Mortgage Discussion for the Panhandle area

This week brings us all a lot of news and good news at that. First let us speak of politics. On second thought let's NOT. We did get some other good news though. The economy seems to be moving along with the Gross Domestic Product released yesterday at 3.3%. This was a better reading than the 2.6% forecast and almost two times the previous months estimate of 1.9%. This reading alone proves we are not in a recession and that the economy is picking up a little steam and moving forward. Good news for us all.

The second release was from the Department of Housing and Urban Development. In this release HUD put a moratorium on the risk based pricing for FHA loans. Though this may all seem like Greek to you this is good news as FHA loans will be cheaper for those with lower credit scores come the October 1, 2008 start date. As I have stated before my company is one of the few mortgage lenders willing to close FHA loans with LESS THAN 580 CREDIT SCORES left around. These loans though closable under the current system FHA has is rather expensive. (about .25% higher in rate than a 620 credit score borrower) With the new pricing come October 1, 2008 these loans will be in line with all FHA loans no matter what the credit score. GOOD NEWS.

I also wanted to invite everyone out to the 16th annual Baptist Health Care Family Expo on Saturday September 6th. This will be a great time and very fun for the children. It is Free to the public and loads of fun. Please come visit our booth (#30) while there. I have attached a link to a flyer explaining the fun and activities. 

Family Expo 08'.pdf

Please call with any questions or if you would like to discuss a loan.