First of all, THDA was designed and still works to get buyers who may not otherwise be able to get into a home, into a home. There was never a reason to think of unwinding the bond that governs the THDA loan process due to what has gone on in the economy. So you are clear, there is a bond attached to the THDA loans that enable THDA to do what they do. It is my understanding that once a mortgage is secured, or wrapped, with the bond, it is fixed and cannot be changed.

While there are some people who have THDA loans that will have a hard time most will do very well since they have had some help through THDA. If you find yourself in trouble, the best thing to do is immediately call THDA and talk to them. No one wants you to loose your home and they will do everything they can to help. It really is up to you.

This is the same process for finding a good loan officer as well. Most of my customers are referrals from past clients or Realtors and most Realtors work with clients that are referred to them as well. However, if you want to get to know the Realtor before you ever call them take a look at their website. You can get a very good picture of their personality and how they work from simply reading and looking at the site. The main thing is to find a Realtor that works in your area of interest weather you are buying or selling.

If you have been in and around the real estate industry for very long you will remember the time when everyone hated dealing with FHA and the appraisal process that was involved in getting this type of loan.  Then several years ago FHA changed and the appraisal process was just about the same as a conventional appraisal process, with a few exceptions.  Now we are seeing property issues with all types of loans as many types of properties have to be appraised twice.

Most of these properties are either properties that have been owned for less than one year or cash out refinances. For properties that have been renovated or remodeled, underwriters are asking for pictures and receipts to prove the quality and scope of the stated renovation and changes. We are being told that it will get worse before it gets better so if you are a buyer of a property; a seller; or a cash out refinance, you may be impacted by what is now being required.  Just know it going in and you’ll be fine.