QualifyBuyersNow Blog

On August 4th 2009, Taylor Bean & Whitaker Mortgage Corporation issued a press release stating that it was being terminated and/or suspended as an approved seller/servicer of mortgage loans.  This news came to my office on August 5th.  Those of you who were making payments on a mortgage to TBW will want to follow the link at the end of this entry for instructions on how to continue making your payments in a timely manner to the appropriate party. 

Bank of America has taken over TBW's entire loan portfolio.  If you got your TBW loan from me, please feel free to shoot me an email or give me a call so that I can direct you to the appropriate department with Bank of America.

Here is the link:

http://www.hud.gov/news/consumer-guidance.pdf

The TDHCA 90 day program is being discontinued. The TDHCA reported to us yesterday that they are out of funds. The 5 Million that was set aside to help first-time buyers realize the American dream of home ownership has run out.  The last day for new submissions is today by 5 pm so you would have to have overnighted your package yesterday. If you have a client that intends to utilize this program, give me a call so that we can explore other options that may help you complete your purchase.

- Ron L. Robinson

www.qualifybuyersnow.com

Today’s ever changing housing market, currently dominated by first-time homebuyers, is seeing an increase in demand for home warranties also known as residential service contracts. This trend seems to be indirectly attributed to increasingly constrictive lending practices, and higher down payment requirements. More directly, this increase in demand for home warranties is attributed to the fact that many of the homes on the market today are exempt from seller’s disclosure statements because they are bank owned properties that may have been vacant for some time. Homebuyers are wisely seeking protection from unexpected repair costs by purchasing residential service contracts that cover normal wear and tear of home appliances and systems during the first year of ownership. In response to this market trend, banks that hold substantial portfolios of REOs are now recognizing the value of offering home warranties as concessions to prospective buyers. Offering these warranties helps alleviate buyer concern thus allowing the banks to move more homes. As the cost of home appliances increases, and the number of bank owned properties continues to increase, look for the cost of home warranties to increase in the near future.

- Ron L. Robinson