Here are the 10 things you need to know about these changes to your Georgia FHA Refinances: 1. The max LTV for rate & term refinances (including streamlines WITH an appraisal) is 97.75%* 2. The max LTV for cash-out refinances is 95%* for loan amounts less than the conforming limit and 85%* for loan amounts [...]
However, it seems in the down market those listing agents along with those lenders have upped the ante, telling potential buyers that they not only have to be pre-approved by that foreclosure bank, but they have to take the loan there as well. To any of you potential foreclosure purchasers in Atlanta I want to dispel that myth. Listing agents and foreclosure banks CANNOT dictate who you get your loan through, in fact it is steering which would be illegal.
I get a lot of calls from Georgia Realtor’s about the FHA 203K program. There’s a lot of bad info floating around out there as well as a number of misconceptions about how 203K Loans work. The follow is for my Realtor friends to help you when you are guiding your buyers through the Atlanta market looking for a property that is perfect for 203K financing.
This is the first in a series of posts outlining the basics of FHA loans. What you qualify for, how much the down payment is, underwriting and documentation along with tips and tricks for a smooth closing will all be covered. Feel free to contact me directly with any specific questions.
The Housing & Economic Recovery Act of 2008 made quite a few changes to the mortgage industry, but none so important to home buyers looking to purchase in Atlanta with a FHA loan as the revision to the FHA required down payment and how it is calculated. Under current FHA guidelines, borrowers need to come [...]
The Fed, in a much anticipated move, slashed the target rate .75% to 0.25% in an all out effort to stimulate the US economy. That wasn’t the only big news coming from the Fed though, they also announced they’d be buying mortgage backed securities in a BIG way! What does that mean to you? It [...]
We all know how expensive college can be and in a down economy we are all searching for ways to tighten the purse strings. One of the easiest ways to save some money on college housing is to look at the possibility of using FHA’s Kid Condo Rule to purchase your college student in Georgia [...]
All across Georgia HUD Homes are available for as little as $100 Down. We are using this incentive along with FHA 203K Renovation Loans to help our clients create huge equity positions with almost NOTHING out of pocket! HUD foreclosures are homes that previously had FHA loans on them. Many of them fall into the [...]
2008 is almost gone and 2009 is just around the corner. Home buyers in Atlanta need to be aware that we are facing some changes if we are looking to purchase a home using in FHA financing in 2009. The first big change is the FHA loan limits for Georgia will be decreasing some in [...]
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