macon: FHA 90 Day Flip Rule Extended Until December 31, 2014 - 01/11/14 09:05 AM
As a reminder, 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 initial Flip Waiver took effect on February 1, 2010. The expiration date of the initial Flip Waiver was set as 12 months from its start date. That originally had the waiver set to expire on January 31, 2011.  Prior to the … (1 comments)

macon: Prospect Mortgage - Georgia Exclusive HomePath Program 11-20 Financed - 09/15/12 02:49 AM
 
A brand new Fannie Mae HomePath® opportunity is now available to Georgia investors.  The Fannie Mae HomePath® loan program has now been expanded to allow up to a total of 20 financed properties (including those currently being financed) under an exclusive Prospect Mortgage loan program.  No other lender in the country can offer this special financing to GA buyers.
 
 
Only Prospect Mortgage gives you the opportunity to capitalize on both the below-market prices of foreclosures owned by Fannie Mae and the ability to carry financing on up to 20 investment properties for each investor. Most loan programs allow … (3 comments)

macon: FHA’s Energy Efficient Mortgage Program - 03/24/12 10:19 AM
… (4 comments)

macon: HUD Expands Identity of Interest Definition for FHA Mortgages - 03/06/12 12:57 AM
For all FHA mortgages, HUD recently revised its Family Member definition for Identity of Interest.   The definition of a family member, for purposes of Identity of Interest transactions has been expanded to include:  
·     Brother, stepbrother
·     Sister, stepsister
·     Uncle
·     Aunt
 
These changes are in addition to the previous definitions including:
 
·     Child, parent or grandparent 
·     Spouse
·     Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
·     Foster child
 
An identity of interest transaction is a … (2 comments)

macon: 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)

macon: Can I Purchase After a Short Sale in Georgia? - 08/06/11 06:12 AM
Can I purchase after a short sale in Georgia? 
That is a common question on the minds of many Georgia sellers in today’s market.  The answer is, possibly.  In December 2009, HUD announced guidelines under which a seller who has completed a short sale can buy a new home utilizing FHA financing. 
Short Sales
According to FHA underwriting guideline, borrowers are not eligible for a new FHA loan if
·         They pursued a short sale on their principal residence simply to take advantage of declining market conditions, and  purchase, at  a reduced price, a similar or superior property … (3 comments)

macon: 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)

macon: HomePath Renovation Financing For GA Fannie Mae REO's - 05/14/11 05:36 AM
HomePath Renovating Financing is Here!!!!
Prospect Mortgage is now one of the few lenders across the country to offer the HomePath Renovation financing option for Fanne Mae REO properties in Georgia.  HomePath mortgages are only available for select Fannie Mae REO properties.  Eligible HomePath properties can be found at www.HomePath.com. 
Maximum LTV:
Primary Residence - 1-4 units - Max 97% LTV Second Home - 1 unit - Max 85% LTV Investment Property - 1 unit - Max 85% LTV Investment Property - 2-4 units - Max 75% LTV Eligible Property Types:
SFR (Single Family Residence) - Attached and Detached Townhome Condo 2-4 … (3 comments)

macon: When Can I Get My Draw on My FHA 203K Consultant Mortgage? - 02/13/11 03:22 PM
When can I get my draw funds disbursed on my FHA 203K Consultant mortgage?  This is one very critical question that most borrowers fail to think about and ask upfront. 
When doing an FHA 203K Consultant Renovation mortgage, one very important aspect that many fail to consider is the draw process.  Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid.  The Consultant 203K program does not allow for any of the renovation costs to be paid out up front prior to the work being completed. 
How the mortgage company handles that … (7 comments)

macon: When Can I Get My Draw on My FHA 203K Streamline Mortgage? - 02/13/11 03:05 PM
When can I get my draw funds disbursed on my FHA 203K Streamline mortgage?  This is one very critical question that most borrowers fail to think about and ask upfront. 
When doing an FHA 203K Streamline Renovation mortgage, one very important aspect that many fail to consider is the draw process.  Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid.  The Streamline 203K program allows for up to 50% of the renovation costs to be paid out up front prior to the work being completed. 
How the mortgage company … (2 comments)

macon: 580+ FICO FHA Lending Makes a Comeback - 01/31/11 02:10 PM
Yes, it is true.  FHA mortgages for 580+ FICO borrowers are making a comeback.  In the last 2-3 years, the minimum credit score requirement for FHA loans has changed many times. 
Just a few short years ago, there was no minimum credit score required for an FHA mortgage.  Soon, most all mortgage companies began requiring a 580+ minimum FICO.  A while later, that minimum score requirement was raised to 620+.  Last October, many lenders went to a 640+ FICO on all FHA mortgages. 
All of these changes were in response to the Secondary Mortgage market.  While the Secondary Market in general has … (6 comments)

macon: 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)

macon: Atlanta Now Ranks as 32nd Largest US City - 11/26/10 09:07 AM
Atlanta, GA now ranks as the 32nd largest US city.  This is according to a Business First report released November 22, 2010.  On that day, Atlanta's population is estimated to have reached 560,002. 
Last September, the US Census Bureau announced that Atlanta was the 33rd largest US city in 2009.  The estimated population then was estimated to be 540,922.   
These rankings are for just cities and do not include metropolitan areas.  The Atlanta Metropolitan area currently ranks as the 7th largest in the US.  As of November 15th, the population of the area is 5,659,044. 
Other GA cities making the list are:
Augusta - #115 … (1 comments)

macon: 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)