Breaking FHA NEWS!!!

Breaking FHA News! We have breaking news concerning FHA MIP so I thought that I would go ahead and send out the market report today instead of Sunday night. This news is VERY important and needs to get out to your buyers- especially those that are sitting on the fence to purchase. See below for information.


We also have for you today 5 Important Reminders for you and a Survey/ Comment Opportunity from one of our Congressman about the expiration of a Tax Relief. Feel free to have your voice heard!


Since we are not sending this out on Sunday night this time, check out the Economic Market Report on our face book page (mymortgageguru Linda Davidson) on Monday. We post regularly to always keep you in the know!


Reminder that we are open on Saturday from 10:00- 3:00 for your prequals and questions. Simply call us then (or anytime) at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. We are NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend and next week! Linda






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Five (5) Important Reminders


1- The Davidson Group/Service First Mortgage still guarantees their Red Hot Service- 25 Day Closings*! Let our in-house processing, underwriting and closing make it happen for YOU!
As in all things, here are the exclusions :): Does not apply to specialty programs (i.e., Bonds, USDA, TVLB, TDHCA, MAP, UPCAP, etc). Does not apply to foreclosed properties or short sales. Contract must be executed and in our office for the 25 days to start and the appraisal must be able to be ordered by day three of the executed contract. Buyer must also have 100% of their "home"work list to us by day three of the 25 days and furnish all underwriting conditions within 7 days of closing. Issues beyond our control (i.e., appraisal, title work, buyer misrepresentation


2- Remember we also have the exciting 1,000 Ways That I Can Support Your Selling Efforts. Don’t forget- Your five certificates are available- all you have to do is email us at ldavidson@servicefirstmtg.com and put 1,000 Ways in the subject line- We will send immediately for you to print! They will apply for new applications from June 9 through the end of Labor day (one per new loan, please). The only caution: we would like to know this certificate will be used well before the loan gets to the closing table. Missed the email about the 1000 Ways?…. Here you go….. http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11857393



3- We HAVE USDA money and we ARE the expert! (see link below)

http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11857394





4-Military & Certain Federal Employees Get Home Buyer Tax Credits Until 2011
http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11856339
More information:
http://www.irs.gov/pub/irs-pdf/i5405.pdf (go to Page 3- Instructions)

http://www.irs.gov/pub/irs-pdf/f5405.pdf


5-Sales Tax Holiday/ Tax Free (Next Weekend)- Reminder Your Clients
http://www.window.state.tx.us/taxinfo/taxpubs/tx98_490/tx98_490.html


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Breaking FHA News!
Yesterday Congress passed H.R. 5981 which will give FHA the authority to change their annual and monthly mortgage insurance premiums. The bill passed very quickly and the changes that are going to take place will be implemented on September 7th with all new case numbers pulled on and after that date. Please take note that the September 7th date correlates to pulling a FHA case number, not contract dates.

Want to read more:
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/05/AR2010080506663.html


The changes are as follows: FHA will be decreasing the Upfront Mortgage Insurance Premium from 2.25% to 1.00%. They will also be increasing their monthly mortgage insurance premium from .50-55% to .85-.90% depending on the combined loan to value (LTV’s <=95% will increase to .85 and LTV > 95% will increase to .90).



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Economic Market Report
Since we are not sending this out on Sunday night this time, check out the Economic Market Report on our face book page (mymortgageguru Linda Davidson) on Monday. We post regularly to always keep you in the know!


Reminder that we are open on Saturday from 10:00 AM- 3:00 PM for your prequals and questions. Simply call us then (or anytime) at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. We are NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend and next week! Linda