ga: Fannie Mae Condo Changes - Interest Rate/Hazard Insurance/REO/HOA Dues - 01/31/09 02:35 AM
Fannie Mae is making a number of guidelines pertaining to condos.  Below is a summary of recent implementations:
Interest Rate Adjustment
Effective immediately, Fannie Mae has implemented a .75% pricing adjustment for all loans >75% LTV secured by a condominium.  This .75% adjustment can be paid in the form of discount points or by the borrower taking a higher interest rate to offset the cost.  Mortgages on condos with LTV's <75% will not be impacted.  This adjustment does not apply to PUD's, only to projects legally classified as being condominium ownership. 
Hazard Insurance Requirements
Fannie Mae now requires that lenders verify … (17 comments)

ga: FHA Minimum Down Payment Increase, As it Applies to 203K - 12/30/08 04:13 AM
Beginning Jan 1st, 2009, the minimum down payment on all FHA purchase transactions will increase from 3% to 3.5%.  As the mortgagee letter states, "limit the total FHA-insured first mortgage to 100 percent of the appraised value, and require the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit."  This does not mean that FHA is 100% financing, but rather the 96.5% LTV + the Upfront MIP (normally 1.75%) must be less than 100%.  Since 203K will go to 110% of the appraised value, the 100% limit does not apply.
Specialty products with higher LTVs: Section 203(k), Section 203(h) for … (3 comments)

ga: Bridge Loans Are Still Available - 12/11/08 05:12 AM
Even in today's tighter credit markets, bridge loans are still available.  Only owner occupied properties are eligible for bridge loans and the property must also be currently actively listed for sale with a licensed Realtor.  The maximum LTV would typically not exceed 80% and maximum loan amount will vary. 
With a bridge loan, the owner typically has 12 months to either sell or refinance the property. 
For more complete details, call (404) 591-2453.
 
 
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ga: Investment Property Limitation - 12/10/08 01:36 AM
Investment Property Limitation
As of October 10th, the maximum LTV on Investment Properties was reduced to 80% (3-4 units remain at 75% LTV).  This reduction was due to the mortgage insurance companies that insure these loans having discontinued MI coverage for this occupancy type.
For Second Home and Investment Property transactions, the max number of financed properties for a borrower has been reduced from 10 to 4.  While Freddie Mac reduced their limit in the summer,  Fannie Mae did not follow until October.
 
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ga: DeKalb County First Time Home Buyer Program Highlights - 12/04/08 12:53 AM
DeKalb County First Time Home Buyer Program Highlights
The DeKalb County First-time Homebuyer Program is funded by the DeKalb County Human and Community Development Department and it is administered by the Housing Authority of DeKalb County (HADC). 
About the Program
The DeKalb County First-time Buyer Program will provide money towards a buyer's down payment, closing costs, and other pre-paid expenses for the purchase of a home that will serve as their primary residence.  Eligible applicants will receive $5,000 for this purpose with the possibility of receiving at total of $8,000 if they successfully improve their credit scores through working with one … (4 comments)

ga: Georgia FHA Loan Limits - 2009 - 12/01/08 01:28 PM
FHA loan limits are changing effective with credit approvals on or after January 1, 2009. 
                                  One-Family      Two-Family       Three-Family     Four-Family
Atlanta-Marietta MSA     $346,250        $443,250          $535,800         $665,850
Athens-Clarke MSA        $298,750         $382,450         $462,300          $574,500
Brunswick MSA               $276,250         $353,650          $427,450         $531,250
Columbus MSA               $289,800         $371,000         $448,450         $557,300
Greene County               $662,500         $848,100       $1,025,200      $1,274,050
Non-Metro Counties       $271,050         $347,000          $419,425         $521,250
The Atlanta MSA includes: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, and Walton counties.
The Athens-Clarke MSA consists of: Clarke, Madison, Oconee, and Oglethorpe counties.
The Brunswick … (0 comments)

ga: Atlanta Home Buying Seminar - 11/30/08 01:56 PM
Thinking about buying a home, but just not sure it's the right time? Come to our FREE Home Buying Seminar to find out more details on why now more than ever is a great time to purchase a home!
First time home buyers face so many questions.  Is now the right time to buy a home?  How much home can I afford?  How much home would I even qualify for in today's market?  Exactly WHAT is involved in the home buying process?
Learn about all of this and more.  Join our Home Buyer's Seminar on the 1st and 3rd Thursday of … (0 comments)

ga: 203K Streamline Renovation Loan - 11/30/08 01:28 PM
 
Sometimes a buyer loves a house, but they just can't stand that awful wallpaper or carpet.  Maybe they want to update some of the appliances, but they just don't think they can afford it.  With Prospect Mortgage's Streamline 203K Renovation loan, homebuyers can make these minor cosmetic changes with extra monies wrapped into their home loan!
 
 Repairs may range from $5,000 to $35,000.   Loans can go up to 110% of the after-improved appraised value! (Condos limited to 100%)  Requires less documentation than a full 203K Renovation Loan.  Repairs are based on a home inspection, appraiser's HUD required repairs or contractor bids.  No general contractor … (9 comments)

ga: FHA Minimum Down Payment Increases to 3.5% on Jan 1, 2009 - 11/30/08 12:24 PM
In case you have not already heard, the FHA minimum down payment increases to 3.5% starting January 1, 2009.  This change is with all new FHA case numbers issued starting Jan 1st.  As long as you have a property under contract and the lender has received the FHA case # by December 31, 2008, you can still close after Jan 1st using the current down payment requirement of 3%. 
The 6% limit on seller contributions toward closing costs/pre-paids remains unchanged.
FHA still has the $100 down program for the HUD REO's.  HUD will only contribute 3% of the sales price toward closing costs, so the borrower still has to have … (5 comments)

ga: Why Do You Need a Certified Mortgage Planning Specialist? - 11/30/08 12:04 PM
Certified Mortgage Planning Specialist professionals have demonstrated financial knowledge and expertise regarding the tax and financial planning implications of various mortgage and real estate investment strategies.Therefore, CMPS professionals can better advise you when it comes to:
Your single largest debt - mortgage Your single largest asset - real estate equity Life Planning needs and goals - cash flow CMPS professionals are trained to help you increase your cash flow CMPS professionals are skilled in helping you become debt free sooner and achieve true financial freedom CMPS professionals are equipped to help you profitably invest in real estate and protect you from … (0 comments)

ga: Pre-Qualification vs. Pre-Approval - 11/30/08 11:28 AM
"How do I know what price range to look in?" 
"How do I make sure my offer is accepted?"
These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting pre-approved by a lender upfront in the process. Not only does it give you peace of mind knowing your price range is already pre-approved by your lender, but it also strengthens your position at the negotiating table, especially in a multiple offer situation.
Pre-qualification
Provides a "ballpark" estimate of your buying power Is based on summary information you … (0 comments)

ga: Buy a HUD Home for Only $100 Down - 11/22/08 11:02 AM
Buy a HUD Home for Only $100 Down
Don't miss out on this GREAT opportunity to purchase a home.  For a limited time, you can purchase a HUD Owned property using a FHA loan with only $100 down instead of the normal 3% down payment requirement.  This offer is valid for owner-occupants only.  HUD homes are currently available in nearly every GA county. 
If the property is in need of repairs, you can still purchase it using a FHA 203K Renovation loan.  The 203K loan allows the buyer to purchase a home that has required repairs above the FHA limit of … (3 comments)