Heads-Up Out There!!

As many of you know, mortgage underwriting guidelines have become much more severe since the foreclosure rate has dramatically skyrocketed.  Conventional mortgages have seen some of the most strenuous tightening, giving rise to a preference for FHA, or government-backed, mortgages.  FHA mortgages are easier for borrowers to qualify for, and they require less of a down payment - only 3.5%.

But perhaps not for long...

Congress has introduced legislation (H.R. 3706), which would raise the FHA down payment to 5% and would also prevent buyers from rolling closing costs into the loan.

The reason for raising the down is that for the past couple years, FHA has had to cover so many foreclosures that their reserves have fallen below the 2% required by law.  Additionally, some in Congress see this as a means of making it more unlikely that distressed owners would walk away from their homes.  They have a more significantly vested interest in preserving their initial equity.

As recently as a year ago, the down payment on FHA loans was just 3%, so don't be surprised to see additional tightening of guidelines as the pendulum continues swinging in the direction of lending conservatism.

-Gary

Executive Living
-Upscale and Efficient

Tom Gardner and I are representing this fine executive townhome at 4452 Jardin St., Irving.  It is a 2BR/2.5 Bath/2-Car Garage offered at $170,000.

 

The new owner will be treated to two complete master suites and a laundry center upstairs; kitchen with spacious dining and living rooms are down.  The main living area is serviced by a half bath with granite counter.  This property features 1,527 square feet of living space, as well as an attached full-sized two-car garage.

4452 Jardin presents a luxurious and simple residential solution to the busy Metroplex executive.  It is located 3.5 miles from DFW Airport and provides easy access to highways: 114, 161 and 183.

The builder has created a home with vaulted ceilings, wrought iron spindles with extensive wooden handrails, hardwood floors throughout the ground floor, and granite kitchen counters.

Homeowners association investment of $140 per month includes blanket insurance, finely-maintained front yard landscaping - and even basic cable!

Efficient gas energy systems: stove, gas log fireplace, central heat and water heater.

Inside, security system includes burglar, fire sprinkler, fire/smoke alarms.  Outside, lawn sprinkler system assures lush turf.

To get more information about this property, contact me at (817) 271-1256 or Tom at (817) 881-9630.

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