J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

J. Scott Harris – MortgageXperts.com - Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!  We close loans every day that Banks would not, or could not approve. NMLS # 375517  – Mobile 214-435-8825

Home Buying Myths Slayed

Some Highlights:

  • Interest rates are still below historic numbers.
  • 88% of property managers raised their rent in the last 12 months!
  • The credit score requirements for mortgage approval continue to fall.

We APPROVE FHA & VA Loans at 580+

 

 

The KEYS to your new home are within reach!
Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program .

Learn more to see whether you might qualify.

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

If you want to qualify for Public Service Loan Forgiveness now or in the future, complete and submit the Employment Certification form as soon as possible. Too many borrowers wait to submit this important form until they have been in repayment for several years, at which point they learn that they have not been making qualifying payments. In order to ensure you’re on track to receive forgiveness, you should continue to submit this form both annually and every time you switch employers.

What is qualifying employment?
What is considered full-time employment?
Which types of federal student loans qualify for PSLF?
What is a qualifying monthly payment?
What is a qualifying repayment plan?
How do I apply for PSLF?
Where do I send my Employment Certification form?
Where can I see how many qualifying payments I’ve made?
Who at my employer can certify my employment?
Will I automatically receive PSLF after I’ve made 120 qualifying monthly payments?

 

Student Debt load is becoming a HUGE impediment to new home ownership.

The Federal Student Aid website is the best place to learn about ways to consolidate or resolve your student loans.

https://studentaid.ed.gov/sa/

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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1 in 3 Make Offers on Homes Sight Unseen?

One in Three Recent Homebuyers Made an Offer Sight-Unseen—Up from Nearly One in Five a Year Ago.

 

Watch this short video from my friends Frank & Brian.

Written by Rachel Musiker on June 28, 2017

Click here for the full article.

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

New Fannie Mae “No Credit Score Loan” Program @ 90% LTV

Fannie Mae has made enhancements that now allow the assessment of Mortgages when no Borrower has a credit score and when not all Borrowers have a usable credit score.

 Purchase or no cash-out refinance
 1 unit property
 All Borrowers must occupy the property as their Primary Residence
 LTV, CLTV, HCLTV not to exceed 90%
 The loan must be a Fixed-rate mortgage
 High Balance Loans and Manufactured Homes not eligible
 The debt-to-income ratio must be less than 40%
 Reserves determined by DU
 Approve/Eligible Finding required

 Each Borrower must have at least 2 payment references in the US comprised of Nontraditional credit references and/or tradelines not appearing on the credit report. If 2 or more Borrowers have the same nontraditional credit reference, then the credit reference may count for each of those Borrowers.

 Each nontraditional credit reference must have at least a 12 month consecutive payment history.

 At least one Borrower must have a housing payment history as one of the credit references and have no 30-day or greater delinquency in the most recent consecutive 12 months.

 For all other nontraditional credit references excluding housing payment reference, only one credit reference may have 1 30-day delinquency in the most recent 12 months and no 60-day or greater delinquencies in the most recent 12 months.

 No collections (other than medical collections) or judgements filed in the most recent 24 months is allowed.

 Judgements, liens, collections, and charge-offs of non-mortgage accounts must be satisfied.

 Any derogatory credit references that appear on the credit report must be considered in the final underwriting decision. Nontraditional credit references cannot be used to offset a previous derogatory credit history. A Borrower with derogatory credit references such as bankruptcy or foreclosure must have re-established credit in accordance with B3-5.3-07.

 One borrower must participate in a homeownership education program before the Note Date when the credit for all Borrowers is established using only nontraditional credit references.

 

CONTACT J. SCOTT HARRIS FOR MORE DETAILS.

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

95% Doctor Loan Program – Less than 2 yrs S/E or too much student debt to qualify? We can CLOSE these!!

Problem # 1 – Most new Doctors work as Professional contractors at Hospitals or Medical Facilities rather than regular employees.  Operating as a Professional Corporation helps in many ways, but almost always makes it more difficult to qualify for a traditional mortgage and buy a home.

Qualifying buyers with 1120 or 1120S tax returns & K-1’s has gotten more difficult in the recent years.  Providing 2 full years of tax returns and enough income to qualify for that new home can force new Doctors into waiting 3 or more years to get established and buy a home.

Problem #2 – The average Medical School Graduate enters the professional world with over $150,000 in student debt.  Unfortunately, underwriting guidelines have tightened and say a lender can no longer accept an income based or graduated payment plan or ignore deferred student loans.

Now lenders must follow a mandated 1% rule. Whatever is the greater between 1% of the cumulative balance or the actual amortized payment MUST be used for qualification. (1% of $150,000 = $1500/mo.)

Our Doctor Loan Program allows exceptions to the 2 year self employment rule and counting deferred student loan indebtedness in ratios.

In addition, we allow up to 95% LTV loans to the Conforming Loan Limit $424,100.

 


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Fannie Mae will ease financial standards for mortgage applicants next month

June 6 Washington Post – Link to Original Article

It’s the No. 1 reason that mortgage applicants nationwide get rejected: They’re carrying too much debt relative to their monthly incomes. It’s especially a deal-killer for millennials early in their careers who have to stretch every month to pay the rent and other bills.

But here’s some good news: The country’s largest source of mortgage money, Fannie Mae, soon plans to ease its debt-to-income (DTI) requirements, potentially opening the door to home-purchase mortgages for large numbers of new buyers. Fannie will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29.

DTI is essentially a ratio that compares your gross monthly income with your monthly payment on all debt accounts — credit cards, auto loans, student loans, etc., plus the projected payments on the new mortgage you are seeking. If you’ve got $7,000 in household monthly income and $3,000 in monthly debt payments, your DTI is 43 percent. If you’ve got the same income but $4,000 in debt payments, your DTI is 57 percent.

In the mortgage arena, the lower your DTI ratio, the better. The federal “qualified mortgage” rule sets the safe maximum at 43 percent, though Fannie Mae, Freddie Mac and the Federal Housing Administration all have exemptions allowing them to buy or insure loans with higher ratios.

Studies by the Federal Reserve and FICO, the credit-scoring company, have documented that high DTIs doom more mortgage applications — and are viewed more critically by lenders — than any other factor. And for good reason: If you are loaded down with monthly debts, you’re at a higher statistical risk of falling behind on your mortgage payments.

Using data spanning nearly a decade and a half, Fannie’s researchers analyzed borrowers with DTIs in the 45 percent to 50 percent range and found that a significant number of them actually have good credit and are not prone to default.

“We feel very comfortable” with the increased DTI ceiling, Steve Holden, Fannie’s vice president of single family analytics, told me in an interview. “What we’re seeing is that a lot of borrowers have other factors” in their credit profiles that reduce the risks associated with slightly higher DTIs. They make significant down payments, for example, or they’ve got reserves of 12 months or more set aside to handle a financial emergency without missing a mortgage payment. As a result, analysts concluded that there’s some room to treat these applicants differently than before.

 

Lenders are welcoming the change. “It’s a big deal,” says Joe Petrowsky, owner of Right Trac Financial Group in the Hartford, Conn., area. “There are so many clients that end up above the 45 percent debt ratio threshold” who get rejected, he said. Now they’ve got a shot.

That doesn’t mean everybody with a DTI higher than 45 percent is going to get approved under the new policy. As an applicant, you’ll still need to be vetted by Fannie’s automated underwriting system, which examines the totality of your application, including the down payment, your income, credit scores, loan-to-value ratio and a slew of other indexes. The system weighs the good and the not-so-good in your application, and then decides whether you meet the company’s standards.

Fannie’s change may be most important to home buyers whose DTIs now limit them to just one option in the marketplace: an FHA loan. FHA traditionally has been generous when it comes to debt burdens: It allows DTIs well in excess of 50 percent for some borrowers.

 

But FHA has a major drawback, in Petrowsky’s view. It requires most borrowers to keep paying mortgage insurance premiums for the life of the loan — long after any real risk of financial loss to FHA has disappeared. Fannie Mae, on the other hand, uses private mortgage insurance on its low-down-payment loans, the premiums on which are canceled automatically when the principal balance drops to 78 percent of the original property value. Freddie Mac, another major player in the market, also uses private mortgage insurance and sometimes will accept loan applications with DTIs above 45 percent.

The big downside with both Fannie and Freddie: Their credit-score requirements tend to be more restrictive than FHA’s. So if you have a FICO score in the mid-600s and high debt burdens, FHA may still be your main mortgage option, even with Fannie’s new, friendlier approach on DTI.

 
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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What Would You Sacrifice to Save For Your Next Home?

  • 95% of first-time home buyers are willing to sacrifice to make home ownership a reality.
  • The top item that buyers sacrifice is new clothes, at 54%.
  • Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home.

I work with a select group of determined home buyers.  Most have been declined or ignored by other Banks or Loan Officers because of credit or other complications.  

Each month, many accomplish their dream and we FUND their loan. Everyone else has taken one step closer to that goal.

I will give you a step by step plan to improve your income qualification and credit scores to at least 580 by the time your lease ends.

For over 20 years, I have FUNDED loans other Lenders could not, or would not take the time to work with.  YOU CAN BE THE NEXT.

Complete this registration to get on a path to mortgage and credit APPROVAL.

ARE YOU READY TO STOP RENTING? I CAN DELIVER THE KEYS TO YOUR NEW HOME.


YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

ARE YOU READY TO STOP RENTING? I CAN DELIVER THE KEYS TO YOUR NEW HOME.


I work with a select group of determined home buyers.  Most have been declined or ignored by other Banks or Loan Officers because of credit or other complications.  

Each month, many accomplish their dream and we FUND their loan. Everyone else has taken one step closer to that goal.

I will give you a step by step plan to improve your income qualification and credit scores to at least 580 by the time your lease ends.

For over 20 years, I have FUNDED loans other Lenders could not, or would not take the time to work with.  YOU CAN BE THE NEXT.

Complete this registration to get on a path to mortgage and credit APPROVAL.

 

Freddie Mac forecasts more than 6 million home sales in 2017


MAY 29, 2017 BY MIKE WHEATLEY 
Original Article

A combination of strong job growth and low mortgage rates is helping to propel the housing industry towards one of its best years in decades, even as economic growth elsewhere in the country is weakening. That’s according to Freddie Mac’s latest Outlook report for May, which marks a change from the mortgage giants most recent predictions which stated that real estate wouldn’t perform as well as it did last year.

But Freddie Mac says March saw new home sales that were much better than expected. Meanwhile, existing home sales hit their highest level since 2007. As such, Freddie’s economists now believe we’ll see more than six million home sales in 2017.

“Despite weak economic growth, housing got off to a good start in 2017 because low mortgage rates have given the spring homebuying season a pleasant surprise,” said Sean Becketti, Freddie Mac’s chief economist. “Mortgage rates started March just above four percent and have mostly drifted lower since then, even falling below 4 percent. With home sales, housing starts, and home values up, 2017 is shaping up to be the best year for housing in over a decade.”

Also, unemployment in the U.S. is at 4.4 percent, the lowest rate since 2001.

Mortgage originations in the first quarter of this year totaled about $60 billion more than expected, mostly due to an uptick in refinances, according to Freddie. Mortgage originations in 2017 are expected to rise to more than $200 billion. In the first quarter of this year, 49 percent of refinance borrowers took cash out. That also marks the highest share since the fourth quarter of 2008 but remains far below the peak of 89 percent in the third quarter of 2006.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

Credit Scores Hit Record High as Recession Wounds Heal

National Average Scores hit 700, which is the highest since 2005.

Also, the number of Consumers with scores below 600 are a new LOW.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo