texas home loans: Home Buyer Tax Credit Deadline Extended - 07/01/10 05:03 AM
Home Buyer Tax Credit Extended
Late Wednesday night the Senate passed a House-passed measure to extend the Tax Credit to Sept 30th 2010.The bill will now go to the President who is expected to sign the bill immediately.
This bill only extends the deadline to close on a home that went under contract on or before April 30th 2010. This bill will likely help thousands of homebuyers who have been bogged down in underwriting due to the rush of new contracts that came in just before the April 30th deadline.
While this measure does not particularly help the housing industry with … (5 comments)

texas home loans: 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)

texas home loans: FHA Streamline Refinance Changes - 11/22/09 01:49 AM
FHA Streamline Refinance Changes
We have seen tightening of all loan guidelines.... And the same is true for the FHA Streamline Refinance Loan.
Key Revisions:
* Seasoning: At time of application the borrower must have made at least 6 payments.
* Payment History: For mortgages with less then 12 months payment history, all payments must be paid on time. For mortgages with more than 12 months history, no more than one 30-day late is allowed.... and the previous three months must have been made on time as well.
* Net Tangible Benefit: The lender must determine that there is a benefit … (1 comments)

texas home loans: General Mortgage Loan Guideline Changes - Regarding Debt Ratios - 11/21/09 08:52 AM
Mortgage Loan Guideline Changes
Capital Market adjustments to guidelines:
Conforming Fannie Mae & Freddie Mac Debt Ratios: Effective on loans funding after December 12, 2009 the maximum debt ratios are as follows. References to DU 8.0 are due to the pending update to Desktop Underwriter(automated underwriting).* DTI > 45% must be approved thru DU Version 8.0* Fannie Mae indicated that debt ratios exceeding 45% require compensating factors. Fannie does not publish a list of compensating factors and it is unknown whether DU 8.0 will approve above 45%
FHA, VA, USDA & Bond Program Loans:
Effective with loans funding on or after … (0 comments)

texas home loans: TX Mortgage Rates. - 11/17/09 05:53 AM
Texas Mortgage Rates, Dallas TX Lender
 
What a year. We have seen rates as high as in the mid 6%'s and as low as the low 4% range on 15yr loans.
We are staring at the lows right now.... A great time to refinance to a low fixed rate that you will never have to refinance out of.... It is that low!!
Remember.... Refinancing has costs..... Either out of pocket or rolled into the loan. It doesn't always make sense to refinance your loan. If you think there is a good chance of moving for your job, you might be … (3 comments)

texas home loans: New Homebuyer Tax Credit.... What you need to know - 11/07/09 02:51 AM
New homebuyer tax credit
 
A new tax credit for homebuyers has been enacted and there are some changes. Income limits have been increased and it is no longer restricted to First Time Homebuyers.
I have included a chart below from the National Association of Realtors. This is the best illustration I have seen so far and will help answer many questions. I have heard positive feedback from those that have called the IRS from the phone numbers found on their website, irs.gov. Hold times are short and you can easily get to a human being!!
The effective date of this … (2 comments)

texas home loans: Rapid Rescore Your Credit Report for Loan Approval - 07/08/09 04:17 PM
Rapid Rescore….. What is it?
Quite simply, it is what is says…. A rapid rescoring of the credit report with certain supporting documentation.
What is it not? Well, it isn’t credit repair as the term has been commonly used.
Rapid Rescore removes erroneous information from the credit report with solid supporting documentation in as little as 3 to 5 days. It takes place of the normal 30 day dispute that a consumer can do for themselves…. Only faster!
Here is how it works!!
Mortgage lenders use a third party company to pull credit from the Big 3 Credit Bureaus…. Experian, Equifax … (3 comments)

texas home loans: confucius says: “He who shops for the lowest rate and fee will find neither” - 07/07/09 09:13 AM
Is there such a thing as too much shopping for a mortgage loan? I believe so!
 
“What is your rate?” <= I get that question a lot. Hehe… I usually answer it like this. “Same as everyone else”.
Well, it is true….. We sell our loans to the same people as my competitor does. We all have Fannie Mae delivery fees(called rate adjustments) for a multitude of risk variables. And whether you ask me or my competitor, we just don’t have a 30yr Fixed interest rate.
Well, at least we don’t have a published 30yr rate. It varies based on … (1 comments)

texas home loans: Is your lender a responsible organization? - Personal info found in trash - 03/24/09 01:54 PM
http://abclocal.go.com/ktrk/story?section=news/local&id=6724615
 
  By Deborah Wrigley BAYTOWN, TX (KTRK) -- Some Baytown homeowners are concerned after they discovered that boxes filled with documents containing their personal information, including names and Social Security numbers, had just been tossed in the trash.

 
I can only cringe.... I know outfits like this still exist. Thankfully this one went out of business.
And do I even need to say it? These applications were taken by Royce Homes. <= I don't know about you but if I were getting a home loan, I would go to a professional loan officer.
These companies who are realtors but … (5 comments)

texas home loans: 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)

texas home loans: To Pay or Not To Pay... That's the Point!!! - 01/26/09 04:59 AM
Mortgage Discount Points. 
How do I know when I should pay them? Are they a good deal or not?
They are a great deal if the borrower stays in the loan long enough.  And, do I have to say it? They are a bad deal if the borrower doesn't stay in the loan long enough.
Quite simply: Divide the cost of those points by the monthly reduction in mortgage payment and you will have a breakeven point represented in number of months. Stay longer than this number and your investment starts paying dividends. Stay in the loan less months than the … (10 comments)

texas home loans: 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)

texas home loans: I just approved a Home Loan for a dead man..... - 12/11/08 03:18 PM
Well... Equifax and Transunion think he is dead anyway. 
You see, once the credit bureaus have been alerted(usually by a creditor) that a person has died, that file is flagged as 'Deceased'. This prevents a posthumous indentity theft situation. Otherwise, illegal aliens would be perusing the obituaries on a daily basis in search of a recent passing and ultimately a valid social security number. In these cases, the FICO scoring model will refuse to score the loan. In my case, I was still able to approve the loan with the condition that the 'deceased' status is cleared up.
To say the … (11 comments)

texas home loans: 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)

texas home loans: 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)

texas home loans: 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)

texas home loans: 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)

texas home loans: 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)

texas home loans: Do You Work for a ‘Class' Organization? How Can You Tell? - 08/16/08 05:58 AM
Leave!! That's right, leave your company and see the attitudes change.
 Whether you have been terminated for violating company policy or you found greener pastures with the competition and transitioned out of your company, you should expect the same ‘Class' from your bosses and support staff as was shown to you when you started. Anything less shows not only the ‘Class' of the people you once worked with but it is also a reflection of the entire organization from top to bottom.
 In the Mortgage industry we experience a long sales cycle. Roughly 30 days from contract to close!! And this … (10 comments)

texas home loans: Seller Funded DPA = Money Laundering. &lt;= 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)

 
Tom Burris, Texas/Louisiana Mortgage Pro - 13 YRS Experience (NMLS# 335055)

Tom Burris

Texas/Louisiana Mortgage Pro - 13 YRS Experience

Baton Rouge, LA

More about me…

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Address: 11420 Airline Hwy, Suites 102, 105, 202, Baton Rouge, LA, 70816

Mobile: 214-763-4629 cell/txt/night/wknd

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Your Texas Louisiana Mortgage Loan Officer, Tom Burris, The Texas-LouisianaLoanGuy, has been arranging Home Loans since 2004. Stress Free Mortgage Process.... Thorough pre-approvals... Hyper communication with the client and realtor partner sets the Texas-LouisianaLoanGuy apart from the rest. Your Mortgage should be fun!!! Contact the DallasLoanGuy Today!!! 214-763-4629 cell/text/nights/weekends    


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