About McLennan County, TX

Even a blurry shot through the window of a fast moving car doesn't stop the beauty of a colorful Sunset over Lake Waco. What a gorgeous drive this was yesterday at about 8:30 in the evening.

Waco Schools, Mclennan County Schools

If you have school aged children, and are relocating or considering relocation to the Waco, TX area, you are probably very concerned with finding good schools. Even if you already live in the area, I am sure your interest in your children’s school is of the utmost importance.

The latest 2009 accountability ratings for Texas Schools is now online. I am sure there are arguments for and against such rating types, but they are nevertheless a type of indicator in how a school system is performing.

From my observation, the reputation of schools in our area coincides pretty closely with these accountability results. Some of the more popular schools performed very well, while some of the less popular schools performed poorly.

But just like the ratings, reputations are not always an accurate depiction either. Having lived in many locations in the US and Overseas, it’s easy to get caught up in negative hype about anything. Many times I found that the negativity was unjustified and unfair. But other times, there was good reason for the negativity.

Having said that, here is a link to the latest ratings. Decipher them as you see fit. Search by McLennan County to get a good overview of our area schools.

New government mortgage regulations took effect on July 30, 2009. Here are four key elements Realtors need to know.

(1) If the homebuyer is financing a property, these new regulatory and investor guidelines will impact and could even dictate the closing date.

Historically, homebuyers and sellers would agree on a closing date, and then service providers, including lenders, would work the best they could toward meeting that date. Going forward, purchase contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest any home purchase transaction can close is 7 business days after the homebuyer is issued his or her initial mortgage disclosures from the lender.

(2) Upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighter , they are considered "received" the next business day, allowing the fees to be collected on the following business day.

Historically, upfront fees could be collected immediately. Starting July 30, 2009, upfront fees could be collected immediately when the application is taken in person and the homebuyer receives his or her initial disclosures. The only exception is the credit report fee which can be collected at application.

(3) The homebuyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing.

The homebuyer must receive the appraisal at least 3 business days prior to the mortgage closing. If the homebuyer believes the 3 business day required review period is not necessary for whatever reason, he or she has the right to waive that requirement.

(4)An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice. If mailed (or e-mailed) the TIL disclosure is considered "received" 3 business days after mailing.

A more typical contract date may be 30 to 45 days, or possibly longer ( such as with a new construction loan). Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the homebuyer's APR. Therefore it is critical on the front end to ensure that estimated fees are as accurate as possible.

Co-written by Jeff Bradburn , LakeSide Lending. Contact Jeff at 254-296-5046, JBradburn@txlmortgage.com or www.LSLTD.com

Just read this in the Waco Tribune Online:

http://www.wacotrib.com/blogs/content/shared-gen/blogs/communities/breakingnews/entries/2009/07/27/waco_mammoth_site_legislation.html

We are getting closer to this site becoming a National Monument. Very exciting stuff indeed.

http://www.wacomammoth.org/

Here is your weekly list of foreclosed properties. It seems to be down from last week, and that may be good news. I know times seem uncertain right now, but you are always going to need a place to live and why not have something that brings you equity. Remember to look at the homes that have been on the market for a while, maybe you can get a better deal on them. We are here to serve you and we will represent you. Please make sure that you have a buyers representative when you look for a home, don't settle for an intermediary. It costs you nothing to be represented so please use this to your advantage. If we can be of further assitance or help you find the home of your dreams, please do not hestiate to contact us at 254.63.0898.

As always have a blessed week.