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Financing in Augusta : Real Estate Advice

  • All120
  • Local Info14
  • Home Buying49
  • Home Selling6
  • Market Conditions1

Activity 13
Sun Nov 22, 2015
Jeri Patrick answered:
I would contact a local lender they can go over both loans with you and there advantages. Best of luck.
0 votes 6 answers Share Flag
Wed Aug 27, 2014
Gilbert Iarocci answered:
Did you end up buying the home? I think if they home had what you wanted then it is ok to pay a little more. I have seen people buy a home and they spend a lot of money fixing it to their tastes. ( a lot of that money they will never get back). ... more
0 votes 15 answers Share Flag
Tue Jan 7, 2014
Brian O'Neill answered:
It's my understanding that FHA has suspended it's 90 day anti flipping guideline until December of 2014.
0 votes 5 answers Share Flag
Wed Aug 28, 2013
Lee Taylor answered:
I know that you are getting hyper-curious since something happened to you recently with some GA real
estate and things aren't making sense - I've saw your other question.

I just gave 3 thumbs up to the answers below - simply put, this indeed is about supply, and demand, locally - by zip, by ESD, by police beat, by street, etc...

My man Chartmaster Chuck summarized the Q2 2013 market in metro Atlanta as follows:

"Another market shift is occurring. During 4Q 2012 we saw confirmation of a change from a market driven down by Distressed Property sales, to one driven up by reduced supply. This caused a fundamental change in the psychology of the market from a “Buyer’s Market” to a “Seller’s Market” environment.

The results are that many of our usual market measurements have turned in the direction of market recovery. Significant positive changes occurred in the median sales price (+23.6%), median S/OLP percentage (+6.6 percentage points), median DOM (-27.1%), incidence of price reductions (-15 percentage points) and percentage of failed listings (-13.0 percentage points) during this quarter.

However, even as these improvements were taking place, the percentage of distressed property sales remained high (39.4%) and the number of Active listings continued to fall. These conditions should also be considered by sellers when setting listing prices. Continued distressed property sales maintain a dampening effect on seller flexibility by their use as comparables in property price evaluations.

With our uncertain economy, short term housing market improvements should still be viewed cautiously. A sharp increase in the number of Active listings or distressed property inventory, or a decrease in sales, could expose the fragile nature of this improvement. But for now at least, Sellers should find less pressure during contract negotiations and Buyers will see a more competitive market with fewer sellers willing to accept low-price offers."

And again, Angela - get out of judgment and into curiosity.

Atlanta is holding up pretty well...
... more
0 votes 4 answers Share Flag
Thu Aug 22, 2013
Brian Nguyen answered:
When applying for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)
2) Credit Report which they will pull
3) Employment History
4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

I would suggest talking to a lender and checking out what they can do for you. If you have any other questions or need a loan please contact me through the information on my profile page! Hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
... more
0 votes 10 answers Share Flag
Thu Aug 22, 2013
Tonya Rodriguez answered:
You are doing a lot of hard work and paying a lot of money repairing your credit that you could be keeping in your pocket. Did you know that most items on your credit reports only require a dispute with the credit bureau that has the err or outdated info. If no response within 30 days from the creditor/company who reported the info it will be deleted? Credit repair agencies are doing for you what you could do for yourself for a lot less time and money. Did you also know that it could be one item or ten and you can report to all 3 bureaus ? I've seen my own scores improve by doing so. Keep in mind that credit reports vary from month to month so you may want to invest in credit monitoring like or even credit Karma. Or just go to your bank and they will help you. ... more
1 vote 2 answers Share Flag
Tue Jan 31, 2012
Tammy Theis answered:
I am a Realtor with Meybohm and I'd be happy to assist you. Are you relocating to the area?
0 votes 1 answer Share Flag
Fri Oct 15, 2010
Pacita Dimacali answered:
Your credit score isn't what's holding up your loan.

It usually takes 45 days, perhaps even longer, for escrow to close on an FHA loan from the time of acceptance of your offer. For an FHA loan, they require at least 2 appraisals. And they should pretty much agree.

We had to back out of escrow when the appraisals came in at $295 and $400K. The bank had to conference the appraisers to seek a common ground, but the low appraiser wouldn't budge. After weeks of trying to get a resolution, we gave up, and moved on.

Wells Fargo may have approved/pre-approved you, but by the nature of your FHA loan, it has to be reviewed by the underwriter who will base his approval on the results of the appraiser (and the results of any inspections you may have mentioned in your contract).

That's another question: was there a mention of a pest report, roof inspection, etc? If so, the underwriter may make it a condition of approval to complete certain safety and hazard issue repairs before he approves the sale.

Good luck!
... more
0 votes 9 answers Share Flag
Fri Sep 17, 2010
Diane C. Williams answered:
Sorry, but saw this problem coming. I personally have a program called "Debt Watchers" through my PFS group and equifax, which has $25,000.00 insurance against this problem, and I have real time interaction with the credit bearu that let's me know what is happening with regular alerts. My credit score is readjusted with every payment made. They are responsible for keeping the ID Thief Monsters out of my business. As a Realtor I insist on protection for me and my Clients. As a Former Bank Manager I know prevention is the only way to avoid the agony of this type of monster attach and the best way to provide info needed to purchase a home. Aloha, from Southern California ... more
0 votes 5 answers Share Flag
Fri Sep 17, 2010
Stacie answered:
Not other than what you mentioned. I've always used SRP and had good luck with them. My next choice would be Queensborough. Sorry I don't know of any other options!
0 votes 1 answer Share Flag
Sat Jun 12, 2010
Hannah Fliegel answered:
Hi James,

You might get the seller to carry financing for you since your credit score is so low. You might be able to qualify for an FHA mortgage with a low credit score of 620 but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel, FICO Pro
The Credit Repair Expert
... more
0 votes 6 answers Share Flag
Sat Jan 16, 2010
Michael Hammond answered:
Thanks for the update, Sky! We lost at least 2 deals last year because of that rule. Hope they keep or positively modify this moratorium.
0 votes 7 answers Share Flag
Wed May 20, 2009
Barbara Q. answered:
It seems a little late in the game to switch teams.
I'd suggest that you spend a full day tying up all loose ends.
Contact the underwriter directly and politely ask what SPECIFIC items
you need to provide so that you are clear to close.

Once you have that list in your hands, secure all the exact items that he/she requested, do whatever you need to do to complete the list, then hand them to the underwriter face to face and ask politely if he/she can go through each item to be sure it will suffice.

Bottom line: The bank holds the cash that is the KEY to the Purchase of your New Home.
Without that KEY, you cannot get in...So...
Give the bank EXACTLY what they want!

If you are compliant and will get your Key!
... more
0 votes 3 answers Share Flag
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