Five Things Your Clients Should Know about FHA Loans

Here's another fabulous post written by one of my favorite Mortgage Lenders, Stephanie Stringer. Stephanie has been assisting people accross Texas for over 15 Years with their Home Financing and is experienced with FHA, Conventional, Home Equity and VA Loans. *You can contact Stephanie directly at Direct: (214) 382-5632 or SStringer@mortgagexloan.com


Many Americans take advantage of FHA loans when purchasing a home.  FHA loans have been around since 1934.  FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).  With the ever changing mortgage industry, FHA loans are becoming more popular than ever.  Here are a few facts you should know about FHA.
FHA Loans Are Not Only for First Time Home Buyers.  FHA loans are for everyone and not just the first time home buyers.  You could be on your forth home and still get a FHA loan.
FHA Loans are NOT only for the Lower Income Borrowers.  FHA loans are available to all ranges of income.  There are no maximum income limits when doing a FHA.  Just like any mortgage loan all income documentation must be submitted for qualification purpose.  
FHA Loans Are Not just for the Smaller Purchases.   Depending on the area you are looking to buy, FHA loan amounts can go up to $800,000.  The loan amount all depends on the county in which the buyer is looking to buy.  For the loan amounts for your county you can visit the HUD website(click here) or contact your local lender for details. 
FHA Loans are Usually more Affordable than Conventional Loans.  Rates on FHA are typically lower than a conventional loan.  Especially on the minimum down payment of 3.500% loans.  If you compared the two types of loans with the lower down payment, FHA will always have the better rate between the two.  In today's market, rates are tiered based on loan product, down payment, and credit scores. 
FHA Loans Are Assumable.  FHA Loans are assumable and Conventional Loans are NOT!  What this means is when a seller with an FHA loan sells his or her property, the loan and it's RATE can be transferred to the new buyer.  Of course the potential buyer must meet the lenders credit criteria.  Having an Assumable rate when you go sell the property is BIG Selling Tool.  Your listing agent will promote in MLS that you have an Assumable loan which means that your property will be more valuable in time when rates rise.  Example, if your current FHA loan is at 4.000% and you go sell five years from now and the rate is 10.000% as long as the potential buyer meets lenders requirements the buyers get that rate.  This would for sure make your house more marketable than the one down the street.
As you can tell from the Five Items listed above, FHA Mortgages can be Attractive to ALL buyers. 

Here's a simple and to the point blog written by one of my trusted Lenders, Stephanie Stringer, about Understanding a Texas Title Commitment when buying a home. Stephanie has been assisting people accross Texas for over 15 Years with their Home Financing and is experienced with FHA, Conventional, Home Equity and VA Loans. 

Via Stephanie Stringer-Mortgage Loan Officer for 15 Years. NMLS ID #246495 (Interlinc Mortgage Services LLC TX Mtg Banker NMLS ID 205696)

Now that the contract has been signed and the earnest money has been receipted, now it's time for the title company to start their research.  The title company will start examining the property in order to be able to issue title insurance.  Usually within a week or so, the commitment would be mailed to you.  Now what?  You got about 15 sheets of paper from the title company with lots of writing on it.  What does it mean to me as the potential buyer?                                                                                                                                  

The title commitment is a commitment to issue title insurance.  The title commitment is broken down in schedules.  These schedules include A, B, C and D.

Here are the ABC's of TITLE....

Schedule A:  On this schedule it will listing the existing owners and the proposed buyers names, along with the legal description of the property.  The sales price and the name of the lender will be listed as well. 

 Schedule B:  This is the buyers notification area of any utility easements and building setbacks.  A utility easement is where the utility company has the right to come on your property and dig in that certain area to work on utilities.  Utility easements are very common.  Also, within this schedule is where you will find exceptions to the title policy.  If there are any noted in schedule B they will not be covered by the title insurance.

 Schedule C:  Lists of unpaid liens.  Items that must be cleared up so title company will cover the risk or refuse to issue a policy.  Common unpaid liens are the existing mortgage loans, unpaid taxes, unpaid HOA dues and martial status disputes that are held on title.  The title company will work hard to make sure these liens are satisfied so they can convey clear title.

Schedule D:  In this last section you will see who will be collecting parts of the title premium and how much is being collected.

If you still have any additional questions regarding title commitments in Texas, you can contact Stephanie at 972-382-5638 or SStringer@mortgagexloan.com

Dallas TX Lake Front Homes , Lake Ray Hubbard TX, September 2011 Market Update

Are you looking to buy a LAKE FRONT home on LAKE RAY HUBBARD in Dallas County or Rockwall County?!? Well if you are, you couldn't have picked a better time to buy! Homes are holding strong in Lake Ray Hubbard area and with the current crazy low Mortgage Rates, YOU're bound to get a WIN-WIN!


LAKE RAY HUBBARD is bordered by 4 Cities, Garland TX, Rowlett TX, Rockwall TX & Heath TX. All cities are just minutes from major Highways/Tollways, making the commute to Dallas ~20-40mins, are close to Shopping, Restaurants, & are packed with Family Fun Activities! The cities that border Lake Ray Hubbard are divided into the Eastern Side of the Lake with Garland & Rowlett and the Western Side of the Lake being Rockwall & Heath.  


View Larger Map
To see a compiled a list of houses that are currently on the Market in the 4 cities that border the beautiful LAKE RAY HUBBARD and are actually ON THE LAKE, click on the links below. 


*GARLAND TX & ROWLETT TX (Dallas County) ~ Lake Front Homes on Lake Ray Hubbard

• Garland, TX  ... There are 4 lake front homes that range in price from $219,900 for a 3bd/2bth 2625sqft house, to, $349,900 for a 4bd/2bth 2,935 sqft house.
• Rowlett, TX  ... There are 11 lake front homes that range in price from $175,000 for a 4bd/2.1bth 2,578 sqft house, to, $1,700,000 for a 4bd/4.1bth 4,700sqft house.

*ROCKWALL TX & HEATH TX (Rockwall County) ~ Lake Front Homes On Lake Ray Hubbard

• Rockwall, TX  ... There are 6 lake front homes that range in price from $359,000 for a 4bd/3.1bth 2,820sqft house, to, $1,995,000 for a 5bd/4.3bth 8,112sqft house.   
•  Heath, TX  ... There are 12 lake front homes that range in price from $349,000 for a 3bd/2bth 2,064 sqft house, to, $3,770,000 7bd/5.2bth 10,000sqft house. 

Would you like more information on any of these homes? ... OR ... Do you need a Realtor that specializes in the LAKE RAY HUBBARD area?  Call or Email me today! 

For more information on LIFE in the the LAKE RAY HUBBARD area, visit the frequently updated Lake Ray Hubbard Life website & "like" it on FaceBook.

Whether selling or buying, today's complex real estate market requires a professional who can structure a transaction to benefit all parties involved and meet their needs. Let me know how I can serve you or your referrals ... because NOW really is a GREAT time to BUY!