atlanta: 9 to 5: The Musical Hits Atlanta's Fox Theatre Sept 28th - Oct 3rd - 09/29/10 12:16 PM
The Tony Award nominated show, 9 to 5: The Musical, hits Atlanta this week after its very well received tour launch in Nashville last week.  As the second stop of the National Tour, the show opened last night at the Fox Theatre.  Performances will continue until this Sunday. 
This brand new musical is based on the 1980 smash movie of the same name.  It was the 4th highest grossing film of that year.  The musical features music and lyrics by Dolly Parton with the book by Patricia Resnick.  The movie was also the basis for Parton's #1 single "9 to 5" which topped Billboard's … (2 comments)

atlanta: Georgia Dream Down Payment Assistance Program Overview/Updates - 09/27/10 01:03 PM
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)
Georgia Dream Second Mortgage Loan Financing
Down payment funds are provided as a Second Mortgage Loan for the purpose of principal reduction and the payment of pre-paid items and closing costs and is made in conjunction with a Georgia Dream First Mortgage Loan.
No Monthly Payments No Interest Loan must be repaid when home is sold or refinanced or no longer used as the borrowers personal residence as this loan is never forgiven. … (2 comments)

atlanta: Atlanta, GA Market Update - September 27, 2010 - 09/27/10 10:56 AM
Mortgage Bonds opened improved on Monday morning.  There were no economic reports scheduled for release today. 
This afternoon, we had a $36 Billion auction of 3 Year notes.  The results were announced at 1:00 pm EST.  Tomorrow, there will be a $35 Billion auction of 5 Year notes.  Wednesday will see $29 Billion of 7 Year notes being auctioned off. 
The rest of the week will be quite busy. 
The big news story for Atlanta this morning was the announcement that Southwest Airlines would be buying AirTran Airways.  The deal is reported to be valued at $1.4 Billion.  While based on Orlando, FL, … (1 comments)

atlanta: FHA 203K HUD Consultant Fee Schedule - 09/26/10 02:20 PM
The FHA 203K Consultant Renovation loan requires the use of a HUD Approved Consultant.  HUD has a preset schedule of fees that are to be charged to the borrower. 

For 2-4 unit properties, there will be an additional fee of $25/unit.  HUD does allow for mileage charges when the properties is located outside of the Consultant's area. 
Search For A HUD Approved Consultant
The FHA 203K Streamline Renovation loan does not require the use of a HUD Approved Consultant.
 

… (7 comments)

atlanta: Fannie Mae's Latest Guidance for Foreclosures, Bankruptcies, & Short Sales - 09/25/10 05:54 AM
Fannie Mae has updated its polices regarding new financing for borrowers with a previous bankruptcy, foreclosure, or short sale.  The waiting period ranges from 2 years from the discharge date of a Chapter 13 Bankruptcy to 7 years from the date of a Foreclosure.

 
 
 
 
All borrowers will now be required to meet the minimum waiting period after the derogatory event in order to be eligible for a new conventional mortgage loan backed by Fannie Mae. 
 
 
 
… (1 comments)

atlanta: Atlanta, GA Market Update - September 24, 2010 - 09/25/10 04:08 AM
Market volatility continues on Friday morning as the Mortgage Bond market opened down from Thursday's close.  This comes after a strong Durable Orders report for August.  August saw overall durable goods orders fall 1.3%. Excluding transportation, the orders increased 2.0%.  This is much stronger than the analysts expectations of a 0.6% increase. 
New home sales came in at near expectations for August.  They were virtually unchanged from July with an annualized rate of 288,000.  
On Friday, the Georgia Department of Banking and Finance revoked the mortgage license of United Funding Mortgage.  The company operated in Alpharetta as Vertical Mortgage Company.  The department stated … (0 comments)

atlanta: Atlanta, GA Market Update - September 23, 2010 - 09/23/10 04:48 AM
Mortgage Bonds could not maintain their momentum from the last few days as economic news has been mixed.  After peaking mid-afternoon yesterday, they slipped some prior to the market close.  That carried through to today. 
The initial Claims report came in higher than expected. They rose 12,000 to a seasonally adjusted 465,000 for the week ending September 18.  Analysts has anticipated no change from the previous week.  For metro Atlanta, the unemployment rate rose to 10.4 in August.  This is up from 10.1 in July.   
Existing Home sales came in slightly better than expected.  This has caused money to flow … (0 comments)

atlanta: Before You Get Too Excited, No HUD Has NOT Lowered FHA Credit Score Requirements - 09/23/10 02:54 AM

 
 
Before you get too excited, no HUD has NOT lowered the credit score requirements for FHA loans.  I have seen several posts written over the last few weeks about the new credit score requirements that go into effect on October 4, 2010.  This is true.  However, the facts are not clearly stated.While I may have missed it, I have yet to see one post that informs reader that, prior to this announcement, HUD has NEVER had a MINIMUM credit score requirement for FHA loans.  Yes, you heard that correctly.  Since HUD created the FHA program in the National … (6 comments)

atlanta: Atlanta, GA Market Update - September 22, 2010 - 09/22/10 10:02 AM
Wednesday morning saw Mortgage Bonds open trading higher. This follows the gains from Tuesday afternoon's post Fed rally.  During the announcement, the Fed stated that it is “prepared to provide additional accommodation if needed to support economic recovery and to return inflation, over time, to levels consistent with its mandate.” It also kept its "extended period" language in place. 
The Fed's statement has led to a rally in the Mortgage Bond market.   There is now speculation that the Fed may be buying more Treasuries on a larger scale. This would be done in a effort to stimulate the markets.
… (0 comments)

atlanta: Fannie Mae Updates Policy for Borrowers With a Previous Bankruptcy - 09/21/10 03:12 PM

 
Fannie Mae has updated its polices regarding new financing for borrowers with a previous bankruptcy.  The waiting period now ranges from 2 years from the discharge date of a Chapter 13 Bankruptcy to 5 years from the discharge or dismissal date for someone with multiple bankruptcy filings.
 
 
 
… (3 comments)

atlanta: Atlanta, GA Market Update - September 21, 2010 - 09/21/10 05:09 AM
After Mortgage Bonds rallied yesterday afternoon, the gains continued this morning.  This is ahead of the Federal Open Market Committee rate policy decision.   It is set to be released at 2:15 pm EST.  Analysts anticipate both rates to remain unchanged. 
It was reported that housing starts rose 10.5% in August.  Last month, housing starts increased to an annual rate of 598,000.  This is up from a revised 541,000 and beat the expectations of 550,000.  Its also the best increase in four months. 
Building permits increased 1.8%.  This number was also beat analyst's expectations.  It follows a 4.1% unrevised drop in July. 
Mortgage rates are … (0 comments)

atlanta: Atlanta, GA Market Update - September 20, 2010 - 09/20/10 04:34 AM
The Mortgage Bond market opened this morning relatively unchanged from Friday's close.  Since there are no economic reports scheduled for release today, Mortgage Bonds will take direction from the Stock Market. 
The Wall Street Journal reports that IBM has announced it intent to buy software company Netezza for $1.7 Billion.  With the S&P 500 currently trading higher, this could place additional pressure on pushing mortgage rates higher. 
This morning, there was a weaker than expected outlook on home builder conditionsreport.    September saw the National Association of Home Builders/Wells Fargo housing market index unchanged at 13.  Analysts are predicted a 14.  A measure of <50 indicates … (0 comments)

atlanta: Do You Know Who Is Responsible for Setting Mortgage Underwriting Guidelines??? - 09/19/10 03:28 PM
What is the Secondary Market you ask? In mortgages, the Secondary Market is where bonds and securities are backed by the value of mortgage loans, collateralized and then they are sold on Wall St.  These security instruments are also known as Mortgage Backed Securities (MBS).  Being packaged as an MBS is how mortgage loans are bought and sold after the borrowers have closed on their transaction.  All mortgage loans are underwritten by the lender to predetermined underwriting guidelines.  Therefore, each mortgage loan program has its own unique set of underwriting guidelines.  This loan programs include:
Conventional (Fannie Mae & Freddie … (3 comments)

atlanta: Buyer's Agents, Are You Tired of Unresponsive REO Listing Agents??? - 09/18/10 09:11 AM
Buyer's Agents, are you tired of REO Listing Agents not returning your phone calls and e-mails?????  If you are, then do you part to help out.  Learn more about REO's. 
REO Listing Agents get tons of phone calls on their listings.  In the first few days of a property being listed for sale or the days immediately after a price reduction, activity on the property is typically at its peak.  Just like you and I, they only have xxxx number of hours in the day.  Often times, they get more phone calls and emails that can realistically be responded to.  … (7 comments)

atlanta: Select Atlanta Area Museums to Offer FREE Admission on September 25 - 09/18/10 07:03 AM
Museum goers can visit select Atlanta area museums for FREE on Saturday, September 25th.  Ten Atlanta area museums will be participating in the Sixth Annual Smithsonian Museum Day.  
These metro Atlanta museums will duplicate the Smithsonian Institution’s free admission special for that day.  Next Saturday, select museums across the country will open their doors free of charge.  Visitors must download the Museum Day Ticket from www.smithsonian.com.
Museum visitors must present the official pass the gain free admission.   Each pass has a limit of two people, per email address and is only valid at participating museums and cultural venues. … (0 comments)

atlanta: Atlanta, GA Market Update - September 17, 2010 - 09/17/10 02:35 PM
Mortgage Bonds opened in positive territory this morning.  This comes after the Labor Department announced that the Consumer Price Index (CPI) came in near expectations with an increase of 0.3%.  July experienced a similar increase.  The CPI is gauge used to measure inflation. Excluding volatile food and energy prices, the core rate was unchanged.  This is slightly lower than the increase of 0.1% that economists had predicted.  This reading helped to reinforce the Fed' claim that inflation remains under control. 
 
The University of Michigan consumer sentiment index declined to 66.6 in September.  This reading is down from 68.9 in August.  It is also worse … (0 comments)

atlanta: Atlanta, GA Market Update - September 16, 2010 - 09/16/10 01:33 PM
Once again, Mortgage Bonds opened lower this morning.  This comes after a rough afternoon of trading yesterday which results in a worsening of mortgage rates late in the day.  Today's economic news is mixed bag. 
The Initial Claims were lower than expectations.  The inflation at the wholesale level in the form of the Producer price Index was slightly better than anticipated.  In the week ending September 11, jobless claims fell from 453,000 to 450,00.  This beat the expectations of 460,000.  
For the second month in a row, the Philadelphia Fed Index of manufacturing came in negative.  It did … (0 comments)

atlanta: Atlanta, GA Market Update - September 15, 2010 - 09/16/10 05:33 AM
Mortgage Bonds opened lower on Wednesday morning.  This comes after less than stellar manufacturing data was released.  New York 's Empire Manufacturing Index dropped to 4.1 in September.  This is down significantly from the August's 7.1 reading.  Analysts has only predicted a decline of 6.4.   
August saw industrial production rose slightly to 0.2%.  This is 0.1% less than the 0.3% reading that was anticipated.  July's number was a revised 0.6%. 
Mortgage Bonds continue to be pressure by the Stock market. 
 
 
… (0 comments)

atlanta: Freddie Mac Adds First Look Initiative to It's HomeSteps REO Properties - 09/15/10 06:19 AM
The Freddie Mac First Look Initiative now gives home buyers 15 days of exclusive access to buy a HomeSteps property as their primary residence.  Freddie Mac announced today that it is expanding the Freddie Mac First Look Initiative on its HomeSteps listings.  The First Look Initiative goes into effect on September 17, 2010.  According to Chris Bowden, Vice President, HomeSteps,  "Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac's commitment to manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars." What is HomeSteps? HomeSteps is the national real estate sales unit of … (4 comments)

atlanta: Atlanta, GA Market Update - September 14, 2010 - 09/14/10 05:33 AM
The momentum gained from yesterday's rally also carries through to today.  Treasuries and mortgage bonds once again opened to high levels.  This rally comes as economic growth is still of concern. 
Economic data this morning revealed better than expected results.  Retails sales increased .04% in August.  This follows a downwardly revised 0.3% increase in July.  It is also slightly better than the previously forecasted 0.3% increase.  It is the highest reading in the last five months. Since the August 2009 reading was higher, this shows that the economy has slowed.
July saw business inventories increase by 1%.  This is up 0.3% over the … (4 comments)