atlanta: Can I Close on an FHA Mortgage If the Utilities Are Off? - 03/05/11 12:59 PM
 Can I close on an FHA Mortgage if the utilities are off?
The typical answer is no.  All traditional FHA mortgages require that all utilities must be on at the time of the appraisal inspection.  It is also required that all related systems are functioning properly at the visit.
However, the FHA 203K Renovation mortgage does not require that utilities be on for the appraisal to be acceptable.  With many foreclosed properties, all utilities may not be able to be turned on.  This is often due to missing/stolen wiring, copper pipes, HVAC unit.  When the utilities are off, the normal 10% Contingency Fee … (2 comments)

atlanta: 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)

atlanta: Can I Use an FHA 203K Streamline for a Health or Safety Issue? - 02/27/11 03:53 AM
The correct answer to this question would be that "it depends". 
In some instances, an FHA 203K Renovation mortgage can be used to satisfy health or safety issues.  The FHA 203K Streamline loan allows for an initial disbursement of 50% of the repair costs.  As long as this initial 50% disbursement is sufficient to complete the health or safety the issues, then an FHA 203K Streamline can be used.  If 50% will not be sufficient, then an FHA 203K Consultant mortgage will be needed.
 
 
 
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atlanta: Prospect Mortgage - #2 Volume FHA 203K Renovation Lender for 2010 - 02/27/11 03:14 AM
The US Department of Housing and Development has released its FHA 203K Endorsement Report.  It is for the Fiscal Year ending September 30, 2010.  In the period of October 1, 2009 - September 30, 2010, HUD ranks Prospect Mortgage as the #2 volume FHA 203K lender in the country.  For the 2010 Fiscal Year, Prospect Mortgage closed 928 FHA 203K Renovation mortgages.  A total of 22,491 FHA 203K loans were endorsed by HUD in the 2010 Fiscal Year by all mortgage companies.
The most shocking data comes from the number of companies that closed less than 5 of these loans.  In Atlanta … (7 comments)

atlanta: Free Yogurt on March 3rd - Pinkberry Buckhead - 02/22/11 02:05 PM
The new Pinkberry in Buckhead is celebrating their grand opening on Thursday, March 3rd.  For the occasion, they are giving away free yogurt that day. 
Pinkberry flavors include:
Original Blood Orange (seasonal) Chocolate (seasonal) Coconut (seasonal) Mango (seasonal) Pomegranate (seasonal) Stop by from 6 pm - 10 pm on March 3, 2011 and get your free yogurt. 
3637 Peachtree Rd, Atlanta, GA 30319
The new Buckhead location will be the third Pinkberry in Georgia.  It joins locations at Akers Mill in Atlanta and Merchant's Walk in Marietta.
Be sure to check out more deals with the Atlanta Bargain Hunter at ajc.com. 
 
 
 

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atlanta: Legoland Discovery Center To Join Phipps Plaza - 02/20/11 05:53 AM
LEGOLAND Discovery Center has announced plans for a Phipps Plaza location in Atlanta.  The 32,000 square foot attraction is slated to open in March 2012.  It will join mall anchors Saks Fifth Avenue, Nordstom, and Belk.  The upscale mall is also home to high end retailers Barney's New York CO-OP, Giorgio Armani, Gucci, Hugo Boss Tiffany & Co, and Versace. 
Other LEGOLAND Discovery Center locations in the US can be found in Chicago and Dallas/Forth Worth.  Internationally, there are Manchester, England and Berlin and Duisburg, Germany locations.  A LEGOLAND California Park is located in Carlsbad, California.  A LEGOLAND Florida Park in Winter Haven, Florida is set to open in October 2011.  
Construction will … (2 comments)

atlanta: HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective April 18, 2011 - 02/14/11 01:29 PM
On February 14, 2011, HUD announced that it will adjust its FHA Mortgage Insurance Premiums effective April 18, 2011.  This change is outlined in HUD Mortgage Letter 11-10.  It will increase monthly premiums by 25 basis points on that day. 

In order to obtain the lower MI premium, the FHA Case number must be assigned on or before April 17, 2011.  Since that date is a Sunday, the last business day will April 15, 2011......Tax Day.  Coincidence maybe????
These changes all take effect just 6 months after HUD's last mortgage insurance premium change.  The Upfront Mortgage Insurance Premiums will remain unchanged at this … (8 comments)

atlanta: When Can I Get My Draw on My FHA 203K Consultant Mortgage? - 02/13/11 03:22 PM
When can I get my draw funds disbursed on my FHA 203K Consultant mortgage?  This is one very critical question that most borrowers fail to think about and ask upfront. 
When doing an FHA 203K Consultant Renovation mortgage, one very important aspect that many fail to consider is the draw process.  Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid.  The Consultant 203K program does not allow for any of the renovation costs to be paid out up front prior to the work being completed. 
How the mortgage company handles that … (7 comments)

atlanta: When Can I Get My Draw on My FHA 203K Streamline Mortgage? - 02/13/11 03:05 PM
When can I get my draw funds disbursed on my FHA 203K Streamline mortgage?  This is one very critical question that most borrowers fail to think about and ask upfront. 
When doing an FHA 203K Streamline Renovation mortgage, one very important aspect that many fail to consider is the draw process.  Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid.  The Streamline 203K program allows for up to 50% of the renovation costs to be paid out up front prior to the work being completed. 
How the mortgage company … (2 comments)

atlanta: FHA 203K Renovation Mortgage Flow - 02/13/11 05:27 AM
FHA 203K Renovation Mortgage Flow

When using an FHA 203K Renovation mortgage to purchase a home, there is a flow that needs to be followed.  When the proper course is followed, the FHA 203K approval process goes much smoother.
 

For all of your FHA 203K financing needs, call (404) 591-2453.
 
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atlanta: Why Do I Need a Letter of Explanation? - 02/11/11 02:56 PM

In today's ever changing lending environment, there are still underwriting requirements that many borrowers do not understand the need for.  Letters of explanation have become much more commonplace in today's mortgage approval process in the last 3 years.  A letter of explanation can be required to explain a variety of issues. 
Some of the most common needs for a letter of explanation are:
Credit inquiries Derogatory items or late payments on credit report Previous bankruptcy Previous foreclosure Job gap Living rent free Motivation to purchase a new home when current home has not been sold Large deposits These letters give the … (0 comments)

atlanta: Can I Write a Personal Check at Closing? - 02/11/11 02:40 PM
Can I write a personal check at closing?
The usual answer to this question is no.  Most closing attorneys/title companies can/will only accept a personal check for a few hundred dollars.  The typical maximum is around $500 or $1,000.  Funds for a real estate closing typically need to be in the form of a certified or cashier's check or wired to the closing attorney's escrow account. 
Sometimes, the closing agent for foreclosure properties will be located out of state.  In this situation, a wire will be required.  The use of a check in this case will cause a delay in the funding of the transaction.
Knowing … (2 comments)

atlanta: 580+ FICO FHA Lending Makes a Comeback - 01/31/11 02:10 PM
Yes, it is true.  FHA mortgages for 580+ FICO borrowers are making a comeback.  In the last 2-3 years, the minimum credit score requirement for FHA loans has changed many times. 
Just a few short years ago, there was no minimum credit score required for an FHA mortgage.  Soon, most all mortgage companies began requiring a 580+ minimum FICO.  A while later, that minimum score requirement was raised to 620+.  Last October, many lenders went to a 640+ FICO on all FHA mortgages. 
All of these changes were in response to the Secondary Mortgage market.  While the Secondary Market in general has … (6 comments)

atlanta: How Much Money Do I Need to Bring to Closing? - 01/02/11 06:08 AM
How Much Money Do I Need to Bring to Closing? 
This is a question that gets asked early on with every closing.  The reality is that its too early to have an exact amount.  At the time of your loan application, you are provided with an estimate that details your total estimated settlement charges.  This is your best estimate that is available. 
The lender fees from the estimate should not change.  Once the actual closing attorney/title company fees are available, they will then be updated on the estimate.  The closing attorney/title company will also provide the actual property tax amount.  It is … (6 comments)

atlanta: Fannie Mae Announces Increased Mortgage Rate Pricing Adjustments Effective Spring 2011 - 12/27/10 03:23 AM
On December 23, 2010, Fannie Mae announced an increase to its mortgage pricing structure.  This new pricing is effective with mortgage loans with purchase and mortgage backed securities delivery dates after April 1, 2011.  You can expect to see all mortgage lenders implement these pricing changes in February or March in anticipation of the April 1st deadline. 
With this change, even 740+ borrowers will see the cost of their mortgage rates rise.  Currently, Fannie Mae views 740+ as the top tier and does not have any credit score pricing add-ons for those borrowers.  Those borrowers will soon see a .25% pricing hit for all LTV's … (5 comments)

atlanta: 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)

atlanta: 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)

atlanta: 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)

atlanta: 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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atlanta: 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)