Lubbock Entertainment Palette: Many Colors
Diversity in Lubbock. I did just say that. Take one look at the weekend’s offerings coming up on the cities events calendar, and you’ll know exactly what I mean. I might even be so bold as to suggest the notion that no one has a right to claim boredom, the last weekend in June, 2013. I will easily make that claim.
I’ll begin with the obvious. Texas. Panhandle. Lubbock. It makes sense that there will be a gun show. The Silver Spur Gun and Blade Show takes place on the 29th and 30th. It is held at the Lubbock Memorial Civic Center, over the weekend. They will have the following items available for purchase; guns, knives, swords, holsters, ammunition, and accessories. There will be used and new items.
If protecting the frontier isn’t your cup of tea, there is also a musical in town. Lubbock Moonlight Musicals is presenting Peter Pan, at the Wells Fargo Amphitheater. The fireflies will blend right into the performance, and your little ones are sure to be delighted by the actual fairy tale, going on before their very eyes.
This range of entertainment also has some more middle of the road offerings, if you will. George Lopez is bringing his brand of Latin comedy to the Civic Center Theater on Saturday, June 29th. George has starred in his own TV sitcom, and is a crowd pleaser where ever he performs his comedy shows.
There is a qualifying event for the Ironman world Triathlon taking place on Sat. and Sun. Spectator and sign up info can be found at the following link:
https://buffalospringslaketriathlon.com/nw/
Things are forecasting positive right now in the Lubbock real estate market, and there are rebates available, which make this, the right time to purchase a home in Lubbock. Click the link below for info, and for the current rebate offer:
https://www.rebateontexashomes.com/
written by James W Dunnigan, as a free lance contributor.
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Category: <span>News</span>
HUD came out with three major changes this week for FHA loans when case numbers ordered April 1 2012 and afterward. This does not mean that the loan must be closed by April 1, 2012 but a contract must be executed and the FHA case number ordered through their system by that date.
These changes have the potential to hurt the housing industry and disqualify buyers who could have purchased in the past!
Change #1- Increase in Upfront and Monthly MIP
The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. Again, this change is effective for case numbers assigned on or after April 1, 2012. In addition, the monthly MIP will increase by .10.
This change will make a difference of $11.49 per month on an $100,000 sales price with 3.5% down, 30 year note.
So call your current clients that are going FHA and get those contracts executed on or before March 30.
Change #2- Disputed Accounts Must be Paid if over Cumulative $1000- Major Change
If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing. The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off. The payments arranged for the accounts must be included in the calculation of the borrower’s debt-to-income ratios.
Exceptions include disputed accounts more than 2 years old, or those arising from Identity theft
Change #3- Collections Accounts Must be Paid if over Cumulative $1000- Deal Killer
If the total outstanding balance of all collection accounts is equal to or greater than $1,000 the borrower must resolve the accounts (e.g. entered into payment arrangements with minimum three months verified payments- paid as agreed) or paid in full at the time of, or prior to closing. Mortgagees must document the case binder showing each account was resolved or paid in full.
ACTION NEEDED- At this point, prequal letters written may not be able to be honored if collections exceed cumulative $1000+. It is imperative that buyers that have not yet written a contract but will using FHA financing contact their lender and re-review the credit report. In addition, let the lender order the FHA case number as quickly as you have an executed contract.
See the following link if you’d like to make your voice heard regarding these new changes.
Looking to buy a home in Houston Texas.
Check out this link to see some of the great incentives out there.
Remember to hire Austin Homes, Realtors as you agent and get cash back after closing.
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