Underwater? HARP 2.0 Refinance Program Can Help Atlanta Homeowner’s with No Equity Atlanta, GA (Jan. 2012) – Atlanta has been hit hard by the housing market collapse. Outside of Florida, our market has taken the biggest hit in the southeast. Nashville has shown declines, Birmingham has their issues, but Atlanta has seen 30% decreases in [...]
Obama’s Home Affordable 2.0 Refinance Program HARP 2.0 Plan Set to Help Underwater Homeowners in Georgia If you are a current homeowner with a FHA, VA, or USDA loan then you can stop reading. HARP 2.0 applies only to conventional, Fannie Mae and Freddie Mac financing. If you have a Conventional loan then read on [...]
Are your walls closing in? Are you looking for an escape? Many homeowners are in your shoes, desperately seeking an alternative to foreclosure. What these Atlanta homeowners may not realize is that there may be a solution, an escape a way out without getting your name in the paper. What is that solution? How can you avoid foreclosure? What about a little known government backed program that allows you to SHORT SALE you house without facing the 1099 for the loss at the end of the year. That program is called HAFA – short for Home Affordable Foreclosure Alternative.
Many Atlanta homeowners, however, also have some renovation needs they’d like to take care of as well. However, due to lower loan to value’s and declining property values they don’t think they have the room pull the cash out and go to work. Stand corrected homeowners in Georgia! Intro the FHA 203K for refinance!
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.
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. [...]
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 [...]
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 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 [...]
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