mortgage: Bank Statement Mortgage Options From Angel Oak Home Loans - 05/20/19 09:46 AM

 
Our Bank Statement Program is an excellent way for you to sell more homes. Prospect for self-employed buyers and let them know you have an ideal option that may help them qualify for a home. While self-employed buyers may not fit into traditional loan guidelines, many do not have credit issues keeping them from qualifying for a home loan. Their issue lies within documenting income. As well, a number of these buyers might be looking for more expensive homes that fall into non-Agency Jumbo. 
All of our products are great, but Bank Statement is one you can count on to help your … (0 comments)

mortgage: Financing for Georgia Power Leasehold - Lake Burton, Rabun, & Seed - 03/28/19 10:15 AM
 
Buying a Lake Property on a Georgia Power Leasehold?
 
We have mortgage options for you!
At Angel Oak Home Loans, we offer mortgage solutions for properties located on Georgia Power Leaseholds. Highlights include:
         Loan amounts up to $3,000,000          80% Loan to Value on 2nd Homes          Terms up to 30 Yr Fixed          Bank Statement Programs for Self-Employed Borrowers          Ability to qualify on assets For more details, give me a call at (404) 591-2453.
… (0 comments)

mortgage: 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)

mortgage: Make Your Offer Stand Out Among the Competition - 06/17/17 08:08 PM
Make your offer standout in a market where almost every home listing receives multiple bids. Show your Seller that you are serious about closing on time.
Use the On Q Financial On Time Closing Guarantee and we guarantee that you will close on time or we will pay the Borrower and/or the Seller $1,000 each.
Visit On Q Financial On Time Close Guarantee for more details.
… (4 comments)

mortgage: 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)

mortgage: 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)

mortgage: MetLife Ceases Mortgage Operations - 01/10/12 02:22 PM
After months of pursuing a sale of its mortgage division, MetLife announced today that it would instead wind down its operations.  Rumors of potential suitors have been widely reported over the last few weeks.  In the end, none ever materialized.  As of 5 pm today, the company has stopped accepting new mortgage loan applications.   Their press release stated that they would continue to originate reverse mortgages. 
Their announcement states that "MetLife Home Loans will continue to service its current mortgage customers. In addition, MetLife Home Loans will honor all contractual commitments for loans in process and expects the majority of loans to close in … (6 comments)

mortgage: 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)

mortgage: 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)

mortgage: Bank of America to Exit Retail Mortgage Lending in Six States - 10/07/11 05:33 AM
Yesterday, Bank of America, the 3rd largest retail mortgage lender in the country, announced its decision to exit retail mortgage lending in six states.  Citing low mortgage volume, Bank of America will exit retail mortgage lending in the six states of Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming.
National Mortgage News confirmed the announcement with a Bank of America representative.  The bank said that it will continue to serve customers in those six states with its online and telesales divisions.   
Bank of America's retail exit comes only days after the company announced that it will soon close its correspondent mortgage lending division.  The company ranks as the 2nd … (11 comments)

mortgage: The End of PMI.....Soon All Conventional Mortgages Will Require 20% Down - 08/21/11 11:47 AM
Is the end of Private Mortgage Insurance for conventional mortgages near?  The question begs to be answered after recent events of the last few weeks. 
On Friday, the New York Stock Exchange delisted The PMI Group, Inc.  Later in the day, they were informed that August 19, 2011 was their last day to issue new MI policies. 
This comes after the August 3, 2011 announcement from Republic Mortgage Insurance Company (RMIC) that they will cease issues new MI policies on August 31, 2011.   That is after Fannie Mae announced on July 27, 2011 that they would no longer purchase any mortgages with MI issued by RMIC.  Freddie Mac … (6 comments)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: Will Your Mortgage Lender Pull a New Credit Report The Day of Closing???? - 03/20/11 11:02 AM
Does Fannie Mae require a new credit report right before closing?  The answer to this question is no. 
It is true that many lenders are in fact pulling a new credit report the day of or just a few days prior to closing.  This is due to an mis-interpretation of an announcement that Fannie made in 2010. 
On February 26, 2010, Fannie Mae issued Lender Letter LL 2010-03 as part of its Loan Quality Initiative. Part of this initiative involves undisclosed liabilities.  The announcement read:
"Lenders are responsible for determining that all debts incurred or closed by the borrower, up to and concurrent … (10 comments)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: Can I Use an FHA 203K Streamline for a Health or Safety Issue? - 02/27/11 03:53 AM
The correct answer to this question would be that "it depends". 
In some instances, an FHA 203K Renovation mortgage can be used to satisfy health or safety issues.  The FHA 203K Streamline loan allows for an initial disbursement of 50% of the repair costs.  As long as this initial 50% disbursement is sufficient to complete the health or safety the issues, then an FHA 203K Streamline can be used.  If 50% will not be sufficient, then an FHA 203K Consultant mortgage will be needed.
 
 
 
… (9 comments)