The first hurdle that a homebuyer must surmount is the down payment on their mortgage. A tidy some with all of those zeroes, due closing, can be really intimidating for first-time buyers. Where can you get all that cash to secure the home of your dreams? Our most-trusted mortgage adviser, Bob Johnson (AKA BobMortgage), tells us in today’s BobMortgage Zone

Spoiler alert! You can use cash as a gift toward your down payment at closing. But who is allowed to give you the money? Find out from the senior mortgage adviser at the nation’s oldest private lender — Wallick & Volk — right now!

(more…)

Outsource to Detroit

We all knew it was coming as city and state leaders came to an impasse with Detroit’s creditors, and now the largest municipality in history has filed for bankruptcy protection.

This is big news for everyone, not just Dallas, as I’m sure creditors of the more than $19 billion in municipal debt rung up by the city are not tightly packed around Detroit. One of the biggest issues is how the city will manage its 700,000 inhabitants, spread across an unmanageable and mostly vacant city.

So, how will Detroit recover from this blow? Should suburbs surrounding Detroit take a stab at annexing some of the city’s outlying real estate?