marietta: Don’t lose another bid! - 01/30/18 10:39 AM
Don’t lose another bid!
We’ll pay both the Buyer and Seller $1,000 each if we don’t close on time!
I am licensed in AL, GA, FL, & TN for all of of your real estate needs.
This offer is part of our On Time Closing Guarantee with this 15 day special now through the end of February!
Contact me to get started!
On Q Financial, Inc. is an Equal Housing Lender, NMLS 5645. On Q Financial's On Time Close Guarantee Program has restrictions and requirements. Not all loan programs apply. The 15-day closing guarantee offer expires on 2/28/18. Payment for missing closings will be paid … (2 comments)

marietta: Fannie Mae Eliminates 3% Down Mortgages - 01/12/14 03:45 AM
In November 2013, Fannie Mae increased the minimum required down payment from 3% to at least 5% down on Primary Residences.  This change was due in part to Qualified Mortgage and Ability to Repay regulations that went into effect on January 10, 2014.
 
The 5% minimum down payment requirement applies both to HomePath® and regular Conventional mortgages.  HomeStyle® Renovation mortgages already required a 5% minimum down payment.
 
 
… (3 comments)

marietta: 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)

marietta: 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)

marietta: Refinance Today… Even If You Are Underwater on Your Georgia Mortgage! - 07/10/12 12:09 PM
If you are underwater on your Georgia mortgage, owing more on your loan balance than your home is worth right now; you may be able to refinance to a lower interest rate under the Federal Housing Finance Agency’s Home Affordable Refinance Program (HARP). Refinancing now, while rates are at historic lows, may save you money each month on your mortgage payment! Loan-to-value ratios have recently been eliminated, meaning that it doesn’t matter how underwater you are on your mortgage!
 
To qualify for a Georgia HARP 2.0 refinance, borrowers must meet the following criteria:
The mortgage must have been owned or guaranteed … (1 comments)

marietta: FHA’s Energy Efficient Mortgage Program - 03/24/12 10:19 AM
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marietta: 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)

marietta: FHA 203(k) Maximum Loan Amount - 08/30/11 02:33 PM
The FHA 203(k) maximum loan amount is the lesser of:
Purchase price (or “as is” value for refinances) plus rehabilitation costs OR
110% of “After Improved” valueTIMES The LTV factor (96.5% for a purchase) or less the allowable down payment ($100) for a HUD REO Property NOT TO EXCEED
Maximum county loan limit for the local area  
 
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marietta: Why Do Lenders Prefer a Short Sale Over a Foreclosure??? - 08/13/11 03:25 PM
Why do lenders prefer a short sale over a foreclosure is a common question asked by buyers and sellers.  The reason all comes down to money.  Any home owner that does a short sale or has a property go into foreclosure ends up costing their mortgage company a lot of money.  When a seller does a short sale, it ends up costing the lender about 20-30% less than if they have to foreclosure. 
Maintaining a foreclosed property is an expensive understanding for a mortgage company.  The legal fees associated with a foreclosure can be costly for the lender.  They also have … (15 comments)

marietta: What Is A Short Sale? - 08/13/11 12:54 PM
A home sale is classified as a "Short Sale" whenever it is sold for less than the amount owned on the mortgage and the mortgage lender accepts less than the full amount due on the outstanding balance.  The seller must meet several criteria in order to qualify for a short sale?  Some of those include:
The seller must owe more on the home that its current value The seller must prove that the home cannot be sold for enough to satisfy the current outstanding mortgage(s) owed The seller must demonstrate that they are suffering from a financial hardship which leaves the … (3 comments)

marietta: Completed HAFA Short Sales Pass 10,000 Closings - 08/13/11 12:04 PM
According to a recent article from HousingWire, completed HAFA Short Sales have now surpassed 10,000 closings.  Since the Home Affordable Foreclosure Alternatives (HAFA) program was launched in April 2010, mortgage servicers have now completed 10,438 HAFA short sales through the end of June 2011. 
JPMorgan Chase tops the HAFA closed volume list.  The lender has now completed almost 3,600 approved HAFA short sales through the program. In June 2011 alone, nearly 1,000 were completed.
Wells Fargo comes in second place in completed HAFA short sales.  They have completed over 3,100 HAFA transactions.  Of those completed, nearly 700 were done in June 2011 alone.
Bank … (6 comments)

marietta: GA Dream Debt to Income Ratio Limitations - 08/06/11 10:59 AM
For buyers using the GA Dream Down Payment Assistance program, there are a variety of underwriting guidelines that the borrower must meet.  Two of those are credit score and debt to income ratio (DTI).  Like every mortgage loan program, GA Dream has a minimum credit score for each borrower.  They also have a maximum debt to income ratio based on the borrower's credit score.
For all Georgia Dream Loans, the Borrower must meet the following requirements:
Middle FICO Score of 640 or more has a maximum 40/45 DTI 
Middle FICO Score of 620-639 has a maximum 35/35 DTI
 
 
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marietta: 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)

marietta: New, Lower FHA Loan Limits for Cobb County, GA - Effective October 1, 2011 - 07/10/11 11:08 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Cobb County, GA (as … (0 comments)

marietta: How Do Delinquent Homeowners Association (HOA) Dues Affect FHA Mortgages? - 07/03/11 08:22 AM
How Do Delinquent Homeowners Association (HOA) Dues Affect FHA Mortgages?
As part of the FHA condo project approval process, various aspect of the Home Owner's Association must be evaluated.  One such aspect is the delinquency rate of the current owners.  FHA guidelines require that no more than 15% of the total units can be in arrears on their condominium association fee payments.  Arrears is defined as more than 30 days past due.  This does not include late fees or other administrative expenses. The 15% includes all units (occupied, investor, bank-owned, vacant).
Should the delinquency percentage exceed 15%, exception requests may only be considered on a … (18 comments)

marietta: 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)

marietta: Credit Tip #1 - Paying Off Collection Accounts and Charge Offs - 03/11/11 02:17 PM
Think twice before you pay off collections accounts or charge offs.
For someone wanting to pay off collection accounts, it is suggested that you do it as part of the loan approval process.  Paying off a collection account can actually bring an old account to a current derogatory status.  That may in fact lower your credit score instead of raising it.
If you are not planning on purchasing for several months or longer, then paying off a collection account may actually help you.  There are some creditors who will continue to report the account as delinquency each month that the debt goes unpaid.  Paying off … (11 comments)

marietta: Can I Finance Mortgage Payments Into My FHA 203K Mortgage? - 03/10/11 01:46 PM
The answer to this question is yes.   With a Consultant FHA 203K Renovation mortgage, HUD allows for up to 6 months of PITI to be financed into your new FHA 203K mortgage.  This allows borrowers the ability to more easily maintain two homes for a brief period of time. 
The maximum number of months depends on how long the HUD Consultant indicates that the property will be uninhabitable due to the renovations.  This means that the number will vary between 1-6 months depending upon the complexity of the project.
For minor to light renovations, you might expect 1-2 months to be escrowed.  If the … (2 comments)

marietta: 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)

marietta: Can I Close on an FHA Mortgage If the Utilities Are Off? - 03/05/11 12:59 PM
 Can I close on an FHA Mortgage if the utilities are off?
The typical answer is no.  All traditional FHA mortgages require that all utilities must be on at the time of the appraisal inspection.  It is also required that all related systems are functioning properly at the visit.
However, the FHA 203K Renovation mortgage does not require that utilities be on for the appraisal to be acceptable.  With many foreclosed properties, all utilities may not be able to be turned on.  This is often due to missing/stolen wiring, copper pipes, HVAC unit.  When the utilities are off, the normal 10% Contingency Fee … (2 comments)