RECENT BLOG POSTS
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 change...
08/21/2011
Is the end of Private Mortgage Insurance for conventional mortgages near?  The question begs to be answered after recent events of the last few weeks.  On Friday, the New York Stock Exchange delisted The PMI Group, Inc.  Later in the day, they were informed that August 19, 2011 was their last day...
08/21/2011
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 sh...
08/13/2011
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 incl...
08/13/2011
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....
08/13/2011
Today 's market was once again a wild ride.  The Federal Open Market Committee (FOMC) released a statement Wednesday afternoon that sent Treasuries and mortgages rallying.  There was no change in overnight rates though.  The committee said state that it would keep short term rates at these levels...
08/10/2011
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The US Department of Agriculture has plenty of funds left for Fiscal Year 2011.  The below announcement was released last week by the department.   August 4, 2011   GUARANTEED LOAN FUNDING UPDATE:    OVER $11.2 BILLION DOLLARS AVAILABLE FOR GUARANTEED LOANS!   The Single Family Housing Guaranteed...
08/07/2011
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...
08/06/2011
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 Ar...
08/06/2011
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.  S...
08/06/2011
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