savannah: 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)
savannah: 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)
savannah: 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)
savannah: REBuildUSA Partners With Lowe's for FHA 203K Renovation Mortgages
- 01/25/12 12:11 PM
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners. An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding … (1 comments)
savannah: 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)
savannah: 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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savannah: 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)
savannah: 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)
savannah: 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)
savannah: 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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savannah: GA Dream Hazard Insurance for Coastal Areas of Georgia
- 08/06/11 10:33 AM
GA Dream Hazard Insurance for Coastal Areas of Georgia All Georgia Dream Loans must contain a home owner’s deductible clause less than or equal to $1,000. For properties located in coastal areas of Georgia, there is a new/additional Hazard Insurance guideline: Wind and Hail Coverage in Coastal Areas: All home owner’s insurance policies must afford protection against loss or damage from wind and hail as a result of tropical cyclones or named hurricanes. The maximum deductible for this coverage may be no greater than 5% of the total dwelling coverage.
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savannah: 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)
savannah: 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)
savannah: 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)
savannah: 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)
savannah: 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.
In order to obtain the lower MI premium, the FHA Case number must be assigned on or before April 17, 2011. Since that date is a Sunday, the last business day will April 15, 2011......Tax Day. Coincidence maybe???? These changes all take effect just 6 months after HUD's last mortgage insurance premium change. The Upfront Mortgage Insurance Premiums will remain unchanged at this … (8 comments)
savannah: 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)
When using an FHA 203K Renovation mortgage to purchase a home, there is a flow that needs to be followed. When the proper course is followed, the FHA 203K approval process goes much smoother.
For all of your FHA 203K financing needs, call (404) 591-2453.
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. 
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