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

How Much Do You Need to Make to Buy a Home in Your State?

It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C.

States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.

Below is a map with the full results of the study:

GoBankingRates gave this advice to anyone considering a home purchase,

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

Bottom Line

If you are considering buying a home, whether it’s your first time or your fifth time, consult a local real estate professional who can help evaluate your ability to do so in today’s market!


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

 

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 & Loan App Now!

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J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
8105 Rasor Blvd #140 Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram

 

Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

The Cost of Renting vs. Buying a 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!


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

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

Veterans Affairs Loans by the Numbers


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 & Loan App Now!

scott-circle

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

80% Of Renters Believe Homeownership Is A Part Of Their American Dream

According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream.

The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.

So, what is holding renters back?

What would make renters take the plunge?

NAR’s Chief Economist, Lawrence Yun believes that,

“Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher.”

Yun goes on to warn that,

“However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner.”

Bottom Line

If you are one of the many homeowners whose houses no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! First-time buyers are out in force looking to achieve their American Dream.

 

 

We look forward to helping you purchase that new home,

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris
Branch Manager
6900 Dallas Parkway #610
Plano, TX 75024
M: 214-435-8825 | F: 972-696-7810
NMLS# 375517 | Company NMLS # 3274
Equal Housing Lender
Apply Online
Guild Mortgage Company Like us on Facebook Follow us on Twitter Find us on LinkedIn Follow us on Instagram
Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations – J.D. Power

 

Mortgage Money More Available Than Ever!

Mortgage credit availability was up in September, according to data from the Mortgage Bankers Association (MBA).
The trade group’s Mortgage Credit Availability Index (MCAI) rose by 0.7 percent to 181.4 in September. All four component indices were up: The Conforming MCAI and the Conventional MCAI both recorded 1.5 percent upswings, followed by the Jumbo MCAI with a 1.4 percent increase and the Government MCAI inching up by 0.2 percent. September marked the fourth consecutive month that mortgage credit availability was on the rise.
“Mortgage credit availability increased in September due to continuing updates to conforming loan programs as well as agency jumbo programs that have been phased in over the last few months,” said MBA Vice President of Research and Economics Lynn Fisher. “For the year to date, the supply of credit has increased only modestly in the non-jumbo space while it has expanded significantly among jumbo programs.”  Link to Original 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!

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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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Ask me about 100% Financing on Homes right outside DFW


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

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

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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Home prices still rising, bad news for first-timers

Home prices were up again in July but the continued rise in values is further impacting potential first-time buyers.

The newly-released S&P CoreLogic Case-Shiller HPIs show a rise of 5.9% year-over-year for the nationwide index covering all nine census areas, up from 5.8% in June; a 5.2% rise for the 10-city composite (up from 4.9%); and a 5.8% rise for the 20-city composite (up from 5.6%).

“While the gains in home prices in recent months have been in the Pacific Northwest, the leadership continues to shift among regions and cities across the country. Dallas and Denver are also experiencing rapid price growth. Las Vegas, one of the hardest hit cities in the housing collapse, saw the third fastest increase in the year through July 2017,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.

Meanwhile, first-time buyers are being increasingly priced-out of the housing market.

Unsustainable price gains for entry-level homes are exacerbating affordability for potential new entrants to the market, according to Nationwide’s Health of Housing Markets report.

“The U.S. housing market is, overall, healthy and maintains a positive outlook,” said David Berson, Nationwide senior vice president and chief economist. “However, we can’t ignore that price gains are weighing on affordability, and it’s worth keeping an eye on how the price environment will impact those looking to purchase a home for the first time.”

The lowest-tier homes have seen an escalation in average price of 56% in the last five years while the top tier has gained just 33%. Gaps like this were also seen in the period 1987-2005 followed by a slowdown, but Berson is not concerned about a repeat.

“The lending environment today is very different than in both those times. Lenders are more cautious today, likely because they have changed lending practices since the housing market crash. Consumers are in more solid financial standing today, too, as they are less levered overall.”

While affordability is a growing concern, Berson says that demand is not being weakened but that inventory continues to be a challenge for the housing market.

by Steve Randall       27 Sep 2017  MPA Mortgage Professional America
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

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

Your Tax Refund = Your Down Payment on a New Home

This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question – “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money:

  • 41% – Put it into savings
  • 38% – Pay off debt
  • 11% – Go on a vacation
  • 5% – Make a major purchase (car, home, etc.)
  • 5% – Splurge on a purchase

Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment. In a recent post in NAR’s Economists’ Outlook Blog, they explained:

“With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

They went on to add:

“[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”

In other words, putting that money toward purchasing a home is a form of savings.

Bottom Line

When one considers that first-time home buyers in 2016 had an average down payment of 6%, a decent tax return could go a long way toward the necessary funds needed for a down payment on a house. Or perhaps, the down payment needed by a son or daughter to make their homeownership dream a reality. How are you going to spend your refund?

 

 
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

Q&A – Is it possible to get a va home loan with a 617 mid score in Oklahoma

You bet, we approve VA loans starting at 580.  I have noticed many of the local banks and lenders require a score of 640 or more.
I would be excited for the chance to help another Veteran become a homeowner!

 

 

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

Can I get a VA loan with husband who has good credit but I have charge offs with 0 balance?

Your Answer

USAA is a great insurance and investments company, but I have closed many VA loans after they declined them.  Zero balance charge-offs will not hurt, but they may cause your score to be lower than the required 580.  If he can qualify and doesn’t need your income, you can be a Non-Purchasing Spouse and still be qualified.

 
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