atlanta: Prospect Mortgage - Georgia Exclusive HomePath Program 11-20 Financed - 09/15/12 09:49 AM
 
A brand new Fannie Mae HomePath® opportunity is now available to Georgia investors.  The Fannie Mae HomePath® loan program has now been expanded to allow up to a total of 20 financed properties (including those currently being financed) under an exclusive Prospect Mortgage loan program.  No other lender in the country can offer this special financing to GA buyers.
 
 
Only Prospect Mortgage gives you the opportunity to capitalize on both the below-market prices of foreclosures owned by Fannie Mae and the ability to carry financing on up to 20 investment properties for each investor. Most loan programs allow … (3 comments)

atlanta: Refinance Today… Even If You Are Underwater on Your Georgia Mortgage! - 07/10/12 07:09 PM
If you are underwater on your Georgia mortgage, owing more on your loan balance than your home is worth right now; you may be able to refinance to a lower interest rate under the Federal Housing Finance Agency’s Home Affordable Refinance Program (HARP). Refinancing now, while rates are at historic lows, may save you money each month on your mortgage payment! Loan-to-value ratios have recently been eliminated, meaning that it doesn’t matter how underwater you are on your mortgage!
 
To qualify for a Georgia HARP 2.0 refinance, borrowers must meet the following criteria:
The mortgage must have been owned or guaranteed … (1 comments)

atlanta: What Information Your Short Sale Approval Letter Must Contain - 06/13/12 05:44 PM
If you you are purchasing a short sale, there are certain items that the seller’s short sale letter(s) must contain. 
 
Short Sale Approval Letter Requirements
 
·         Name/address of seller’s mortgage company
·         Name, contact phone#, and job title for the seller’s lender representative
·         Property address
·         Sales price
·         Seller contribution amount toward closing costs/pre-paids
·         Borrower’s name(s)
·         Expiration date of approval letter
 
 
If your short sale approval letter does not contain all of the above information, you may have a challenge with your mortgage approval. 
 
 
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atlanta: FHA’s Energy Efficient Mortgage Program - 03/24/12 05:19 PM
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atlanta: HUD Expands Identity of Interest Definition for FHA Mortgages - 03/06/12 08:57 AM
For all FHA mortgages, HUD recently revised its Family Member definition for Identity of Interest.   The definition of a family member, for purposes of Identity of Interest transactions has been expanded to include:  
·     Brother, stepbrother
·     Sister, stepsister
·     Uncle
·     Aunt
 
These changes are in addition to the previous definitions including:
 
·     Child, parent or grandparent 
·     Spouse
·     Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
·     Foster child
 
An identity of interest transaction is a … (2 comments)

atlanta: REBuildUSA Partners With Lowe's for FHA 203K Renovation Mortgages - 01/25/12 08:11 PM
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners.  An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
 
 
 
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding … (1 comments)

atlanta: HUD Extends FHA 90 Day Flip Waiver Until December 31, 2012 - 12/26/11 10:53 PM

As anticipated, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again.  On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date. 
The inital waiver took effect on February 1, 2010.  The expiration date of the waiver was set as 12 months from its starting date.  That originally had waiver set to expire on January 31, 2011.  HUD issued an extension through December 31, 2011.
The 2nd extension is now … (12 comments)

atlanta: Atlanta, GA Market Week in Review - September 18-24, 2011 - 09/25/11 09:20 PM
The week was relatively light of economic data.  As last week evidenced, more has been driving the market that domestic data alone.  The debt issues of Europe and the potential implications of a default of Greece has been the primary focus of the global market. 
 
On Tuesday, housing starts came in at 571,000.  This was much lower than the 590,000 that had been predicted. 
 
Wednesday morning saw Existing Home Sales rise 7.7% in August.  The actual was 5.03 million.  This is more than the prediction of 4.7 million.  All eyes were on the 2:15 pm EST Federal Open Market Committee statement on economic … (2 comments)

atlanta: Select Atlanta Area Museums to Offer FREE Admission on September 24, 2011 - 09/22/11 09:36 PM
Museum goers can visit select Atlanta area museums for FREE on Saturday, September 24, 2011.  Twelve Atlanta area museums will be participating in the Seventh Annual Smithsonian Museum Day.  
These metro Atlanta museums will duplicate the Smithsonian Institution’s free admission special for that day.  Next Saturday, select museums across the country will open their doors free of charge.  Visitors must download the Museum Day Ticket from www.smithsonian.com.
Museum visitors must present the official pass the gain free admission.   Each pass has a limit of two people, per email address and is only valid at participating museums and cultural venues. … (8 comments)

atlanta: HVCC and It's Influence on Today's Appraisal Standards - 09/04/11 01:59 PM
The Home Valuation Code of Conduct (HVCC) was implemented in May 1, 2009 by the Federal Housing Finance Agency (FHFA).  It was designed as an attempt to improve the independence of appraisers.  It contained provisions that prohibit lenders and third parties from influencing appraisals to arrive at a certain value.  
According to NAR, the HVCC establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. Mortgage brokers and real estate agents are prohibited from selecting appraisers. Lenders are permitted to use “in house” staff appraisers to conduct appraisals. However, the loan production staff is prohibited from:
1) Selecting, retaining, recommending, or influencing the … (8 comments)

atlanta: Morelli's Gourmet Ice Cream & Desserts Now Open at Edgewood Shopping District - 09/03/11 07:54 PM
Morelli's Gourmet Ice Cream & Desserts is now open in the Edgewood Shopping District.  The location held its Grand Opening on June 18, 2011.  At Morelli's, you will find a large selection of ice cream, gelato, yogurt, sundaes, and more. 
There are traditional favorites like:
Banana Black Walnut Butter Pecan Chocolate Cookie Dough Cookies N' Cream Peach Strawberry Vanilla Vanilla Bean  
You will also find unique varieties such as:
Avocado Balsamic Strawberry Blueberry Pancake Coconut Jalapeno Death By Chocolate Elvis Lives (Banana ice cream Ginger Lavender Green Tea Key Lime Pie Krispy Kreamier Maple Bacon Brittle Mojito Sorbet Peach Mango Pear Pumpkin Pie … (8 comments)

atlanta: Atlanta, GA Market Update - September 2, 2011 - 09/02/11 10:43 PM

A disappointing jobs report send increased demand for mortgages and treasuries. The Nonfarm Payrolls report indicated no change in jobs.  This gives indication of stagnant growth in the economy.  The economic outlook was for 70K to 100K added jobs.  The national unemployment rate remained at 9.1%. 
 
The markets will be closed on Monday in observance of Labor Day holiday. 
 
Earlier today, the FDIC seized two Georgia banks.  Woodstock-based CreekSide Bank with two locations was taken over.  Cumming-based Patriot Bank of Georgia with one locaiton was also both seized.  They were also both sold to Atlanta-based Georgia Commerce Bank.  Due to the … (3 comments)

atlanta: Atlanta, GA Market Update - September 1, 2011 - 09/01/11 10:15 PM
The market has been active thus far this week.  Mortgages rates worsened slightly this morning following weakened demand for Treasuries.  This comes after reports that factory orders increased 2.4% last month.  Chicago Manufacturing activity also came in better than anticipated further lessening demand for treasuries.
Yesterday, Fed minutes confirmed possible discussions of possible stimulus plans to attempt to improve the economy.  Interest rates ended the day today slightly improved from this morning's worsening.  This leaves them about the same as yesterday's close.
The metro Atlanta unemployment rate dropped to 10.4 in July.  This is a slight decline from 10.5 in June.  The … (3 comments)

atlanta: FHA 203(k) Maximum Loan Amount - 08/30/11 09:33 PM
The FHA 203(k) maximum loan amount is the lesser of:
Purchase price (or “as is” value for refinances) plus rehabilitation costs OR
110% of “After Improved” valueTIMES The LTV factor (96.5% for a purchase) or less the allowable down payment ($100) for a HUD REO Property NOT TO EXCEED
Maximum county loan limit for the local area  
 
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atlanta: Flood Insurance Changes Ahead for Metro Atlanta - 08/21/11 10:47 PM
Flood insurance changes are coming to metro Atlanta counties.  In the wake of severe flooding in the last few years, area flood maps may be re-drawn.  The Georgia Department of Natural Resources is presently working closely with Federal Emergency Management Agency (FEMA) to assess possible changes to the area's flood maps. 
The agencies are currently evaluating a 107 mile area surrounding the Upper Chattahoochee River Basin.  Affected areas include Cobb, Coweta, DeKalb, Douglas, Fulton, and Gwinnett counties.  The Atlanta Journal-Constitution reports that DeKalb County alone could be adding almost 550 acres to the 100 year floodplain. 
In September 2009, many areas of metro Atlanta experienced … (7 comments)

atlanta: Why Do Lenders Prefer a Short Sale Over a Foreclosure??? - 08/13/11 10:25 PM
Why do lenders prefer a short sale over a foreclosure is a common question asked by buyers and sellers.  The reason all comes down to money.  Any home owner that does a short sale or has a property go into foreclosure ends up costing their mortgage company a lot of money.  When a seller does a short sale, it ends up costing the lender about 20-30% less than if they have to foreclosure. 
Maintaining a foreclosed property is an expensive understanding for a mortgage company.  The legal fees associated with a foreclosure can be costly for the lender.  They also have … (15 comments)

atlanta: What Is A Short Sale? - 08/13/11 07:54 PM
A home sale is classified as a "Short Sale" whenever it is sold for less than the amount owned on the mortgage and the mortgage lender accepts less than the full amount due on the outstanding balance.  The seller must meet several criteria in order to qualify for a short sale?  Some of those include:
The seller must owe more on the home that its current value The seller must prove that the home cannot be sold for enough to satisfy the current outstanding mortgage(s) owed The seller must demonstrate that they are suffering from a financial hardship which leaves the … (3 comments)

atlanta: Completed HAFA Short Sales Pass 10,000 Closings - 08/13/11 07:04 PM
According to a recent article from HousingWire, completed HAFA Short Sales have now surpassed 10,000 closings.  Since the Home Affordable Foreclosure Alternatives (HAFA) program was launched in April 2010, mortgage servicers have now completed 10,438 HAFA short sales through the end of June 2011. 
JPMorgan Chase tops the HAFA closed volume list.  The lender has now completed almost 3,600 approved HAFA short sales through the program. In June 2011 alone, nearly 1,000 were completed.
Wells Fargo comes in second place in completed HAFA short sales.  They have completed over 3,100 HAFA transactions.  Of those completed, nearly 700 were done in June 2011 alone.
Bank … (6 comments)

atlanta: Atlanta, GA Market Update - August 10, 2011 - 08/10/11 10:52 PM
Today 's market was once again a wild ride.  The Federal Open Market Committee (FOMC) released a statement Wednesday afternoon that sent Treasuries and mortgages rallying.  There was no change in overnight rates though.  The committee said state that it would keep short term rates at these levels though mid-2013. 
Three of the twelve FOMC members dissented.  The committee noted that the labor market has deteriorated.  Additionally, spending has flattened and housing is depressed. 
All of this was great new for mortgage rates as we hit 50 year lows today.  These low rates wont last forever, so borrowers needing … (3 comments)

atlanta: GA Dream Debt to Income Ratio Limitations - 08/06/11 05:59 PM
For buyers using the GA Dream Down Payment Assistance program, there are a variety of underwriting guidelines that the borrower must meet.  Two of those are credit score and debt to income ratio (DTI).  Like every mortgage loan program, GA Dream has a minimum credit score for each borrower.  They also have a maximum debt to income ratio based on the borrower's credit score.
For all Georgia Dream Loans, the Borrower must meet the following requirements:
Middle FICO Score of 640 or more has a maximum 40/45 DTI 
Middle FICO Score of 620-639 has a maximum 35/35 DTI
 
 
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