Fannie Mae and Freddie Mac have officially approved the return of 3% down conventional loans.  Great news for consumers!

Click here for announcement.

 

{ 0 comments }

FHA loan limits for Austin-Round Rock set to go up!

by John McClellan on December 5, 2014

FHA loan limits for Austin-Round Rock are set to go up starting January 2015!  This is great news for homebuyers in Central Texas.  FHA requires only a 3.5% down payment and is traditionally easier to qualify for compared to other loan programs. 

This will push the maximum purchase price to $344,000 (with 3.5% down).  Right now FHA loan limits for Austin-Round Rock are at $305,900.

 

 

John McClellan
NMLS# 207768

{ 0 comments }

NFP (nonfarm payroll) numbers MUCH higher than expected

December 5, 2014

The US added 321k jobs last month (forecast was 240k), the largest gain since November 2011.  Mortgage-backed securities and Treasuries slammed:  Expect mortgage rates to jump today from recent lows.  Unemployment rate remained the same at 5.8%.  September was revised up from 256k to 271k. NFP 321k vs 230k forecast Biggest increase since January 2012 October […]

Read the full article →

The Real Estate Zone Radio Show – 10/25/14 Broadcast

October 29, 2014

Listen to the Real Estate Zone radio show from October 25, 2014:   Mortgage Rates, How Credit Scores Work, Millenials and their effect on real estate, questions from callers, and more!

Read the full article →

MISSION OF SUPREME LENDING AUSTIN McClellan Branch

October 28, 2014

MISSION OF SUPREME LENDING AUSTIN McClellan Branch Our mission is to be the leading and most highly respected mortgage banking company in the Austin area by providing the highest level of service, ethics, products, and professionalism to our clients and partners.  Our goal is to make a positive, enthusiastic, and meaningful impact on our industry, […]

Read the full article →

The Austin Real Estate Market still has legs!

September 23, 2014

Big question!  How much longer will this incredible real estate market hold on in Central Texas?  Real estate happens in cycles, and sometimes we can look to the past to divine the future.  The chart you see is a snapshot of the Austin real estate market, month over month, from 1994 to August 2014.  I have said […]

Read the full article →

Comparison of future and current USDA eligibility areas

September 20, 2014

October 1 signals the new map changes for USDA.  Here is a link:  USDA.  Map at the top is future, and map at the bottom is

Read the full article →

Fed speculation rocks mortgage rates this morning!

September 10, 2014

Fed comments rock mortgage rates this morning!  Mortgage rates have jumped up considerably since yesterday!  Bloomberg CNBC Fed Weighs Change to Rate Guidance for Added Flexibility – This speculation has led to a sell-off in MBS and 10-year TSY this a.m., sparking new fears of higher mortgage rates in the near future.  All signs point […]

Read the full article →

Surprisingly bad jobs report opens window for lower rates in short term

September 5, 2014

Mortgage rates are set to drop this morning on a surprisingly Bad jobs report. Economists had forecasted 225k new jobs, but the Monthly jobs report held only a meager 142k. MBS and Tsy rallied.  The question is this:  How long will they hold and will these numbers be revised?  At least for today we are […]

Read the full article →

Listings/Pendings compare ratio remains strong

September 3, 2014

Listings to Pendings compare ratio continues to slip in the Austin MLS. Active listings (SFR only) 6619 Pendings (SFR only) 3253 Compare ratio = 2.03 Still a VERY hot market, but we have slowed down compared to the market earlier this summer and spring.   John McClellan

Read the full article →