USDA Update! Population limits raised to 35,000!

by John McClellan on February 27, 2014

Just got some inside scoop from friends at the USDA office.  Kyle, Hutto, Taylor, and Leander are not going away until after 2020 census because the population limit has been raised to 35,000.  (Previously 25,000 was the population limit.)  This is great news for affordability!  USDA loans are the most affordable or lowest down payment loans available in today’s market (aside from VA).   [click to continue…]

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Mortgage rates continue to fall in the first month of 2014

by John McClellan on January 24, 2014

Weaker economic news drives interest rates to 3-month lows.  Will we continue to see rates fall into February?  January’s Non Farm Payroll report is due out February 7, and 174k jobs are forecast to be added  and the unemployment rate is expected to hold at 6.7%.  Last month’s disappointing 74k number for 

December  has given direction to rates as of late, and be assured that January’s number will do the same for February.

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USDA Map changes may be on hold – Fingers crossed!!!

January 15, 2014

In December, Congress passed an omnibus spending bill to fund the government for FY2014 through September 30, 2014.  This bill did not contain any appropriation details.  Monday night, the 1500-page Appropriations Bill with the details was published pending approval by both houses.  In the Appropriations Bill, the currently eligible areas for the USDA Rural Development […]

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Nonfarm Payrolls +74k vs +196k Forecast; HUGE Miss; Bonds Rallying Big

January 10, 2014

Nonfarm Payrolls +74k vs +196k Forecast; HUGE Miss; Bonds Rallying Big NFP +74k vs 196k forecast.  November revised higher to 241k from 203k Unemployment 6.7 pct, lowest since 10/2008, forecast was 7.0 Participation Rate 62.8 from 63.0 previously Bond markets have embarked on a face-melting rally, as one might expect given the magnitude of the […]

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GREAT news for FHA loans in Austin Texas!!!! Max loan limits have been increased for Travis County and surrounding counties!!!

December 9, 2013

GREAT news for FHA loans in Austin Texas!!!!  Max loan limits have been increased for Travis County and surrounding counties!!!  FHA max loan limits will be $305,900 for 2014!!!  This is up from the current $288,750!! This means that more borrowers will qualify for FHA loans in Central Texas.

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23-year chart of boom and bust – Austin Real Estate

November 9, 2013
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Supreme Lending gives back! Donates $12,000 to Hope Alliance

October 24, 2013

Today Supreme Lending along with Remax Captial City donated $12,000 to Hope Alliance. Hope Alliance’s mission is to to assist those affected by family and sexual violence by providing services and developing partnerships that renew hope, highlight possibilities, and change futures while working to prevent these crimes from occurring.  Founded in 1984 as a rape […]

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How is the potential default of the US Government going to affect mortgage rates?

October 10, 2013

Lately we have had numerous factors line up in favor of lower mortgage rates over the next 3-6 months.  We have a new Fed Chief nominated, Janet Yellen.  Yellen is seen as dovish and should keep us on the same course as the last Fed Chief and continue QE3 in at its current volume.    […]

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Economic Calendar for this week 10/07-10/11

October 7, 2013

Treasury prices are higher to start the week after an uneventful weekend. With little to no apparent progress made on the budget impasse, treasury prices are benefitting from fears that the shutdown will slow the already sluggish US recovery. This week’s economic calendar gets off to a slow start but will pick up momentum as […]

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**Update to the effects the Government shutdown is having on the mortgage business. ****

October 7, 2013

**Update to the effects the Government shutdown is having on the mortgage business. **** Supreme Lending is now waiving the requirement for validated tax returns on certain loan products as long as the client can show deposited tax refund or payment to the IRS and those totals match the copies of the returns that the […]

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