Market Update - The Kurt Gonzalez Team

More FHA Changes

Down Payment Assistance Programs are being eliminated as of October 1st.  Many banks and lenders are discontinuing the DPA programs much sooner.  We will allow for a closing in October however the loan will need complete underwriting approval by September 30th. Also, HUD has allowed for the down payment to remain at 2.25% with a 3% required total investment for the rest of 2008! 

 

Rates

Rates are in the low to mid 6's year for 30 year fixed and low  6's to upper 5's for 15 year fixed rate loans.  Of course, the down payment and credit score will impact the rate each client can receive.  The fact remains that mortgage interest rates are historically favorable.  Rates continue to be volatile as inflation concerns are prevalent.  

 

 

Great to be in DFW!  

The Dallas-Fort Worth area had the strongest job market among large U.S. cities in the 12 months ending in July 2008, the U.S. Department of Labor said. But the rate of job growth in North Texas has slowed during the last year, said Stanley Suchman, the Labor Department's regional commissioner in Dallas. Still, employment in the Dallas-Fort Worth area grew 2.3 percent during the year ended in July. Houston was a close second, with a 2.2 percent growth rate. The Dallas-Fort Worth area added 68,000 jobs during the 12 months ending in July. Over the same period, overall U.S. employment fell 0.1 percent, shedding 174,000 jobs. Five of the 12 largest metropolitan areas suffered job losses during that time. The largest job losses occurred in the Detroit area, where employment fell by 1.9 percent or 36,700 jobs; and Los Angeles, an epicenter of the housing bust, where employment fell by 0.8 percent or 45,000 jobs . (Dallas Morning News) 

Programs

 

Our Credit Score Simulator can help a buyer raise a credit score by looking at which debts to pay down and how much!

 

Thanks for making August one of our best months of the year!  Most importantly everyone closed on time with no surprises at closing!

 

 The Kurt Gonzalez Team  at WR Starkey Mortgage

 Real Answers - Real Fast

 www.kurtgonzalez.com 

972-985-0000