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972-699-9111

"Lynn911" Lynn A. Crosby

National Featured Realtor

Dallas Real Estate blogs read in The Washington Post AND over 100 Countries

The Michael Group
Dallas Business Journal Top Realtors 07',08',& 09'

Dallas Realtor, Texas Mortgage Loan Officer, Credit Repair Consultant



 

 

Thank you for visiting today take your time and look around my Dallas Real Estate website, read blog posts, search 1000's of Dallas homes for sale, or apartments for rent.  I provide a wealth of information and resources available to you.
Contact my Dallas real estate office looking forward speaking with you explain how I serve all your DFW real estate needs offering Dallas houses for rent or sale mortgages, Dallas apartment rentals, and credit repair guidance.

972-699-9111
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Dallas Mortgage Home Loans, FHA Loans

For many years home mortgage insured by the Federal Housing Administration (FHA) have made home ownership possible for millions of home owners. During the "boom" FHA loans lost a lot of ground in the marketplace because non-conforming loans were often easier to get and cost the borrower less scrutiny and often less out of pocket.

Welcome the day when Housing and Urban Development Secretary (HUD) Shaun Donovan stood in front of Congress and reported the reserves of the FHA insurance pool to be only .53% - far below the federally mandated, by law, 2% reserves. As you may imagine Mr. Donovan, in an effort to save his job, is now scrambling for good ideas to get those reserves back to the minimum legal level. Let us all observe as the fireman tries to put out a big fire while his own pants are on fire.

Here are some of the recommendations thus far:

 

  1. Raise the required minimum down payment from 3.5% to 5%
  2. Lower the maximum seller contribution from 6% to 3%
  3. Establish a required minimum credit score
  4. Eliminate the ability to finance the Up Front Mortgage Insurance Premium (UFMIP) into the loan
  5. Raise the cost of FHA mortgage insurance (higher premiums)
Currently it is much more difficult to be approved for a home loan, purchase or refinance, than it was two years ago or even six months ago.
 
Judging from the mortgage applications changes will absolutely impact at least 25% of the borrowers who have successfully purchased or refinanced their homes in the last few months. In fact I have several borrowers who easily qualify most likely not qualify if these changes are made. Considering I'm one out of tens of thousands go ahead and do the math. 
 
Just wait ... it's not only FHA - it's Fannie, then Freddie and Ginnie. We predicted it a few months ago that it would not be long until buyers would need a minimum of 5% down, a minimum of a 640 credit score and rates would start to rise.
 

Lynn Crosby "Lynn911.com" - Texas - FHA, USDA, VA and Conventional Home Loans (972) 699-9111