roswell: How Much Money Do I Need to Bring to Closing? - 01/02/11 06:08 AM
How Much Money Do I Need to Bring to Closing? 
This is a question that gets asked early on with every closing.  The reality is that its too early to have an exact amount.  At the time of your loan application, you are provided with an estimate that details your total estimated settlement charges.  This is your best estimate that is available. 
The lender fees from the estimate should not change.  Once the actual closing attorney/title company fees are available, they will then be updated on the estimate.  The closing attorney/title company will also provide the actual property tax amount.  It is … (6 comments)

roswell: Fannie Mae Announces Increased Mortgage Rate Pricing Adjustments Effective Spring 2011 - 12/27/10 03:23 AM
On December 23, 2010, Fannie Mae announced an increase to its mortgage pricing structure.  This new pricing is effective with mortgage loans with purchase and mortgage backed securities delivery dates after April 1, 2011.  You can expect to see all mortgage lenders implement these pricing changes in February or March in anticipation of the April 1st deadline. 
With this change, even 740+ borrowers will see the cost of their mortgage rates rise.  Currently, Fannie Mae views 740+ as the top tier and does not have any credit score pricing add-ons for those borrowers.  Those borrowers will soon see a .25% pricing hit for all LTV's … (5 comments)

roswell: FHA Minimum Property Standards - 12/25/10 11:37 AM
With FHA mortgages continuing to take more of the market share, questions often arise regarding what are the potential repairs might be required when the buyer is obtaining an FHA mortgage.  In late 2005, HUD revised their minimum property standards requirements for FHA mortgages.  Prior to this change, even some of the most minor repairs might have required correction. 
FHA's minimum standards are much different today though.   Currently, HUD only requires the repair of conditions that exceed cosmetic and minor defects or normal wear and tear.  FHA Appraisers must still report all readily observable property defects.  The lender's FHA Underwriter must then … (7 comments)

roswell: Can I Close On My Mortgage on Saturday or Sunday? - 12/21/10 02:47 PM
Question: Can I close on my mortgage on Saturday or Sunday?
Answer:  The answer to this question is no.  Mortgage closings are only held Monday through Friday.  Saturday and Sunday are not considered to be funding days for mortgage transactions.  Mortgage company and closing attorney/title company offices are only staffed to work a normal Monday through Friday week. 
Federal holidays also limit when a loan can close.  Since the Federal Reserve is not open on the weekends or on Federal holidays, mortgage companies cannot wire funds for the closing. 
Closings are also held during normal business hours as well.  While actual times will vary … (10 comments)

roswell: FHA 90 Day Flip Waiver Is Still Available - Yes, It's True - 12/21/10 01:38 PM
The demise of the FHA 90 Day Flip Financing rule has been incorrectly reported.  Inaccurate reports continue to make their way around stating that certain deadlines have now passed for the FHA 90 Flip Financing Waiver.  I am pleased to report that they are untrue at this time. 
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 waiver took effect on February 1, 2010.  The expiration date of the waiver was set as … (0 comments)

roswell: FHA 90 Day Flip Financing Is Still Available - 12/11/10 03:13 AM
I have seen several inaccurate posts and comments lately regarding the ending of HUD's 90 Day Flip Waiver for FHA mortgages.  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 waiver took effect on February 1, 2010.  The expiration date of the waiver was set as 12 months from its starting date.  That leaves the waiver to expire on January 31, 2011 unless HUD extends it further.
Over the past couple … (38 comments)

roswell: 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)

roswell: What Information Do I Need for an Existing FHA Condo (DELRAP) Approval???? - 09/01/10 09:28 AM
What Information Do I Need for an Existing FHA Condo (DELRAP) Approval????
If you are interested in an existing condo and you will be using FHA financing, the project must be FHA approved.  To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website.  There are a variety of ways to search to a project. 
Should you not see your community on the list, Prospect Mortgage is an approved DELRAP lender.  HUD only grants DELRAP authority to direct lenders that it has deemed to have significant condo project approval experience.  At … (3 comments)

roswell: How Do I Know if a Condo Project is FHA Approved? - 07/15/10 02:46 PM
How Do I Know if a Condo Project is FHA Approved?
If you are interested in a condo and you will be using FHA financing, the project must be FHA approved.  To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website.  There are a variety of ways to search to a project. 
You can search by:

City Zip code (I find that trying the zip code first is usually the easiest option) Condo name Condo ID
You may also need to search each approval method:
HRAP/DELRAP: New HUD Review and Approval Process … (4 comments)

roswell: HomePath Financing - Buy a Home in Georgia With Only 3% Down - 07/14/10 02:51 PM
Buy a new home with as little as 3% down.  Fannie Mae's HomePath® mortgage program is specifically for Fannie Mae REO properties.  Prospect Mortgage is pleased to be the nation's largest retail HomePath® mortgage lender.  Only a handful of lenders nationwide were selected to participate in this special financing program. 
HomePath® Financing Highlights
This special financing is available exclusively on Fannie Mae homes with the HomePath® logo.  Fannie Mae has properties available all over Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, … (0 comments)

roswell: Georgia Investors Can Purchase With as Little as 10% Down - 07/13/10 04:02 PM

 
Investors in Georgia are now able to purchase properties with as little as 10% down.  Fannie Mae's HomePath® mortgage program is specifically for Fannie Mae REO properties.  Prospect Mortgage is pleased to be the nation's largest retail HomePath® mortgage lender.  Only a handful of lenders nationwide were selected to participate in Fannie Mae's special financing program. 
 
HomePath® Financing Highlights
This special financing is available exclusively on Fannie Mae homes with the HomePath® logo.  Fannie Mae has properties available all over Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, … (0 comments)

roswell: Buy a HUD Home in Georgia for Only $100 Down - 07/11/10 08:26 AM
Buy a HUD Home in Georgia for   Only $100 Down
HUD is currently offering it's $100 Down Payment program on it's Georgia REO properties.  Don't miss out on this GREAT opportunity to purchase a home.  For a limited time, you can purchase a Georgia HUD Owned property using a FHA loan with only $100 down.  The $100 down is instead of the normal 3.5% down payment requirement that is typically required for an FHA loan.  This offer is valid for owner-occupants only.
HUD homes are currently available in nearly every GA county.  To start searching for a HUD home in Georgia, … (0 comments)

roswell: Studio Movie Grill - Alpharetta, GA is NOW OPEN - 07/09/10 02:51 PM
Studio Movie Grill in Alpharetta, GA is now open.  SMG just entered the Georgia market with the opening of their newest theater located at 2880 Holcomb Bridge Rd, Alpharetta, GA 30022. 
Studio Movie Grill has a full dining and drink menu with a full-service staff.  You can place your food and drink order and have it delivered without ever leaving your seat.  With their online ticketing feature, you can even reserve your seat locations in advance. 
When you sign up for a free enewsletter, you will receive two free movie passes.
Visit Studio Movie Grill online or call (770) 992-8411 for more details.
(0 comments)

roswell: Current Tax Credit Deadline is June 30th - There is No Official Extension - 06/19/10 02:37 AM
"Senate Passes Home Buyer Tax Credit Extension" 
This is a sample of one of the headlines that most people have either heard or read.  This a true statement.  Most people forget though that Senate by itself cannot pass and implement this measure. 
On Wednesday, the Senate passed a bill to give home buyers another 3 months to close on their homes and still receive tax credits up to $8,000. The Tax Extenders Bill would apply to home buyers who met previous the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence. The amendment would extend … (3 comments)

roswell: Highest & Best - What Does This Mean???? - 06/18/10 01:38 PM
Highest & Best????

Have you lost out on a foreclosure purchase recently?  If so, chances are that you were asked to present your "Highest & Best offer."  When a property has mutilple offers, the REO seller will often request that buyers submit their final offer. 
Multiple offer situations can be common on newly listed properties and those with a recent price reduction.  A property typically has the most activity in the first 5-10 after it is listed or after it has had a price reduction.  When a buyer is deciding on their final offer, its very important to consider all of the … (2 comments)

roswell: 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 www.georgiarebate.com or (866) 296-1633.
See my previous post on this topic at Appliance Rebate Program - Georgia - LIMITED TIME OFFER!!!!.
Don't miss out!!!!
 
(3 comments)

roswell: Studio Movie Grill - Alpharetta, GA Opening June 17th - 05/30/10 09:39 AM
Studio Movie Grill is opening their latest location in June.  On June 17th, SMG enters the Georgia market with the opening of their newest theater located at 2880 Holcomb Bridge Rd, Alpharetta, GA 30022. 
SMG has a full dining and drink menu with a full-service staff.  You can place your food and drink order and have it delivered without ever leaving your seat.  With their online ticketing feature, you can even reserve your seat locations in advance. 
When you sign up for a free enewsletter, you will receive two free movie passes
Visit Studio Movie Grill online or call (770) 992-8411 for more details. 
 
 
(2 comments)

roswell: Purchasing a Condo Using HomePath Financing - 04/03/10 03:07 AM
Using the HomePath program to purchase a Fannie Mae REO has many advantages.  Once such advantage is a simplified procedure for purchasing a condo unit. 

There is no HOA condo questionnaire needed when purchasing a condo that is HomePath  eligible.  Since Fannie Mae initially approved the loan, they are willing to take on the risk of a new loan.  This enables Fannie Mae to move this non-performing asset off of their books.
Fannie Mae does require an HO-6 (walls-in) insurance coverage policy be in place.  While this can come from a master HOA policy, most buyers will find that the master HOA polices do not cover … (0 comments)

roswell: 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.
 
(0 comments)

roswell: 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, Licensed in AL, FL, GA, SC, & TN (Guaranteed Rate) Rainmaker large

Rodney Mason

Licensed in AL, FL, GA, SC, & TN

Atlanta, GA

More about me…

Guaranteed Rate

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

Office: (404) 591-2453

Fax: (404) 601-8488

Email Me

Rodney Mason is a fan of
TheHomeLoanConnection
var _clustrmaps = {'url' : 'http://activerain.com/blogs/rodneymason', 'user' : 927502, 'server' : '4', 'id' : 'clustrmaps-widget', 'version' : 1, 'date' : '2011-09-03', 'lang' : 'en', 'corners' : 'square' };(function (){ var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'http://www4.clustrmaps.com/counter/map.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x);})();


Listings

Links

Archives

RSS 2.0 Feed for this blog