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Financing in 30022 : Real Estate Advice

  • All78
  • Local Info6
  • Home Buying43
  • Home Selling5
  • Market Conditions0

Activity 14
Wed Jan 23, 2013
On an FHA mortgage, HUD requires that MI be collected for a minimum of 60 months on that particular mortgage. When you refinance, the 60 month clock starts over since it is technically a brand new mortgage.

HUD is proposing elimination of the ability to drop MI.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 6 answers Share Flag
Wed Jan 23, 2013
Rick Musto answered:
I would recommend a good mortgage broker. They have multiple lenders and usually have a program that fits your specific lending needs. One of the firms that I use is Buckhead Home Loans in Roswell. Give Briggs a call - 404-303-7411. He can help you out and answer your questions. There are many more out there as well so keep doing your homework. Good luck!

Rick Musto
Buckhead Home Realty
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0 votes 10 answers Share Flag
Mon Jun 11, 2012
Edconverse answered:
Tue Jun 5, 2012
Brian Berman 678-564-1522 answered:
Your best option is to go with a broker signed up with Wells Fargo - you will get better rates and better service with about half of the costs. If you need a quote just let me know - Brian Berman 678-564-1522 ... more
0 votes 8 answers Share Flag
Sun Jun 16, 2013
Yes, the loan is still around, the question is your value still around. Interest only loans are available but if your value has fallen faster than your principal pay downs, you may have difficulty refinancing. You may still qualify for the HARP program but this program prohibits interest only products.

You are right around the corner, email me or give me a call and I can quickly determine your options.

Best regards,

Timothy Brown
LPO Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
NMLS#: 168281
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0 votes 7 answers Share Flag
Sun Nov 1, 2015
Gregorio Denny answered:

The rest of this is filler because I need 25 characters.
0 votes 8 answers Share Flag
Wed Nov 13, 2013
It all depends on your qualifying monthly income. Your total debts (including both mortgage payments) should not exceed 45-50% of your gross monthly qualifying income.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
... more
0 votes 9 answers Share Flag
Sat May 21, 2011
Scott Godzyk answered:
With BOA the key is constant and frequent communication, you need to be aggressive, i call daily at least once a day and follow it up with an email. You need to be nice but firm as you do need them , being negative will only push you back on their list further, ... more
0 votes 3 answers Share Flag
Sun Jul 18, 2010
Emelia Sanchez answered:

Everyone is different and depending on who owns the note will be getting a different result. A recent example of receiving principal reduction are notes that were held by Wilshire Credit Corp that was bought as part of the bail out package by B of A and selling to IBM. Within that whole process those notes were negotiated for a fraction of cents per dollar allowing them to restructure the note.

I work with an investor who buys notes and restructures them to todays market values. So I have seen the portfolios that are being purchased and obviously re-sold to create liquidity.

Modifications are all different and temporary unless you get the pricipal reduced they don't really work. One consumer I know got the Obama plan of 2% but at the end of the 30 year term has a balloon payment of $130,000.00. We see things like this and think maybe we will be like Japan and end up passing our homes along with the mortgage to our children.

NACA is doing a great job in trying to be an active force. I wish you luck in your endeavor.
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0 votes 3 answers Share Flag
Thu Mar 25, 2010
Isabel Elsesser answered:

We have no such law in GA.

Whoever has the income and the good credit can quailify for the loan.
Just one of you can obtain the loan.

Isabel Elsesser, Realtor
Real Estate Pro
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0 votes 9 answers Share Flag
Fri Mar 5, 2010
Michael Hammond answered:
The FHA guidelines got stricter recently and mortgage qualification standards seem to changing at least weekly, Roma. Please consider calling one or both of our preferred lenders below and starting a dialogue as to what you may need to get a loan done. If you have any questions for me on housing, please call or email and I will be glad to share my thoughts with you. Good Luck!

Michael Hammond

Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462

Chuck Ewing
Senior Mortgage Planner
Community Mortgage Services
Phone: 770-241-1700
Fax: 678-623-0960
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0 votes 3 answers Share Flag
Thu Oct 22, 2009
Luke Allison answered:
I wish everyone came to me with your scenario. Yes, you shoudl probably be fine - especially for FHA financing. Your main concern will be that underwriters do not like to see many lates on a credit report after the discharge of the bankruptcy.

If you have any questions or need a loan approval, you are welcome to contact me.
Luke Allison
Bank of America Home Loans
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0 votes 3 answers Share Flag
Thu Aug 13, 2009
Sam Nueman answered:
Banks want to make sure your can comfortably handle both mortgages and that your debt to income ratio is satisfactory to them; however, I would not advise you to have 2 mortgages unless you clearly intend to. If your intension is to sell your current home, you will probable need to factor in a few months of holding cost. This obviously will depend on pricing, staging, and your local market.
Keep in mind that most short sales are sold 'as is'. So you will need to factor in repair cost. Secondly, you'd want to make sure the lender you intend to use will approve your loan with some needed repairs on the house.
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0 votes 7 answers Share Flag
Wed Jul 21, 2010
Diane Menard answered:
You can try Kim King @ SunTrust Mortgage, She does 90% of my loans for me. Very Happy with her services.

Her number is 770-617-6694
0 votes 11 answers Share Flag
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