Here is some good news for Real Estate professionals. Steve Brown with Dallas Morning News wrote an article that puts Dallas real estate market in perspective:
"Dallas area has recouped everything lost in the recession and then some when it comes to residential real estate values."
"In July, the price of pre-owned single-family homes in North Texas was up 12 percent from a year earlier. And pre-owned condominium prices jumped an unheard of 17 percent year of year."
"The median price of houses sold by real estate agents through their multiple listing service is about 40 percent higher than it was in January 2009."
Information courtesy of Steve Brown and The Dallas Morning News
Friday, August 23, 2013
Tuesday, August 20, 2013
FHA Underwriting Guidelines changes for Disputes on Credit Report
For most borrowers working with credit repair companies, "Disputes" listed on credit report are not allowed for most lenders under FHA Guidelines. Here is the revision FHA made effective October 15, 2013, to following:
*Guidance on collections and disputed accounts
*Clarify guidance on judgments
This guidance applies to all FHA programs with the exception of non-credit qualifying streamline refinances and the Home Equity Conversion Mortgage.
Reference from: U.S. Department of Housing and Urban Development
Mortgagee Letter 2013-24
*Guidance on collections and disputed accounts
*Clarify guidance on judgments
This guidance applies to all FHA programs with the exception of non-credit qualifying streamline refinances and the Home Equity Conversion Mortgage.
4.C.2.d, Collections and Judgments is re-named Credit Analysis of Collections and Judgments 4.C.2.e, Paying Off Collections and Judgments is re-named Capacity Analysis of Collections and Judgments 4.C.2.f, Previous Mortgage Foreclosure is re-named Handling of Disputed Accounts Re-designation of sections; Previous Mortgage Foreclosure through Short Sales, starting with 4.C.2.g to 4.C.2.m.
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Reference from: U.S. Department of Housing and Urban Development
Mortgagee Letter 2013-24
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