FHA Loan Limits – Georgia The U.S. Congress on Thursday approved a bill to raise the maximum size of mortgages the Federal Housing Administration can insure and sent it to President Barack Obama to sign into law. The measure would push the so-called FHA conforming loan limit in the highest-priced real estate markets back up [...]
What if there were a new economic engine for the United States that would put our people back to work without putting the government deeper in debt? What if that economic engine also improved our international competitiveness, reduced greenhouse gases, and made the American people healthier?
How can renovation loans help Atlanta?
The Peters Team out of the Keller Williams office in North Buckhead / Brookhaven are top notch. They know their stuff and if you are buying in that area you’d be well served giving them a call. Here is a recent post of theirs about their last 203K transaction.
Short answer: it’s either ignorance on the seller’s part, or the property cannot pass the FHA inspection that is required. Long answer: Lately, FHA loans are harder to finish and close. There is a set of FHA rules. In addition to those rules, “investors,” the entities that buy the “paper” on Wall Street, can add [...]
Easy question right? Full FHA 203K over $35,000 and the Streamline 203K under $35,000. Post over right?
Sadly no. I get calls every daily from distraught homebuyers, distraught Realtors and distraught loan officers across the Florida, Georgia, Tennessee and Alabama markets I serve who’ve had a streamline 203K denied. Denied not because of the 203k renovation amount, denied because the scope of the work did not fall under streamline 203k guidelines.
Today we will discuss the topic of FHA gift money for homebuyers looking to purchase a home in Atlanta and the rest of Georgia via FHA or FHA 203K renovation financing.
Gift money for an FHA loans can be used to cover the down payment and closing costs.
Turning a house into a dream home – that is the power of FHA 203K loans. From an extra bedroom to a bathroom update, a living room to a luxurious master bath, from a modest expansion to full on ground up remodel, FHA 203K loans offer homeowners an affordable way to fulfill their unique vision. [...]
Thanks to my buddy Mark Madsen who I “borrowed” most of this post from. You can check him out, as well as me, at the best damn FHA blog on the net. Approval & Funding – NV FHA Purchase, is the original post. Cut me some slack on the borrowing, we’re busy and Mark doesn’t [...]
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.
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