About Humble's Atascocita

Wednesday, January 26

Read 2 Timothy 1:1-8

I remind you to stir into flame
the gift of God ...
For God did not give us a spirit of cowardice
but rather of power and love and self-control.

Lord, help me to see the people in my life with your eyes. Teach me how to be an agent of encouragement and hope in you.

Charles Gardner, Realtor/Investor

Region Realty-Greater Houston Homes-Humble, TX

Tuesday, January 25

Read Mark 16:15-18

Go into the whole world
and proclaim the Gospel to every creature.
Whoever believes and is baptized will be saved;
whoever does not believe will be condemned.

Father, I thank you for sending your Son to rescue me from sin! Help me to live for you today.

Charles Gardner. Realtor/Investor

Region Realty-Greater Houston Homes-Humble, TX

FHA anti-flipping suspended for another year - Humble TX Investors Good News

A classic real-estate flip involves the quick resale of a house or condominium at a significantly higher price than the purchaser paid with only cosmetic improvements to the property, if any at all. Sometimes only the contract itself is being signed over to a new buyer at a higher price. For years the federal government prohibited the use of FHA mortgage financing by buyers purchasing homes from sellers who had owned the property for less than 90 days. The idea was to prevent speculators from defrauding the government through quick flips of houses - usually involving straw buyers and corrupt appraisers - at inflated prices. One side effect of that policy, however, had been to stifle purchase-and-renovate projects by legitimate, small-scale investors who buy houses after foreclosure or loan defaults and then resell them in substantially improved condition.

In many parts of the country, first-time and moderate-income buyers often sought to buy these fixed-up houses using FHA-insured mortgages with 3.5 percent down payments, but were prevented from doing so by the long-standing "anti-flipping" rules. This, in turn, left large numbers of foreclosed, vacant houses sitting unsold and deteriorating, with negative effects on the values of neighboring properties. Last January, FHA Commissioner David Stevens announced a one-year suspension of that rule, permitting qualified buyers to obtain FHA mortgages on properties that were acquired by rehabbers less than 90 days before. The plan, set to expire at the end of this month, came with key safeguards for purchasers, including inspections and multiple appraisals in some cases to document the amounts spent by investors on the improvements. The FHA has extended the suspension for another year, opening a huge market to investors.

Here's to Awesome Investing in 2011

Charles Gardner, Realtor/Investor

Region Realty-Greater Houston Homes-Humble, TX

Monday, January 24

Read Mark 3:22-30

Amen, I say to you, all sins and all blasphemies that people utter will be forgiven them. But whoever blasphemes against the Holy Spirit will never have forgiveness, but is guilty of an everlasting sin.

Holy Spirit let me see with your eyes! Convict me when I need self-control, and inspire me when I need compassion. May my heart always be attentive to your still, small voice.

Charles Gardner, Realtor/Investor

Region Realty-Greater Houston Homes-Humble, TX

Stated Jumbo Loans still exist for the Difficult to Sell High End Properties

Do you remember how easy it was to get a loan for a home purchase? All you needed was a pulse for approval. Stated loans were the rage. You simply stated how much you earned, provided a credit report and in many cases you would be approved for 90% to 100% financing! Trillions of dollars (Yes, that's trillions!) were loaned out to buyers using the stated loan. Read more...http://wp.me/pRWoN-1V

Eventually a majority of these loans would become non-performing causing catastrophic losses to banks and mortgage companies including Fannie Mae and Freddie Mac. In fact, it's the stated loan that was the primary cause of the mortgage industry meltdown.

Since the historic meltdown lenders have become very cautious on how and who they approve for loans. One segment of the market that has been dramatically affected is the jumbo loan. Many buyers that purchase high value homes or commercial buildings are high wage earners and the majority is self employed. These type buyers are dependent upon a stated loan product for a variety of reasons.

Banks and lenders are now requiring stellar credit and as much as 40% down payment for approval! This has eliminated many buyers from purchasing jumbo properties. In turn this has left the seller of the jumbo property in a desperate situation. The result of this circumstance is a tremendous buying opportunity for anyone that has enough cash to purchase or anyone that can get a jumbo loan. Unfortunately, many can't meet lender requirements and most don't have cash in the bank to write a check for the purchase price.

There is a tremendous need for a jumbo loan product that allows buyers back into the jumbo market. There is a HUGE demand for this product.

Read more: Jumbo Stated Product

Charles Gardner, Realtor/Investor

Region Realty-Greater Houston Homes-Humble, TX