hall: 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
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hall: USDA Funding Update - H.R 4899 Has Been Signed Into Law - 08/06/10 03:15 PM
Early last week, the House of Representatives passed an emergency supplemental appropriations bill.  That bill includes a provision to both reform and restart the USDA (Rural Housing Service) single-family guarantee program. 
President Obama signed the measure H.R. 4899 on July 29th making it law.  The presidential signing was expected to happen without any resistance.  This measure covers a variety of topics, including $34.7 billion in funding for the wars in Iraq and Afghanistan.  There are provisions for other international and domestic government programs as well.  The Gulf oil spill received $275 million in funding.
Specifically, the RHS provision gives the Agriculture … (0 comments)

hall: Update of USDA Funding - 04/07/10 02:46 PM
Today, the US Department of Agriculture (USDA) made an announcement regarding the availability of funding for the USDA Section 502 Guaranteed Rural Housing (GRH) program. 
USDA Rural Development has announced that funding for the USDA GRH Program will likely be exhausted by the end of April 2010. In order to provide assistance to your organization during this time, we have addressed the following key areas:
Loans Approved by USDA Rural Development
Once a loan is approved by USDA Rural Development and a Conditional Commitment for Single Family Housing Loan Guarantee (RD Form 1980-18) is issued, the loan will not be impacted by the … (1 comments)

hall: Fannie Mae First Look Initiative - The Owner Occupant Advantage - 01/30/10 10:27 AM
Buyers.....tired of submitting offer after offer after offer, only to lose out to a cash offers from investor buyers?  Well, relief is on the way for Fannie Mae REO properties.
"First Look is designed to provide owner occupants and buyers using public funds a "first look" at Fannie Mae homes. Under First Look, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the first 15 days a property is listed in the local multiple listing service (MLS). If the property is still for sale on the 16th day, investor offers may be submitted and will … (7 comments)

hall: USDA 100% Financing - 11/22/09 06:09 AM
The USDA program is still offering 100% financing.  There are income & geographic limitations (see links below).
Here are some highlights of the program that you should be aware of:
Borrower is not required to be a first-time homebuyer No minimum borrower cash contribution Maximum 100% LTV based on appraised value (102% LTV including the 2% Guarantee Fee financed in) Seller contribution typically limited to 6% (may cover closing costs & pre-paids) 30 Yr Fixed Rate No Monthly Mortgage Insurance is required No borrower reserve requirement In-ground swimming pools are permitted only if the appraiser give no value to it Chap … (2 comments)

hall: 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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hall: 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)

hall: 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)