Saturday, 05/19/2012
Market Update
March 2012
176 New Listings
17 Active Foreclosures
80 Sold
94.76% of List Price
111 Average Days on the Market
23 Median Days on the Market
Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.
Read more about current Dallas Real Estate Market Activity.
2011
Annual School Report
This Annual School Report is provided by my friends at Republic Title
WR Starkey Mortgage News
HUD has come out with more major changes that will have an impact on files with case number ordered on or after April 1, 2012 (April 9. 2012 for UFMIP and MIP). Case numbers stay with the property, not the client. Case numbers may not be ordered until there is a fully executed contract in place.
#1- Increase in Upfront and Monthly MIP
The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. Again, this change is effective for case numbers assigned on or after April 9, 2012. In addition, the monthly MIP will increase by .10.
#2- Dispute Accounts OR Collection Accounts Must be Paid if over Cumulative $1000
If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing. The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off. The payments arranged for the accounts must be included in the calculation of the borrower's debt-to-income ratios.
Disputed credit accounts or collections resulting from identity theft, credit card theft, or unauthorized use, etc., will be excluded from the $1,000 limit under the terms shown below.
The mortgagee must provide in the case binder, a credit report or letter from the creditor, or other appropriate documentation, to support that the borrower filed an identity theft or police report to dispute the fraudulent charges. Mortgagees must provide documentation in the case binder to show all disputed or collection accounts are resolved, verified as not a debt to the borrower, arrangements made for payment, or paid in full.
This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.
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