Amy,

Just to touch on the FHA limits, Here in Georgia they FHA limits are $ 346,250 which were just recently raised from the 252,890.

One more thing as well, you do not have to buy a foreclosure to gain equity, there are great deals across the board and foreclosures can be good but can also be bad. Again to keep in mind that with a foreclosed property you do not receive any seller disclosure statements. Very importatant to get a good inspector out there to make sure there are no major defects with the property that may end up costing you in the future. As stated below, you can also get a FHA 203K Streamline loan to escrow your repairs on the home.

It's also very important to get an agent to work for you so they can help you through this entire process.

Let me know if I can be of further assistance.

Mon May 19 2008, 06:50

You should be able to purchase a FHA loan using The Ameridream program for the downpayment. You don't need to buy a foreclosure. You just need to be within the FHA qualifying home price for the area. In the Sarasota, FL area, you can purchase a home with FHA if it's priced under $443,000. The seller contributes to the closing, etc. and you can buy for no money down. If you buy a foreclosure, they are not difficult purchases and you can get a great deal. FHA also has a program that you can add money to fix up the home but there are restrictions.
You need to find a realtor or a mortgage lender who understands FHA. Let me know if you need further assistance.
Best of luck!
Kristin Triolo
REMAX Alliance Group
2000 Webber St.
Sarasota, FL 34239
1951 58th Drive East
Lakewood Ranch, FL 34202
941-725-2486
Kristin@KristinTriolo.com

Mon May 19 2008, 06:34

Hi Amy,
You have asked excellent questions. I agree with the other Realtors, you first need to know the market value of your home. You probably have a general idea of the value but you should contact a Realtor and get a detailed market analysis. Right now with $150k debt on your home you need to know if you will get cash from your home, break even or have to go to closing with cash. Sometimes going to closing with cash is not the worst thing that can happen because it will clear you from the $1600 monthly payment.

As far as purchasing a home, your credit scores are great and there are certainly good loan programs out there for you. It is good to know what your options are so contacting a mortgage loan officer would be the best solution. You will get the best and most accurate information right from the source.

As a full time/full service agent I would be happy to answer all of your questions.
Please call or email me.
Barbara Carrio
Prudential Georgia Realty
678-576-1110
bcarrio@prudentialgeorgia.com
www.barbaracarrio.com

Mon May 19 2008, 06:17

Amy,

The first important thing to do is to figure out the market value on your home at the present time. The way we are going to do this, is by pulling comparables for the last 3 to 6 months in your neighborhood. We need to look at what has sold for this time period. We also need to look at things such as foreclosures, are there several foreclosures or just a couple. This is starting to effect pricing. And of course the condition of your home

Once we have this, we can sit down and do a sellers net sheet so we can see exactly what your bottom line is going to be after paying commission etc.

You both have great credit scores so that will not be a problem area for you.

As far as the 100% loans, you do have options here. One being a down payment assistance program, so if you have a 97% loan the down payment assistance could kick in the other 3% for you, and actually pay up to 6%. My best suggestion here would to be to speak to my lender at SunTrust - Her name is Kim King and her number is 770-617-6694. She would be more than happy to help you in determining the best mortgage for your specific needs.

The other program I am about to suggest is a fantastic program, I have several clients that have closed with this program and several clients currently going through the program. It is a 100% loan with a 30 year fixed interest rate (rate as of 3/16/08 is 5.375), No closing costs, No PMI, No down payment. What we do with this is ask for closing costs to buy down your rate even further. I just closed a transaction on Friday and she had an interest rate of 3.25 for 30 years, and yes that is fixed. Now this is a 10 step program and it might take about three months to get through the program but it is well worth it.

I can answer all your questions about the program if you want to give me a call.

Good luck if I do not speak with you!

Sun May 18 2008, 19:04

Hi Amy, I Live and work as a realtor here in Woodstock. We are in a great area.
The 1st question I have is do you have an idea of what your current home is worth? If not, I would be happy to help you with that. Let me know and I’ll send you recent solds in your community. You do have some options to think about. You can rent your current home out and wait for the market to improve then sell.
You are correct, it has become much more difficult to get financing now. You have a great credit score on your side. You need to speak with a lender but the FHA with down payment assistance might be just what you’re looking for. You can ask for up to 6 % down payment assistance. Feel free to go to my blog
http://woodstockgahomesforsale.com I just posted about the FHA program.
The area has a lot of foreclosures right now. I have been selling a lot of them. (great deals) Something to keep in mind is the foreclosure property may need work. Are you prepared for that? If you are and you get the go ahead from you lender let me know I would love to help you. Call or email if you would like me to answer any other questions. 404-219-6488 or cathypinkston@gmail.com

Sun May 18 2008, 16:51