4 Tips to Getting a Loan

These days one of the biggest impediments to closing a real estate sale can be the buyer’s ability to get a mortgage.

Here are some tips for anyone who hopes to land a loan:

  • Turn to the government. The biggest source of loans these days is the Federal Housing Administration (FHA) and the Veterans Administration (VA). These programs accept borrowers with lower credit scores and allow them to put down as little as 3.5 percent of the purchase price.

  • Document, document, document. Borrowers will need bank statements, brokerage statements, W-2 forms and tax returns.

  • Boost credit scores. Borrowers should avoid having more than one-third of their maximum borrowing capacity outstanding on one credit card. If necessary, rotate the debt among several cards.

  • Work your connections. Comparison shopping is easy online, but if your customer has an established relationship with a local bank, suggest they try that lender first.

Source: BusinessWeek.com, Christopher Palmeri (01/23/09)

Important FHA Loan info!!

Effective with FHA Case Assignment dates on or after January 1, 2009 the down payment and

maximum mortgage amounts for FHA loans have been revised. Highlights include the following:

 ·         Down payment requirements have been revised to require that the borrower pay an amount not

less than 3.5% of the lesser of the appraised value or the sales price minus any required adjustments

on purchase transactions. This is in addition to any borrower closing costs, prepays or discounts.

Guidelines related to source of down payment and seller contributions remain the same.

·         The maximum FHA loan amounts are changing effective January 1, 2009.  

The new maximum single family loan amount for the counties in the Metro Atlanta MSA will be

$320,850.  The Metro Atlanta MSA code is 12060.   Here is the link for all  counties including the

Metro Atlanta MSA:  https://entp.hud.gov/idapp/html/hicostlook.cfm                                                                                                                                                                                                                                   

 

 

Please contact me at your convenience should you have any questions.

 

Bank of America Mortgage

Darren Smith                                                                                                                                                                       

Mortgage Loan Officer

Assistant Vice President

Bank of America Mortgage

6075 Roswell Rd

Atlanta , GA. 30328

 

404-256-6326 Phone

866-517-8923 Right Fax

404-358-6883 Cell

JPMorgan Chase Freezes Foreclosures!!!

“In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase (JPM) announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any new homes into foreclosure. “

See this BusinessWeek article  HERE

Getting a Mortgage Tougher for Buyers

Difficulty in landing a mortgage is keeping many buyers out of the market.At the peak of the housing boom, about 20 percent of the mortgage market was subprime, and nearly 20 percent was “Alt-A loans” or “A-minus” loans, typically offered those with good credit but with high debt-to-loan ratios or little or no proof of income.Both categories are now nearly extinct. That means about 40 percent of the residential mortgage market has all but disappeared, according to David Olson of Wholesale Access Mortgage Research and Consulting.

“The underwriting has really tightened up,” Olson says, “Before, if you could fog a mirror, you got a loan. Now, that’s not the case.”

Nationwide, practitioners say they are encountering more potential buyers who can’t get financing.

“Buyers come in with confidence, and once they have talked with a lending practitioner, it’s like they’ve been hit over the head with a ton of bricks,” says Dean Moss, an agent at Keller Williams Fox and Associates Realty in Chicago.

A study conducted using data from a Reno, Nev., multiple listing service, found that about 30 percent of sales haven’t closed after 90 days. Practitioner Guy Johnson, who analyzed the data, suggests that buyers stay on top of their loans, checking in with their lender frequently to make sure the loan for which they’ve been approved is still the same.

“A loan commitment letter,” he adds, “isn’t really as solid as it once was.”

Source: USA Today, Anna Bahney (08/05/2008.

 

Mortgage Lenders

Renovation Mortgage Plus

Mario E. Boles/ Diego Hodge

FHA/203K/Fannie Mae (Homestyle)/Freddie Mac (Renovation Mortgage)

2475 Northwinds Parkway, suite 200

Alpharetta, GA 30009

Office: 770-753-6239 

mario.boles@renovationmp.com

diego.hodge@renovationmp.com

*Vonda Henry, Loan Officer (West End Resident)

Advertent Mortgage 

 404-374-3557 

*Bank of America Mortgage

Darren Smith

Mortgage Loan Officer

Assistant Vice President

6075 Roswell Rd

Atlanta, GA. 30328

 404-256-6326  Phone

 866-517-8923  Right Fax

404-358-6883 Cell

 

*Sam Thompsonread my blog:  http://samthompson.thewrittenblog.com

Home Mortgage Consultant

Home Services Lending, LLC

An Affiliate Of Wells Fargo Home Mortgage

MAC M2046-030

3391 Town Point Drive, Ste 325

Kennesaw,  GA  30144

(678) 355-0785 Tel

(770) 301-0527 Cell

1-866-737-9015 E-Fax

sam.thompson@hsl-ga.com

 

web address to apply on-line:

www.homeloans.com/sam-thompson

 

 

*Jayson Duff (can also do FHA loans for 550- 580 credit score!)

Mortgage Banker- REMN, Inc.

500 Town Park Lane Suite 145

Kennesaw, GA. 30144

Office:  770-373-5410 

Cell:  678-360-1969 

jduff@remn.com

www.remn.com

www.jaysonduff.com

 
*Countrywide Bank, FSB

Brian Rains

Home Loan Consultant
4531 Olde Perimeter Way, Suite 200
Atlanta, GA 30346
Cell:   (404) 964-4803

Email: Brian_Rains@Countrywide.com  

 

 

Sam Thompson: Opteum Mortgage

I was hoping this might happen.  FHA may be coming to the rescue.  There is a big void out there now for customers with sub-standard credit scores that cannot qualify for conventional loans.  There are others that already own a home and  have a loan but need help with the type of mortgage they used to purchase their current home.  They may have one of those infamous conventional 2/28 loan programs where the rate can jump up to 12% after the first two years of the loan.  The “2” represented the time bomb period and the “28” is the number of days they have until they lose their home.

Seriously, I would like to meet the person that invented the 2/28.  I’m sure it was a Wall Street type, probably someone in their late 20s or early 30s that may have even originated loans for a few months before moving over to the investment world.  Can you imagine maxing out your mortgage payment on an adjustable rate mortgage for $200,000 at 7.5% only to see your rate increase to 12.25% after two years.   “But you can refinance the house after a year or so.”  You have to wonder how many times some loan officer or real estate agent said that to the homebuyer.

But let’s move forward.  The Senate passed an FHA modernization bill by a 93-1 vote today that will raise the FHA loan limit to $417,000 in high-cost areas and lowers the minimum down payment requirement to 1.5% from 3.0%.   The House passed its version of the bill in September.  So it could be law in early 2008.  So help is on the way, along with Santa…. 

 Best regards,
Sam Thompson
Loan Officer

Opteum Mortgage

678-742-6631
(office)
1-866-226-2066
(toll free)
770-301-0527
(cell)
678-585-8345
(e-fax)

222 Chastain Meadows Court, Suite 300
Kennesaw, GA 30144

email: Sthompson@opteum.com

web: http://www.opteum.com/sthompson

Email/call Sam to find our more about his competitive mortgages and weekly rates.