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home loans: Five FHA facts agents and buyers need to know - 07/14/10 11:11 AM
The home buyer sees an ad on the internet for guaranteed 5 day closings, no minimum score and stated income from a "lender". Oh the hilarity! Unfortunately it can also end with a home buyer, home seller, a couple of real estate agents and their brokers, and a few other people doing a lot of work for nothing. Many outrageous claims are made by lead generation companies who sell the information to dozens or more loan officers who will call, email, fax, or email.
If it sounds too good to be true and every true mortgage professional is telling you there is something … (25 comments)

home loans: Section 502 and NFIP - need Congressional action now - 06/16/10 12:39 PM
What does it mean if the NFIP is not authorized and Section 502 loans (USDA RD) are not funded by Congress? All of you should have received an email from the NAR about Section 502 and NFIP and how Congress left it unattended before breaking for the Memorial Day stretch. Included in that email is a link to voice your opinion with your Senators and Representative. 
To give an idea of the numbers of home purchases which are affected nationally by the failure to re-fund Section 502 take a look at this report at Fannie Mae. Note the use of 502 … (3 comments)

home loans: Applying for a mortgage online - be careful - 01/26/10 08:01 PM
Know who is getting your application
Applying online for a credit card, car loan or home mortgage probably doesn’t work exactly like you think it does. In fact what you probably do not know is the company accepting your “application”, especially for home mortgages, is not a lender or broker at all. They are simply a lead generation company.
Mortgage lead generation companies soared during the boom. A large number of solicitation calls answered by brokers and small lenders consisted of someone from one of the myriad of lead generators and resellers which sprang up almost overnight. Without indicting any companies … (8 comments)

home loans: What Does FHA Say About Foreclosures in Credit History? - 10/18/09 05:27 PM
Here are the facts about FHA and foreclosures on credit:
If there is a foreclosure on the borrower's credit (any of the borrowers) it must be at least 36 months previous in most cases. There are a very limited number of instances which would allow a foreclosure to have been within less than 36 months (from application date) and the lender may continue to underwrite the application even though it may have not been approved by the Automated Underwriting System (AUS).
Those events are pretty much limited to:
Death or serious illness of a wage earner.
Yes, that's it. HUD 4155.1 … (3 comments)

home loans: Marietta, Georgia - Today Show's Top 4 Pick In America - 10/17/09 09:36 AM
Looking for a great place to live with some of the best values in America? Look no farther because I am sitting in it right now keyboarding this post to you! On October 6th NBC's Today Show with Al Roker highlighted Marietta, Georgia as the number 4 place in America to buy a home and get the most "bang for your buck".
I happen to agree with them because I live here, have lived here my entire life except a little college stint, and I am very actively involved in my community and lending here. During the boom builders constructed some … (1 comments)

home loans: Atlanta in April - What's Happening? - 04/19/09 08:22 PM
Here are a couple of great reasons to visit Atlanta during April 2009. Be sure to allow plenty of time to contact a local real estate agent to view any of the thousands of available homes in Atlanta fine metropolitan suburbs including Marietta, Sandy Springs, John's Creek, Roswell, Woodstock, Acworth and Kennesaw to name just a few on the north side of town where Novation Mortgage is located. We are the home for Georgia FHA and all types of Georgia home loans. We are also the Georgia home for HUD $100 homes financing.
The Atlanta Film Festival runs from April 16-25, … (2 comments)

home loans: Last Chance For A Decent Mortgage? Fed Changes Will Impact Your Ability To Borrow - 07/09/08 08:19 PM
Chairman Bernanke is about to change the face of mortgage lending and it could affect you. In fact, they have already tipped their hat to let economists know they will be raising interest rates in coming meetings. For several months before the fallout began I literally begged people to refinance into a fixed rate mortgage before the lending environment changed drastically. A few called me and we were able to help them. Since then literally thousands have called who could not qualify under new lending guidelines and are now stuck with adjustable rates they can no longer afford and they are … (1 comments)

home loans: People Get Ready - There's A Train A coming - 03/19/08 02:15 PM
You DO need a ticket to climb on board.
It is the beginning of the Spring buying season and while there is an excess of inventory in the marketplace the worst problem is the loss of the secondary market which should come back over the next couple of weeks with the release of liquidity through the GSE's (FNMA/FHLMC).
So we know the secondary market has been stifled (nee - frozen) by the disappearance of investment funds and the goal of the GSE move is to unstifle the market to bring life back to the secondary market. 
Is it too late? Have people been turned … (8 comments)

 
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Ken "Yes You Can" Cook

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