loan: Fannie Mae & Freddie Mac Announce 2012 Conforming Loan Limits for Alabama - 11/23/11 09:16 AM
Fannie Mae & Freddie Mac Announce 2012 - Conforming Loan Limits for Alabama
 
The Federal Housing Finance Agency (FHFA) has announced 2012 conforming loan limits.  The agency base conforming and high-cost area loan limits will remain at the existing 2011 levels through December 31, 2012.  The only county to see an increase is Fairfield County, Connecticut.
 
The base conforming loan limit remain at its current level ($417,000 for 1-unit properties in the contiguous United States). Some high-cost areas of the country can exceed the $417,000 limit though.  For those areas, the current maximum high-cost limit is $625,500 for a 1-unit single-family property in the … (2 comments)

loan: HAFA Short Sale Approval Criteria - 07/01/11 03:08 PM
In an attempt to reduce the increasing number of foreclosures, the U.S. Treasury Department introduced a new federal program last year help to streamlines the short sale process.  The program is designed to help home owners who can no longer afford to keep their homes.
The Home Affordable Foreclosure Alternatives (HAFA) program began on April 5, 2010.  It is currently set to end on December 31, 2012. HAFA is designed for homeowners who have applied to the Home Affordable Modification Program (HAMP) for assistance, but have not had a success result with their loan modification program. Federal rules require servicers participating in HAMP to implement HAFA. For homeowners … (0 comments)

loan: Eligible Property Types for HomePath® Renovation Mortgages - 07/01/11 02:45 PM
For the HomePath® Renovation Mortgage program, financing is available on 1-4 unit residences. 
Eligible Properties for HomePath® Renovation:
1-4 Unit Primary Residence 1 Unit Second Home 1-4 Unit Investment Properties The maximum loan to value does vary based on the occupancy and the number of units.
Prospect Mortgage is one of the nation's largest HomePath® Mortgage lenders. 
 
 
 
(2 comments)

loan: HUD Temporary Flipping Waiver Extended Until December 31, 2011 for FHA Mortgages - 03/10/11 01:05 PM
HUD has announced that its temporary waiver of the 90-day flipping restriction is now in effect until December 31, 2011.  There are no changes to the Flip Waiver that was previously issued. 
The Flip Waiver is still subject to certain conditions.  In order to be eligible for FHA financing, the mortgages must meet these conditions to take advantage of the waiver.  The complete text of the waiver extension, including conditions the waiver is limited to, is available on the HUD website.
Some of the Flip-Waiver provisions include:
1. The amount of the Rehab/Repair may not be added as part of the Seller's acquisition costs.2. 2nd … (2 comments)

loan: Does Your Alabama 203K Lender Have an In-house Draw Department???? - 03/05/11 01:08 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Alabama buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is very … (0 comments)

loan: Does Your Georgia 203K Lender Have an In-house Draw Department???? - 03/05/11 12:16 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Georgia buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is … (0 comments)

loan: Can I Close On My Mortgage on Saturday or Sunday? - 12/21/10 02:47 PM
Question: Can I close on my mortgage on Saturday or Sunday?
Answer:  The answer to this question is no.  Mortgage closings are only held Monday through Friday.  Saturday and Sunday are not considered to be funding days for mortgage transactions.  Mortgage company and closing attorney/title company offices are only staffed to work a normal Monday through Friday week. 
Federal holidays also limit when a loan can close.  Since the Federal Reserve is not open on the weekends or on Federal holidays, mortgage companies cannot wire funds for the closing. 
Closings are also held during normal business hours as well.  While actual times will vary … (10 comments)

loan: FHA 203K Renovation Mortgage Georgia Contractor Requirements - 12/20/10 02:37 PM
The FHA 203K Renovation mortgage gives the borrower the ability to select their contractor(s) for their renovation project. The contractor must be licensed and insured.  Documentation requirements are as follows:
 Contractor's Profile completed with at least Three (3) References Copy of Contractor's Applicable License (per local jurisdiction) Copy of Liability Insurance Policy (Worker's Compensation, if applicable) Contractor's Acknowledgment signed and date W-9 completed, signed and dated You can verify a contractor's license at http://sos.georgia.gov/plb/contractors/default.htm.  
For your next renovation project, choose one of the largest volume 203K mortgage lenders in the country.  Call (404) 591-2453.
 
 
 
(0 comments)

loan: FHA Condo Project Eligibility - Atlanta 30309 - 12/03/10 01:14 PM
On December 8, 2010, an estimated 45,000+ condominium projects lose their FHA approved status.  The Atlanta zip code of 30309 has 9 of them.  There are 6 projects that will expire in 2011 and 15 are good until 2012.
FHA Approved Condo Projects - Expiring 12/07/10
Ardmore -Sheryl Brookwood Park Condo City Park Townhomes Condominium Colony Park Citihomes Condominiums Metropolis North Parc Vue Condominiums Townegate Townehomes Condominiums Tuscany Condominiums Wingfield Condominiums
FHA Approved Condo Projects - Expiring 12/08/10 or later
1010 Midtown Residential Condo (Expires 12/15/11) 1280 West Condominium (Expires 12/07/11) 905 Juniper Condo (Expires 04/19/12) Alden Townhouse Condominium (Expires 10/27/12) Ansley Terrace Condo … (3 comments)

loan: Conventional Loan Limits to Remain Unchanged in 2011 - 11/19/10 07:13 AM
Today, Fannie Mae announced that the conventional mortgage loan limits will remain unchanged in 2011 from current limits.  This is no big surprise since they have remained unchanged for a few years now.   
First Mortgage Loan Limits for 2011:

The high-cost area loan limits, will however see a change in 2011.  For high-cost mortgage loans originated in 2011, pursuant to FHFA's announcement, are as follows:
For mortgage loans originated on or before September 30, 2011, loan limits remain unchanged from the 2010 high-cost area loan limits. The maximum limit is $729,750 for a 1-unit property in the continental United States, established under … (3 comments)

loan: 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.
 

(7 comments)

 
Rodney Mason, Licensed in AL, FL, GA, SC, & TN (Guaranteed Rate) Rainmaker large

Rodney Mason

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Atlanta, GA

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