buckhead: Refinance Today… Even If You Are Underwater on Your Georgia Mortgage! - 07/10/12 12:09 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)

buckhead: New FHA Loan Limits for Fulton County, GA - Effective October 1, 2011 - 07/10/11 10:59 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Fulton County, GA … (2 comments)

buckhead: HomePath Renovation Financing For GA Fannie Mae REO's - 05/14/11 05:36 AM
HomePath Renovating Financing is Here!!!!
Prospect Mortgage is now one of the few lenders across the country to offer the HomePath Renovation financing option for Fanne Mae REO properties in Georgia.  HomePath mortgages are only available for select Fannie Mae REO properties.  Eligible HomePath properties can be found at www.HomePath.com. 
Maximum LTV:
Primary Residence - 1-4 units - Max 97% LTV Second Home - 1 unit - Max 85% LTV Investment Property - 1 unit - Max 85% LTV Investment Property - 2-4 units - Max 75% LTV Eligible Property Types:
SFR (Single Family Residence) - Attached and Detached Townhome Condo 2-4 … (3 comments)

buckhead: Free Yogurt on March 3rd - Pinkberry Buckhead - 02/22/11 02:05 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. 
 
 
 

… (3 comments)

buckhead: Legoland Discovery Center To Join Phipps Plaza - 02/20/11 05:53 AM
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)

buckhead: HUD Makes Changes to FHA Condo Project Expiration Dates - 12/11/10 05:41 AM
Beginning Wednesday, December 8, 2010, an estimated 45,000+ condo projects were set to have their FHA approvals expire.  As one can imagine, re-approving that many projects expiring at the same time would be a formidable task for lenders as well as HUD. 
Earlier this week, HUD changed the expiration dates of thousands of FHA approved condo projects.  This move will give both HUD and DELRAP approved lenders, like Prospect Mortgage, more time to get expired condo projects re-approved.  Instead of thousands of units expiring on December 8, 2010, the expiration dates are now spread out of the next 9 months taking us to September … (2 comments)

buckhead: FHA Condo Recertification Processing Requirements - 11/07/10 02:41 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)

buckhead: Does Your Condo Project Need an FHA Recertification or a Full Project Approval? - 11/07/10 02:12 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)

buckhead: What Information Do I Need for an Existing FHA Condo (DELRAP) Approval???? - 09/01/10 09:28 AM
What Information Do I Need for an Existing FHA Condo (DELRAP) Approval????
If you are interested in an existing condo and you will be using FHA financing, the project must be FHA approved.  To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website.  There are a variety of ways to search to a project. 
Should you not see your community on the list, Prospect Mortgage is an approved DELRAP lender.  HUD only grants DELRAP authority to direct lenders that it has deemed to have significant condo project approval experience.  At … (3 comments)

buckhead: Atlanta, GA Market Update - September 1, 2010 - 09/01/10 06:11 AM

After enjoying a rally yesterday, treasuries and mortgages experienced a decline this morning giving back most of their gains.  This is pushing mortgage interest rates slightly higher today.  The decline comes after a strong Institute of Supply Management (ISM) manufacturing Index.  The ISM Index rose from 55.5 in July to 56.3 in August.  This more than beat expectations of a speculated drop to 52.9. 
Adding to the ISM result is the rally being reported in the stock markets of Asia and Europe.  Those stocks began to climb with the announcement of that the China Federation of Logistics and Purchasing managers index climbed to … (0 comments)

buckhead: How Do I Know if a Condo Project is FHA Approved? - 07/15/10 02:46 PM
How Do I Know if a Condo Project is FHA Approved?
If you are interested in a condo and you will be using FHA financing, the project must be FHA approved.  To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website.  There are a variety of ways to search to a project. 
You can search by:

City Zip code (I find that trying the zip code first is usually the easiest option) Condo name Condo ID
You may also need to search each approval method:
HRAP/DELRAP: New HUD Review and Approval Process … (4 comments)

buckhead: Kenny Rogers Lists Atlanta Home for $5.9 Million - 06/24/10 01:51 PM
Entertainer Kenny Rogers has listed his Buckhead mansion for $5.9 million.  Built in 1997, the home boasts 6 bedrooms and 6.5 baths.  The home also features a pool, 3 fireplaces, and a 3 car garage. 
Rogers purchased the home in June 2006 for $2.8 million.  He completed extensive renovations on the property.  Annual property taxes are a staggering $52,693.15/year. 
Four years later, he is now ready to part with the home.  View photos of the property here. 
 

… (2 comments)

buckhead: Purchasing a Condo Using HomePath Financing - 04/03/10 03:07 AM
Using the HomePath program to purchase a Fannie Mae REO has many advantages.  Once such advantage is a simplified procedure for purchasing a condo unit. 

There is no HOA condo questionnaire needed when purchasing a condo that is HomePath  eligible.  Since Fannie Mae initially approved the loan, they are willing to take on the risk of a new loan.  This enables Fannie Mae to move this non-performing asset off of their books.
Fannie Mae does require an HO-6 (walls-in) insurance coverage policy be in place.  While this can come from a master HOA policy, most buyers will find that the master HOA polices do not cover … (0 comments)