buford: Prospect Mortgage - Georgia Exclusive HomePath Program 11-20 Financed - 09/15/12 02:49 AM
A brand new Fannie Mae HomePath® opportunity is now available to Georgia investors.  The Fannie Mae HomePath® loan program has now been expanded to allow up to a total of 20 financed properties (including those currently being financed) under an exclusive Prospect Mortgage loan program.  No other lender in the country can offer this special financing to GA buyers.
Only Prospect Mortgage gives you the opportunity to capitalize on both the below-market prices of foreclosures owned by Fannie Mae and the ability to carry financing on up to 20 investment properties for each investor. Most loan programs allow … (3 comments)

buford: HUD Expands Identity of Interest Definition for FHA Mortgages - 03/06/12 12:57 AM
For all FHA mortgages, HUD recently revised its Family Member definition for Identity of Interest.   The definition of a family member, for purposes of Identity of Interest transactions has been expanded to include:  
·     Brother, stepbrother
·     Sister, stepsister
·     Uncle
·     Aunt
These changes are in addition to the previous definitions including:
·     Child, parent or grandparent 
·     Spouse
·     Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
·     Foster child
An identity of interest transaction is a … (2 comments)

buford: Why Do Lenders Prefer a Short Sale Over a Foreclosure??? - 08/13/11 03:25 PM
Why do lenders prefer a short sale over a foreclosure is a common question asked by buyers and sellers.  The reason all comes down to money.  Any home owner that does a short sale or has a property go into foreclosure ends up costing their mortgage company a lot of money.  When a seller does a short sale, it ends up costing the lender about 20-30% less than if they have to foreclosure. 
Maintaining a foreclosed property is an expensive understanding for a mortgage company.  The legal fees associated with a foreclosure can be costly for the lender.  They also have … (15 comments)

buford: What Is A Short Sale? - 08/13/11 12:54 PM
A home sale is classified as a "Short Sale" whenever it is sold for less than the amount owned on the mortgage and the mortgage lender accepts less than the full amount due on the outstanding balance.  The seller must meet several criteria in order to qualify for a short sale?  Some of those include:
The seller must owe more on the home that its current value The seller must prove that the home cannot be sold for enough to satisfy the current outstanding mortgage(s) owed The seller must demonstrate that they are suffering from a financial hardship which leaves the … (3 comments)

buford: Completed HAFA Short Sales Pass 10,000 Closings - 08/13/11 12:04 PM
According to a recent article from HousingWire, completed HAFA Short Sales have now surpassed 10,000 closings.  Since the Home Affordable Foreclosure Alternatives (HAFA) program was launched in April 2010, mortgage servicers have now completed 10,438 HAFA short sales through the end of June 2011. 
JPMorgan Chase tops the HAFA closed volume list.  The lender has now completed almost 3,600 approved HAFA short sales through the program. In June 2011 alone, nearly 1,000 were completed.
Wells Fargo comes in second place in completed HAFA short sales.  They have completed over 3,100 HAFA transactions.  Of those completed, nearly 700 were done in June 2011 alone.
Bank … (6 comments)

buford: GA Dream Debt to Income Ratio Limitations - 08/06/11 10:59 AM
For buyers using the GA Dream Down Payment Assistance program, there are a variety of underwriting guidelines that the borrower must meet.  Two of those are credit score and debt to income ratio (DTI).  Like every mortgage loan program, GA Dream has a minimum credit score for each borrower.  They also have a maximum debt to income ratio based on the borrower's credit score.
For all Georgia Dream Loans, the Borrower must meet the following requirements:
Middle FICO Score of 640 or more has a maximum 40/45 DTI 
Middle FICO Score of 620-639 has a maximum 35/35 DTI

buford: 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)

buford: New, Lower FHA Loan Limits for Gwinnett County, GA - Effective October 1, 2011 - 07/10/11 11:17 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 Gwinnett County, GA (as … (0 comments)

buford: 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)

buford: 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)

Rodney Mason, VP of Mortgage Lending - AL, FL, GA, SC, & TN (Guaranteed Rate NMLS# 2611) Rainmaker large

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN

Atlanta, GA

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Guaranteed Rate NMLS# 2611

Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

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