FHA Minimum Down Payment Increase, As it Applies to 203K - 12/30/08 12:13 PM
Beginning Jan 1st, 2009, the minimum down payment on all FHA purchase transactions will increase from 3% to 3.5%.  As the mortgagee letter states, "limit the total FHA-insured first mortgage to 100 percent of the appraised value, and require the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit."  This does not mean that FHA is 100% financing, but rather the 96.5% LTV + the Upfront MIP (normally 1.75%) must be less than 100%.  Since 203K will go to 110% of the appraised value, the 100% limit does not apply.
Specialty products with higher LTVs: Section 203(k), Section 203(h) for … (3 comments)

Bridge Loans Are Still Available - 12/11/08 01:12 PM
Even in today's tighter credit markets, bridge loans are still available.  Only owner occupied properties are eligible for bridge loans and the property must also be currently actively listed for sale with a licensed Realtor.  The maximum LTV would typically not exceed 80% and maximum loan amount will vary. 
With a bridge loan, the owner typically has 12 months to either sell or refinance the property. 
For more complete details, call (404) 591-2453.
 
 
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Investment Property Limitation - 12/10/08 09:36 AM
Investment Property Limitation
As of October 10th, the maximum LTV on Investment Properties was reduced to 80% (3-4 units remain at 75% LTV).  This reduction was due to the mortgage insurance companies that insure these loans having discontinued MI coverage for this occupancy type.
For Second Home and Investment Property transactions, the max number of financed properties for a borrower has been reduced from 10 to 4.  While Freddie Mac reduced their limit in the summer,  Fannie Mae did not follow until October.
 
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DeKalb County First Time Home Buyer Program Highlights - 12/04/08 08:53 AM
DeKalb County First Time Home Buyer Program Highlights
The DeKalb County First-time Homebuyer Program is funded by the DeKalb County Human and Community Development Department and it is administered by the Housing Authority of DeKalb County (HADC). 
About the Program
The DeKalb County First-time Buyer Program will provide money towards a buyer's down payment, closing costs, and other pre-paid expenses for the purchase of a home that will serve as their primary residence.  Eligible applicants will receive $5,000 for this purpose with the possibility of receiving at total of $8,000 if they successfully improve their credit scores through working with one … (4 comments)

Georgia FHA Loan Limits - 2009 - 12/01/08 09:28 PM
FHA loan limits are changing effective with credit approvals on or after January 1, 2009. 
                                  One-Family      Two-Family       Three-Family     Four-Family
Atlanta-Marietta MSA     $346,250        $443,250          $535,800         $665,850
Athens-Clarke MSA        $298,750         $382,450         $462,300          $574,500
Brunswick MSA               $276,250         $353,650          $427,450         $531,250
Columbus MSA               $289,800         $371,000         $448,450         $557,300
Greene County               $662,500         $848,100       $1,025,200      $1,274,050
Non-Metro Counties       $271,050         $347,000          $419,425         $521,250
The Atlanta MSA includes: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, and Walton counties.
The Athens-Clarke MSA consists of: Clarke, Madison, Oconee, and Oglethorpe counties.
The Brunswick … (0 comments)

 

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