Foundation Mortgage

Great news from HUD that the FHA loan limits have been temporally been increased to $271,050 in the State of Texas.  With Fannie Mae and Freddie Mac tightening up on their qualification guidelines and the Mortgage Insurance companies wanting to insure only higher FICO score borrowers (over 620) FHA loans are going to be more popular now than ever.

FHA financing does not look at credit scores on manual underwritten files and the mortgage insurance premium is the same for everyone.  The interest rates tend to be a bit higher than conventional loans but with the lesser mortgage insurance payment it comes out about the same. 

What has also been kept in play is the Down Payment Assistance Gift for the Non-Profit companies like Nehemiah, this is a great help to people who don't have the 3% for down payment.  These programs have been under attack and it is the last thing we need right now is for this to go away further limiting the number of families that can buy a home.

With interest rates still really low and FHA raising their loan limits now is a great time in Grayson Co. Texas to buy a home. 

As I watched the 60 minute TV show piece "A House of Cards" last Sunday whre in Stockton California there are more foreclosures than any other city in America and experts say they have only seen about 40% of the foreclosures that will occur.  It made me thankful that I live in Grayson County Texas where home prices are still afordable and that I, as a mortgage broker, am able to help first time homebuyers purchase a home on a 30 year fixed rate mortgage that they can afford and not be worried that the payment will ever go up.

Although there are fewer loan programs available the government insured mortgage called FHA is still going strong and is a good fit for people who may have had credit challenges in the past or who may have very little or even no credit established.  FHA is the only mortgage program that still is underwritten by a person who looks at the total picture of the borrower not just a credit score. 

As we watch the news from Grayson County Texas, it is easy to get sucked into all of the bad news about the economy and the housing market in the rest of the United States but don't listen that is not what is happening here. Now is the perfect time to purchase a home in Northe Texas.  Rates are very low, our home prices are affordable (going up every day) and a house is not only is a great investment but gives every family stability a place to call home.

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