financing: USDA Residential Mortgage Loan Changes - May 1, 2013 - 05/12/13 09:09 AM
USDA residential mortgage loan changes took place on May 1, 2013.  The changes pertain to exceptions where the housing and debt to income ratio exceed 29 and 41 respectively.
If the applicant has a credit score of 680 or greater may be approved for a higher house ratio as high as 32% and total debt to ratio as high as 44% providing there is at least one of the following compensating factors:
The proposed principal, interest, taxes, and insurance (PITI) payment is equal to or less than the present housing payment provided it can be properly documented for at least 12 … (3 comments)

financing: Breeze Through the Mortgage Process By Following These Suggestions - - 03/10/12 07:15 AM
 
Earlier this year I wrote a post about the do's and don'ts during the mortgage process. Little did I know that a mere 90 days later I would be talking about this again.   Keep in mind that while your application and documentation are being reviewed and any slight change can result in a denial. Before you do ANYTHING, discuss the potential impact with your loan professional.
 
 
 
I thought it would be worth stating again my list of do's and don'ts. Just for clarification, I have added a couple more.  Regardless of the financing program, here is my … (53 comments)

financing: FHA 203(k) financing – Eligible Properties - 02/25/12 04:22 AM
One of the most underutilized financing programs available is the FHA 203(k) program for home buyers that want to buy homes in less than perfect condition. 
The FHA financing programs have allowed many first-time homebuyers over the last two years to achieve their dream of homeownership with its minimal down payment of 3.5% and low interest rates. 
The FHA 203(k) financing program will include the cost of the repairs into the mortgage financing. The down payment will be calculated based on the acquisition costs plus the cost of the repairs.
To qualify for this program the property must be … (2 comments)

financing: Buying a Georgia home in 2012?-Let's talk dates - 01/23/12 02:09 AM
When you make an offer to purchase a property, your real estate agent will prepare the document for you. It is necessary to keep in mind that this is a legally ending agreement. In addition the terms of your offer including the timeframe for specific performance will be outlined.
This is an excellent time for you to review with your loan originator a realistic expectation of the loan process. A conventional loan with a 20% down payment can be closed more quickly than an FHA, VA or USDA loan.
The three dates that need to be monitored will be:
1.  … (2 comments)

financing: Buying a Foreclosure - Don't Get Burned - 12/11/11 12:03 PM
If you are looking at buying a foreclosure in the new year, I have some words of wisdom for you.   A little pre-planning will prevent you from getting burned in the transaction.
 
First, be sure you have discussed your finances with a mortgage professional.  Honesty counts here.  Remember that the information you supplied is going to be verified, through the credit report, verification of rent, deposits, employment.  We are also going to require a transcript from the IRS on your last 2-3 years tax returns depending on the financing program.  
 
Second, make sure you have enough money … (8 comments)

financing: They'll be singing.... Woulda, Coulda, Shoulda - 10/30/11 03:55 AM
Wouda, Coulda, Shouda is a song that many would be first time home buyers will be singing by delaying their decision to purchase their first home.  Making that decsion for the first time can be daunting.  It is more than the financial commitment, but the realization of maybe signing a legally binding contract for the first time.
 
What would happen if a first time buyer makes the decsion to buy?  They would get a property at a great price.  In the Atlanta metro area on average property values have dropped 30% over the last 3 years.  And even more impressive … (5 comments)

financing: USDA 100% Financing - 06/30/11 03:28 PM
The USDA Home loan program allows for 100% financing of the appraised value.  No, that isn't a typo.  The buyer can borrow up to 100% of the appraised value.  So, if the home purchase price is $100,000 and the appraised value is $105,000, the buyer can borrower $5000 toward closing costs and prepaid expenses.
I know what you are thinking... wow, that sounds great!  How can I get that deal?  Here are a list of the restrictions for this program:
The property must be in a qualifying area.  These qualifying areas are in less populated areas.  The program is not going … (4 comments)