2009 Frisco Economic Forecast by Stewart Title North Texas

How is the Frisco buyer's market effected by the economy and how might home sales finish out in 2009 in relation to the first half of the year? Will 2010 be a better year for the home buying and mortgage markets than 2009?

2009 Stewart Title Economic Forecast

Discussion at Park Cities Club
with Ted C. Jones, PhD, Senior VP — Chief Economist for Stewart Title Guaranty Company

Please Join Ted C. Jones, PhD for this discussion

Ted is the Director of Investor Relations for Stewart Information Services Corporation and also Senior Vice President-Chief Economist for Stewart Title Guaranty Company...he addresses the information needs of stockholders, conducts on-going research and supports economic and financial analysis for the company and its customers. An accomplished speaker, he typically gives more than 150 presentations on real estate and the economic outlook each year.

Wednesday, September 2ND
3:00pm – 5:00pm
Park Cities Club
5956 Sherry Lane – Top Floor
view map
Hosted by:
The Mavis Kilgore Team
Stewart Title North Dallas Office
Space is Limited So Please Reply Early!
RSVP to teresa.lynch@stewart.com

Frisco Mortgage Tweets on Twitter

Just in case you were wanting to have a Mortgage person on Twitter, here is a my link.
http://twitter.com/Frisco_Mortgage

Renting a Home vs. Buying a Home...things that make you go, HUH

Here’s a quick note to let you know how I can help you or anyone you feel comfortable introducing me to, in making the decision whether they should stop renting and buy now, or stay where they are at.

If you are like me, you know at least one or two people who are renting an apartment and you have probably wondered, "why do they not own, I know they both or he/she has a decent job." Sometimes there are legitimate reasons for renting, and sometimes people can buy and either don't know they can, or just have put it off for so long, they need a friend or family member to help them bring it back to their consciousness...but most of the time when people find out that in today’s economy they can buy a home for 30 percent less than they could a year or two ago – they get excited!

The next time you’re in a conversation with a friend, family member or neighbor and they mention that they’d love to take advantage of this buyers’ market and buy a home that’s selling for 30 percent less than it may have been selling for a year or two ago, would you stop, take out your cell phone, look up my number (469-450-2723) and call me immediately? I’ll send you our free report, How to Stop Spending Money on Rent and Own a Home Instead, because it will give them all the answers they need now to make a smart decision about what to do next.

No Payment for 2 Months After Purchasing a Home or Refinancing

There are a number of ways that you can structure or plan a closing so that you can maximize your specific needs when financing a home today. Assuming you have a choice on your closing day, here are three typical options.
Option number 1: The typical and assumed closing at the end of the month...
If you have bought a home lately, or refinanced, you might have heard someone in the transaction sphere of influence mention the large volume of closings that come together at the end of ever month. The idea is that if you close at the end of the month, you pay less prepaid interest. What that means is this; If you close on your home on say April the 30Th, the last day of the month, then you only borrowed money for your new loan for one day in April. They do not tack that one day on to the first payment of your loan, so you pay that up front at closing. You can see how if you closed at the first of the month how you would be required to come out pocket up front/at closing by much more money. In this scenario, you close on April 30Th and pay one day of interest up front at closing, you have no payment at all in May, and your first payment is due June 1st but isn't counted negatively in any way until June 15Th. That is a 45 day no payment closing, and it works for refinancing and purchases

Option number 2: Close on your home loan the 1st day of the month...May 1st.
There is 31 days in May, and since you'll have funds loaned to you all 31 days of that month with no mortgage payment, you'll pay 31 days worth of interest at closing. AH, but you don't have a payment in June at all. Your first payment is due July 1st and it is not late until July 15Th. That is two and a half months, or 75 days with no mortgage payment.

Option number 3: Close your home on the 1st day of the month with a "short pay"...May 1st
In a short pay, you do it all opposite of what the above options provide. You pay interest in days backward, and you make your first payment the very first month coming up. If you close on May 1st, you pay 1 day of interest up front, and your first payment is due June 1st and not late until June the 15Th. In this scenario, you don't have a "mortgage payment" in May, so you still ultimately get a month with no mortgage.

Here are the calculations for closing scenarios for options 1-3 Using a new loan amount of $270,000 and a new interest rate of 4.875%. Please take not that two of the closings are on the same day, and the other one is 1 day before the other:
Option #1...Close April 30Th;1 day of interest = $36.56 paid at time of closing
No payment due until June 1st of $1,429 a month (Principle and interest on $270k at 4.875%)
31 days of May you have no payment...
Pay all other closing costs PLUS $36.56 AND then come up with 1st payment of $1,429 in June. From day of closing until June first you spend a total of = $1,465 and then another mortgage payment of $1,429 July 1st
Money spent total from closing to July first = $2,894

Option #2...Close May 1st 31 days of interest = $1,096 paid at time of closing
No payment until July 1st of $1,429 a month (Principle and interest on $270k at 4.875%)
31 days of May you have no payment, 30 days of June you have no payment...
Pay all other closing costs PLUS $1,096 AND then come up with 1st payment of $1,429 in July. From day of closing until June first you spend a total of = $1,465
Money spent total from closing to July first = $2,525


Option #3...Close May 1st using a "short pay"
1 day of interest = $36.56 paid at time of closing
Payment due June 1st of $1,429 a month (Principle and interest on $270k at 4.875%)
30 days of May no payment...
Pay all other closing costs PLUS $36.56 AND then come up with 1st payment of $1,429 in June. From day of closing until June first you spend a total of = $1,465
Money spent total from closing to July first = $2,894

The number 2 option here appears to save you $369 out of pocket in your closing scenarios. I know some of you are thinking, "that's it! I'm going that route, and there is no discussion". Others are taking a little longer look at it and seeing how the options for cash in the pocket for a little longer in the front might help here, but "yada yada yada". Good! How ever you feel the options help you, that is what matters. Remember though, the majority of loans close at the end of the month and lender offices are busy busy busy towards the end of the month with such a work load, so consider closing at a different point in the month to avoid getting stuck in the traffic...you might have a hiccup in the process and when there is traffic, the slower you will be able to "get rid of you hiccup".

Article From Star Telegram...Worry Free Mortgage and Linda Davidson

Andrea Jares of the Star Telegram wrote about our Worry Free Mortgage. Linda Davidson, one of our "Celebs" at Service First Mortgage was selected to be interviewed and reflect on this new loan program, and here is how Andrea Jares covered it...

Linda Davidson doesn’t want job worries to keep you from buying a house.

Davidson, a mortgage banker with Garland-based Service First Mortgage Corp., is among a group of local lenders and home builders offering a so-called "worry-free mortgage" that will pay your note for six months if you lose your job within two years.

For $525, a buyer can add this protection to a mortgage for coverage of up to $1,800 a month. It also comes with budget help and financial counseling and will spot you if a big, unexpected bill comes up.

With the "worry-free" program and the $8,000 home-buyer tax refund from the government, her business has really taken off, Davidson said.

"We are slammed," she said.

Craig Brown of Addison is among those signing up to be worry-free.

Although he isn’t particularly worried about losing his job, Brown said he believes that anything can happen. So now that he’s shopping for his first house, he’s taking extra precaution by signing up for the new option.

"I’m at the point where I’d have to be convinced out of it," he said.

Easing consumer worries

The worry-free mortgage is among the latest programs aimed at easing consumer concerns enough to get them to open their pocketbooks. Hyundai Motor America is offering a similar deal: If you buy a new Hyundai and lose your job within a year, you can give the car back.

Davidson said she received a call a couple of years ago from the Rainy Day Foundation, which administers the worry-free mortgage program. But with unemployment at less than 4 percent, she opted not to use it.

But about a month ago, after seeing a commercial advertising the Hyundai deal, she decided to give the Rainy Day Foundation a call back. The foundation is a nonprofit that offers educational services and mortgage protection for home buyers, and works with FHA, VA and USDA loans.

Davidson said the worry-free protection could be appealing to buyers hoping to protect themselves or to a seller, who might want to add it to make a home stand out to prospective buyers.

"I think this will be big for the next two to three years," she said.

She’s been offering the mortgage now for about three weeks through www.myworryfreemortgage.com.

Several options

A handful of other mortgage lenders in North Texas are offering these mortgages, with home builders such as Lennar, Meritage, HistoryMaker, Morrison Homes and Gehan adding the program to their options, said Rick Del Sontro, chief executive of the Rainy Day Foundation.

The Washington, D.C.-based foundation has been around for six years. But it was when the nonprofit launched the HELP (Homeowner Education and Loan Protection) program 14 months ago, that interest soared.

The organization is handling 2,000 mortgages a month, Del Sontro said.

But even though the job-loss protection option may catch people’s attention, it is only part of what the foundation does.

"Only a third of FHA defaults are because of job loss," Del Sontro said.

To help with the other two-thirds, the foundation offers help for a large, unexpected one-time expense, such as a car repair or a high out-of-pocket insurance deductable. In those cases, a homeowner can apply to have the bill paid by the foundation.

Last year, the foundation gave away $4 million in these grants; the foundation is on track to give away twice that amount this year, Del Sontro said.

Foundation representatives also call periodically to help with finances or budgeting.

What, me worry?

Brown, who works in pro- duct development and marketing of textile products, is looking for a home in Carrollton, Plano or Frisco under $125,000.

He thinks the peace of mind that comes from the worry-free mortgage is worth the extra price.

While he’s making lots of decisions about what his next house will be like, one thing he won’t have to worry about is how to pay the mortgage if something should happen to his job.

"You never know," Brown said. "People you’d never think would be out of a job are asking me if my company is hiring."

Give me a call if you are interested in adding this program in the purchase of your next home.
Brad Lynch
Sr. Loan Officer @ Service First Mortgage
bl@fmillc.com
469-450-2723

Interest Rates In Relation with Bond and Stocks This Week

Moving.com reported some good news to start the week off if you are looking to refinance your home or buy a home for the short term. The report went like this, "Monday's bond market has opened in positive despite early stock gains. The stock markets are starting the week off strong with the Dow up 276 points and the Nasdaq up 45 points. The bond market is currently up 7/32, but we will still see an increase in this morning's mortgage rates of approximately .500 of a discount due to weakness late Friday."This means that we can expect this weeks rates to start off on a positive, but for the remainder of the week and month there are other "targets" to watch to see where they will go from here.
The closing commentary at Moving.com followed up to give us the best expectations if you were unsure what might come of interest rates for the remainder of they week. They said, "This week is moderately busy in terms of the number of economic releases scheduled for release. There are four on the agenda but two of them are considered to be very important that can heavily influence the markets and mortgage pricing. In addition, there is a 10-year Treasury Note auction Thursday that may hurt or help boost bond prices, depending on how strong of a demand there is in the sale. Since all of the data is scheduled for release Thursday and Friday, the most movement in rates will likely be the latter part of the week.

There is no relevant economic news scheduled for release today, tomorrow or Wednesday. The first data is October's Goods and Services Trade Balance report early Thursday morning. This report gives the size of the U.S. trade deficit, but it is the week's least important release. It is expected to show a $54.0 billion trade deficit. Unless it varies greatly from forecasts, I don't expect it to affect mortgage pricing.

Overall, expect to see a pretty volatile week in the financial markets and mortgage pricing with the most movement Thursday and Friday. Friday's Retail Sales and PPI reports can cause a great deal of movement in rates. Due to the expected volatility, I am holding the current lock recommendations. However, please maintain constant contact with your mortgage professional if you have not locked an interest rate yet."

What Are Mortgage Rates Going to do In the Short Term

In a report yesterday, mortgage guru at Mortgagerate.com wrote the following.
The recent bond rally has driven bond prices higher and mortgage rates lower, however, I am concerned that we may see an increase in rates before they fall much further. The rally creates a situation where bond traders may sell holdings to capture profits from it. If there is a concern in the market whether bonds can improve much more, that move may happen sooner than later and can lead to a spike in mortgage rates. Therefore, I strongly recommend that you maintain contact with your mortgage professional if still floating an interest rate because rate usually move higher much quicker than they improve.

If I were considering financing/refinancing a home, I would....
Lock if my closing were taking place within 7 days...
Lock if my closing were taking place between 8 and 20 days...
Lock if my closing were taking place between 21 and 60 days...
Float if my closing were taking place over 60 days from now...
This is only my opinion of what I would do if I was financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Irving TX Condo For Sale ---$86,000 or best offer--- 2 bed 2 bath 1167 Square Feet

Condo Investment Opportunity Irving Texas: Buy Directly From Owner...Easily Cash Flowed
Irving Texas Condo for Sale: 4517 N. Oconnor Rd. #1135

2 bed, 2.5 bath...1167 Square Feet...Pergo Wood Floors...patio...balcony...gated community with 24 hour on duty security guard...2 pools on property...work out facility...spa...washer and dryer INCLUDED!!! REFRIGERATOR INCLUDED!!!

As an experienced Mortgage Consultant of 6 years in the area, it was my first advisement to list the condo with a pro/Realtor, but after having it listed through one full term in a listing agreement with a Realtor, the buyer is determined to try to sell this buy owner before listing it again.

This Condo is in North Central Irving in an area highly populated with local executives. The owner bought the condo years ago on a 15 year note, and now that they have married and moved into a new home in Highland Village Tx, they do not have the interest in refinancing into a 30 year note to turn this property into an investment cash flowing property. They are highly motivated and ready to have only one mortgage.

Irving is noted in numerous Real Estate Blogs and media as an area to live with great expectations of equity appreciation opportunities in the near future. Buying a condo in Irving Texas can be an easy place to manage Real Estate portfolios do to the high demand renters provide in the area. This condo location is 2 short minutes from highway 114 that intersects I35, the highway that runs through the heart of downtown Dallas. Also attractive about the location is it's location directly across from Las Colinas Country Club and a block from the prestigious Four Seasons Hotel and Resort.

I am putting this Blog as a favor for Jarod, as he is a close friend of mine for over 20 years. For inquiries on this property, call 469-441-1357...ask for Jarod Farda. Jarod grew up in Irving Texas his entire life and can answer any questions about the area from experience.








Call Jarod at 469-441-1357 or email him at fardaj@lisd.net or

Call Jeannie at 432-553-2818 or email her at jrae219@aol.com

If you are interested in financing for this property, call me Brad Lynch at 469-450-2723 or email me at bl@fmillc.com

Land America Financial Group, Inc Purposes to Be Acquired by Fiedelity National Financial

One day after postponing its third quarter earnings report, title insurer LandAmerica Financial Group, Inc. (LFG: 8.70 +83.16%) said Friday morning it would be acquired by competitor Fidelity National Financial Inc. (FNF: 11.23 +34.49%), the first major merger/acquisition to hit the title insurance side of the business as a result of the nation’s housing crisis. The all-stock deal is valued at about $128.4 million, according to a statement by the firms ahead of market open on Friday; LandAm shareholders will receive 0.993 shares of Fidelity National stock.
The combination will create a behemoth title insurer, controlling roughly half of the entire market, and allowing Fidelity National to finally leapfrog past The First American Corp. (FAF: 23.05 +18.14%) in market share. Together, LandAm and Fidelity National represented 46.3 percent of the market during 2007.
The deal comes amid speculation that LandAmerica may have been in trouble, and the particulars of the announced deal make it clear that the rumors were true: FNF subsidiary Chicago Title Insurance Co. will provide a $30 million credit facility to LandAm “as a means of potential additional liquidity,” according to a press statement. Advances under the facility are secured by $155 million in par value of auction-rate securities held by LandAm, Fidelity National said.
“The unprecedented credit freeze and depressed real estate market have negatively impacted our business to the point that it has become increasingly difficult for LandAmerica to remain an independent public company,” said LandAmerica chairman and CEO Theodore Chandler, Jr. Fidelity National chairman William Foley, II said in a statement that the merger should bring at least $150 million in operational costs savings between the two firms, but did not specify how many jobs would be lost through the merger. LandAm’s Chandler will join Fidelity National’s board of directors as a vice chairman when the deal is complete, both companies said.
No expected date was provided for the merger to be completed.

VA Cash Out Refinancing, 100% and Super Low Interest Rate

Did you know that VA will now allow an LTV of up to 100% on a VA cash-out refi based on the current appraised value? This is a 10% increase from the previous threshold of 90%.

Did you know that a VA cash-out refi is considered to be any current non-VA loan, (with the exception of a Texas A6 Cash-out loan), that is refinanced into a VA loan?

Please keep in mind that even though VA refers to this as a cash-out refi, it is in reality a rate/term refi and no cash back will be allowed at closing.

Zero Down Payment 100% Financing: Frisco, Plano, and Surrounding Dallas Cities in Texas

Did you think 100% financing was gone for good?

One of the major local banks in the cities of Dallas, Frisco, Plano, McKinney, and other surrounding cities has done some risk analysis and decided on a safe target market for 100% financing options. In addition, they have chosen Service First Mortgage as one of the only lenders in North Texas to offer the loans.

Why is it you haven't heard anyother lenders or banks offering this?

Remember, Service First Mortgage was number 11 in top 25 lenders for loans originated in Dallas Fort Worth last year, and with the collapse of a couple of them, we are more near #9 on that list. Loan volume coupled with the high integrity and high level of experience SFMC has a track record for, we are privileged to be in such a situation to be hand picked for this opportunity.

Is there a "mission impossible" type qualification necessary?

NO! Credit Scores as low as 620 may be accepted within this new program. Debt ratios between 41% and 45% are accepted. You DO NOT have to be a first time home buyer. The income can be 140% of AMI (Average Median Income), but they do not have to use the "household income". This means that if the wife and husband make more than the 100% median income, but just one of the borrowers can approve for the home on just their income, we only have to use that income to determine if they are under the median income.

What kind of loan is it?
30 year fixed fully amortized loans

Conventional Programs

MyCommunityMortgage 97

MyCommunityMortgage 2-unit

HomePossible 97

Flex 97 ₁

Flex w/subordinate financing ₁



That means that the interest rate will be that of what the market is today for other minimum down payment loans.

Find the Lowest Interest and the Best Business Alliance

The home buyers in Frisco, McKinney, Plano, and the cities surrounding Dallas Texas are benefiting from interest rates that are still at historical lows and patience to find the right home with the right price. Buying Real Estate right now is a great opportunity. Foreclosures are still available in large volume and if you plan it right, you can be patient and leave your "feelers" out for the next great home to come on the market for a great value. Maybe you sell your home and move into a nice apartment or rental so that you are not under the gun to hurry and find another home by the time your buyers need to move into yours. With a little patience, you may jump into a home with 15% savings from the day you close. When the market moves up in the next 3-8 years, you stand to all of the sudden be sitting neck high in equity.
To have the best luck in your home buying process, align yourself with a mortgage guy who is not desperate for business, so that you are not strategically rushed into a deal that is not the best one for you. Additionally, contact a couple Realtors and let them know you are NOT interested in rushing into a home and that you'd like to be put on a automatic email list for homes that come on the market as foreclosures, and have them make the search specific...city, subdivision, choose a square mile radius, bedrooms, square footage, age, and one level or two level home. Yes, Realtor systems can do all that for you and many successful Realtors are willing to be patient with you.
The biggest mistake many folks have in crafting such a plan is by using a family member or friend for their mortgage or Real Estate alliances, just because they think they should or will get a good deal by using them. WRONG!!! A good deal is accomplished in the negotiation experience, and the research and structuring ability of your Real Estate agent or Loan Officer, and the small dollar amount you MIGHT save on a Realtor or Loan Officer friend or family member can offer you for their services is nothing compared to the dollar value experts bring to the table as a whole.
Interview your Loan Guy and Realtor, don't ask them where they are going to cut their costs. You'll find out right away what caliber your prospective alliance measure.

Hope Is Alive In Dallas Texas, Frisco, and the Surrounding Cities Real Estate Market

Over the weekend Kenneth Harney gave a very detailed outline of what foundation has been set to secure the Real Estate Market, and it should make for high hopes to Dallas and the surrounding cities, especially in the once top ranked booming Real Estate market in Frisco Texas. The question is asked over and over today, "Can you still get a home loan with less than 20 percent or 30 percent down? Or with a credit score below 720"? Harney answered the question like this:
"Absolutely. It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors."
The Real Estate market for home buyers is not dead or stagnant. There is plenty of money made available with many small down payment options, and there are even still some 100% financing options in specific areas...and the income eligibility is not as picky as many would think.
Harney noted that 90% of loans in America today are made through FHA. The interest rates are still low, and the underwriting isn't necessarily all that tough• Despite the global financial system's quakes, mortgage rates remain low by historical standards. Home prices, pushed by foreclosures and short sales, have rolled back to 2003 and 2004 levels or lower in many of the former boom markets. As a result, growing numbers of buyers are coming off the sidelines, making offers and writing contracts.
David G. Kittle, president and chief executive of Principle Wholesale Lending and incoming chairman of the Mortgage Bankers Association, said "the mortgage market has never shut down" despite the global financial crisis.Matt Vernon, a national retail mortgage sales executive for Bank of America, said, "we've got more than enough liquidity" to handle mortgage demand. "We are open for business." Most of the bank's production is now funded through the FHA, Fannie and Freddie.
If you are looking to buy, don't put it off for the simple fact that you assume you can't get a loan. Decent credit scores, typically 600 or better, means that you have plenty of loan opportunity. Don't give up on your dream of home ownership just yet.
Make an appointment with your mortgage guy to meet at Starbucks and talk about your options. See you there.

Can You Approve at First Blush To Buy a Home In Frisco Texas

First a disclaimer. This is a simple and easy way to know. Yes, there are other options and this and that, but this is a quick "how to tell" if you are talking to a good buyer.

If you have 700 or better credit scores and have 5% down payment and money for closing costs, your a stud buyer. Yes, loans still allow for seller contribution for closing, but lets work that out when we have to.

If you have under 700 and even more specifically, under 680, you'll need FHA financing if you are looking for low down payment financing...you are going to need 10% down payment with those scores probably outside of FHA, and VA. Yes, there are a couple places you can find conventional financing with 5% down if you have under 680, but it's time for "THAT" buyer to save for 10% down payment and have a better loan availability to choose from.

If you have 610 or higher and only have 3.5% down payment, it's likely you can get FHA financing, but you need to submit all your income and assets to the lender up front and give up your whole story so they can run it through their system or get an underwriter to look at it first.
I don't know if any of you readers have seen the cartoon movie, Cars, but this is where it stops. "Welp, G'NITE" as all the Cars drive off and leave Towmator in the night alone...he's afraid of the ghost light. Yeah, that's it. It's easy and simple these days isn't it?

100% Financing, No Down Payment, USDA Loan for Chameleon Lending, and the Chameleon=aire

Lets step away from the so controversial "Bailout" talk for a minute. This is an industry for Realtors and Lenders that are willing to change right now. As water runs from a wide space to a tight space, it changes very quickly to meet it's new boundaries. Everyone in the Real Estate business knows that the history of our industry is UP and DOWN. As the Real Estate boundaries change, so must the contents w/in it...that's us Realtors and Lenders. There is very few people left with large down payment. There are many more buyers out there that need 100% financing, but can't get it, that only 2 years ago would have had no problem. There is still 100% no down payment home loans in Texas, Dallas, Frisco, and what ever other areas. VA is 100%, USDA Guarantee Rural is 100% and allows the buyer to have the seller pay closing costs over the amount of the appraisal...yeah! It's our job as lenders to decide which families are disciplined enough to get into a home that is leveraged by a 100% loan, and also that the home is not in a risky area that might depreciate quickly so the home owner couldn't sell if he needed to.
As a Personal Mortgage Consultant, I feel that it is my duty to my clients and my Realtor alliances to be a chameleon lender right now and as week to week we see new FHA guidelines, conventional Mortgage Insurance changes, and all the other changes we are seeing happen so fast. I believe that if the Realtor or Lender in this market can target the right places with the right "tools", they will be a chameleonaire and find success.

Banker 3% Down Payment for Conventional Loans

RMIC is a mortgage insurance company that makes it possible for families to put down as little as 3% on a conventional purchase or refinance. Without mortgage insurance, lenders won't risk one loan that equals to 97% of the total purchase or appraised value amount of a home. RMIC just announced that they are not going to issue their mortgage insurance with broker lenders or wholesalers anymore starting November the 1st. This is another positive for those bankers out there. The Release Notes from RMIC on the 15th read exactly as, "Loans with LTV/CLTVs of 95.01% to 97% may only be originated through a lender's retail channels (i.e., broker originated and wholesale loans are ineligible). In order to be considered a retail loan, the loan must be closed and the MI ordered in the name of the originating lender, by that lender's personnel. The minimum representative FICO required for insurance on loans over 95% LTV/CLTV will remain 720 as stated in the August 27, 2008 release notes."

FHA Down Payment Requirement Increases...Effect First Time Home Buyers in Frisco

It's been talked about and it's not necessarily brand new information, but FHA down payment requirement is going up to 3.5%. No longer will closing costs be considered as part of the amount of money they have to have involved in the transaction. They will have to have 3.5% down payment...3.5% is from the lesser of the sale price or appraised value.