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Frisco Texas Real Estate Blog
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There are several big changes with Fannie Mae this year (& last):
1. As of Dec 2014, Fannie Mae will offer 3% down (97% LTV) Conventional financing.
Why not just go FHA you say...?
- Remember that with FHA loans, the FHA MIP (Mortgage Insurance) is for the life of the FHA loan! Conversely, conventional PMI (Private Mortgage Insurance) may be eliminated when the equity target is reached (usually above 20%). This means, that a borrower may not be required to refinance out of their mortgage insurance at a later date, risking a potentially higher interest rate in the future.
- Also, traditional FHA loans come with an upfront FHA funding fee & higher monthly mortgage insurance cost.
..... which leads us to #2....
2. FHA has reduced their Monthly Mortgage Insurance from 1.35% to .85% oN FHA loans.
Despite that seemingly small difference, this has a fairly large affect.
Marcel Deitrich, Senior Loan Officer with Starkey Mortgage offered the following on the affect this has on a $250,000 FHA buyer:
What does this mean to the average FHA Buyer at $250,000? It means a month ago, on a $250K FHA purchase, their monthly MI was $269.23. When the change is implemented, it would drop the monthly MI to $169.52. That is $99.71 in savings on a monthly bases. This compares a $2,019.48 monthly PITI to a new $1919.77 monthly PITI.
- OR - If a buyer was in their comfort range with a $2,019.48 monthly payment, at that same payment, they can increase their purchase price to $265,000.
This is a huge step to putting FHA loans back in the game. - Marcel Deitrich - 972-672-3246 - NMLSR #231135
3. FHA Loan limits for Collin, Denton, Dallas, & Tarrant counties have been increased to $310,500.
Where will Mortgage Rates be Headed in 2015?
Freddie Mac's chief economist looks back & reexamines their 2014 predictions! Click here to read. It is a great review of the US Housing Data from 2014.
Their 2015 predictions can also be found here!
- Christie Cannon
Have you heard what has been going on in McKinney? McKinney is growing and has been named #1 Best Place to Live in America! Check out these great videos showcasing everything McKinney has to offer.
One of the top financial ratings firms, Fitch Ratings, is blowing the whistle on Texas' hot housing market. Home sale prices in the Dallas-Fort Worth area are at record levels this year and Fitch Ratings warns that Texas home prices are about 11 percent overvalued. A lack of homes available for purchase coupled with North Texas' fast-growing economy has caused residential prices to jump by about 7 percent over the past year.
Economist Jim Gaines with the Real Estate Center at Texas A&M Unversity said he’s looked at Fitch’s new Texas housing report and doesn’t agree with the conclusions. “I’m not buying the overvalued card right now,” Gaines said. “Yes, prices have increased substantially for Texas markets – but only after being essentially flat for almost five years.
Despite its warning about the inflated prices, Fitch's report points out the overall strength of the state's economy. Texas has been leading the country in both job growth and population gains.
Texas home price gains have already cooled from late last year and early in 2014. But the year-over-year gains in residential prices in the Dallas-Fort Worth area is still running about twice the long-term average rate and are higher than nationwide increases.
During the recent recession when many metropolitan areas in California, Nevada and Florida lost 50 percent or more of their home values, Texas prices fell only slightly. And the housing markets in Dallas, Houston, Austin and San Antonio were some of the first in the country to recover. For more information on Fitch's findings click here.
Stuck in the house with Cousin Eddie this week?.... perhaps a quick dash around town to see some of our areas best nods to the Griswolds.
And you do detect a hint of jealousy, as my father-in law "taught me everything I know about exterior illumiination".... which explains why our lights don't work.
Find a spot near you & make some memories.... suggestions are very welcome!
- Frisco TX - Christmas in the Square
- 4015 Bryson Drive, Frisco TX in Hillcrest Estates - because there is nothing like the original + this wonderful little community is LOADED with lights.
- Interlochen in Arlington - another true original
- Highland Park & Highland Park Village - what can I say about this one? There are full time pros competing here.
- The Pharrs Christmas Extravaganza in Farmer's Branch
- Deerfield in Plano TX - spectacular, maps & routes included
- Addison's Vitruvian Park - few displays are as colorful
- The Dallas Arboretum - While not free... this place is great; who needs a reason to go here? If so, how about actual reindeer?
- Christie Cannon
The "Elves" at RealtyTrac offer the Naughty and Nice U.S. Cities List.
Texas cities make 6 of the top 10; with Frisco as number 5!
You can see their report & methodology here:
The original article can be found on Realty Trac
The 242-Acre $1 billion Frisco Station development on the Dallas North Tollway will wrap around the new Dallas Cowboys headquarters and retail complex. Hillwood Properties and auto sales giant VanTrust Real Estate are partnering with the Rudman family, which has owned the site for more than 50 years.
Frisco Station is planned as a dense, urban-style development set to include a combination of corporate office towers, shopping and entertainment plazas, mid-rise apartments, medical facilities and other buildings. Hillwood and VanTrust are no strangers to development in North Dallas. Hillwood's founding Perot family developed the huge and successful Legacy business park in Plano and VanTrust is a partner in the huge Craig Ranch community being built in McKinney. Frisco Station will be a designed to fit with the Cowboys’ 91-acre Star development, which includes the football team’s headquarters, practice facilities, an Omni Hotel, shopping center and entertainment venues.Jim Gandy, president of the Frisco Economic Development Corp., said the two projects together will ultimately employ almost 19,000 people. Read about all the details in the article here.
Frisco Square is celebrating it's 10th Anniversary this Saturday, December 20 from 5:00-10:00 pm. Activities are to include a Parachuting Santa (at 5pm), Fireworks show (at 6pm), Light & Music Show, Carriage Rides, Trackless Train Rides, Build Your Own Snowman, 3 Lane Inner Tubing Snow Slide, Visits with Santa, Holiday Treats & more! Watch the video to see all the fun and excitement Christmas on the Square provides!
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