· Name/address of seller’s mortgage company · Name, contact phone#, and job title for the seller’s lender representative · Property address · Sales price · Seller contribution amount toward closing costs/pre-paids · Borrower’s name(s) · Expiration date of approval letter
If your short sale approval letter does not contain all of the above information, you may have a challenge with your mortgage approval.
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cobb: REBuildUSA Partners With Lowe's for FHA 203K Renovation Mortgages
- 01/25/12 12:11 PM
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners. An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding … (1 comments)
cobb: HUD Extends FHA 90 Day Flip Waiver Until December 31, 2012
- 12/26/11 02:53 PM
As anticipated, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again. 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 inital waiver took effect on February 1, 2010. The expiration date of the waiver was set as 12 months from its starting date. That originally had waiver set to expire on January 31, 2011. HUD issued an extension through December 31, 2011. The 2nd extension is now … (12 comments)
cobb: Flood Insurance Changes Ahead for Metro Atlanta
- 08/21/11 03:47 PM
Flood insurance changes are coming to metro Atlanta counties. In the wake of severe flooding in the last few years, area flood maps may be re-drawn. The Georgia Department of Natural Resources is presently working closely with Federal Emergency Management Agency (FEMA) to assess possible changes to the area's flood maps. The agencies are currently evaluating a 107 mile area surrounding the Upper Chattahoochee River Basin. Affected areas include Cobb, Coweta, DeKalb, Douglas, Fulton, and Gwinnett counties. The Atlanta Journal-Constitution reports that DeKalb County alone could be adding almost 550 acres to the 100 year floodplain. In September 2009, many areas of metro Atlanta experienced … (7 comments)
cobb: 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
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cobb: New, Lower FHA Loan Limits for Atlanta-Sandy Springs-Marietta, GA MSA - Effective October 1, 2011
- 07/10/11 11:27 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 the Atlanta-Sandy Springs-Marietta, … (8 comments)
cobb: 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)
cobb: Georgia Dream Program Changes - Effective March 1, 2011
- 03/06/11 01:51 PM
The GA Department of Community Affairs has announced some changes to its Georgia Dream down payment assistance program guidelines. The changes are effective on March 1, 2011. Some of the highlights are listed below. Household Income Limitations For homes purchased in the Atlanta MSA:Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties Your total household income based on the number of people living in the home can be no more than: One to Two persons $71,000Three or more persons $82,000 … (2 comments)
cobb: Did You Know That You Can Lose Your Home for Not Paying Your HOA Dues????
- 07/11/10 03:14 PM
Being late on your HOA due payments could cost you your home. I read a very interesting article on this topic today. Some home owners across the country are facing foreclosure, but not from action by their mortgage company. Home Owners Associations (HOA's) are the latest to pursue the foreclosure option to attempt to get delinquent home owners to pay up. Some home owners are viewing their HOA due payments as optional. Quite the opposite is true though. If you live in a community with a mandatory HOA, then your dues are just that, mandatory. Your HOA payments can … (6 comments)
cobb: DCA Announces Lower Interest Rate on GA Dream Down Payment Assistance Program
- 07/11/10 09:30 AM
The Department of Community Affairs has just lowered the interest rate on the GA Dream Down Payment Assistance Program. To find out the current interest rate, just click here. New interest rates take effect every Thursday at 5:01 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) The GA Dream program is for credit eligible first time home buyers or buyers who have not owned a home in the past 3 years or for buyers purchasing in a targeted county. To … (0 comments)
There are some TEMPORARY revisions to the GA Dream Recovery (formerly Plus) Down Payment Assistance Program. FOR A LIMITED TIME THERE ARE SPECIAL GUIDELINES FOR HOME BUYERS PURCHASING IN COUNTIES DESIGNATED AS DISASTER AREAS Twenty One (21) GA counties have been designated as Federal Disaster Areas as a result of the recent floods. The counties are Carroll, Catoosa, Chattooga, Cherokee, Cobb, Crawford, Dawson, DeKalb, … (2 comments)
cobb: Buy a HUD Home in Georgia for Only $100 Down
- 07/11/10 08:26 AM
Buy a HUD Home in Georgia for Only $100 Down HUD is currently offering it's $100 Down Payment program on it's Georgia REO properties. Don't miss out on this GREAT opportunity to purchase a home. For a limited time, you can purchase a Georgia HUD Owned property using a FHA loan with only $100 down. The $100 down is instead of the normal 3.5% down payment requirement that is typically required for an FHA loan. This offer is valid for owner-occupants only. HUD homes are currently available in nearly every GA county. To start searching for a HUD home in Georgia, … (0 comments)
cobb: Appliance Rebate Program - Georgia - Funds Are Still Available!!!!
- 06/02/10 03:24 PM
Many Georgia residents have still not taken advantage of the appliance rebates current going on now. The rebates range from $25 to $199 for a qualified purchases in the State Energy Efficient Appliance Program. Georgia received approximately $8.6 million in funds to offer in the form of rebates.
Rebate Funds Remaining as of 06/02/10: $2,977,988 Complete program details can be found at www.georgiarebate.com or (866) 296-1633. See my previous post on this topic at Appliance Rebate Program - Georgia - LIMITED TIME OFFER!!!!. Don't miss out!!!!
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cobb: Purchasing a Condo Using HomePath Financing
- 04/03/10 03:07 AM
Using the HomePath program to purchase a Fannie Mae REO has many advantages. Once such advantage is a simplified procedure for purchasing a condo unit.
There is no HOA condo questionnaire needed when purchasing a condo that is HomePath eligible. Since Fannie Mae initially approved the loan, they are willing to take on the risk of a new loan. This enables Fannie Mae to move this non-performing asset off of their books. Fannie Mae does require an HO-6 (walls-in) insurance coverage policy be in place. While this can come from a master HOA policy, most buyers will find that the master HOA polices do not cover … (0 comments)
cobb: Georgia Conforming Loan Limits - 2010
- 03/21/10 08:02 AM
For 2010, the conforming loan limits remain unchanged from last year. One-Family Two-Family Three-Family Four-Family Georgia (except Greene) $417,000 $533,850 $645,300 $801,950 Greene County $662,500 $848,100 $1,025,200 $1,274,050
Loan limits are set equal to 115% of local median house prices and they cannot exceed 150% of the standard limit. The standard limit is $625,500 for one-unit homes in the continental US.
cobb: Appliance Rebate Program - Georgia - Funds Are Still Available!!!!
- 03/20/10 01:42 AM
Many Georgia residents have still not taken advantage of the appliance rebates current going on. The rebates range from $25 to $199 for a qualified purchases in the State Energy Efficient Appliance Program. Georgia received approximately $8.6 million in funds to offer in the form of rebates.
Rebate Funds Remaining as of 03/20/10: $6,348,739
See my previous post on this topic at: http://activerain.com/blogsview/1495766/appliance-rebate-program-georgia-limited-time-offer- Don't miss out!!!!
I love football and was thinking about the Super Bowl, and Betty White came into my thoughts. I started thinking how Betty White is like a Good Realtor. In case some of you don't care for football or didn't see it, here's the commercial Betty appeared in (along with another crazy actor, older than dirt - Abe Vigoda (or at least older than me). Watch it so you know why Betty's got my vote for Good Realtor.
So now that you've seen Betty White in action, here's my reasons why Betty White is like a Good … (0 comments)
cobb: Pre-Qualification Letters: How Valid is Mine?
- 03/07/10 05:48 AM
Obtaining a Pre-Qualification letter should be a buyer's first step in the home buying process. As a home buyer making one of the largest purchases of your life, you need to know the important facts and any potential obstacles....upfront. The good and the bad needs to be discussed so that an appropriate course of action can be taken should there be issues that need to be addressed.
The issuance of a Pre-Qualification letter should only occur after a review of the following: Credit report Most recent pay stub Pension, Social Security, or Disability income documentation Last 2 years W-2's and Federal Income Tax returns Most … (4 comments)
cobb: Freddie Mac Axes Interest Only Mortgages
- 02/28/10 01:01 PM
While it shouldn't come as a huge surprise, on Friday, Freddie Mac has announced that they will no longer purchase and securitize iinterest only mortgages. This policy takes effect on September 1, 2010 and impacts both fixed and adjustable rate mortgages. So far, Fannie Mae has not announced similar plans for the once, wildly popular, interest only option. Since 2007, Fannie and Freddie have pretty much been the sole buyers of interest only mortgages. Reports say that over 17% of Freddie's interest only loans were 90+ days delinquent as 2009 ended. Only time will tell if interest only loans will see 2011.
If you you are purchasing a short sale, there are certain items that the seller’s short sale letter(s) must contain. 
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