11113 Premier Drive of Frisco is a beautiful home in desired Frisco family neighborhood. Large 3-car garage and beautiful custom pergola-covered patio. Provides tons of shade for the Texas summer! Large family room, vaulted ceilings, & fabulous kitchen with center island. Window seat on stair landing. Spacious master suite with bay window & huge walk-in closet.  2 bedrooms have built-in shelves & study could be 5th bedroom. Wonderful utility with sink. Lots of ample storage & one block from Warren Sports Complex. Close to schools & shopping.   This is a must see!

The Award Winning Frisco ISD schools for this home are Rogers Elementary, Staley Middle, and Frisco High School.

If you are interested in talking to someone about your options please call us or if you are interested in Homes for Sale in Plano, Frisco, McKinney, Allen and the surrounding area TEAM DECELL is who you need to call.  We also assist with New Construction Homes, Pre-Owned Homes, Foreclosure Homes and Short Sale Homes.  We are your home town experts and offer excellent customer service.  214-975-3210

 Here we go again with additional changes in the already trouble world of Mortgage.  It seems that the only thing that is certain is that the mortgage industry is going to continue to change.  If you are considering the sale and purchase of a home it is crucial to speak with a LOCAL Lender that can walk you thru this very complicated process. 

I say LOCAL because many consumers have used mortgage institutions over the internet only to find that the loan does not close or the fees have drastically changed.  Work with your Realtor because they will usually have a recomendation of someone that they already have a relationship with.

TEAM DECELL is your neighborhood experts.  We assist clients in buying or selling their home in Frisco, Plano, McKinney, Allen and the Surrounding Area. We also have relationships with Lenders that have a proven track record and can get the job done in a painless and timely manner.  Don’t let the inexperience of others spoil your Home Purchase.  We have a team of experts that will take care of your needs.  Below are the upcoming changes.

1. Mortgage insurance premium (MIP)  increased to build up capital reserves and bring back private lending.
   1. FHA will raise the up-front MIP to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
   2. If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
   3. This will allow for capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
   4. The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.

1. Update the combination of FICO scores and down payments for new borrowers.
   1. New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
   2. This allows FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
   3. This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

1. Reduce allowable seller concessions from 6% to 3%
   1. The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
   2. This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

1. Increase enforcement on FHA lenders
   1. Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
   2. Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
   3. Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
   4. HUD is pursuing legislative authority to increase enforcement on FHA lenders.

RESPA Reform-Major Changes

Congress enacted the Housing Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure

Improvement Act (MDIA) of 2008. Effective January 1, 2010, highlights of the RESPA reform include:

·         Revised standardized Good Faith Estimate

·         Revised HUD-1 Settlement Statement

·         Implementation of Good Faith tolerance

·         Elimination of the 1% origination cap on FHA loans

Application means the submission of a borrower’s financial information include: Borrower’s name, borrower’s social security number, gross monthly income, property address, estimated value of property, and loan amount. Upon receipt of these items, it is a requirement to issue the GFE within 3 business days. It is assumed that a GFE cannot be issued without a property. Since a good faith is not to be issued until a property is found, the address should not show TBD.

If a mortgage broker submits a GFE to a lender and the lender accepts the GFE, the lender is tied to the GFE in its entirety, including fees and important dates. However, it is important to note that Premier Lending will be re-disclosing on all loans and will only reference our GFE as the accepted GFE. If the broker purports to have locked in the loan but does not lock the rate and the lender accepts the GFE, the lender is subject to the GFE presented. In other words, they have to honor the interest rate commitment and the settlement costs presented on the accepted GFE.

An accepted Good Faith Estimate can only be reissued under the following:

·         GFE expires after 10 days and the loan is not locked (a loan originator is bound within the tolerances provided to the settlement and terms listed in the GFE) – if the loan is locked, then the GFE cannot be reissued until after the date of the lock expiration.

·         Property use changes

·         Borrower’s credit score has changed negatively

·         Parties are added or removed from title or the property moved in or out of trust

·         The borrower does not proceed to closing in a timely manner after final approval or does not act diligently to provide lender information (in other words, give the borrower a “needs” list with expiration dates).

Changed circumstance exists (changed circumstances are defined as an act of God, war, disaster, or other emergency, or information that was relied upon about the borrower or that the transaction relied on found to be inaccurate after the GFE has been provided. Information may include credit quality of the borrower, the amount of the loan, the estimated value of the property or any other information used to provide the GFE).

This is good news for the public who want to purchase a home.  Lenders can’t do the bait and switch on you at the last minute.  If you have questions regarding Homes for Sale in Frisco, McKinney, Allen, McKinney, Plano, Little Elm and Prosper contact TEAM DECELL.