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

Wells Fargo to Raise Minimum Credit Scores on FHA Loans to 640 = More loans for J. Scott Harris!

Wells Fargo is raising minimum credit score requirements on Federal Housing Administration loans, part of the ongoing jockeying by large banks to limit lawsuits by the Justice Department for defective FHA loans.

John Shrewsberry, Wells Fargo’s CFO, said Wednesday that the San Francisco bank will not make loans to FHA borrowers with low credit scores because of their higher rates of default.

“We will be adding back the credit overlays so we make fewer loans that are close to [the FHA’s] most accommodative end of the credit spectrum,” Shrewsberry said at the Barclays Global Financial Services Conference in New York. “Those are the loans that are going to default and those are the defaults loans that we’re going to be arguing about 10 years from now and we’re not going to do that again.”

Last year Wells lowered credit scores to a minimum of 600 on FHA purchase loans through its retail channel. This week, the minimum FICO score was raised back to a minimum of 640, the same requirement for the company’s correspondent channels, said Tom Goyda, a Wells spokesman.

The change by Wells, the largest U.S. home lender, was prompted by an FHA proposal earlier this month regarding loan-level certification. That proposal, which reiterates current policy and is open for public comment until Nov. 2, would require that lenders certify that loans backed by the FHA do not have any mistakes or material defects.

The proposal includes a provision that would require all lenders to certify that they have completed a review of all loans and that no deficiencies or defects were found to make the loans ineligible for FHA insurance. Such reviews must be conducted before FHA endorses the loans.

Banks have said the proposal lacks clarity and they want more assurances that they will not be sued by the Justice Department for minor defects in FHA loans. When a bank certifies that a loan is eligible for FHA insurance and the agency later finds a defect, a bank can be held liable for triple damages under the False Claims Act.

But many banks, including Wells Fargo, Quicken Loans, PNC Financial Services Group, Regions Financial and BB&T all have outstanding investigations of FHA loans, according to company filings.

Most of the top banks including Bank of America, JPMorgan Chase, Citigroup and U.S. Bancorp have already reached settlements with the FHA, a unit of the Department of Housing and Urban Development.

Raising credit scores in its retail channel will have limited impact on Wells’ overall mortgage production volume, Shrewsberry said. Most FHA loans are originated through its correspondent channel.

“The FHA came out earlier in September and informed people that they didn’t intend to make any meaningful changes to their loan-level certification,” he said. “They had gone out for comment, we gave them feedback, industry groups gave them feedback, consumer groups gave them feedback that they would need to do more and they chose not to.”

Credit “overlays” are higher credit score requirements for FHA loans than the agency’s own credit standards. Credit overlays have long been controversial. For many years, consumer advocates have lobbied banks to eliminate credit overlays claiming that requiring borrowers to a credit score of at least 640 may exclude about 15% of potential FHA borrowers.

The FHA provides mortgage insurance to approved lenders essentially protecting banks against losses when a homeowner defaults. Lenders have to indemnify the agency for possible losses for fraud, misrepresentation, or serious or material defects.

Wells originated $62 billion in home loans in the second quarter, up 32% from the previous quarter. Retail made up $36 billion of production, while correspondent purchases added $25 billion. Purchase loans were 54% of the total, up from 45% in the first quarter. Wells does not provide breakout numbers on FHA loans.

 

Here’s the Bottom Line:  Big Banks are tightening guidelines and looking for only perfect loans.
Gold Financial has the expertise and ability to help people who are not quite perfect become homeowners.Even is another Lender has said NO, we can help you.Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.


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

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We close loans every day that Banks would not, or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Qualifying for a Mortgage is easier than you think!

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A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.Here are the results from a Digital Risk survey done on Millennials:

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We approve loans with 3.50% Down or less and credit scores at 580+ everyday.  

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.Here are the numbers from a recent Ellie Mae report:

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We approve loans with 3.50% Down or less and credit scores at 580+ everyday.  

Bottom Line

 

Here’s the Bottom Line:

If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, sit down with someone who can help you understand your true options..

We approve loans with 3.50% Down or less and credit scores at 580+ everyday.  

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.


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

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We close loans every day that Banks would not, or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

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Shadow Inventory causing CAIVRS Alerts. Do you have a buyer with an old foreclosure that is still causing them problems?

“Can I buy a home with a CAIVRS ALERT?”

CAIVRS stands for Credit Alert Verification Reporting System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal government. Examples of Federal debts include previous FHA or Veterans Administration home loans.

For a borrower that had a FHA mortgage foreclosed upon, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender.

This is the key sentence.

Unfortunately, the clock on the 3 years waiting period does not start ticking until the Lender takes legal ownership of the property, files the claim with FHA and FHA pays the claim.

We have had several prospective buyers recently that had problems 3 to 6 years ago.  They left the home and turned the property back over to the lender.  But, the lender, didn’t actually transfer title into their name for months and in some cases years!

We successfully pleaded the cases for the prospective buyers and were able to get CAIVRS Alerts cleared.  We documented the transfer should have taken place over 3 years ago, and it was not the prospective buyer’s fault that the lender did not file the claim until months or years after they reasonably should have done.

 

“Can I buy a home with a Foreclosure, Short Sale or Deed in Lieu in less that 3 years with the FHA Back to Work Program?”

“Can I buy a home with a Bankruptcy less that 2 years with the FHA Back to Work Program?”

We also have closed several FHA “Back to Work” loans.  FHA allows exceptions to the 3 years waiting period for prospective borrowers who suffered a Economic Event that resulted in a severe reduction in income due to a job loss or other circumstances resulting in reduced Household Income. and the borrower has demonstrated full recovery from the event for a minimum of 12 months.

As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure.  Some borrowers were forced to file bankruptcy.  FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.

Here’s the Bottom Line:
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

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We close loans every day that Banks would not,
or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

 

 

Rapidly Increasing Home Values Pose Appraisal Problems

Lower Appraisal = Higher Downpayment

Bank

 

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal).

In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank. With escalating prices, the second sale might be even more difficult than the first. And now, there may be a second issue further complicating the appraisal issue. The Mortgage News Daily (MND) recently published an article titled Conservative Appraisals Increasingly Mentioned in 2015; Did Something Change? The article revealed that there was a “flurry” of comments on their website from members expressing concern about…

“…a sudden increase in appraisals reflecting market values well below what had been expected. In some cases the low appraisals had merely required the restructuring of the loan, in others they killed the deal.”

The National Association of Realtors revealed this month that 8% of the contracts that fell through over the last three months were terminated because of appraisal issues. MND decided to survey their members and ask why this sudden increase in “short” appraisals could be taking place. Here is one result of that survey:

“Almost everyone we spoke to mentioned Fannie Mae’s new Collateral Underwriter (CU).”

Collateral Underwriter provides a risk score on individual appraisals which will lead to a ranking of appraisals by risk profile, allowing lenders to identify appraisals with heightened risk of quality issues, overvaluation, and compliance violations. It went on-line on January 26. Marianne Sullivan, senior vice president of single-family business capability with Fannie Mae believes that CU is not a problem for appraisers. She claimed:

“From an appraiser perspective, one of the lender’s responsibilities has always been to review the quality of an appraiser, and they have been using various methods to do that forever. I don’t think appraisers will find this tool to be disruptive.”

However, some think that CU has caused appraisers to become too cautious with their appraised values. One mortgage professional in the MND article explained it this way:

Sildalis is a combination of tadacip cheapest viagra price with sildenafil citrate. The interesting paradox to osteoarthritis though is that inactivity can be just viagra uk click here to find out more as harmful to the joints as is overuse and joint wear. Wide range of online impotency solutions are available that is easier to grab without revealing the discount viagra identity. This is the most common concern, for which we tend to suffer from varied kinds of diseases due to infections in any part of this system, therefore, a better understanding of different issues related to menstruation and reproductive health in women. tadalafil cialis india “My personal opinion is that appraisers are being overly conservative in choosing comps because of CU. If CU questions the comps, adjustments, etc., the appraiser would have to do a lot of extra work to justify them. I had anticipated that CU would cause delays because of this extra work, but it seems that appraisers are one step ahead and are being ultra conservative, thus avoiding the extra work in the first place. I haven’t spoken to an appraiser about it; this is just my interpretation of what I am seeing.”

Ryan Lundquist, a Certified Residential Appraiser in the Sacramento area, agreed:

“One of the unintended consequences of CU may be more conservative appraisals.”

Bottom Line

We must realize that, in today’s housing market, every house must be sold twice and the second sale (to the bank’s appraiser) could be the more difficult one.

Mortgage Expert

J. Scott Harris
Vice President 
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122Apply Online – www.MortgageXperts.com

Is the Credit Grinch keeping you from buying a New Home for Christmas?

Grinch

Many people get discouraged and become resigned to a life of renting.

But, the New York Times says Home Ownership is the #1 Wealth Creator.

The average net worth of a homeowner ($194,500) is 36X greater than that of a renter ($5,400).

Let us help you.  We will never tell you NO. We might have to say, Not today.

In a surprising number of cases, we can help clients improve their scores to 580 and be ready to buy in 6 months or less.

We will design a step by step plan to improve your credit and make sure your income, cash to close and qualifying ratios are ready to go when your next lease is up.

This is NOT credit repair!  We call it Credit Coaching.

We will work with you monthly to review your credit and qualifications until we can approve your new home loan.

Free Credit Report and our Credit Coaching commitment.

Click Here to get moving into your new home!

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Confusing Real Estate News? We Can Help

 image1

Below are the headlines from three separate news releases issued over a one month period:

11/3/2014 – Millions of Potential New Households Waiting Out the Recovery

11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market

And then, the contrarian view:

12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group

It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release. Amazingly, the same entity published all three reports. What? It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in one month!! All the headlines could actually be true. However, a consumer reading them might be misled. This is evidence of how difficult it is to actually understand the intricacies of today’s housing market. Even the experts can seem confused.

Bottom Line

If you are thinking of either buying or selling a home, it is probably best to engage a local mortgage or real estate professional to help you successfully navigate the ins-and-outs of today’s real estate transaction.

Source: KCM Blog 12-11-2014

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Too many borrowers with lower credit scores shut out of mortgage market, FHA says. New HAWK program will offer MIP reductions

FHA Announces Blueprint for Greater Homebuyer Access to Credit

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Media Contact: Sara Wiskerchen / 202-383-1013 / Email

WASHINGTON (May 13, 2014) – The Federal Housing Agency is taking additional steps to expand access to mortgage credit for underserved borrowers, according to Department of Housing and Urban Development Secretary Shaun Donovan, who spoke to Realtors® today at the FHA: 80 Years and Counting – Regulatory Issues Forum during the Realtor® Party Convention & Trade Expo.

Donovan said lending to potential buyers with lower credit scores has fallen dramatically in recent years and announced a new blueprint for greater consumer access to credit, through a new FHA housing counseling program that will launch later this year. The four-year, two-phase pilot program, called Homeowners Armed With Knowledge or HAWK, will offer a 50 basis point reduction in the upfront mortgage insurance premium and a 10 basis point reduction in the annual premium at the time of loan origination to first-time homebuyers who complete the program. Loans that remain in good standing will also receive reductions, which could add up to thousands of dollars in savings for homebuyers over the life of their loan.

“People deserve access to credit and the chance to buy a home when they are ready. We are excited about the potential impact HAWK will have on buyers,” said Donovan. “This is a win for the market, FHA, lenders, and borrowers. It will ensure that FHA will continue as a champion of opportunity for the next 80 years.”

During the meeting, National Association of Realtors® President Steve Brown congratulated FHA on serving millions of homebuyers for the past 80 years and safely providing access to mortgage financing, especially during critical times like the most recent economic downturn, and also into the future.

“HAWK is a step in the right direction, making mortgage credit available to more qualified homebuyers. Realtors® urge FHA to quickly develop the program and make it available to homebuyers,” said Brown, broker/owner of Irongate, Inc. Realtors® in Dayton, Ohio. “We have many qualified homebuyers who need help now, and are being shut out of the market due to record high annual premiums and mortgage insurance for the life of the loan.”

Fees on FHA loans make up nearly 20 percent of a monthly mortgage payment, according to NAR estimates, and they make it much more difficult for potential buyers to purchase a home.

Carol Galante, FHA commissioner and assistant secretary for housing, joined Donovan at the forum. She agreed that there are too many responsible creditworthy buyers who are being shut out of the market.

“HAWK will allow for real savings and give better access to FHA for many individuals,” said Galante. She said FHA’s blueprint to expand credit access will also reduce lender and consumer risk and will encourage greater use of counseling to help more families get in homes.

Galante also announced proposed changes to the agency’s quality assurance initiative, which will collect fees from lenders to conduct loan reviews to ensure lenders are following responsible lending guidelines.

“The quality insurance initiative will create solid rules of the road for lenders so they are more confident in how they lend to consumers,” she said.

Galante said FHA’s quality assurance measures will provide enhanced clarity and transparency in FHA’s lending policies and provide lenders with greater policy direction, which will encourage more consumer lending, especially to underserved borrowers. She said these changes will also better protect the FHA insurance fund, borrowers, lenders and taxpayers.

The notice of the program was published by FHA today. NAR will provide comments on the notice and looks forward to working with the Administration to help qualified homebuyers who are being shut out of the housing market.

Earlier today, Federal Housing Finance Agency Director Mel Watt announced a step-back from a planned reduction in mortgage loan limits for the government-sponsored enterprises Fannie Mae and Freddie Mac. Watt also said FHFA will be requesting input on guarantee fees and NAR plans to submit comments.

“Watt’s announcement is in line with NAR’s long held position that loan limits should not be lowered, so that borrowers in all markets don’t experience a reduction in access to mortgage credit,” said Brown. “FHFA is taking additional steps to facilitate greater liquidity in mortgage markets and help more qualified buyers gain access to homeownership.”