first time home buyer: FHA Changes 9/14/15 - are you still approved? - 09/23/15 11:13 PM
FHA made some substantial changes to the underwriting guidelines that went into effect with FHA Case Numbers assigned after 9/14/15.  If you are a buyer that is "pre-qualified or pre-approved", now is the time to confirm with your Mortgage Loan Originator that you are still pre-qualified or pre-approved if you have not yet made your purchase.
The biggest change that will impact these pre-qualification for most first time home buyers is the position regarding student loans.  Now, regardless of deferment, the payment must be included in the debt to income ratio (DTI).  If no payment is listed on the credit report, an estimated payment … (3 comments)

first time home buyer: Atlanta First Time Home Buyers - This one is for you - 02/24/13 10:39 AM
Atlanta First Time Home Buyer's. this one is for you.   If you have been thinking now is the time to make that first home purchase but don't have any idea where to start mark your calendar.  I will be hosting a First Time Home Buyer Seminar on March 9th at my office.  
 
Here are some of the topics that will be covered:
How does your credit report impact your application? What type of financing programs are available? How to qualify for a mortgage? What is happening in the real estate market now? Mark your calendar for March 9th … (21 comments)

first time home buyer: FAQ #8 Where can I get help with my down payment? - 06/08/12 12:04 PM

The GA Dream Homeownership Program is a government-sponsored down payment assistance program. 
 It offers either $5000 or $7500 depending on the buyer's qualifications in the form of a silent second mortgage for first-time homebuyers.
The silent second mortgage is a recorded document, however unlike the first mortgage, the second it at zero percent interest with no monthly payments.  The only time it would be repaid is if the loan is refinanced or the home is sold.





On February 24, it was announced that there would be changes to the GA Dream Homeownership Program as outlined below.
… (3 comments)

first time home buyer: 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)

first time home buyer: 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)

first time home buyer: 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)

first time home buyer: USDA Loan Program Changes October 1, 2011 - 09/01/11 06:46 AM
The USDA loan program changes will be effective on October 1, 2011.  What changes, you ask?  Well, USDA is changing the "mortgage insurance" piece of the financing.  As of now, there is a funding fee that is financed into the loan amount and there is no monthly mortgage premium.
 
As of October 1, this will change to mirror the FHA mortgage insurance premium structure where part of it is financed and the second part is a monthly charge.  There has been talk for a long time about making this change, now that it is here, the following table demonstrates the … (0 comments)

first time home buyer: GA Dream Program Update - rate drops 8/11/11 - 08/12/11 01:23 AM
The GA Dream Program is a government sponsored down payment assistance program for first time home buyers in the state of Georgia.  A first time home buyer for this program is defined as a person that has not owned a home in the last 3 years and the purchase must be for their primary residence. 

The GA Dream Program is used mostly used in conjunction with an FHA first mortgage and will provide either $5000 or $7500 (if the borrower is in the medical, education, or public services field) to be used toward the buyer's down payment and/or closing costs.  There are some specific … (3 comments)

first time home buyer: Help for those wanting to buy a home! - 03/29/11 03:33 PM
Help for those wanting to buy a home often seems out of reach.  It really can be easy as just knowing the right questions to ask.  A high percentage of my business is working with First Time Home Buyers.  A significant number have said that they have been turned away and they don't know why. 
The best advice I can give a First Time Home Buyer, is do your homework.  There are great resources on the www.HUD.gov website to get you started.
If you can answer YES to the following questions, you may be closer than you realize to owning your own … (5 comments)