Announcing!!!!!!!!!!!!!! The first ever GWINNETT ActiveRain Spring MeetUP on Wednesday, March 26, 2014 - 4-7 pm.
AR MeetUPs are great business opportunities and and very enjoyable at the same time. If you are planning to join us, would you bring an associate from your office to learn about AR as well? Let’s meet and learn from each other! Prospect Mortgage is proud to sponsor the OTP MeetUp in Gwinnett County at the offices of the Law Firm of GanekWrightMinsk, PC who have generously offered their space to us for the MeetUP. Now all that … (3 comments)
· 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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gwinnett: HUD Extends FHA 90 Day Flip Waiver Until December 31, 2012
- 12/26/11 02:53 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)
gwinnett: FHA 203(k) Maximum Loan Amount
- 08/30/11 02:33 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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gwinnett: Flood Insurance Changes Ahead for Metro Atlanta
- 08/21/11 03:47 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)
gwinnett: New, Lower FHA Loan Limits for Atlanta-Sandy Springs-Marietta, GA MSA - Effective October 1, 2011
- 07/10/11 11:27 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 the Atlanta-Sandy Springs-Marietta, … (8 comments)
gwinnett: New, Lower FHA Loan Limits for Gwinnett County, GA - Effective October 1, 2011
- 07/10/11 11:17 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 Gwinnett County, GA (as … (0 comments)
gwinnett: Georgia Dream Program Changes - Effective March 1, 2011
- 03/06/11 01:51 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)
Georgia Dream First Mortgage Loan Financing 30 Year Fixed Rate Mortgage Conventional, FHA, USDA-RD, or VA programs available Up to 100% financing (Additional household income restrictions apply) The GA Dream program is for credit eligible first time home buyers or buyers who have not owned a home in the past 3 years or for buyers purchasing in a targeted county. To … (0 comments)
There are some TEMPORARY revisions to the GA Dream Recovery (formerly Plus) Down Payment Assistance Program. FOR A LIMITED TIME THERE ARE SPECIAL GUIDELINES FOR HOME BUYERS PURCHASING IN COUNTIES DESIGNATED AS DISASTER AREAS Twenty One (21) GA counties have been designated as Federal Disaster Areas as a result of the recent floods. The counties are Carroll, Catoosa, Chattooga, Cherokee, Cobb, Crawford, Dawson, DeKalb, … (2 comments)
gwinnett: Buy a HUD Home in Georgia for Only $100 Down
- 07/11/10 08:26 AM
Buy a HUD Home in Georgia for Only $100 Down HUD is currently offering it's $100 Down Payment program on it's Georgia REO properties. Don't miss out on this GREAT opportunity to purchase a home. For a limited time, you can purchase a Georgia HUD Owned property using a FHA loan with only $100 down. The $100 down is instead of the normal 3.5% down payment requirement that is typically required for an FHA loan. This offer is valid for owner-occupants only. HUD homes are currently available in nearly every GA county. To start searching for a HUD home in Georgia, … (0 comments)
gwinnett: Georgia Conforming Loan Limits - 2010
- 03/21/10 08:02 AM
For 2010, the conforming loan limits remain unchanged from last year. One-Family Two-Family Three-Family Four-Family Georgia (except Greene) $417,000 $533,850 $645,300 $801,950 Greene County $662,500 $848,100 $1,025,200 $1,274,050
Loan limits are set equal to 115% of local median house prices and they cannot exceed 150% of the standard limit. The standard limit is $625,500 for one-unit homes in the continental US.
I love football and was thinking about the Super Bowl, and Betty White came into my thoughts. I started thinking how Betty White is like a Good Realtor. In case some of you don't care for football or didn't see it, here's the commercial Betty appeared in (along with another crazy actor, older than dirt - Abe Vigoda (or at least older than me). Watch it so you know why Betty's got my vote for Good Realtor.
So now that you've seen Betty White in action, here's my reasons why Betty White is like a Good … (0 comments)
gwinnett: Pre-Qualification Letters: How Valid is Mine?
- 03/07/10 05:48 AM
Obtaining a Pre-Qualification letter should be a buyer's first step in the home buying process. As a home buyer making one of the largest purchases of your life, you need to know the important facts and any potential obstacles....upfront. The good and the bad needs to be discussed so that an appropriate course of action can be taken should there be issues that need to be addressed.
The issuance of a Pre-Qualification letter should only occur after a review of the following: Credit report Most recent pay stub Pension, Social Security, or Disability income documentation Last 2 years W-2's and Federal Income Tax returns Most … (4 comments)
gwinnett: Freddie Mac Axes Interest Only Mortgages
- 02/28/10 01:01 PM
While it shouldn't come as a huge surprise, on Friday, Freddie Mac has announced that they will no longer purchase and securitize iinterest only mortgages. This policy takes effect on September 1, 2010 and impacts both fixed and adjustable rate mortgages. So far, Fannie Mae has not announced similar plans for the once, wildly popular, interest only option. Since 2007, Fannie and Freddie have pretty much been the sole buyers of interest only mortgages. Reports say that over 17% of Freddie's interest only loans were 90+ days delinquent as 2009 ended. Only time will tell if interest only loans will see 2011.
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gwinnett: Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes
- 01/31/10 04:28 AM
Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed at www.HomePath.com, that are closed within this period, may receive up to 3.5% of the final sales price for: Closing costs The purchase of new Whirlpool® appliances by Fannie Mae A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%. To be eligible for this incentive: Offers must be accepted on or after January 28, 2010 Property sales … (2 comments)
gwinnett: Atlanta Home Buying Seminar
- 02/10/09 02:11 PM
Thinking about buying a home, but just not sure it's the right time? Come to our FREE Home Buying Seminar to find out more details on why now more than ever is a great time to purchase a home! First time home buyers face so many questions. Is now the right time to buy a home? How much home can I afford? How much home would I even qualify for in today's market? Exactly WHAT is involved in the home buying process? Learn about all of this and more. Join our Home Buyer's Seminar on the 1st and 3rd Thursday of … (3 comments)
gwinnett: HomePath Financing for Fannie Mae REO's
- 01/31/09 02:54 AM
Introducing Prospect Mortgage's newest REO program, HomePath® Mortgage. Fannie Mae is now rolling out their new HomePath® program specifically for Fannie Mae REO properties. Prospect Mortgage is pleased to be one of only a handful of lenders nationwide selected to participate in this special financing program. HomePath® Financing Highlights
This special financing is available exclusively on Fannie Mae homes with the HomePath logo Search for Fannie Mae REO's at http://reosearch.fanniemae.com/reosearch/. Call or e-mail for complete details. … (29 comments)
gwinnett: FHA Minimum Down Payment Increase, As it Applies to 203K
- 12/30/08 04:13 AM
Beginning Jan 1st, 2009, the minimum down payment on all FHA purchase transactions will increase from 3% to 3.5%. As the mortgagee letter states, "limit the total FHA-insured first mortgage to 100 percent of the appraised value, and require the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit." This does not mean that FHA is 100% financing, but rather the 96.5% LTV + the Upfront MIP (normally 1.75%) must be less than 100%. Since 203K will go to 110% of the appraised value, the 100% limit does not apply. Specialty products with higher LTVs: Section 203(k), Section 203(h) for … (3 comments)
2014 Spring MeetUP Atlanta OTP Gwinnett 
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