Seller Funded DPA = Money Laundering. <= Did I really say that?!?!
- 07/07/08 08:13 AM
Dave Michaels with the Dallas Morning News called me out of the blue the other day. He was working on a story about FHA Loans in Texas. It seems that I show up pretty high in the Search Engines for the keywords that he was interested in that day(Thanks ActiveRain).
<Article Link>
The interview lasted over 1/2 hour and we really got into the depths of these Seller Funded Down Payment Assistance Programs. Not to be confused with true charitable donations... These Faux Charities have been around for a along time. And do put some very deserving borrowers into a good 30yr fixed … (26 comments)
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dallas mortgage: About Last Night.....North Dallas Happy Hour!!
- 06/19/08 07:22 AM
The Babe Magnet that I am.... I had the great pleasure of meeting up with fellow Rainers Lorrie Semlar and Sharon Parisi last night for a little Happy Hour at the new and hip Sting Club in N. Dallas.
The food was simple but good and the beers were cold. I am even starting to see a few more Realtors at these little shindigs which started out as a get-together for Mortgage Professionals.
If your ears were burning last night.... It was for good reason. And the hottest topic of the night was.... Did Donna Harris get that phone call? And what did they … (19 comments)
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dallas mortgage: NAHB Green Building Legislation Offers Incentives to Lenders
- 06/17/08 10:56 AM
I know that we have a lot of 'Green' Realtors who post here. I have enjoyed their perspective on the topic.
Here is an article about some proposed legislation to encourage more 'Green' through lender incentives.
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The National Association of Home Builders (NAHB) urged Congress this week to move forward on legislation to improve energy efficiency and sustainability in housing without driving costs above manageable levels.
Jerry Howard, NAHB executive vice president and CEO testified before a House Financial Services Committee hearing on H.R. 6078, the Green Resources for Energy Efficient Neighborhood Act (or the GREEN Act) of 2008.
NAHB … (4 comments)
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dallas mortgage: AMP Networking Realtor and Mortgage Industry Event
- 06/17/08 10:16 AM
Its that time again. I will be at the happy hour event around 5:30ish
Hope some of you can make it!!
AMP Networking Event Wednesday June 18th 5:30PM to 8 PMOver 150 people Attended the Dallas AMP Sting May Event - South of Beltline on the East Side of the Tollway Click here for Sting Website
Tom BurrisDallasLoanGuy.comDallas, TX
"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/Texas Home Loans
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending … (7 comments)
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dallas mortgage: Baseball Time in Plano, TX - Plano Baseball Association
- 06/14/08 03:59 PM
I am an assistant coach on my son's 7yr old Coach Pitch Baseball team. I have been very pleased with the organization we are playing with this year. The Plano Baseball Association is certainly a community of people who believe in the phrase "It's All About The Kids". I have been extremely pleased interacting with the staff at Plano Baseball as well as the opposing team coaches. Everyone seems to subscribe to the "Have Fun First" mentality.
http://www.planobaseball.org/
In recent action.... The Sidewinders' Ethan Burris goes for a tag of the opposing team's runner.
PBA's Mission Statement - … (4 comments)
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dallas mortgage: Uh oh!! I got MeMe'd again.... This time by Jeff Belonger...
- 06/03/08 04:04 PM
*shaking fist at Jeff*
http://www.fhaloansfhamortgages.com/the-memorial-day-2008-super-meme-by-jeff-belonger
In the above post, Jeff explains how this MeMe was a questions/answer type. Thankfully.
1. Who is your favorite musical artist? (post a youtube video)
Wow, this isn't easy. And I might surprise some folks by my pick. But I would have to say that the one man I always have migrated back to regardless of where my eclectic tastes have taken me is Johnny Cash.
The 'Man in Black' was a great story teller. And though he spent most of his charitable time playing for convicts... see his 'Folsom Prison Blues' stuff.... He has … (11 comments)
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dallas mortgage: The DallasLoanGuy's Most Recent Testimonial
- 05/22/08 01:41 PM
Tom,Of course we're now on the homestretch and we still don't know if underwriting is going to tell us to kiss their behinds or not...BUT I wanted to personally thank you for your time, patience, honesty, and everything you've done for us. You represent your profession very well. As you know we were faced with dealing with some not so good brokers but you sir, have really impressed me. I will send EVERY person I know your way not because you're a "yes" man but because you are a "honest" man who will lay the facts out for your clients and … (1 comments)
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dallas mortgage: When Final HUD Approval isn't so Final.
- 05/16/08 04:28 PM
Today I had the pleasure of sitting in on a courtesy closing at a local title company. The courtesy closer was great!!
We were closing for:Fidelity National Title4540 FM 1960 WestHouston, TX 77069
Upon my arrival at the closing I discovered that the Final HUD-1 approved by me, my processor and my closing department had been altered. A $120 fee for the seller had been inserted at the last minute. The final HUD had been shared with the client before closing and she had a cashier's check in hand. A happy day for my single mother and First Time Home buyer turned sour. … (18 comments)
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