ga: FHA Minimum Property Standards - 12/25/10 11:37 AM
With FHA mortgages continuing to take more of the market share, questions often arise regarding what are the potential repairs might be required when the buyer is obtaining an FHA mortgage.  In late 2005, HUD revised their minimum property standards requirements for FHA mortgages.  Prior to this change, even some of the most minor repairs might have required correction. 
FHA's minimum standards are much different today though.   Currently, HUD only requires the repair of conditions that exceed cosmetic and minor defects or normal wear and tear.  FHA Appraisers must still report all readily observable property defects.  The lender's FHA Underwriter must then … (7 comments)

ga: Can I Close On My Mortgage on Saturday or Sunday? - 12/21/10 02:47 PM
Question: Can I close on my mortgage on Saturday or Sunday?
Answer:  The answer to this question is no.  Mortgage closings are only held Monday through Friday.  Saturday and Sunday are not considered to be funding days for mortgage transactions.  Mortgage company and closing attorney/title company offices are only staffed to work a normal Monday through Friday week. 
Federal holidays also limit when a loan can close.  Since the Federal Reserve is not open on the weekends or on Federal holidays, mortgage companies cannot wire funds for the closing. 
Closings are also held during normal business hours as well.  While actual times will vary … (10 comments)

ga: FHA 90 Day Flip Waiver Is Still Available - Yes, It's True - 12/21/10 01:38 PM
The demise of the FHA 90 Day Flip Financing rule has been incorrectly reported.  Inaccurate reports continue to make their way around stating that certain deadlines have now passed for the FHA 90 Flip Financing Waiver.  I am pleased to report that they are untrue at this time. 
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 waiver took effect on February 1, 2010.  The expiration date of the waiver was set as … (0 comments)

ga: FHA 203K Renovation Mortgage Georgia Contractor Requirements - 12/20/10 02:37 PM
The FHA 203K Renovation mortgage gives the borrower the ability to select their contractor(s) for their renovation project. The contractor must be licensed and insured.  Documentation requirements are as follows:
 Contractor's Profile completed with at least Three (3) References Copy of Contractor's Applicable License (per local jurisdiction) Copy of Liability Insurance Policy (Worker's Compensation, if applicable) Contractor's Acknowledgment signed and date W-9 completed, signed and dated You can verify a contractor's license at http://sos.georgia.gov/plb/contractors/default.htm.  
For your next renovation project, choose one of the largest volume 203K mortgage lenders in the country.  Call (404) 591-2453.
 
 
 
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ga: 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)

ga: FHA 90 Day Flip Financing Is Still Available - 12/11/10 03:13 AM
I have seen several inaccurate posts and comments lately regarding the ending of HUD's 90 Day Flip Waiver for FHA mortgages.  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 waiver took effect on February 1, 2010.  The expiration date of the waiver was set as 12 months from its starting date.  That leaves the waiver to expire on January 31, 2011 unless HUD extends it further.
Over the past couple … (38 comments)

ga: Freddie Mac to Suspend Evictions Later This Month - 12/01/10 04:17 AM
Freddie Mac announced today that they will be suspending evictions later this month.  The eviction suspension will be in effect from December 20, 2010 until January 3, 2011.  This will be for all single family and 2-4 units homes. 
In a statement released by Freddie Mac, Anthony Renzi, Executive Vice President of Single Family Portfolio Management at Freddie Mac stated "If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays."  Last year many mortgage companies suspended foreclosure proceedings during the holiday season.
 
 
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ga: Agents....Are You Risking Your Real Estate License By Negotiating a Short Sale? - 11/30/10 01:22 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)

ga: Copper Thieves Beware.....AT&T Is Looking For You - 11/29/10 02:42 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.

 



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ga: Atlanta, GA Market Update - November 28, 2010 - 11/29/10 02:11 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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ga: Atlanta Now Ranks as 32nd Largest US City - 11/26/10 09:07 AM
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)

ga: RainCamp Atlanta Annnounces Its Venue for Dec 8th - 11/23/10 02:42 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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ga: Atlanta, GA Market Update - November 22 2010 - 11/23/10 01:34 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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ga: Atlanta, GA Market Update - November 19 2010 - 11/20/10 02:53 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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ga: Conventional Loan Limits to Remain Unchanged in 2011 - 11/19/10 07:13 AM
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)

ga: Atlanta, GA Market Update - November 18, 2010 - 11/19/10 02:00 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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ga: Atlanta, GA Market Update - November 15, 2010 - 11/15/10 04:42 AM
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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ga: Atlanta, GA Market Update - Week Ahead - 11/14/10 01:08 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)

ga: Atlanta Gets Its First New Department Store in 8 Years - 11/13/10 01:26 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)

ga: Is Cash Back to a Buyer at Closing Allowed? - 11/13/10 04:57 AM
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)