August 18- Update on FHA DAPS, Hot Dog Party, Training Classes, First Time Home Buyer $$ Available

Important (!) Update on FHA DAPS: As of today, we are hearing that the repeal for the discontinuation of Downpayment Assistance Programs (i.e., programs such as Nehemiah) is loosing any ground that it had and so the possibly of the discontinuation of DAPs is strong. We received word last week from two of the five major FHA servicers in the United States that they will be either discontinuing taking any DAPS after 8/31 and the other one was 9/15. My suggestion is……… if you are needing to go DAP, do not wait until a 9/30 closing….. lets get the loan closed as quickly as possible while we still have the program available in the industry. When we can assist you, please feel free to call us at 972-278-3400. What a great week for USA and Michael Phelps. Go Phelps…. Go USA! One of the things that always comes across my mind when I watch the Olympics is these athletics did not just wake up on morning and say “Hey, today I am going to be very, very good at what I do.” No, it is years of practicing, studying the game, and a personal commitment to be excellent. It always increasing my resolve to be a student and master of my industry as a personal resolve to excellence. Friday, 8/29 11:30-1:00 Celebrating Hot Dog Month (August) and Saying Thank YOU Eating J and everyone is welcome. Free food, drinks, drawings, fun. Come join us! It is our Annual Hot Dog Celebration! Service First Mortgage 3200 Broadway Blvd Garland, TX 75043 (Back Lot) No- Just come hungry! Friday, 9/5 9:00-11:00 AM Appraisals- The Past, The Present and The Future Also… New Bonus Class on "Lower the Rate...Not the Price- A seller buy down strategy! Learn the new guidelines for appraisals as well as the major changes that will occur 1/1/09. Taught by Chris Smith, Appraiser Linda will be teaching the New Bonus Class on a great strategy to make YOUR listings sell quicker! North American Title 5435 N Garland Rd #180 Garland, TX 75040 214-703-9607 (North Garland and 190) Yes- Please call 972-278-3400 or email to ldavidson@servicefirstmtg.com by 9/2. Space is limited. Wednesday, 9/10 9:00-11:00 AM The New and Improved FHA and Learning to Work Short Sales (When is Too Late, Too Late) Two popular classes taught by Linda Davidson. It is important to understand both of these subjects in order to thrive in our current market. Service First Mortgage 3200 Broadway Blvd Garland, TX 75043 Yes- Please call 972-278-3400 or email to ldavidson@servicefirstmtg.com by 9/8. Space is limited. Thursday, 9/18 8:00-9:00 AM H.R. 3221- The Housing Bill that will change our industry Many of these changes occur as of 10/1/08, so it is important that you are in the know. Dickey’s BBQ 5000 Rowlett Rd Ste 100, Rowlett, TX N/A- Rowlett MLS MAP (Enterprise- Dallas First Time Home Buyer Program) has opened up about $1,000,000 in funds. If you are looking in the City of Dallas and household income is not more than $42560(for a family of two) and $53200 (for a family of four), there is $10,000 per transaction that can be used to purchase a home. Note that buyer cannot have own property for the last three years. Give us a call at 972-278-3400. Market Report Last Week in Review "You can't put a limit on anything." Michael Phelps. And while swimmer Michael Phelps has had a record-setting week at the Beijing Olympics, Bonds and home loan rates have been battling some tough opponents at home. Bonds began the week trading lower due to inflation fears after crude shipments from Georgia were halted amid the Russian bombardment of the country. However, some poor economic reports (remember, bad economic news is bad for Stocks and typically causes money to flow from Stocks into Bonds)...including poor earnings reports from Macy's and farm equipment maker Deere & Co....helped Bonds and home loan rates regain some of the early ground they had lost. Bonds continued to rally in the latter part of the week despite the hotter than expected read on consumer inflation in the July Consumer Price Index (CPI) report. According to the index, consumer prices increased 5.6% over the last year, which is the biggest year-over-year increase since January 1991. However, Bonds shrugged off the bad inflation news and traded higher because this hot reading came during the time that oil prices spiked to $147 a barrel in the month of July. Since then, oil prices have dropped significantly and are now $113 a barrel, which left traders thinking that next month's CPI reading may be tamer. And Bonds and home loan rates continued their rally on Friday in response to some tame inflation news within the Empire State Index Report. While inflation has been a tough opponent for Bonds and home loan rates, the technical factor known as the 25-day Moving Average (a moving average is the average closing price of a financial instrument over a given time) has been an even tougher opponent of late. Bonds and home loan rates have attempted to improve past this level several times over the last few weeks, finally succeeding on Friday to end the week nearly unchanged from where they began. PUTTING A LIMIT ON OVER-CONSUMPTION IS AN IMPORTANT THING TO DO! CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW TO LEARN HOW GOING GREEN CAN MAKE A DIFFERNCE NOT JUST FOR THE WORLD, BUT FOR YOUR MORTGAGE, TOO! Forecast for the Week Tuesday is an especially important day to stay tuned to the markets as two reports...the wholesale inflation measuring Producer Price Index and the state of the housing market measuring Housing Starts and Building Permits Report...could impact the direction of Bonds and home loan rates. Thursday is another important day to note as the Philadelphia Fed Report will be released. This monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware is one of the most-watched manufacturing reports. If manufacturing is stronger than expected in this area, Stocks could move higher at the expense of Bonds and Home Loan Rates. Remember when Bond prices move higher, home loan rates move lower...and vice versa. Bonds and home loan rates were able to battle back and end the week near where they started. However, a new level of resistance at the 50-day Moving Average (seen as the solid Black Line) may have an affect on the direction of home loan rates. I will be watching to see whether Bonds and home loan rates can beat out their next opponent to reach even better levels. The Mortgage Market View... Green Mortgages Equal Larger Loans and Efficient Homes Tired of heat and energy prices skyrocketing out of your budget? Now you can do something about it...and your mortgage can help! Energy-efficient improvements, such as installing double-paned windows and additional ceiling insulation, can save you money every month, not to mention pay for themselves in the long run. But how do you come up with the cash to pay for those projects up front or to buy a slightly more expensive house that already has them? One way is with a "green mortgage." What is a Green Mortgage? Green mortgages actually come in a couple of different formats. Officially these loans are classified as either Energy Efficient Mortgages (EEMs) or Energy Improvement Mortgages (EIMs). An Energy Efficient Mortgage essentially allows you to purchase a home that is already energy efficient - even if the price of that home is larger than you would normally qualify for under your debt-to-income ratio. Energy Improvement Mortgages, on the other hand, allow you to take out a larger loan to make energy efficient repairs and improvements to a house that is not currently rated as energy efficient. The main benefit of both of these mortgages is that they help you to qualify for a larger loan amount and help make it possible for you to live in a better, more energy-efficient home. The basic principle behind this type of financing is that the money you save from the more efficient home will offset the larger mortgage payments. Qualifying for a Green Mortgage To qualify for a green mortgage, you typically need to have a Home Energy Rating conducted. This rating provides the lender with an Energy Savings Value, which is the estimated monthly energy savings and the value of the energy efficiency measures. Depending on your unique circumstances, you may qualify for a conventional, FHA, or even a VA green mortgage. Each type of loan is designed to fit specific situations and, therefore, each loan has specific requirements that must be met. You can learn more about the differences between conventional, FHA, and VA green mortgages at the Energy Star website. And for more details about green mortgages in general, visit the HUD website. Whether you're looking to add energy-efficient improvements to your current home or want to purchase a new energy-efficient house, green mortgages offer benefits that are definitely worth looking into. Call today to discuss your options in more detail. Have a blessed week. When we can be of assistance to you, please don’t hesitate to contact us at 972-278-3400. Linda Linda Davidson, Senior Loan Officer, DE Underwriter Service First Mortgage 972-278-3400 office 972-497-6452 fax 1-866-963-3777 Toll Free http://www.davidsongroup.net/ Check out our blog: http://lindadavidsonmortgage.blogspot.com/ The Davidson Mortgage Group Ranking 6th Nationally in FHA/VA Purchase Units Closed! Ranking 33rd Team in the Nation in Total Purchase Units Closed! Ranking #69th Team in the Industry for Total Units! Voted #1 Area Mortgage Team For The Past 10 Years We ARE The Home Buying Experts! Your Lender for Purchase, Refinances, Reverse Mortgages and Commercial Lending!! P.S. The finest compliment that we can receive is a referral from you . We appreciate your trust! Linda