The latest information on what is happening in the Georgia Mortgage industry.
With the current state of the market and the large number of short-sale transactions that are taking place, many real estate agents are referring to themselves as a “Short-Sale Specialist.” This is fine in itself, but once you cross the line and start negotiating with the bank, you could be committing a felony and may be subject to fines and civil penalties. Georgia passed the Georgia Residential Mortgage Act to comply with the national S.A.F.E. Act, which regulates mortgage lenders and b... Read Full Post
FHA is temporarily lifting their 90 day flipping rule. This is huge for investors. You may be thinking, what does FHA have to do with an investor? Often foreclosures are in such bad shape that people can’t get traditional financing on these properties. Investors will come in, pay cash and fix these properties up and try to sell them as fast as possible. Acquiring, rehabilitating, and reselling to prospective homeowners normally takes less than 90 days. With the tightened credit market and a... Read Full Post
We don’t know for sure, but there has been a lot of rumbling about minimum credit scores going to 640. Most of us remember not too long ago when they went from 580 to 620. There were a few companies that took the plunge and raised their minimum to 620. It wasn’t too long after that the market followed. There are few companies left that allow for scores under 620, and the ones that do typically charge higher rates or simply can’t close the loan. So far, only a handful of mortgage compani... Read Full Post
If you are considering a conventional loan and putting down less than 20%, then chances are you will have mortgage insurance. Not long ago, that was not a big deal. Your lender clears your loan, sets up the mortgage insurance and you’re ready to close. Not anymore… Now the underwriter clears the loan and sends your file to the mortgage insurance to underwrite again! So your mortgage company says you are ok to close, but the mortgage insurance company turns you down! And guess what, they a... Read Full Post
Over the past several years I have noticed a change in client behavior. They now seem to know a great deal about mortgages, products and especially interest rates. In fact, most of the time they are calling me and quoting rates. I attribute all of this to the internet. Thanks to internet contributors, there is now a wealth of information available at the click of a button. I have noticed that clients are spending weeks, sometimes months in an “Education Stage,” learning everything they ca... Read Full Post
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