FHA Condo Project Eligibility - Atlanta 30308 - 11/30/10 09:41 PM
On December 8, 2010, an estimated 45,000+ condominium projects lose their FHA approved status.  The Atlanta zip code of 30308 has 4 of them.  There are 3 projects that will expire in 2011 and 9 are good until 2012.
FHA Approved Condo Projects - Expiring 12/07/10
795 Myrtle Street Condominiums Siena at Renaissance Park The Reynolds The Tyree Condominiums FHA Approved Condo Projects - Expiring 12/08/10 or later
400 W Peachtree (Expires 12/07/11) Glendale Heights (Expires 07/26/12) Melrose Park Condominium (Expires 10/05/12) Palisades By the Park (Expires 11/09/12) Renaissance Lofts (Expires 06/17/12) Renaissance Park (Expires 08/02/12) Renaissance Park II Condominiums (Expires 08/02/12) … (0 comments)

Agents....Are You Risking Your Real Estate License By Negotiating a Short Sale? - 11/30/10 09:22 AM
Agents, are you risking your real estate license by negotiating a short sale with your seller's lender(s)?  If you are doing short sales in Georgia, you just may be.  With the SAFE Act of 2008 being implemented in Georgia last year, rules have changed when it comes to what a real estate agent can and cannot do concerning a mortgage. 
Real estate agents are generally exempt from having to be licensed as a Mortgage Loan Originator so long as they are not involved in the negotiation of mortgage loans/terms.  With the implementation of the SAFE Act, a number of questions have … (4 comments)

Copper Thieves Beware.....AT&T Is Looking For You - 11/29/10 10:42 PM
AT&T is now offering up to a $3,000 reward for information resulting in the arrest and conviction of anyone involved in copper thefts of telephone wiring. 
The South Fulton area of Atlanta has been hot especially hard.  A rash of recent thefts has left thousands in the area without phone service.  Renaissance Elementary and Langston Hughes High Schools has both been impacted recently. 
Each theft occurrence costs AT&T a minimum of $500.  This adds up quickly for the company.
You can reach AT&T's tip line at (800) 807-4205.

 



… (7 comments)

Atlanta, GA Market Update - November 28, 2010 - 11/29/10 10:11 PM
Mortgage Bonds opened higher on Monday morning.  These gains come in response to the continue financial woes in Ireland and the potenetial for other countries in the European Union. 
There are no economic reports scheduled for release today.  Later this week, we will see economic data released for manufacturing and housing.  On Friday, the ever important Jobs Report will be released.

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Atlanta Now Ranks as 32nd Largest US City - 11/26/10 05:07 PM
Atlanta, GA now ranks as the 32nd largest US city.  This is according to a Business First report released November 22, 2010.  On that day, Atlanta's population is estimated to have reached 560,002. 
Last September, the US Census Bureau announced that Atlanta was the 33rd largest US city in 2009.  The estimated population then was estimated to be 540,922.   
These rankings are for just cities and do not include metropolitan areas.  The Atlanta Metropolitan area currently ranks as the 7th largest in the US.  As of November 15th, the population of the area is 5,659,044. 
Other GA cities making the list are:
Augusta - #115 … (1 comments)

RainCamp Atlanta Annnounces Its Venue for Dec 8th - 11/23/10 10:42 AM
RainCamp Atlanta has announced its venue location and it is coming to Midtown Atlanta.  The event will be held on Wednesday, December 8 at the W Atlanta Midtown.  Registration opens at 8:00 am. 
W Atlanta - Midtown
188 14th St NE · Atlanta, GA 30361
(404) 892-6000
 
 
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Beware of Black Friday.....That Extra 10% Off Can Actually Cost You Thousands of Dollars - 11/23/10 10:16 AM
Black Friday has historically been one of the single largest shopping days in the country.  The Day After Thanksgiving Sales of Black Friday are considered to be the "official" start of the Christmas holiday shopping season. 
Black Friday is the day that retailers make a huge advertising push for the Christmas season.  With this, comes the offer from any retialers to save an extra 10% on your entire purchase.  To get the extra discount, you are typically required to open a new store credit card to receive that discount.  Some electronics or home improvement retailers use their store credit cards to offer No Interest Financing instead … (4 comments)

Atlanta, GA Market Update - November 22 2010 - 11/23/10 09:34 AM
Monday morning saw Mortgage Bonds open higher,  This is a welcome change after several days of sharp declines which had been pushing interest rates higher. 
In global news, Ireland has accepted a bailout package.  Ireland sought 80 to 90 Billion Euros ($109 to $123 Billion) of loans from the European Union and International Monetary Fund.  The US Bond Markets continue to benefit from the European fallout as money leaves the US Stock Market. 
At 1:00 pm EST, the Treasury announced the results of its $358B 2-Year offering.  By the end of the day, the market reaction to it was mostly neutral. 
 


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Atlanta, GA Market Update - November 19 2010 - 11/20/10 10:53 PM
Mortgage Bonds opened on Friday relatively unchanged from Thursday's close.  This is mostly due to no new economic date being released.  News surrounding Ireland continuing to be the driving force behind the market. 
In Frankfort, Germany, Federal Reserve Chairman Ben Bernake spoke on Friday.  He defended Quantitative Easing Round 2 (QE2) and stated that the program would give a needed boost to economic activity.
The Market closed with Mortgage Bonds slightly down on the day.  This pressure will continue to drive interest rates higher.
 
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Conventional Loan Limits to Remain Unchanged in 2011 - 11/19/10 03:13 PM
Today, Fannie Mae announced that the conventional mortgage loan limits will remain unchanged in 2011 from current limits.  This is no big surprise since they have remained unchanged for a few years now.   
First Mortgage Loan Limits for 2011:

The high-cost area loan limits, will however see a change in 2011.  For high-cost mortgage loans originated in 2011, pursuant to FHFA's announcement, are as follows:
For mortgage loans originated on or before September 30, 2011, loan limits remain unchanged from the 2010 high-cost area loan limits. The maximum limit is $729,750 for a 1-unit property in the continental United States, established under … (3 comments)

Atlanta, GA Market Update - November 18, 2010 - 11/19/10 10:00 AM
The market opened on Thursday morning with Mortgage Bonds once again trading lower.  This comes as investors leave the safe haven of Mortgage Bonds and move to the riskier stock market. 
The Philadelphia Fed Index came in much higher than anticipated for November. The report was almost 5 times better than expectations of a 5 reading.  November came in at 22.5 after October's level of 1.  The reading was also its highest level in near a year. 
Global stocks also surged on news from Ireland.  It looks as though they will be accepting aid to assist with their debt crisis.
 

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The Opryland Hotel Reopens in Nashville, TN - 11/15/10 10:14 PM
On Monday, the Gaylord Opryland Resort and Convention Center located in Nashville, TN reopened while decked out with over 2 Christmas million lights.  At 2,881 guest rooms, the Opryland Hotel is the largest non-gaming hotel in the United States.
The reopening comes 6 months after the severe flooding in Nashville forced the resort's sudden closure last May.  The extensive flooings left parts of the hotel under 10 feet of water.  The hotel spent $270 million on its renovation. 
Flooding also forced the closure of the Grand Ole Opry House.  The Opry reopened on September 28th after its restoration was complete. 
The Opry Mills Mall … (6 comments)

Atlanta, GA Market Update - November 15, 2010 - 11/15/10 12:42 PM
Monday morning saw the Mortgage Bonds once again trading lower.  This pattern continued from Friday afternoon's sell off. 
The Fed QE2 policy is the source of much discontentment in the market. Each day this week, they are scheduled to buy Treasuries.  This is part of the Fed's action plan to pump $600 billion into the economy through June. 
Improvements in economic data combined with QE2 has sparked inflationary concerns.   As reported this morning, Retail Sales rose 1.2% and beating market expectations.
 
 
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Atlanta, GA Market Update - Week Ahead - 11/14/10 09:08 PM
The week of November 15 - 19 is full of economic reports.
Monday morning had the release of Retails Sales and the Empire State Index.  Tuesday morning will see the release of the Producer Price Index (PPI), the Core Producer Price Index (PPI), Industrial Production, and Capacity Utilization reports. 
Building Permits, Housing Starts, Consumer Price Index (CPI), and Core Consumer Price Index (CPI) reports will all be announced Wednesday morning.  On Friday morning, Jobless Claims (Initial), Index of Leading Economic Ind (LEI), and the Philadelphia Fed Index will be released. 
Reports that are better than expected will typically case interest rates to … (0 comments)

Atlanta Gets Its First New Department Store in 8 Years - 11/13/10 09:26 PM
The Von Maur department store chain is set to enter the Atlanta market late next year.  The family owned 25 store Davenport, Iowa chain is set to open it's first Georgia location in November 2011 at North Point Mall in Alpharetta. They will take over the space vacated by Belk in August 2009.  Van Maur plans to gut and renovate the location in addition to expanding it from 115,000 to 140,000 square feet.
The company's 25 stores are primarily located in the Midwest market.  Their closest location to Atlanta is a store in Louisville, KY.  The North Point Mall location will be flagship store … (3 comments)

Is Cash Back to a Buyer at Closing Allowed? - 11/13/10 12:57 PM
Is Cash Back to a Buyer at Closing Allowed? 
It all depends on the situation and the loan program being obtained for the financing.  Lending guidelines only allow a buyer to get cash back at closing under very specific circumstances.  The buyer can never get back more money than they have contributed toward the transaction.  The contribution would typically come in the form of earnest money given when the sales contract was written.  The cash back to the buyer at closing can only come after they have satisfiedall of their down payment, closing costs, and pre-paid expense requirements. 
Many down payment assistance programs state that … (5 comments)

Atlanta, GA Market Update - November 12, 2010 - 11/13/10 12:44 PM
The Market opened on Friday with reactions to fears from China. Both Stocks and Bonds suffered due to Market concerns that China may raise their interest rates to fight the country's rising inflation.
The University of Michigan reported that the consumer sentiment index jumped to 69.3 in November.  This number is just slightly better than the market expectations of 69.  November's number is considerably better than October's level of 67.7. 
At 11:30 AM EST, the New York Federal Reserve began its buyback of treasuries, now know as QE2.  The expectation was to purchase $6 to $8 billion lower range securities.
All of this caused interest rates to lose considerable ground throughout … (0 comments)

Atlanta, GA Market Update - November 11, 2010 - 11/11/10 01:16 PM
In observance of Veteran's Day, the Bond Market is closed today.  The stock market, however, is open for business today.  This morning, the stock say a drop.  This is due to overseas debt issues along with a worse than expected outlook for Cisco. 
 
 
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Atlanta, GA Market Update - November 10, 2010 - 11/10/10 10:02 PM
This morning saw the release of the Initial Jobless Claims report.  For the week ending November 6, the report totaled 435,000.  This is down 24,000 from the previous week.  It is also significantly less than the 450,000 anticipated by the market.  A number below 400,000 gives the labor markets a hint of optimism. 
The Mortgage Bond market continues to be under pressure in the days following the Quantitative Easing (QE2) announcement.  This has put a damper on the rally that we had been experiencing. 
 
 

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Atlanta, GA Market Update - November 9, 2010 - 11/10/10 09:48 PM
Tuesday morning saw little action on the news front.  The only data came from the Wholesale Inventories report for September.  The release showed that wholesale inventories increased 1.5%.  This is much stronger than the 0.6% increase that the market was anticipating. 
The afternoon saw the auction of $24 billion 10 year notes.  The results were announced at 1:00 pm EST.  The market reaction sent mortgage rates slightly higher in the late afternoon. 
 
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FHA Condo Recertification Processing Requirements - 11/07/10 10:41 PM
FHA Condo Recertifcation Approval Requirements
1)   Determine date project was initially given its FHA approval.  This can be found at: https://entp.hud.gov/idapp/html/condlook.cfm
2)   If project initially approved prior to January 1, 2000, then a full project approval is going to be required.
3)   If project initially approved on or after January 1, 2000, then the project may be eligible for the recertification process.
4)   Projects that are currently FHA approved may be recertified beginning six (6) months prior to the approval expiration date or within six (6) months after the approval expiration date.
5)   Projects that are not recertified within six (6) months after the approval … (1 comments)

Does Your Condo Project Need an FHA Recertification or a Full Project Approval? - 11/07/10 10:12 PM
On December 7, 2010, a majority of all condo projects will see their FHA Project Approvals expire.  Once that happens, the project will either need a recertification or a full project approval.  You must first determine the date that the project was initially granted its FHA approval.  This can be checked at:  https://entp.hud.gov/idapp/html/condlook.cfm. 
If project initially approved prior to January 1, 2000, then a full project approval is going to be required. If project initially approved on or after January 1, 2000, then the project may be eligible for the recertification process. If you are planning on purchasing a condo and you will be … (3 comments)

Atlanta, GA Market Update - Week Ahead - 11/07/10 09:32 PM
Last week was an especially busy one in market news.  We will see that continue to be absorbed this week.  The new economic news front will be on the quiet side with only four trading days.  The Bond Market will be closed on Thursday for Veteran's Day.   
There are no economic reports set for Monday or Tuesday.  Wednesday will have the Initial Jobless Claims and Balance of Trade reports.  The Consumer Sentiment report will be released on Friday. 
 
 
 
 
 
 
 
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Clock Reset....Now It's Time to Change the Batteries in Your Smoke Detectors - 11/07/10 09:12 PM
Now that you have reset your clocks for Daylight Savings Time last night or this morning, its time to do one more thing.  You now need to check the batteries in your smoke detectors.
Fire safety officials recommend that every change the batteries on their smoke detectors at least twice per year.  When you reset your clocks for Daylight Savings Time, this provides the perfect reminder to replace the batteries in your smoke detectors too. 
This simple process can save your life.
 
 
 
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USDA Announces 2011 Funding Availability - 11/07/10 11:05 AM
USDA has just announced that funding for the Single Family Housing Guaranteed Loan Program is now available for the 2011 fiscal year.
Purchase loans will be subject to a 3.50% upfront guarantee fee.
Refinance loans will be subject to a 1.00% upfront guarantee fee.
These upfront guarantees remain unchanged from September's revision from when the USDA program was restarted.
… (0 comments)

Daylight Savings Time Starts Today - 11/07/10 10:52 AM
In case you forgot, Daylight Savings Time started this morning at 2 am. 
Be sure to check all of your clocks.  If not, you may be showing up an hour early for something. 
As I mentioned last week in Daylight Savings Time Starts Today.....At Least Your Car Might Think So, some electronic devices may have changed a week early last Sunday.  In 2007, Daylight Savings Time was pushed back by one week to now start the first Sunday in November rather than the last Sunday in October. 
 
 
 
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Space Heater Safety - 11/07/10 10:14 AM
With temperature dropping into freeze warning conditions this week, most everyone will be turning on their heat.  Some will be using space heaters.  These space heaters can be especially dangerous if you are not careful. 
The National Fire Protection Association offers several facts on heating equipment dangers.  There were over 66,000 reported house fires in 2008 where heating equipment was involved.  They resulted in 480 deaths that year alone. 
From 2004-2008, space heaters accounted for one-third of the heating related fires.  They also accounted for four out of five of the heating related fire deaths.  Almost half of these fires occured during the months of … (1 comments)

Conventional Mortgage Insurance Begins to Make a Comeback - 11/02/10 09:11 PM
Over the last few months, some conventional Mortgage Insurance companies have loosened up on their underwriting guidelines.  This comes after nearly 3 years of pulling back and the tightening of those guidelines.
Starting November 1st, one MI company has expanded its 97% LTV program.  This new maximum LTV is currently limited to first time home buyers only.  Eligibility varies by zip code based on its status as a declining market.  Metro Atlanta is still limited to a 95% LTV at this time. 
For Second Homes, purchases and rate/term refinances are back up 90% LTV.  MI for Investment properties is still not available at this time. 
Each MI … (4 comments)

FHA New Construction Documentation Requirements - 11/02/10 07:42 PM
FHA New Construction Documentation Requirements
 
New Construction < 1 Year
If property is one year old, provide Certificate of Occupancy to determine if less than 1 year.
Option A - New construction (one year old or less), where the local jurisdiction issues building permits AND performs local inspections/issues Occupancy Certificates (see * below)
Option B - New Construction (one year old or less), where the local jurisdiction does not issue a building permit AND a Certificate of Occupancy
All of the following are required to satisfy the requirements for obtaining a high ratio loan >90%: An Early Start Letter … (0 comments)

 

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