My New Blog

If you're the type of person that wants to keep tabs on what interest rates are doing I highly recommend this site:

http://www.mortgagenewsdaily.com/consumer_rates/

Legacy Mutual Mortgage has been authorized to use the First Time Homebuyer tax credit towards the required FHA 3.5% down payment! However, it’s important to note that there are many restrictions in regards to this program. My suggestion is, if you are struggling to come up with your minimum 3.5% FHA contribution, contact me so I can determine if this is a viable option for you. The following are a few of the guidelines that I feel are the most important to remember:

· The cash advance will be treated as a bridge loan amortized over 24 months at 10% interest and MUST be included in your debt to income for qualifying purposes.

· The maximum debt to income is 41%

· The income restrictions are $75,000 for single and $150,000 for married

· Assistance available equal to 5% of the first lien amount or up to $7000

· Homebuyers MUST take a homebuyer education course prior to loan closing

· You cannot have owned a property within the last 3 years to qualify

· There is only enough money allocated to this program for approx. 700 homes so the money WILL run out

I hope you find this information helpful and don’t hesitate to contact me if you have any questions.

Let me guess you're waiting to purchase or refinance your home because rates will soon be 4.5%. This seems to be a reoccurring theme out there and my concern is that Texans will miss out on an opportunity of a lifetime. Here are the facts:

• Mortgage interest rates are the lowest we've seen in over 37 years!
• Texas continues to be a seller's market and home builders are offering HUGE incentives

Right now, you have a bird in the hand so why would you wait to get an interest .125% or .25% lower when you can not only take advantage of historically low rates now, but you can also purchase a home and be in an equity position from day one?

The same holds true for refinances. This past Thanksgiving, you could expect an interest rate of 6.5%. Today you are looking at rates below 5%! Could rates get lower? Your guess is as good as mine, but are you willing to risk losing out on today's rates for 8 dollars a month?

If we have learned anything throughout these turbulent economic times it has been that the marketplace is unpredictable. NOW is the time to purchase and NOW is the time to refinance!