acworth: Can I Purchase After a Short Sale in Georgia? - 08/06/11 06:12 AM
Can I purchase after a short sale in Georgia? 
That is a common question on the minds of many Georgia sellers in today’s market.  The answer is, possibly.  In December 2009, HUD announced guidelines under which a seller who has completed a short sale can buy a new home utilizing FHA financing. 
Short Sales
According to FHA underwriting guideline, borrowers are not eligible for a new FHA loan if
·         They pursued a short sale on their principal residence simply to take advantage of declining market conditions, and  purchase, at  a reduced price, a similar or superior property … (3 comments)

acworth: New, Lower FHA Loan Limits for Cherokee County, GA - Effective October 1, 2011 - 07/10/11 11:13 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 Cherokee County, GA (as … (0 comments)

acworth: New, Lower FHA Loan Limits for Cobb County, GA - Effective October 1, 2011 - 07/10/11 11:08 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 Cobb County, GA (as … (0 comments)

acworth: Does Your Georgia 203K Lender Have an In-house Draw Department???? - 03/05/11 12:16 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Georgia buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is … (0 comments)