NEW FHS CREDIT SCORE REQUIREMENTS

By Tony Stevenson, SWBC  

 www.swbcmortgage.com/stevenson

We wanted to provide you with important information regarding changes to the minimum FHA credit score requirements.

On Friday, Bank of America announced that effective with case numbers assigned on and after October 4, 2010, their minimum credit score floor for an FHA loan will be increased from 620 to 640.  Since this change is based on case number assignment date, it is CRITICAL that the case number assignment dates be entered in Mortgage Builder as soon as possible.  This will help us manage our risk exposure for credit scores less than 640 and help us monitor salability of these loans.

It is important to note that other investors have already implemented higher credit score requirements for FHA loans:

• Chase – minimum credit score floor of 640
• CitiMortgage – minimum credit score floor of 640
• SunTrust  – minimum credit score floor of 660

In addition, we have received word that Wells Fargo will be moving to a 640 minimum credit score as well.  No official announcement  has been made yet, but we are told it will come quickly.  We will notify you of the details as soon as we have them.

At this moment, U.S. Bank and Franklin American offer standard FHA loans with credit scores as low as 620 (640 for streamline refinances).  SWBC Mortgage company policy requires that we have two investors for every loan.  Therefore, loans with credit scores between 620 and 640 MUST be eligible for sale to both U.S. Bank and Franklin American.  It is IMPERATIVE that the loan meet both investors’ guidelines.  

U.S. Bank and Franklin American will NOT want to be adversely selected as the lenders of choice for lower credit score borrowers.  Therefore, we expect that they will make changes to their minimum credit score floor as well.  IMPORTANT FOR YOU – As soon as one of these investors makes the change, SWBC will no longer offer FHA loans with credit scores less than 640 since we will no longer have two investors to support credit scores less than 640.

Living History Re-enactments this Weekend at National Museum of Pacific War

The National Museum of the Pacific War’s Pacific Combat Zone at Austin and Elk streets in Fredericksburg will come alive as living history docents in authentic World War II uniforms recreate battle scenes on Saturday, October 2 and Sunday, October 3. Hear combat strategy sessions in the Pacific Theater or tour a recreated battlefield; docents will demonstrate training tactics and the use of an authentic flame thrower. Program times both days are at 10:30 a.m., 1:00 p.m. and at 3:30 p.m. For specific costs, call 830-997-4379 or visit www.pacificwarmuseum.org.

Kraut Run 8K this Saturday at the Marktplatz, Fredericksburg

The new Kraut Run 8K, sponsored by the Fredericksburg Morning Rotary Club Community Project Fund, is this Saturday, October 2, beginning with check-in at 7:00 a.m. and race at 8:00 a.m. Early registration for adults (age 17 and up) is $25 ($30 after September 1) and for children — $15 ($20 after September 1).

 First 150 registrants will receive technical running shirts. Along with the pure fun of competing against your peers, prizes will be awarded for top male and female times, top three finishers in every age group, and top three wheelchair athletes. All participants will also be entered in a drawing for a KNAF/KFAN Prize worth $350. Plus, participants can get a fun finish-line photo with Herr & Frau Kraut!

Register online or drop off applications at the Buffalo Nickel Bar and Grill at 105 S. Llano St. in Fredericksburg. For more details and to register, log on to www.active.com/running/fredericksburg-tx/kraut-run-5k-2010.

Just a Thought….

By Robert Menking

This weekend, the Fredericksburg Theater Company wraps up its production of “The Diary of Anne Frank” with performances on Thursday night, Friday night, Saturday night, and Sunday afternoon.  The story chronicles the life of a thirteen year old Jewish girl forced into hiding with her parents during WWII in Holland. The show has been a very successful for the company on several levels.  It has been a financial success with multiple “sold-out” audiences, and has earned very good reviews from a quality perspective as well.    

But the biggest success from my view is the fact that the two “talk-about” performances were attended by a large gathering of school age children from schools around the region.  The “talk-about” performances are designed to give the audience an opportunity to tour the set, visit with the directors, actors, and stage crew prior to the start of the show.  In addition, in this case, they were treated to an informative talk by Nettie Joseph.  Nettie’s parents were members of the Dutch underground during the war, and were instrumental in helping to hide Jewish citizens from the Nazi regime.  She gave the audience a real good perspective as well as setting the tone for the performance itself.

  I play the role of Otto Frank, Anne’s father. This has been the most difficult but also rewarding role I have ever attempted in my twelve years with the FTC.  I hope all of you get an opportunity to see this play.  Here are some photos from different rehearsals.

Mr. Frank, Miep and Margot

The two Annes

Mr. and Mrs. Frank

Renewable Energy Roundup this weekend in Fredericksburg, Texas

The 11th Annual Renewable Energy Roundup & Green Living Fair returns to Fredericksburg at the Marktplatz on W. Main St. this Friday, September 24 from noon until 6:00 p.m., Saturday from 9:00 a.m. until 6:00 p.m., and Sunday from 9:00 a.m. until the event wraps at 3:00 p.m.

See ‘green’ exhibits and on-going demonstrations, hear over 55 knowledgeable speakers and shop for eco-friendly products. There will be plenty of fun learning activities for kids, and entertainment includes musical performances.

Admission on Friday or Sunday is $10; on Saturday, $12; or it’s $20 for a 3-day pass (children under 12 free). Tickets will be sold at the gate. For more information, call 1-877-376-8638 or visit www.theroundup.org.

Hill Country University Center in Fredericksburg Grand Opening this Thursday

The public is invited to tour the new Hill Country University Center during the Center’s Grand Opening Celebration this Thursday, September 23 from 6:00-7:30 p.m. This beautiful academic center campus and adjoining H-E-B Community Events Center is located at 2818 East U.S. Hwy 290 (adjacent to Fort Martin Scott) in Fredericksburg.

Hill Country University Center

Music, refreshments and a special photography exhibition by Der Fotoklub will be available, followed by a short program at 7:00 p.m. Academic partner representatives from Austin Community College, Angelo State University, Concordia University and Texas Tech University will also be on hand to answer any questions. For information, call 830-990-4948 or visit www.hcucenter.org.

Pioneer Museum to host School Days this Saturday

See what school life was like for pioneer children as the Pioneer Museum recreates that time with its School Days event this Saturday, September 18 from 10:00 a.m. until 2:00 p.m. at the museum complex at 325 W. Main St. in Fredericksburg. This event is free with regular museum admission. For details, call 830-997-2835 or visit www.pioneermuseum.net.

Stonewall Texas Sesquicentennial making more memories on Saturday

Stonewall, located just 15 miles east of Fredericksburg on Hwy 290, will pull together this Saturday, September 18 in perfect small town fashion to honor its 150th birthday, the Stonewall School’s 150 years of service and the Stonewall Boy Scouts’ 100 year anniversary. Held on the grounds of the Stonewall Chamber of Commerce at 250 Peach St., this celebration includes a parade, BBQ picnic, history and farm exhibits, games, open house tours of Stonewall Heritage Society properties and other locations, a Lyndon B. Johnson Ranch commemoration, and much more! For details, call 830-644-2735 or visit www.stonewalltexas.com.

Economic News Week: September 13, 2010

By Tony Stevenson/SWBC Mortgage

Stocks finished Friday’s session higher and posted gains for a second week in a row. New unemployment claims and other new economic data eased fears of a dip back into a recession last week as well.  Hiring by private companies over summer  was better than expected.  The pace still isn’t enough to bring down the high unemployment rate, but it does indicate economic expansion.  It was noted in the S.A. Express News that Stock prices have staged a September rally and has put the DOW back about even for 2010.  Texas drivers are benefiting from lower gas prices, also which are expected to fall further as the summer season ends.  The additional savings in gasoline expense per household will add to deflated pocket books. Shoppers are enjoying discounted prices in stores and have helped lift Retail Sales in recent months.  Some analysts think that discounts will still be the driving force to get shoppers to spend even more during the holiday season.  “At the moment, we can rule out a double-dip for the economy,” Chris Rupkey, a chief economist said. If Congress approves the Administration’s current transportation and jobs bill, we could see future job growth on the books in time for the holidays.

Hill Country Memorial Hospital welcomes three physicians

 

Dr. Daley is board certified in Family Medicine and Osteopathic Manipulative Medicine by the American Osteopathic Board of Family Physicians, a certification she has held since October 2000.

She moved to Fredericksburg from Liberty, part of the Houston-Sugar Land-Baytown metropolitan area, where she held several positions including owner-partner in a single specialty group and medical director of Liberty Health Care Center. She was also on the general medical staff of Liberty-Dayton Regional Medical Center and an admitting physician at Magnolia Place Health Center.

Dr. Daley holds a BS in biology from Texas Woman’s University at Denton, a Doctor of Osteopathic Medicine from the University of North Texas Health Science Center at Fort Worth, and she completed an internship and residency in family practice at Dallas Southwest Medical Center.

She and her husband, Bruce, have two children.

Appointments to see Dr. Daley may be made by calling Fredericksburg Clinic at 830-997-2181.

Christa E. O’Leary, DO, has joined the practice of Jason N. Peet, MD, at 110 E. Live Oak St.

In addition to offering full scope family medicine services for all ages, Dr. O’Leary has a clinical emphasis in obesity and women’s health issues.

She has 10 years of experience in family practice and urgent care in the Fort Worth area, and before she moved to Fredericksburg, she spent six months practicing medicine in New Zealand.

Since arriving in Fredericksburg last summer, Dr. O’Leary has served as the medical director at the Good Samaritan Center, and she also cared for nursing home patients in association with the Fredericksburg Clinic.

Dr. O’Leary received her doctorate in Osteopathic Medicine from the University of North Texas Health Science Center at Fort Worth. She also holds a BS in biology from the University of Dallas in Irving. She completed family practice training at Scott & White Hospital and is board certified in Family Medicine.

Dr. O’Leary and her husband, Denis, have five children.

The doctor is now accepting patients. Appointments may be scheduled by calling (830) 997-5559.

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Katherine W. Pearson, DO, has opened a family medicine practice in Suite 130 on the first floor of the Perry-Feller Professional Building, 205 W. Windcrest.

Dr. Pearson holds dual board certifications by the American Board of Family Medicine and the American Board of Osteopathic Family Medicine.

After receiving a Doctor of Osteopathic Medicine from the University of North Texas Health Science Center at Fort Worth, Texas College of Osteopathic Medicine, she completed a family medicine residency at San Jacinto Methodist Hospital in Baytown. She also holds a BS in biological and physical sciences from the University of Houston.

She is certified in basic and core disaster life support, basic and advanced cardiac life support, neonatal resuscitation program and advanced life support in obstetrics.

Her professional interests include expanding health care access for medically underserved populations, women’s health and low-risk obstetrics/prenatal care, community outreach and education, comprehensive diabetes care, osteopathic manipulative medicine and medical education.

Appointments to see Dr. Pearson can be made by calling her office at 830-990-1404.

Dr. Rebecca Daley

Rebecca W. Daley, DO, has opened a family medicine practice at Fredericksburg Clinic P.A., 1308 State Hwy. 16 S.