rodney mason: 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)

rodney mason: Why Your Pre-Approval Isn't Real - 01/11/14 09:01 AM
The topic of a Borrower or Real Estate Agent requesting a Pre-Approval instead of a Pre-Qualification comes up quite frequently.  The terms have been used so interchangeably for so many years now, so it is bound to lead to confusion.  In today's market, you will most likely not be getting a true Pre-Approval letter though.  Instead, a Pre-Qualification will be given to the Borrower. 
Most lenders quit issuing true Pre-Approvals several years ago for a variety of reasons.  One main reason for the change was to be in compliance with applicable Federal laws.  RESPA laws that govern the GFE changed January 1, 2010 .  When that … (9 comments)

rodney mason: Happy New Year's Day - 01/01/14 06:24 AM
Happy New Year's Day from Prospect Mortgage. 
Wishing you a great 2014!!!!

We look forward to being your resource for all of your mortgage needs in 2014 and beyond. 

rodney mason: Atlanta, GA Market Update - September 10, 2010 - 09/10/10 02:32 PM

Once again, economic optimism has driven stocks higher this morning.  This rally comes after the Wholesale Inventories report improves the most in two years. 
According to the Commerce Department, wholesale inventories jumped 1.6% in July.  This is much better than the 0.4% increase that had been expected.  Treasuries and mortgage bonds are once again suffering for the sixth out of the last seen trading days.  
St. Louis Federal Reserve Bank President, James "Raging" Bullard stated that he sees a slowdown in the economy for the second half of this year.  He does though predict a pickup in 2011. He added that the … (0 comments)

rodney mason: HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective October 4, 2010 - 09/05/10 12:48 PM

On September 1, 2010, HUD announced that it will adjust its FHA Mortgage Insurance Premium effective October 4, 2010.  These changes are outlined in Mortgagee Letter 2010-28
Effective for all case numbers ordered on or after October 4, 2010:
Up front MI will decrease from 2.25% down to 1%.  
Monthly MI will increase from .55% to .90% annually for LTV's > 95%.  
Monthly MI will increase from .50% to .85% for LTV's < = 95%. This change will increase the borrower's total monthly mortgage expense.  The total loan amount, however, … (0 comments)

rodney mason: Atlanta, GA Market Update - August 27, 2010 - 08/27/10 11:41 AM
This morning opened with a rally in the stock market.  The rally comes after after Bernanke reassures investors that the Fed will take the necessary steps to help the economy recover.  In his speech, Bernanke gave a detailed analysis of the economy and said that growth during the past year has been "too slow" and unemployment "too high."  He stated "the Committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly." 
Moller Tech will reportedly bring 75 jobs to Elberton, GA. 
The 2nd quarter GDP revision came in at 1.6%.  … (2 comments)

rodney mason: Atlanta, GA Market Update - August 26, 2010 - 08/26/10 07:34 AM
Mortgage bonds opened higher on the day.  They quickly lost their ground when the Initial Job Claims number was released.  The Jobless Claims for last week were slightly better than expected.  This gave the equity market slight optimism after a week of disappointing housing data. 
Initial jobless claims for the week ended August 21 totaled 473,000.  This is down 31,000 in week-over-week numbers.  It is also less than the 485,000 claims that had previously been expected.  At 1:00 pm EST today, the last auction on the week was held.  It is a $29 billion 7 year note offering. 
Tomorrow, we will see the … (2 comments)

rodney mason: Atlanta, GA Market Update - August 25, 2010 - 08/25/10 04:54 AM

Housing data continues to pressure the equity markets.  The Dow fell considerably below 10,000 this morning.  New Home Sales for July fell 12.4% month-over-month.  This gives an annualized rate of 276,000 units.  That is well below the rate of 334,000 units that had been expected.  This is also near record level lows. 
Durable goods also disappointed this morning.  They only had a 0.3% increase in July.  The forecast was for about 3%. 
Later today we have an auction of $36 billion 5 year notes.  Those results will be announced at 1:00 pm EST.  There are expectaitons for some news from Washington to help the industry.  Only time will … (0 comments)

rodney mason: Atlanta, GA Market Update - August 12, 2010 - 08/12/10 03:27 PM
The initial jobless claims unexpectedly rose to 484,000 in the week ending August 7.  This is the highest level since February. 
Equity markets were down with treasuries relatively flat in the morning.  Mortgages continue to be under selling pressure due to profit taking after prices reached historic lows yesterday.  At 1:00 pm EST, the results of the $16 billion 30 year auction were announced.  The bond market had a negative reaction to the news causing mortgage rates to slightly worsen.

rodney mason: Tax Bills Are Now Out For DeKalb County, GA - 07/25/10 10:24 AM
The 2010 DeKalb County tax bills are now out.  If they are not already there, they should be arriving in homeowner's mailboxes shortly.  Property tax bills are mailed during July of each year to the owner of record as of January 1st. Important DeKalb Deadlines to Remember April 1 ...................... File Property Tax Returns/Declaring Values April 1 ...................... Application for Current Year Exemption July 1 ....................... First Installment Payable August 31 ................. Late Charges Begin to Apply for Payments Received After This Date September 15 ............ Atlanta City Taxes Due October 1 ................. Second Installment Payable November 15 ............. Late Charges … (3 comments)

rodney mason: Appliance Rebate Program - Georgia - Funds Are Still Available!!!! - 06/02/10 03:24 PM
Many Georgia residents have still not taken advantage of the appliance rebates current going on now.
The rebates range from $25 to $199 for a qualified purchases in the State Energy Efficient Appliance Program.  Georgia received approximately $8.6 million in funds to offer in the form of rebates. 

Rebate Funds Remaining as of 06/02/10: $2,977,988
Complete program details can be found at or (866) 296-1633.
See my previous post on this topic at Appliance Rebate Program - Georgia - LIMITED TIME OFFER!!!!.
Don't miss out!!!!

rodney mason: Getting a Gift for Closing Funds??? - Know the FHA Rules - 05/11/10 02:07 AM
As we are seeing more and more buyers getting gifts for closing funds, its crucial to make sure that everyone understands what documentation is required.  Contrary to the belief of many, funds can't just simply appear in your bank account with no explannation required.  Essentially, all deposits which do not show as a direct deposit from a borrower's employer, Social Security Administration, a pension fund, etc, must be verified.   The general rule of thumb for a "large deposit" is anything over $300. 
FHA does allow a gift from a family member, domestic partner, or someone with a demonstration long-term relationship to the borrower.  A gift letter containing … (2 comments)

rodney mason: DeKalb County Recycling Progam - 04/05/10 02:51 PM
All DeKalb County single family residences that presently receive solid waste collection services from DeKalb's Sanitation Division are eligible to participate in this recycling program.  This includes residents of Unincorporated DeKalb County and the City of Lithonia.

How to participate
Call the DeKalb Sanitation Customer Service line at (404) 294-2900 or by and subscribe to the residential recycling program The initial subscription cost is $30.  This includes $15 for your blue recycling bin and $15 for a box of 100 commingled blue plastic bags.
Commingled items in blue bag
All Commingled Items (Plastics, Glass, … (2 comments)

rodney mason: Separate the Fact From the Fiction - The Real Story on FHA Seller Concession Limitations - 03/27/10 06:44 AM
                                                                     Much has been written and said since January about HUD reducing the seller concession limit on FHA loans from 6% down to 3% of the sales price.  Unfortunately, a lot of it is false information.  On January 20, 2010, HUD announced a series of policy changes.  Some approved, some not.  The seller concession limit was one of the proposed changes as indicated below:
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions. This … (0 comments)

rodney mason: Georgia Conforming Loan Limits - 2010 - 03/21/10 08:02 AM
For 2010, the conforming loan limits remain unchanged from last year. 
                                              One-Family      Two-Family      Three-Family       Four-Family
Georgia (except Greene)      $417,000          $533,850           $645,300             $801,950
Greene County                        $662,500          $848,100        $1,025,200         $1,274,050
Loan limits are set equal to 115% of local median house prices and they cannot exceed 150% of the standard limit.  The standard limit is $625,500 for one-unit homes in the continental US.

rodney mason: Georgia FHA Loan Limits - 2010 - 03/21/10 07:41 AM
For 2010, FHA loan limits remain unchanged from last year. 
                                    One-Family      Two-Family      Three-Family   Four-Family
Atlanta-Marietta MSA     $346,250        $443,250          $535,800         $665,850
Athens-Clarke MSA        $298,750         $382,450         $462,300          $574,500
Brunswick MSA               $276,250         $353,650          $427,450         $531,250
Columbus MSA              $289,800         $371,000           $448,450         $557,300
Greene County               $662,500         $848,100       $1,025,200      $1,274,050
Non-Metro Counties       $271,050         $347,000          $419,425         $521,250
The Atlanta MSA includes: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, and Walton counties.
The Athens-Clarke MSA consists of: Clarke, Madison, Oconee, and Oglethorpe counties.
The Brunswick MSA … (0 comments)

rodney mason: Closing Cost Assistance & Appliance Incentive for Fannie Mae Homes - MUST CLOSE BY April 30, 2010 - 03/20/10 02:15 AM
ACT NOW......Time is running out for Fannie Mae's latest offer.  Buyers who qualify for this special offer must close by April 30th. 

Fannie Mae is currently offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home on or before April 30, 2010. Buyers purchasing properties listed at, that are closed within this period, may receive up to 3.5% of the final sales price for:
Closing costs The purchase of new Whirlpool® appliances by Fannie Mae A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%. To be eligible for this incentive:
Property sales … (4 comments)

rodney mason: Why Betty White is like a Good Realtor - 03/14/10 03:05 PM

I love football and was thinking about the Super Bowl, and Betty White came into my thoughts.  I started thinking how Betty White is like a Good Realtor.
In case some of you don't care for football or didn't see it, here's the commercial Betty appeared in (along with another crazy actor, older than dirt - Abe Vigoda (or at least older than me).  Watch it  so you know why Betty's got my vote for Good Realtor.
So now that you've seen Betty White in action, here's my reasons why Betty White is like a Good … (0 comments)

rodney mason: Pre-Qualification Letters: How Valid is Mine? - 03/07/10 05:48 AM
Obtaining a Pre-Qualification letter should be a buyer's first step in the home buying process.  As a home buyer making one of the largest purchases of your life, you need to know the important facts and any potential obstacles....upfront.  The good and the bad needs to be discussed so that an appropriate course of action can be taken should there be issues that need to be addressed. 
The issuance of a Pre-Qualification letter should only occur after a review of the following:
Credit report Most recent pay stub Pension, Social Security, or Disability income documentation Last 2 years W-2's and Federal Income Tax returns Most … (4 comments)

rodney mason: Freddie Mac Axes Interest Only Mortgages - 02/28/10 01:01 PM
While it shouldn't come as a huge surprise, on Friday, Freddie Mac has announced that they will no longer purchase and securitize iinterest only mortgages.  This policy takes effect on September 1, 2010 and impacts both fixed and adjustable rate mortgages.
So far, Fannie Mae has not announced similar plans for the once, wildly popular, interest only option.  Since 2007, Fannie and Freddie have pretty much been the sole buyers of interest only mortgages.  Reports say that over 17% of Freddie's interest only loans were 90+ days delinquent as 2009 ended.
Only time will tell if interest only loans will see 2011.

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

Rodney Mason

AL, GA, SC, & TN

Atlanta, GA

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Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

Fax: (404) 601-8488

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