smyrna: 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)

smyrna: 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)

smyrna: Flood Insurance Changes Ahead for Metro Atlanta - 08/21/11 03:47 PM
Flood insurance changes are coming to metro Atlanta counties.  In the wake of severe flooding in the last few years, area flood maps may be re-drawn.  The Georgia Department of Natural Resources is presently working closely with Federal Emergency Management Agency (FEMA) to assess possible changes to the area's flood maps. 
The agencies are currently evaluating a 107 mile area surrounding the Upper Chattahoochee River Basin.  Affected areas include Cobb, Coweta, DeKalb, Douglas, Fulton, and Gwinnett counties.  The Atlanta Journal-Constitution reports that DeKalb County alone could be adding almost 550 acres to the 100 year floodplain. 
In September 2009, many areas of metro Atlanta experienced … (7 comments)

smyrna: New, Lower FHA Loan Limits for Cobb County, GA - Effective October 1, 2011 - 07/10/11 11:08 AM
The Housing and Economic Recovery Act of 2008 raised the maximum conforming loan limit in the contiguous United States, the District of Columbia and Puerto Rico to as high as $729,750.  Of course, most counties across the country saw much lower loan limits. 
Conforming loan limits, which had been raised for many high-cost areas throughout the country to a maximum of $729,750, are expected to expire September 30, 2011. After this deadline, high-balance loans will once again be classified as "jumbo" and carry a higher interest rate.
Once the maximum loan limits are lowered, the new FHA loan limit for Cobb County, GA (as … (0 comments)

smyrna: 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)

smyrna: 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)

smyrna: Credit Tip #1 - Paying Off Collection Accounts and Charge Offs - 03/11/11 02:17 PM
Think twice before you pay off collections accounts or charge offs.
For someone wanting to pay off collection accounts, it is suggested that you do it as part of the loan approval process.  Paying off a collection account can actually bring an old account to a current derogatory status.  That may in fact lower your credit score instead of raising it.
If you are not planning on purchasing for several months or longer, then paying off a collection account may actually help you.  There are some creditors who will continue to report the account as delinquency each month that the debt goes unpaid.  Paying off … (11 comments)

smyrna: 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)

smyrna: Prospect Mortgage - #2 Volume FHA 203K Renovation Lender for 2010 - 02/27/11 03:14 AM
The US Department of Housing and Development has released its FHA 203K Endorsement Report.  It is for the Fiscal Year ending September 30, 2010.  In the period of October 1, 2009 - September 30, 2010, HUD ranks Prospect Mortgage as the #2 volume FHA 203K lender in the country.  For the 2010 Fiscal Year, Prospect Mortgage closed 928 FHA 203K Renovation mortgages.  A total of 22,491 FHA 203K loans were endorsed by HUD in the 2010 Fiscal Year by all mortgage companies.
The most shocking data comes from the number of companies that closed less than 5 of these loans.  In Atlanta … (7 comments)

smyrna: 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)

smyrna: 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)

smyrna: 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)

smyrna: HomePath Financing for Fannie Mae REO's - 01/31/09 02:54 AM
Introducing Prospect Mortgage's newest REO program, HomePath® Mortgage.
Fannie Mae is now rolling out their new HomePath® program specifically for Fannie Mae REO properties.  Prospect Mortgage is pleased to be one of only a handful of lenders nationwide 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
Search for Fannie Mae REO's at http://reosearch.fanniemae.com/reosearch/.
Call or e-mail for complete details.
… (29 comments)

smyrna: 203K Streamline Renovation Loan - 11/30/08 01:28 PM
 
Sometimes a buyer loves a house, but they just can't stand that awful wallpaper or carpet.  Maybe they want to update some of the appliances, but they just don't think they can afford it.  With Prospect Mortgage's Streamline 203K Renovation loan, homebuyers can make these minor cosmetic changes with extra monies wrapped into their home loan!
 
 Repairs may range from $5,000 to $35,000.   Loans can go up to 110% of the after-improved appraised value! (Condos limited to 100%)  Requires less documentation than a full 203K Renovation Loan.  Repairs are based on a home inspection, appraiser's HUD required repairs or contractor bids.  No general contractor … (9 comments)