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Can I Use an FHA 203K Streamline for a Health or Safety Issue? - 02/27/11 11:53 AM
The correct answer to this question would be that "it depends". In some instances, an FHA 203K Renovation mortgage can be used to satisfy health or safety issues. The FHA 203K Streamline loan allows for an initial disbursement of 50% of the repair costs. As long as this initial 50% disbursement is sufficient to complete the health or safety the issues, then an FHA 203K Streamline can be used. If 50% will not be sufficient, then an FHA 203K Consultant mortgage will be needed.
Prospect Mortgage - #2 Volume FHA 203K Renovation Lender for 2010 - 02/27/11 11:14 AM
The US Department of Housing and Development has released its FHA 203K Endorsement Report. It is for the Fiscal Year ending September 30, 2010. In the period of October 1, 2009 - September 30, 2010, HUD ranks Prospect Mortgage as the #2 volume FHA 203K lender in the country. For the 2010 Fiscal Year, Prospect Mortgage closed 928 FHA 203K Renovation mortgages. A total of 22,491 FHA 203K loans were endorsed by HUD in the 2010 Fiscal Year by all mortgage companies. The most shocking data comes from the number of companies that closed less than 5 of these loans. In Atlanta (7 comments)
Free Yogurt on March 3rd - Pinkberry Buckhead - 02/22/11 10:05 PM
The new Pinkberry in Buckhead is celebrating their grand opening on Thursday, March 3rd. For the occasion, they are giving away free yogurt that day. Pinkberry flavors include: Original Blood Orange (seasonal) Chocolate (seasonal) Coconut (seasonal) Mango (seasonal) Pomegranate (seasonal) Stop by from 6 pm - 10 pm on March 3, 2011 and get your free yogurt. 3637 Peachtree Rd, Atlanta, GA 30319 The new Buckhead location will be the third Pinkberry in Georgia. It joins locations at Akers Mill in Atlanta and Merchant's Walk in Marietta. Be sure to check out more deals with the Atlanta Bargain Hunter at ajc.com.
Why Do Some Loan Officers Give Out Estimates With Incorrect Fees? - 02/20/11 06:55 PM
Why do some Loan Officers give out estimates with incorrect fees? This could be the million dollar question. Even with the new GFE that took effect on January 1, 2010, I have still seen very inaccurate estimates from time to time. I recently saw one where several fees that were inaccurate. Last spring, the Georgia Department of Banking and Finance increased the GA Residential Mortgage per loan fee from $6.50 to $10.00. Nearly a year later, this loan officer is still disclosing $6.50. I guess they missed the memos and announcements on this. The estimate also had the Georgia Intangible Tax and (8 comments)
Legoland Discovery Center To Join Phipps Plaza - 02/20/11 01:53 PM
LEGOLAND Discovery Center has announced plans for a Phipps Plaza location in Atlanta. The 32,000 square foot attraction is slated to open in March 2012. It will join mall anchors Saks Fifth Avenue, Nordstom, and Belk. The upscale mall is also home to high end retailers Barney's New York CO-OP, Giorgio Armani, Gucci, Hugo Boss Tiffany & Co, and Versace. Other LEGOLAND Discovery Center locations in the US can be found in Chicago and Dallas/Forth Worth. Internationally, there are Manchester, England and Berlin and Duisburg, Germany locations. A LEGOLAND California Park is located in Carlsbad, California. A LEGOLAND Florida Park in Winter Haven, Florida is set to open in October 2011. Construction will (2 comments)
In order to obtain the lower MI premium, the FHA Case number must be assigned on or before April 17, 2011. Since that date is a Sunday, the last business day will April 15, 2011......Tax Day. Coincidence maybe???? These changes all take effect just 6 months after HUD's last mortgage insurance premium change. The Upfront Mortgage Insurance Premiums will remain unchanged at this (8 comments)
When Can I Get My Draw on My FHA 203K Consultant Mortgage? - 02/13/11 11:22 PM
When can I get my draw funds disbursed on my FHA 203K Consultant mortgage? This is one very critical question that most borrowers fail to think about and ask upfront. When doing an FHA 203K Consultant Renovation mortgage, one very important aspect that many fail to consider is the draw process. Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid. The Consultant 203K program does not allow for any of the renovation costs to be paid out up front prior to the work being completed. How the mortgage company handles that (7 comments)
On The Road to 200,000 Points - 02/13/11 11:12 PM
Today I hit 170,000 points. That now leaves me just 30,000 point short of hitting the 200,000 milestone. I joined ActiveRain in November 2008. It took me until last September just to reach the 100,000 mark. Of course, I did not log in, post, or comment very regularly. Now, in just 5 short months, I have added 70,000 to my total. For the increase, I have been more consistent on writing posts. That added exposure does result in more phone calls and inquiries. (7 comments)
When Can I Get My Draw on My FHA 203K Streamline Mortgage? - 02/13/11 11:05 PM
When can I get my draw funds disbursed on my FHA 203K Streamline mortgage? This is one very critical question that most borrowers fail to think about and ask upfront. When doing an FHA 203K Streamline Renovation mortgage, one very important aspect that many fail to consider is the draw process. Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid. The Streamline 203K program allows for up to 50% of the renovation costs to be paid out up front prior to the work being completed. How the mortgage company (2 comments)
In today's ever changing lending environment, there are still underwriting requirements that many borrowers do not understand the need for. Letters of explanation have become much more commonplace in today's mortgage approval process in the last 3 years. A letter of explanation can be required to explain a variety of issues. Some of the most common needs for a letter of explanation are: Credit inquiries Derogatory items or late payments on credit report Previous bankruptcy Previous foreclosure Job gap Living rent free Motivation to purchase a new home when current home has not been sold Large deposits These letters give the (0 comments)
Can I Write a Personal Check at Closing? - 02/11/11 10:40 PM
Can I write a personal check at closing? The usual answer to this question is no. Most closing attorneys/title companies can/will only accept a personal check for a few hundred dollars. The typical maximum is around $500 or $1,000. Funds for a real estate closing typically need to be in the form of a certified or cashier's check or wired to the closing attorney's escrow account. Sometimes, the closing agent for foreclosure properties will be located out of state. In this situation, a wire will be required. The use of a check in this case will cause a delay in the funding of the transaction. Knowing (2 comments)
You Have My Pay Stub, Why Do You Need to Verify My Employment? - 02/11/11 08:46 PM
You have my pay stub, why do you need to verify my employment? I recently had a borrower ask this question. They couldn't understand why we needed to contact their employer to verify their employment. A Verbal Verification of Employment is nothing new in the underwriting guidelines. In fact, it has been required as long as I have been in this business. The Verbal Verification must be completed within a few days prior to the closing date. This is to ensure that the borrower has not recently quit their job or been released for their employment. Believe it or not, I (2 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.