ga: Atlanta, GA Market Update - November 12, 2010
- 11/13/10 04:44 AM
The Market opened on Friday with reactions to fears from China. Both Stocks and Bonds suffered due to Market concerns that China may raise their interest rates to fight the country's rising inflation. The University of Michigan reported that the consumer sentiment index jumped to 69.3 in November. This number is just slightly better than the market expectations of 69. November's number is considerably better than October's level of 67.7. At 11:30 AM EST, the New York Federal Reserve began its buyback of treasuries, now know as QE2. The expectation was to purchase $6 to $8 billion lower range securities. All of this caused interest rates to lose considerable ground throughout … (0 comments)
ga: Atlanta, GA Market Update - November 11, 2010
- 11/11/10 05:16 AM
In observance of Veteran's Day, the Bond Market is closed today. The stock market, however, is open for business today. This morning, the stock say a drop. This is due to overseas debt issues along with a worse than expected outlook for Cisco.
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ga: Atlanta, GA Market Update - November 10, 2010
- 11/10/10 02:02 PM
This morning saw the release of the Initial Jobless Claims report. For the week ending November 6, the report totaled 435,000. This is down 24,000 from the previous week. It is also significantly less than the 450,000 anticipated by the market. A number below 400,000 gives the labor markets a hint of optimism. The Mortgage Bond market continues to be under pressure in the days following the Quantitative Easing (QE2) announcement. This has put a damper on the rally that we had been experiencing.
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ga: Atlanta, GA Market Update - November 9, 2010
- 11/10/10 01:48 PM
Tuesday morning saw little action on the news front. The only data came from the Wholesale Inventories report for September. The release showed that wholesale inventories increased 1.5%. This is much stronger than the 0.6% increase that the market was anticipating. The afternoon saw the auction of $24 billion 10 year notes. The results were announced at 1:00 pm EST. The market reaction sent mortgage rates slightly higher in the late afternoon.
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ga: FHA Condo Recertification Processing Requirements
- 11/07/10 02:41 PM
FHA Condo Recertifcation Approval Requirements 1) Determine date project was initially given its FHA approval. This can be found at: https://entp.hud.gov/idapp/html/condlook.cfm 2) If project initially approved prior to January 1, 2000, then a full project approval is going to be required. 3) If project initially approved on or after January 1, 2000, then the project may be eligible for the recertification process. 4) Projects that are currently FHA approved may be recertified beginning six (6) months prior to the approval expiration date or within six (6) months after the approval expiration date. 5) Projects that are not recertified within six (6) months after the approval … (1 comments)
ga: Does Your Condo Project Need an FHA Recertification or a Full Project Approval?
- 11/07/10 02:12 PM
On December 7, 2010, a majority of all condo projects will see their FHA Project Approvals expire. Once that happens, the project will either need a recertification or a full project approval. You must first determine the date that the project was initially granted its FHA approval. This can be checked at: https://entp.hud.gov/idapp/html/condlook.cfm. If project initially approved prior to January 1, 2000, then a full project approval is going to be required. If project initially approved on or after January 1, 2000, then the project may be eligible for the recertification process. If you are planning on purchasing a condo and you will be … (3 comments)
ga: Atlanta, GA Market Update - Week Ahead
- 11/07/10 01:32 PM
Last week was an especially busy one in market news. We will see that continue to be absorbed this week. The new economic news front will be on the quiet side with only four trading days. The Bond Market will be closed on Thursday for Veteran's Day. There are no economic reports set for Monday or Tuesday. Wednesday will have the Initial Jobless Claims and Balance of Trade reports. The Consumer Sentiment report will be released on Friday.
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ga: USDA Announces 2011 Funding Availability
- 11/07/10 03:05 AM
USDA has just announced that funding for the Single Family Housing Guaranteed Loan Program is now available for the 2011 fiscal year. Purchase loans will be subject to a 3.50% upfront guarantee fee. Refinance loans will be subject to a 1.00% upfront guarantee fee. These upfront guarantees remain unchanged from September's revision from when the USDA program was restarted. … (0 comments)
ga: Conventional Mortgage Insurance Begins to Make a Comeback
- 11/02/10 02:11 PM
Over the last few months, some conventional Mortgage Insurance companies have loosened up on their underwriting guidelines. This comes after nearly 3 years of pulling back and the tightening of those guidelines. Starting November 1st, one MI company has expanded its 97% LTV program. This new maximum LTV is currently limited to first time home buyers only. Eligibility varies by zip code based on its status as a declining market. Metro Atlanta is still limited to a 95% LTV at this time. For Second Homes, purchases and rate/term refinances are back up 90% LTV. MI for Investment properties is still not available at this time. Each MI … (4 comments)
New Construction < 1 Year If property is one year old, provide Certificate of Occupancy to determine if less than 1 year. Option A - New construction (one year old or less), where the local jurisdiction issues building permits AND performs local inspections/issues Occupancy Certificates (see * below) Option B - New Construction (one year old or less), where the local jurisdiction does not issue a building permit AND a Certificate of Occupancy All of the following are required to satisfy the requirements for obtaining a high ratio loan >90%: An Early Start Letter … (0 comments)
ga: Agents....Are You Setting Proper Pre-Qualification Expectations With Buyers????
- 10/19/10 12:49 AM
Agents, are you setting proper Pre-Qualification expectations with your buyers???? Sadly, many agents do not seem to be doing so. Before you refer a buyer to a loan officer, please do everyone a favor and set the proper expectations at that time. That is an excellent time to begin to start the education process with your buyer. Please do not lead the buyer to believe that a Pre-Qualification can be done in 5-10 minutes over the phone and they will instantly get their letter. It only makes us look like the bad guy. A 5-10 minute Pre-Qualification today is pretty pure fiction much like Stephen King. Well technically, … (6 comments)
ga: 640 Is Becoming the New 620 for FHA Mortgages Starting Tomorrow!!!!!
- 10/03/10 11:30 AM
Several changes to FHA loans will take effect tomorrow, October 4, 2010. The Upfront Mortgage Insurance Premium will be reduced by about 55% on many loans. All FHA loans will see the monthly mortgage insurance premiums rise by around 60%. More on this at: HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective October 4, 2010 Starting tomorrow, for the very first time, HUD also has credit score minimums that will go into effect. Prior to tomorrow, HUD has never had a credit score minimum. Lenders, however, have their own minimum credit score requirements. More on this at: Before You Get Too … (0 comments)
ga: 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)
This special financing is available exclusively on Fannie Mae homes with the HomePath logo Search for Fannie Mae REO's at http://reosearch.fanniemae.com/reosearch/.
Program Basics HomePath Financing for Fannie Mae REO'sHomePath Financing - Buy a Home in Georgia With Only 3% DownGeorgia Investors Can Purchase With as Little as 10% DownBuy an Alabama Second / Vacation With as Little as 10% Down. Conventional Guideline FAQ - AssetsSelf-Employed???? Acceptable Use of Business Funds for Closing Conventional Guideline FAQ - Credit Do You Need a New Credit Report Before Closing??? - Fannie Mae Clarifies Its PositionFannie Mae Updates Policy for … (1 comments)
ga: 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)
ga: 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.
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ga: 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.
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ga: 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)
ga: 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)
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)
The Market opened on Friday with reactions to fears from China. Both Stocks and Bonds suffered due to Market concerns that China may raise their interest rates to fight the country's rising inflation.
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