Professional Loan Program - CPA's, Doctors, Lawyers!

There is a new mortgage program for doctors, lawyers, and CPA's that allows them to avoid having to pay the traditional jumbo loan down payment of 20%. It also has several other benefits that save a lot of money in the loan.

The professional program offers: 

• 5% down on a house up to $1 million: additional 5% for every extra 250K.

• The 5% down can be gifted from a blood relative. 

• No PMI (saves thousands of dollars over life of loan). 

• Student loans deferred for 12 months are not counted in qualifying ratios. 

The major benefit of this program is the down payment. Traditionally, any loan over $417K is an automatic 20% down, no matter the profession. That's no longer the case with this loan. Now, you can skip the starter house and buy the family home with a minimal down payment.

While the interest rate is a little bit higher, it is a write off. You cannot write off any mortgage insurance, so you get to have a larger write off on your taxes. You can also write off your property taxes.

So on a $450K house, you'd normally have to bring $90K to the table, whereas you'd only have to bring a little over $22K to the table.

If this sounds like something you'd like to take advantage of, I'm always available to show. Contact me any time.

Danny Force

Keller Williams

O: 817-328-1298

C: 817-903-5442

agentDforce@gmail.com

www.dannyforce.com

/agentdannyforce     /realtordforce

Renting May Soon Get Pricier

REALTOR® Magazine-Daily News-Renting May Soon Get Pricier

Mortgage Rates Drop Again This Week

For the third straight week, long-term mortgage rates inched down, according to Freddie Mac’s weekly mortgage survey.

The 30-year fixed rate mortgage averaged 4.87 percent for the week, down from last week’s 4.95 percent. The rate was 4.97 percent at this time last year.

The 15-year mortgage rate also dipped for the week, averaging 4.15 percent, down from last week’s 4.22 percent.

The 5-year adjustable-rate mortgage averaged 3.72 percent, which is a drop from last week’s 3.8 percent average.

"Mortgage rates saw an overall improvement this week,” says Frank Nothaft, Freddie Mac’s chief economist. “Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year's high set just three weeks ago.” This means that home buyers can now expect to pay $263 less per year on a $200,000 loan, Nothaft adds.

First-Time Buyers prefer “move-in” Ready Homes

A new survey by Coldwell Banker finds that 87 percent of first-time homebuyers who purchased their home within the past year preferred a move-in ready home to one that would require some work.

A home’s location to area amenities was also important to first-time buyers. Nearly four out of five buyers (78 percent) say it was important to find a home close to retail shops and services while three-fourths wanted to be close to their jobs and nearly two-thirds wanted to be near highly-rated schools.

Many buyers were surprised by the immediate benefits they received once they purchased their first home. For example, 67 percent said the market conditions provided them the opportunity to buy a home sooner than they expected, half said they found a home in a more desirable location than they expected, and 61 percent got a home for a better price than expected.

Dallas-Fort Worth Homes and Real Estate - Danny Force

Dallas-Fort Worth Homes and Real Estate - Danny Force

Housing Starts Jump 14.6% in January

Housing starts in January reached their highest rate in four months, increasing more than analysts expected, the Commerce Department reports. Housing starts jumped 14.6 percent to a seasonally adjusted annual rate of 596,000 units.

Housing starts in January were helped by a 77.7 percent jump in multi-family homes. Single-family home construction, on the other hand, fell 1 percent.

Meanwhile, new home completions dropped to a record low of 512,000 units in January, falling 9.5 percent from the previous month.

And after housing permits surged in December by 15.3 percent, housing permits for future housing projects sank in January. New building permits dropped 10.4 percent to a 562,000-unit pace in January--mostly pulled down by a drop in multi-family and single-family unit permits.

Tarrant County foreclosure postings down 7 percent

Residential foreclosure postings dropped 7 percent in Tarrant County for the March 1 auction, while the Dallas-Fort Worth area saw a 9 percent decline, the Foreclosure Listing Service said Thursday.

In Tarrant County, 1,697 foreclosures were posted, compared with 1,834 a year earlier. March postings were also down 10 percent from February.

For the region, which includes Tarrant, Dallas, Denton and Collin counties, 5,071 foreclosures were posted, down from 5,548 a year earlier. The Addison-based real estate research firm said postings in the four counties have topped 4,000 for 30 consecutive months.

"Residential posting activity has been on the high end of the scale for some time now," said George Roddy Sr., the firm's president. "Posting activity tends to fluctuate at least some each month.

"The fact that postings filed for the upcoming auctions in March were about 9 percent lower than both this time last year and compared to last month does not elicit much excitement."

In the year's first quarter, Tarrant County postings increased 4 percent, to 5,439 from 5,234 a year earlier. It was the second-highest quarter, trailing only the fourth quarter of 2009, when 5,535 postings were filed, Roddy said.

Quarterly postings for the region were flat. From January to March, 16,194 postings were filed, a slight increase from 16,137 postings a year earlier. Collin County saw a 4 percent decline in the quarter, and Dallas County a 1 percent drop.

The auctions are held on the steps of the Tarrant County Courthouse. Postings must be filed with the county at least 21 days before the auction.

Generally, 25 percent to 40 percent of postings result in an actual foreclosure. In many of the other cases, homeowners are able to make up the arrears.