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Increased Down Payments May Be Coming for Houston Mortgages

Feb 22nd, 2011
by Mike.
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Down payment requirements on Houston mortgages might look very different in a few years if a new proposal by President Obama is adopted. The proposal to increase down payments to 10% on federally-guaranteed mortgages is part of a far-reaching effort to reform government mortgage agencies Fannie Mae and Freddie Mac, which were bailed out by the government in 2008. Today, conventional mortgage loans in Houston that are backed by the government require a minimum down payment of 5% for well-heeled borrowers. The strategy is to turn more of this sector of the housing market over to private lenders whom today commonly require 20% or more down.

A direct correlation between has been discovered between the amount of down payment and the risk of foreclosure. An analysis of foreclosures in 2008 by McDash Analytics showed that 16% of foreclosures came from homeowners who paid down payments of less than 3%.  Another 35% were the result of negative equity which, most likely, is a function of both low down payment and a decrease in home prices.

In 1998, the percentage of borrowers who obtained a loan with no money down was less than 4%.  Conversely, eight years later at the height of the housing bubble, more than 20% of loans were made with no borrower investment. Today, almost 27% of homeowners nationally have negative equity, though the numbers in Houston are lower.

In looking at the impact of these potential changes on the home markets in Houston, many have pointed to Canada as a model for what the U.S. mortgage market should look like. In Canada, a far higher percentage of mortgages are retained by the lender on their balance sheets which has led to higher and more consistent underwriting standards. In addition, between 50% and 60% of mortgages initiated have terms of 25 years or less, whereas in the U.S. the benchmark 30-year mortgage makes up the vast majority of financing on newly purchased properties.  Furthermore, 20% down payments are common in Canada as are adjustable rate mortgages, though these variable rate mortgages are far more palatable than the exotic products offered here during the height of the housing bubble. Interestingly, in Canada, mortgage interest is not deductible and it is far easier for lenders to foreclose. Overall, the housing market to the north has remained healthy with foreclosures remaining well below 1% while in the United States, that rate has risen to more than triple that number.

Conservative home equity laws and a relatively healthy economy have spared the Houston mortgage and housing market from the chaos that has plagued states such as California, Florida, Nevada, and Michigan; however, the proposed changes to mortgage financing will undoubtedly affect 90% of all mortgages originated in Texas because they are being sold to Fannie Mae and Freddie Mac. The delicate recovery of the Houston mortgage and housing sector will be delayed by what amounts to a further tightening of the credit markets.

Houston homebuyers are advised to take advantage of near record low mortgage rates, affordable home prices, and the availability of low down payment financing now before this environment is not quite as friendly.

Houston FHA Loans Offer Great Option for Lower Down Payments

Feb 11th, 2011
by Mike.
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Houston FHA loans offer homebuyers in the area the opportunity to purchase a home with a smaller down payment than conventional loans. This home loan program was created in the 1930’s when the Great Depression curtailed home ownership. The FHA program was designed to assist lenders make more home loans by providing some Federal insurance against default. This insurance is funded through mortgage insurance premiums paid by borrowers.

Today, a buyer in the Houston area can obtain an FHA-insured loan to purchase a home with as little as a 3.5% investment. Conventional loans typically require a 5% down payment or more. This investment can come from a borrower’s own funds or even through a gift from a relative or other “interested party”. In addition, the FHA currently allows home sellers to pay up to 6% of the sales price of the home towards buyer closing costs, though this is widely expected to decline to 3% in the near future. Aside from the attraction of a low down payment, the other major alluring factor to a Houston FHA loan is the flexibility of underwriting. While conventional loans mandate credit scores to typically be at least 660 to 680 to qualify, borrowers with lower credit scores may qualify for FHA mortgages. FHA loans are also more flexible in terms of the reserves that are required, debt ratios that are permitted, and employment history.

Houston FHA loans do require both an up-front mortgage insurance premium of 1% that may be paid at closing or added to the loan amount. An annual mortgage insurance premium of between .85-.90% is also required and is included as part of the borrower’s monthly payment.

FHA loans are only available for the purchase of a primary residence and a borrower is typically limited to one outstanding FHA insured mortgage at a time. They also carry a maximum loan amount in the Houston area of $271,050.  If you are interested in learning more about Houston FHA loans, be sure to contact a reputable Houston Mortgage Loan provider.

Houston Jumbo Mortgage Loans are Alive and Well

Feb 9th, 2011
by Mike.
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Houston-area mortgage loans that do not exceed $417,000 are generally known as “conforming” and are subject to standard underwriting constraints as outlined by Fannie Mae and Freddie Mac. Individual lenders add additional stipulations to reflect their degree of conservatism, to restrict demand to their preferred niche, or to temporarily adjust the level of loan activity.

Loans above $417,000 (in most areas of the US) are considered “non-conforming” and are categorized as “Jumbo Loans”. In areas of the countrywhere average housing prices are extremely high (California and New England etc.), the conforming limit can be adjusted upward to over $650,000. These loans are considered “super-conforming” and are priced the same as conforming but with an added adjustment to the price of the approximately 35 basis points. This effectively raises the rate by only ? % for super conforming above conforming loans.

Throughout 2009 until mid-2010, jumbo loans were very difficult to obtain through traditional lenders who sell their originations on the secondary market. During that time, Fannie and Freddie would not purchase these loans and consumers were restricted to local banks and portfolio lenders (those that originate and service) at far higher rates, or with lenders who limited their programs to adjustable rates only.

An alternative for Texas mortgage loan amounts in the $420,000 to $515,000 range was (and remains) a combo loan featuring a $417,000 conforming first lien in tandem with a second lien (at a higher rate) for the remaining balance.

Today, high quality Houston jumbo loans can be sold to Fannie and Freddie if credit scores exceed 775, the borrower’s reserves are plentiful, and loan to value ratios are no higher than 80%. This has dropped the rates on these jumbos to within 50 basis points of conforming. Portfolio lenders have been forced to lower their rates and have also begun to offer competitive fixed rate programs for highly qualified borrowers. Portfolio lenders are now able to offer jumbos to borrowers with scores as low as 650 on adjustable rate programs or at risk-adjusted fixed rates.

Texas jumbo loans generally take up to 60 days to close after initial application for several reasons.

· Property valuations are far more difficult (re: expensive) as few comparatives exist. This causes lenders to order multiple appraisals and, frequently, these are subjected to underwriter desk reviews.

· Jumbo borrowers are more likely to be self-employed or professionals whose income trends and streams are inconsistent, cyclical, or tied to economic cycles and, therefore, demand credit and tax reviews which are ordered through third parties (such as the IRS) with predictable delays.

· Construction delays attributable to last-minute change orders for trim and cosmetic preferences.

The final message I want to convey is that jumbo loans are alive and well at Home Loan Specialists. The ideal borrower has a minimum 780 FICO; at least 12 months of liquid reserves covering principle, interest, taxes, and insurance; total debt not exceeding 38% of gross monthly income; and a minimum of 20% equity. Jumbos are also available to those with lower credit scores (min. 650) at higher fixed rates or competitive ARMs.

Fannie and Freddie Make More Work for Houston Mortgage Applicants

Feb 7th, 2011
by Mike.
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Yet again, Fannie Mae and Freddie Mac have created another hurdle to getting a Houston mortgage loan application processed efficiently. These obstacles revolve around detailed investigations into inquiries appearing on an applicant’s credit report dating 120 days prior to application and continuing through closing.

Effective February 1st, 2011 (and even earlier for some lenders gearing up for this change), Freddie Mac is requiring an investigation into any inquiries on a borrower’s credit report that appear within four months of their Houston mortgage application. Lenders are then required to document the outcome of these inquiries to determine if additional debt was granted that could compromise the underwriting of the file to Freddie’s standards. For example, a Houston mortgage inquiry could indicate a borrower is merely shopping for the best rate and terms on their loan, or it could indicate an applicant is simultaneously applying for a loan to purchase a rental property which may lead to debt ratios higher than Freddie’s guidelines, or a different pricing structure.

Fannie Mae has mandated that lenders pull credit just prior to closing and that any interim inquiries be fully documented as to their outcome. A new credit card or installment loan inquiry can also make the difference between an applicant qualifying for a loan, or whether the loan needs to be underwritten all over again. We recently had a client who, despite our recommendation, took out a lease on a new vehicle shortly after their Houston mortgage loan application. This inquiry and the credit account did not appear on their initial credit report and was not disclosed by the borrowers. Two days before closing,  a revised credit report was pulled and the inquiry appeared. While the clients could easily afford the additional debt, securing details on the credit terms took an additional day, and the loan had to be returned to underwriting for re-approval. This delayed our closing by three days and meant our buyer had to pay a penalty for not closing on time.

Simple advice to homebuyers is to refrain from purchasing anything on credit, whether new or existing credit accounts, prior to or during, the loan process. However, it is better to be safe than sorry.  Ultimately, until everyone signs on the bottom line of their Houston mortgage and that loan funds, the home purchase and loan commitment can still come unraveled.

Cutting Your Houston Mortgage Payment – Part One

Jan 20th, 2011
by Mike.
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Ten Ways to Cut Your Hazard Insurance Premium


If you have a Houston mortgage, you likely also have an escrow account to pay your property taxes and homeowner’s insurance. According to the National Association of Insurance Commissioners, the average homeowner’s insurance premium rose 62% between 2000 and 2007; but while home prices fell almost 30% since mid-2006, insurance premiums have largely remained where they were during the housing bubble. Often, the contributions to this escrow account exceed the principal and interest portion of your loan payment, so taking steps to “right size” your insurance coverage makes a lot of sense. You can easily save hundreds of dollars a year by making some smart choices.

  1. Shop around – It is wise to shop around for your coverage every two years or so. Some insurers can get very uncompetitive when they have been faced with a torrent of claims or have had bad financial results, while others may get much more aggressive in pricing their coverage to gain market share.
  2. Raise your deductible – raising your deductible to 1% can save you hundreds, even thousands, of dollars. Just be sure that you have the resources to fund the deductible if you ever need to make a claim, and ensure you clear any increase with your mortgage lender.
  3. Beef-up security – adding a security system, smoke alarms, and deadbolt locks to your home can save you anywhere from 5–30% on your premium. Be sure to price the cost of your alarm monitoring to ensure you are not just shifting your expenses.
  4. Upgrade your home – adding features to your home that increase safety and reduce the chances for a claim can also save you significant dollars. Reinforcing your roof with hurricane straps or upgrading your plumbing can reduce the chances of a claim and reduce your bill. Be sure to check with your insurer to get an estimate of savings before starting your improvement project.
  5. Combine coverage – Discounts abound for homeowners who are willing to combine auto, homeowners and even personal liability policies. These discounts can make the combined cost of your coverage far lower than they would otherwise cost.
  6. Stick with your current insurer – I know this is flying in the face of being a smart shopper, but often insurers reward their clients that have a claim-free history with discounts. In many cases, the longer you go without a claim, the bigger the discount. Check with your current insurer about an existing client discounts before you switch to another company.
  7. Ask about other discounts – Retirees are often able to get an additional discount on their coverage since they are more likely to be at home to limit the impact of a claim. Members of unions and trade associations can also often secure discounts.
  8. Review your policy coverage – While increased coverage may pay for the increased cost of construction to re-build your home in the event of a disaster, be sure not to go overboard. The land on which your home sits is not covered by your hazard insurance so its value should be excluded from your coverage.
  9. Re-evaluate participation in a state-run plan – The Texas FAIR Plan Association writes coverage for homeowners who are having difficulty in obtaining coverage. In order to qualify, the homeowners must have been declined coverage by at least two private insurers. Doing a little more leg work and seeking out insurance in the standard insurance markets can provide more comprehensive coverage at a potentially lower cost. Check with both the major national franchises such as Farmer’s, Liberty Mutual, and Allstate, as well as an independent agent and lesser known names such as Amica and Safeco.
  10. Improve your credit rating – Clients with good credit can often get an attractive discount on their homeowner’s insurance so improving your credit score can not only get you an attractive Houston mortgage rate, but also an attractive insurance premium.

While we are all looking to save money, keep in mind that your hazard insurance plays an important role in preserving the investment you have in your home. You only know how good your coverage is when you have a claim, so be careful not to cut so many corners that you end up paying more in the end.

Saving Money on Your Mortgage – The Raw Numbers

Jan 18th, 2011
by Mike.
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The concept of compound interest is sometimes difficult to grasp. For most of us, the overwhelming factor in deciding whether or not to commit to a home purchase is the magnitude of the monthly payment.

Principle, interest, taxes, and insurance are the four mandatory components of any borrower’s monthly obligation. For a typical $150,000, 30-year loan fixed at 4.75% the borrower would pay the following total costs:

Principle $150,000
Interest $131,689
Taxes $121,500
Insurance $ 38,250
Total $441,439 or $1226.22 per month for 360 months

Once the borrower has made the decision to move forward on the purchase of this home, the only one of these elements that can be reduced (short of a loan modification, which goes beyond the scope of this discussion) is the amount of interest paid.

Interest can be reduced in two ways: Lower rates and shorter terms. Locking-in a shorter term amortization such as a 10, 15 or 20-year term allows both to be achieved. Typically, 15-year programs are offered at rates approximately .75% lower than 30 year programs. Therefore, interest savings are achieved in both ways, with shorter terms and reduced rates. In our stated example, changing the program to a 15 year at 4.00% would reduce the interest expense to $49,716. This is a savings of $81,973 or 62.75%. The offset of this savings is a significantly higher monthly payment (an additional $327.06).

Many families either do not have the income to qualify for a 15-year term program or elect a “rainy day” strategy, whereby they commit only to the 30-year term while making extra payments equaling those of a 15-year program. Although this achieves savings through shortening the term, only their monthly obligation is minimized.

Below is an illustration of the impact of making additional principle payments using the same loan scenario mentioned above:

Clearly the “rainy day” approach works well for disciplined savers who balance their passion for debt freedom with the reality that fortunes change – but, even the little steps can make for big gains in the future.

Houston Home Loans for Little to No Money Down

Jan 3rd, 2011
by Mike.
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People in the Houston, Texas area looking to purchase a home today will likely find that the financing environment is far different than it was a few years ago at the apex of the housing boom. Through the use of sub-prime and Alt-A loan programs, combo loans and seller-funded grant programs, it was somewhat easy to secure a home loan with little to no down payment. Many homeowners who purchased in those days are finding out how times have changed as they try to refinance a home with little, no, or even negative equity. In today’s economic environment, lenders are looking for more “skin in the game”, but there are still are some programs available that will allow a buyer to obtain a mortgage with little, or even no money down. The following is a brief description of some of those programs:

FHA Loans – FHA loans have speedily become the most popular mortgage vehicle for first-time and move-up home buyers. These loans will allow a borrower to obtain a loan with a minimum 3.5% down payment. This down payment can come from the borrower’s own funds, through a gift from a relative or employer, or through a down payment assistance program. In addition, seller contributions up to 6% of the sales price are still allowed. The Federal Housing Administration has expressed a desire to reduce seller contributions to 3%, but this guideline has not yet been implemented.

VA Loans – Mortgage loans guaranteed by the Veterans Administration are among the most attractive loans on the market today. These loans allow qualified active and retired military the ability to purchase a house with no down payment and more flexible qualifying criteria. In addition, the closing costs associated with VA loans are very reasonable as lender fees are limited and there is no monthly mortgage insurance. An up-front funding fee ranging from 1.25% – 3.3% applies to these loans, and seller contributions up to 4% of the sales price are permitted.

Down Payment Assistance – Down Payment Assistance programs offered by states, including Texas, and local governments such as the City of Houston, and Harris and Montgomery Counties offer down payment assistance to creditworthy first-time homebuyers in low to moderate income households. The amount of assistance can range from $5,000 to $30,000 dependent upon the area and the income level of the borrowers. Minimum credit scores of 640 typically apply and borrowers should have a minimum of $1,000 in order to cover the costs of up-front appraisal, property inspection, and earnest money deposit.

Gift Funds – Gift funds are among the most overlooked tools available to borrowers. In many cases, a parent or grandparent has the capacity, and willingness, to help a borrower with their first home.  This resource can often be tapped to make up the difference between what a borrower has saved, and what is required for a minimum down payment. As long as the gift does not need to be repaid, it can be used to meet the down payment requirements on government loans. Conventional loans generally have more stringent criteria that require a minimum down payment to come from a borrower’s own funds with gift funds comprising any excess over that requirement. Acceptable donors for gift funds include immediate family, a government or charitable organization, an employer or labor union, or a close friend who has a documented interest in the applicant.

Rural Housing Loans – The USDA’s Rural Housing Service offers 100% financing in certain designated rural areas. These areas include cities or town with populations equal to or less than 20,000 people and outside of major metro areas. In Harris County, there are several small communities eligible for this program. Surrounding counties have larger swaths of eligible areas.  You can check here for the USDA’s qualified areas. There is no limit on seller contributions with this program and the 3.5% guarantee fee may be rolled into the loan in excess of the appraised value.

HomePath Loans – These loans are offered on foreclosed properties owned by government mortgage giant Fannie Mae. Qualifying properties are typically recent construction where Fannie Mae has funded any necessary repairs. Under this program, Fannie Mae and participating lenders waive the appraisal requirement and allow owner occupants to buy with just 3% down. This down payment can come from a borrower’s own funds, gift funds, or from a grant. Most importantly, there is no mortgage insurance requirement on these loans which can mean thousands of dollars of savings to a homeowner over the life of a loan. Credit score requirements are normally higher on these loans, so expect to provide a minimum 660 credit score to qualify under this program.

Bond Money/First Time Homebuyer Programs/Mortgage Revenue Bonds – There are several first-time homebuyer programs that are available to borrowers meeting certain low income targets.   They also cover people who fall into certain employment categories such as professional educators, law enforcement, firefighters and emergency medical technicians. These programs, often referred to as “bond money”, offer a low fixed interest rate in addition to grants of up to 5% of the purchase price towards down payment and closing costs. All of these programs have income limitations that are based on family size and property location. Borrowers must typically complete a homebuyer education course and not have had an ownership interest in a home for the past three years. Minimum credit scores for these programs in Texas are currently 620.

My Community & Home Possible Programs – These programs are conventional programs offered by Fannie Mae and Freddie Mac lenders and allow low to moderate income first-time homebuyers to purchase a home with as little as 3% down. Mortgage insurance premiums are reduced under this program and specific employee groups are permitted to use grants to cover required reserves and more liberal debt ratios.

With so many programs available on the market, it is imperative that a qualified Houston mortgage lending professional is consulted to determine which home loan program is best suited for your individual needs as a borrower.

Why You Might End Up Hating Your Dream Home

Aug 4th, 2010
by Mike.
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You’ve found the perfect house:  the floor plan is exactly what you’ve been looking for, the price is right, and the sellers even threw in the flat screen television to get it sold.  So, what’s the problem? Well, unless you do your homework, you might just be that seller in another year or two.

Most buyers weigh the aesthetics of a home far more heavily than other factors which are just as important.  Considerations such as repairs and maintenance, schools, taxes, neighborhood, and commute will not only affect the value of your property over the long term, but will also affect how livable that home is. Instead, home buyers pay far more attention to paint colors and whether the home has hardwood floors and granite counter tops. So, what are some of the “other” factors a buyer should consider?

First, consider the neighborhood. Does it offer the amenities you are looking for? If you have kids, are there other school-age children in the area? Are you near a major traffic artery that could be dangerous for your children and generate “noise pollution” for you? How difficult is your commute? Having a wonderful home, but having to travel an hour in traffic each way, means you have less time to enjoy it. Furthermore, your transportation costs go up. Over the course of a month, that equates to 40 hours you will spend in your car and roughly $250 in gas, and we haven’t even considered additional maintenance costs. Your choice of neighborhood is just as important as the home you choose because your home’s value will rise and fall with the neighborhood.

Buying an older home can bring the benefits of a more affordable price and perhaps some character and distinction not found in today’s newer homes, but is not without its costs. When buying an older home, you should expect to budget for home repairs. Roofs don’t last forever and neither does the air conditioner system. Houston’s humidity creates a classic environment for mold to grow in the smallest crack where water has penetrated. Whether you have had a home inspection or not, there will be items your inspector misses and these are usually not inexpensive repairs. HVAC units can easily cost $5,000 – $10,000 and a new roof can easily run $10,000 or more. Mold remediation…well, let’s just not go there.

When buying a home, you should also consider maintenance costs; the larger the home and the more amenities, the higher those costs. Pools are notoriously costly to repair and maintain, and a large yard can become more of a garden headache than a source of relaxation if you don’t have a green thumb or a deep pocket to pay for weekly maintenance. Inside the home you should remember that a 4,000 square foot house means double the cost of heating, cooling, re-carpeting, and window replacement of a 2,000 square foot house…you get the idea.

Schools are a major driver of home value as buyer demand will always exist for a good school district. You should do research on schools, even if you don’t have school-age children, because it will affect your investment.

Taxes should also be a consideration. Tax rates can vary wildly in the Houston metro area, from a low of perhaps 2% of your home’s value per year to 4%. This is particularly important if you are buying new construction. Your home’s taxable value may be artificially low because the appraisal district still has your home listed as a vacant lot. Next year, when the home is re-assessed, you will experience a much higher tax bill. Even if your mortgage lender established an escrow account for your taxes and insurance, you may have to come up with a big chunk of change to cover any shortage when tax bills are due.

Your goal for your home should be to satisfy as many of your lifestyle needs as possible. You will be hard pressed to find the one that allows you to check everything off the list, but nailing down as many as possible will help insure your home is both a good investment and provides many years of happiness to you and your family.

Where’s the Beef? USDA Home Loan Program Funding Soon to be Gone

Mar 22nd, 2010
by Mike.
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If purchasing a home in a rural area using the USDA Guaranteed Rural Housing mortgage program is in your future, you might want to shift your plans into high gear. The Rural Development national office in Washington, D.C., recently issued a letter to participating lenders stating that funding for the Guaranteed Rural Housing program would most likely be used up by the end of April 2010.

The Guaranteed Rural Housing Program provides 100% mortgage financing to home buyers purchasing homes in designated rural areas.  This program is designed to spur housing, and in turn spurring growth, in rural parts of the United States. Much of Texas falls under this program, including parts of Montgomery, Fort Bend, Brazoria, Liberty, and Waller counties.

For more information on the program, you can visit this site:  USDA Rural Development Site

It looks as though the program will be continued, but it is not clear when funding will actually be provided. The last thing the government needs is another obstacle to recovering housing markets. In the interim, borrowers will likely have to consider other financing options which may not be as flexible.  Most home buyers can choose to utilize FHA loans that will require a 3.5% down payment.

Stay tuned – we will keep you posted on any updates!

Your Best Return on Investment? Landscaping.

Dec 16th, 2009
by Mike.
3 comments

LANDSCAPING HOUSTONIf you’ve spent any time watching HGTV or the DIY network, you probably think that the best place to start when making home improvements is your kitchen or bath. These are both areas of focus for potential homebuyers and also areas where design trends are most evident, so it stands to reason that an investment in one, or both, of these areas would pay off.

Think again.

Numerous university studies show that an investment in landscaping can provide a return on investment of more than 100 percent, and ultimately increase your home’s value by ten percent or more. This represents a better return than any interior improvement.  It stands to reason that the curb appeal of your home would heavily influence its market value. Many potential homebuyers may never enter your home if the exterior is not attractively maintained and landscaped. Studies also show that homes with updated landscaping sell up to six weeks faster than other homes. This is good news whether you are trying to sell your home in a difficult market, or merely looking to get the highest appraisal possible when you refinance your mortgage.

Take a look at your landscaping plan. Do you have dead plants or beds that have been taken over by weeds? Does your yard look barren? Do you have too much of a green thumb and your yard has turned into a jungle? Think about what a typical buyer (i.e. a buyer that is not you) is looking for. They want a nicely manicured yard with enough greenery to frame complement your home, but not so much that it becomes the focus of the home. Trees have the biggest impact, so placing an attractive tree, or trees, in your yard to provide shade and frame your home or backyard may well be worth it. Furthermore, landscape experts add that the way your landscaping funds are invested has a great deal to do with the return you experience. Buying a ton of small homogeneous plants is far less desirable that a few well placed mature ornamentals that complement the rest of your yard. You should focus on the front yard first as this is what grabs a potential buyer’s attention. Make sure your beds are weed fee and covered with a nice layer of mulch.

The winter season in Houston, Spring, The Woodlands and Conroe makes landscaping more challenging because lawns, plants and trees are largely dormant. Nevertheless, there are varieties of camellia, juniper, iris and viburnum that bloom in the winter months. Winterizing your lawn will insure that it greens up rapidly when the cold weather departs in early Spring. Your local nursery or a qualified landscape architect can provide you with guidance on how to maximize your landscape investment.

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