The First Day of Spring in Atlanta - March 21, 2011 - 03/20/11 06:56 PM

Spring is here.  Today, March 21st, is the official start of the 2011 spring season.  There are already signs of retuning visitors from years past.  We have already had several warm days, so the returning flowers are once again beginning to bloom. 
It wont be long before to time to add to the flower beds for this year.

 
 
 
 
 
 
 
 
 
… (14 comments)

Will Your Mortgage Lender Pull a New Credit Report The Day of Closing???? - 03/20/11 06:02 PM
Does Fannie Mae require a new credit report right before closing?  The answer to this question is no. 
It is true that many lenders are in fact pulling a new credit report the day of or just a few days prior to closing.  This is due to an mis-interpretation of an announcement that Fannie made in 2010. 
On February 26, 2010, Fannie Mae issued Lender Letter LL 2010-03 as part of its Loan Quality Initiative. Part of this initiative involves undisclosed liabilities.  The announcement read:
"Lenders are responsible for determining that all debts incurred or closed by the borrower, up to and concurrent … (9 comments)

I-85 Southbound & Georgia 400 Lane Changes - 03/13/11 10:42 PM
A much needed lane change will be taking place on I-85 Southbound in Atlanta.  The Georgia Department of Transportation is working to re-stripe one lane of I-85.  This will allow for easier merging of the southbound Georgia 400 traffic.   
Currently, two lanes of Georgia 400 merge into one then ultimately into an existing lane of I-85 Southbound.  The re-striping of the right lane of I-85 will begin around the Peachtree St Exit 86.  This change will give Georgia 400 drivers more distance to merge.   
Hopefully, this will help to alleviate some of the bad congestion at of of the city's busiest worst traffic … (4 comments)

Theater of the Stars Announces Its 2011-2012 Season - 03/13/11 10:26 PM
Theater of the Stars has announced its 2011- 2012 season lineup for the Fabulous Fox Theatre.  The season will open on June 21, 2011 with Joseph and the Amazing Technicolor Dreamcoat. 
The 2011 - 2012 show line up includes:
Joseph and the Amazing Technicolor Dreamcoat - June 21 - 26, 2011
Joseph and the Amazing Technicolor Dreamcoat was the first musical debuted by Andrew Lloyd Webber and Tim Rice.  The pair would go on to create Jesus Christ Superstar, Evita, and Cricket.
 

Rock of Ages, July 5 - 10, 2011
Rock of Ages is set around classic rock songs of the 1980's.  The musical has its … (1 comments)

USDA Announces Addition of Monthly MI Effective October 1, 2011 - 03/13/11 08:53 AM
Changes has just been announced to the USDA loan program.  One change will be the implementation of an annual fee of 0.30 percent of the outstanding principal balance.  This will take effect on October 1, 2011.  At that time, the up-front guarantee fee for purchase transactions will decrease from 3.5% to 2% for all purchase loans transactions.  For refinance transactions, the up-front guaranteed fee will remain at 1%. 
 
 
 
 
 
 
… (6 comments)

Daylight Savings Time Begins Today - Check Your Car's Clock - 03/13/11 08:45 AM
While you may have had some of your clocks adjust automatically, some will not.  When you get in your car today, you might want to double check the time on your clock there.  Unless you have a newer model car, it may not automatically adjust. 
From 1987 through 2006, the beginning and ending dates for DST were the first Sunday in April and the last Sunday in October.  Beginning in 2007, most of the United State and Canada changed their observances dates for Daylight Savings Time.  With the Energy Policy Act of 2005, DST was changed.  Since then, DST starts the second Sunday in … (2 comments)

Daylight Savings Time Begins Tomorrow - March 13, 2011 - 03/12/11 07:55 PM
In case you forgot, Daylight Savings Time begins tomorrow at 2 am. Be sure to check all of your clocks.  If not, you may be showing up an hour late for something. 
From 1987 through 2006, the beginning and ending dates for DST were the first Sunday in April and the last Sunday in October.  Beginning in 2007, most of the United State and Canada changed their observances dates for Daylight Savings Time.  With the Energy Policy Act of 2005, DST was changed.  Since then, DST starts the second Sunday in March and runs until the first Sunday in November.
This is also a very good … (6 comments)

Credit Tip #1 - Paying Off Collection Accounts and Charge Offs - 03/11/11 10:17 PM
Think twice before you pay off collections accounts or charge offs.
For someone wanting to pay off collection accounts, it is suggested that you do it as part of the loan approval process.  Paying off a collection account can actually bring an old account to a current derogatory status.  That may in fact lower your credit score instead of raising it.
If you are not planning on purchasing for several months or longer, then paying off a collection account may actually help you.  There are some creditors who will continue to report the account as delinquency each month that the debt goes unpaid.  Paying off … (11 comments)

Can I Finance Mortgage Payments Into My FHA 203K Mortgage? - 03/10/11 09:46 PM
The answer to this question is yes.   With a Consultant FHA 203K Renovation mortgage, HUD allows for up to 6 months of PITI to be financed into your new FHA 203K mortgage.  This allows borrowers the ability to more easily maintain two homes for a brief period of time. 
The maximum number of months depends on how long the HUD Consultant indicates that the property will be uninhabitable due to the renovations.  This means that the number will vary between 1-6 months depending upon the complexity of the project.
For minor to light renovations, you might expect 1-2 months to be escrowed.  If the … (2 comments)

HUD Temporary Flipping Waiver Extended Until December 31, 2011 for FHA Mortgages - 03/10/11 09:05 PM
HUD has announced that its temporary waiver of the 90-day flipping restriction is now in effect until December 31, 2011.  There are no changes to the Flip Waiver that was previously issued. 
The Flip Waiver is still subject to certain conditions.  In order to be eligible for FHA financing, the mortgages must meet these conditions to take advantage of the waiver.  The complete text of the waiver extension, including conditions the waiver is limited to, is available on the HUD website.
Some of the Flip-Waiver provisions include:
1. The amount of the Rehab/Repair may not be added as part of the Seller's acquisition costs.2. 2nd … (2 comments)

Donne Knudsen With Cobalt Financial Corp. Hits 400,000+ Points on ActiveRain - 03/09/11 10:49 PM
Earlier this week Donne Knudsen hit 400,000+ points here on ActiveRain.  That is really quite impressive for having joined ActiveRain in August 2008.  
In the last 2.5 years, Donne has written 1,062posts.  To date, she has even had 21 of those posts Featured earning her several gold stars. 
She has also left over 13,000 comments and is a Called Shot Master.  All of that does take a lot of time and a tremendous amount of effort on her part. 
 

Donne has put a tremendous amount of important mortgage information out there.  Of course, not all posts are 100% about mortgages though.  Each Sunday, Donne writes a … (6 comments)

Georgia Dream Program Changes - Effective March 1, 2011 - 03/06/11 09:51 PM
The GA Department of Community Affairs has announced some changes to its Georgia Dream down payment assistance program guidelines.  The changes are effective on March 1, 2011.  Some of the highlights are listed below.
Household Income Limitations
For homes purchased in the Atlanta MSA:Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties
Your total household income based on the number of people living in the home can be no more than:
One to Two persons $71,000Three or more persons $82,000
… (2 comments)

Broadway Across America Atlanta Announces Its 2011-2012 Season - 03/06/11 01:37 PM
Broadway Across Atlanta has announced its 2011- 2012 season lineup for the Fabulous Fox Theatre.  Of the six shows being presented, four are Tony winners for Best Musical.  Those include Les Misérables (1987),  Jersey Boys (2006), Billy Elliot: The Musical (2009), and Memphis (2010).  The widely popular Wicked was a 2004 Tony nominee for Best Musical.
The season will open on November 29, 2011 with Dr. Seuss' How the Grinch Stole Christmas! The Musical.  Most shows typically run one week.  For this season, three shows will enjoy multiple week runs.  Billy Elliot will run for two weeks, with Jersey Boys playing for three, while Wicked will captivate audiences … (3 comments)

Freddie Mac Reduces Maximum Loan to Value - 03/05/11 10:36 PM
On March 1, 2011, Freddie Mac announced that it will be lowering its maximum loan to value.  The reduction will be effective with all Freddie Mac conventional mortgages with a settlement date on or after June 1, 2011. 
Maximum financing requirement lowered to 95% LTV/TLTV/HTLTV Only exception will be Relief Refinance Mortgages Home Possible Mortgages will also be reduced to 95% The change will not be overly impactful as mortgage insurance over 95% LTV is still difficult to obtain for conventional mortgages. 
 
 
 
 
… (4 comments)

Does Your Alabama 203K Lender Have an In-house Draw Department???? - 03/05/11 09:08 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Alabama buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is very … (0 comments)

Can I Close on an FHA Mortgage If the Utilities Are Off? - 03/05/11 08:59 PM
 Can I close on an FHA Mortgage if the utilities are off?
The typical answer is no.  All traditional FHA mortgages require that all utilities must be on at the time of the appraisal inspection.  It is also required that all related systems are functioning properly at the visit.
However, the FHA 203K Renovation mortgage does not require that utilities be on for the appraisal to be acceptable.  With many foreclosed properties, all utilities may not be able to be turned on.  This is often due to missing/stolen wiring, copper pipes, HVAC unit.  When the utilities are off, the normal 10% Contingency Fee … (2 comments)

Does Your Georgia 203K Lender Have an In-house Draw Department???? - 03/05/11 08:16 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Georgia buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is … (0 comments)

 

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