rome: 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)
rome: 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)
rome: 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)
rome: 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)
rome: 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)
rome: 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)
rome: 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)
rome: 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)
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 www.HomePath.com, 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)
rome: Georgia Dream Changes
- 02/13/10 04:17 AM
On February 11, 2010, The Department of Community Affairs announced several changes to some Georgia Dream programs. Georgia Dream Rewards (Name changed from Georgia Dream Plus) Increased income limitations: Atlanta MSA1 or 2 persons $71,0003 or more persons $82,000 Purchase price up to $250,000 Statewide1 or 2 persons $61,0003 or more persons $70,000 Purchase price up to $200,000 Sales Price/Down Payment Assistance Amount Changes$5,000 if sales price is $150,000 or less$7,500 if sales price is greater than $150,000 Credit score requirement remains at 660+. Buyers may retain cash assets up to the greater of $20,000 or 20% of the purchase price. … (0 comments)
rome: FHA Minimum Down Payment Increases to 3.5% on Jan 1, 2009
- 11/30/08 12:24 PM
In case you have not already heard, the FHA minimum down payment increases to 3.5% starting January 1, 2009. This change is with all new FHA case numbers issued starting Jan 1st. As long as you have a property under contract and the lender has received the FHA case # by December 31, 2008, you can still close after Jan 1st using the current down payment requirement of 3%. The 6% limit on seller contributions toward closing costs/pre-paids remains unchanged. FHA still has the $100 down program for the HUD REO's. HUD will only contribute 3% of the sales price toward closing costs, so the borrower still has to have … (5 comments)
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