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Financing in Atlanta : Real Estate Advice

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Activity 182
Wed Jun 1, 2016
Bob Nowak answered:
Call a local mortgage Co. in you area, they will tell you the limitations of certain programs such as FHA for your area, good luck Bob
0 votes 14 answers Share Flag
Fri Feb 12, 2016
answered:
Yes, we close loans under $50K all of the time. The challenge becomes once the loan amount drops into the $30's. That is typcially when loans begin to fail required state and federal fee tests.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
... more
0 votes 12 answers Share Flag
Sat May 9, 2015
answered:
Nanzyth, all lenders are not the same as you've learned. However with Fannie Mae & Freddie Mac loan programs, which I suspect is what is being offered to you (with 20% down it's usually the better loan program to go with), they require that you are either a:

1. US Citizen
2. Permanent Resident Alien
3. Non-Permanent Resident Alien - but leave it up to the lender to determine of the non–U.S. citizen’s status based on the circumstances of the individual case, using documentation it deems appropriate

So for a non-permanent resident alien some lenders may require a certain classification of Visa, and perhaps additional documentation, and some will judge each loan on a case-by-case basis. For example we will accept non-permanent resident aliens who have a H series, L, E-1, G series or TN Visa OR if there is an Employment Authorization Document (EAD) with at least 1 year remaining (unless you have had previous EAD renewal). In your situation you may need something from your organization stating they plan on filing for your H1B Visa, as a F-1 Visa on the OPT period expires (I believe it's only good for 12 months), and legally you could have to stop working. Obviously there is more to it but that is just my "message board" review of your situation.

I am a little unclear on that if you had received a pre-approval from Wells Fargo, who is this broker who says you can't get financing?
... more
0 votes 7 answers Share Flag
Tue Feb 25, 2014
Nick Nicholas answered:
Tue Apr 12, 2016
Jason Gillis answered:
Their horrible. I have one now that has been a nightmare. The loan officer won't return calls or emails, not only to myself but to my client who is his customer. I have also had several bad experiences with them with contracts on their REO properties. The last one, they had not recorded the foreclosure deed 18 months after foreclosing. After 3 extension's and no answers my client finally got annoyed and walked. Wells Fargo=RUN! ... more
0 votes 37 answers Share Flag
Wed May 4, 2011
Scott Godzyk answered:
Your first step should be to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.

There are only a couple of programs that will work in this situation for an owner occupant but your credit and financials will affect what yoyu will be able to quailify for. Start there and they can tell you the pros, cons and costs to compare each.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_is_start_if_i_want_to_get_a_mortgage
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0 votes 3 answers Share Flag
Mon Apr 18, 2011
answered:
Trulia is a a real estate web site. The site contains real estate listings and real estate related infomation. The site doesnt provide other services liek ordering pay offs. Only someone with the borrower's written consent can ever order a pay off on a mortgage. There are privacy laws in place that provide for that protection.

If the home is going into foreclosure, it must be advertised in the local paper of record for that county.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
... more
0 votes 4 answers Share Flag
Thu Jun 11, 2015
answered:
Hi, Carmen. Lender set the qualification criteria from which the contractors is chosen by (i.e. must be licensed, insured, not on a black list ect..). The buyers then find a contractor(s) accoringly. ... more
0 votes 11 answers Share Flag
Tue Aug 20, 2013
answered:
Hey Tony,

Not sure who told you that if a condo building was built before 2009 that a VA Condo ID number is not necessary, but unfortunately that is incorrect. In order to originate and close a VA loan on a condo, the condo building must have gone through the VA approval process (which means there would be a VA Condo ID number).

If you need a resource to get the condo building VA approved (Atlanta, GA is fine), I highly recommend Steve Stenger of Condo Approval Professionals: http://www.condo-approval.com/home.html.

Regards,
Andrew
... more
0 votes 3 answers Share Flag
Tue Dec 6, 2011
Shawn Ryan Rosa answered:
these are grant programs where the city will in essence provide the downpayment for you. while it is true that under certain circumstance you will have to pay the grant (downpayment) back (for instance if you re-sell the home too quickly), i have never personally heard of having to share any potential profits from the sale of the home down the road.

these grant programs are good for buyers without the money for a downpayment.
... more
0 votes 2 answers Share Flag
Sun Jan 2, 2011
Ryan Smith answered:
Wells Fargo is the only lender I know doing manufactured loans. I would check their data base for a home path Approved lender.

Good luck!
Chris Blasic
0 votes 1 answer Share Flag
Mon Oct 14, 2013
Ken Cook answered:
What is your I-485 status? Are you working on you H1B?

Georgia FHA Leader
Ken Cook 877-7000-KEN (536)
NMLS ID 208452

Employer: AmericaHomeKey, Inc. 2300 Windy Ridge Parkway, Atlanta GA 30339. Georgia residential mortgage licensee #23191. NMLS ID 15076. Equal housing lender. Subject to errors, omissions and changes. Loans subject to approval ... more
0 votes 6 answers Share Flag
Tue Nov 2, 2010
Christy Schwartz answered:
Thu Oct 21, 2010
davidwbrower answered:
Fri Oct 22, 2010
Leigh Hays answered:
If the house was foreclosed on already - I doubt the freeze would impact your closing as the freeze is for homes slated to be foreclosed on.

Your real estate agent or the listing agent of the foreclosure should be able to help answer why there are delays in the closing. There should be a specific reason if you had a close date agreed upon but the date has passed. Sometimes there are delays with title that just take time. In one instance - the lender hadn't filed the foreclosure deed and so it had to be filed before closing could take place.

In the case of delays you should have reasons as to why there are obstacles. If you are still waiting for your financing approval - you should contact your lender to find out what delays are involved in the closing.
... more
0 votes 8 answers Share Flag
Fri Oct 22, 2010
Linda S. Cefalu answered:
Could we get a little more information? What delay?
0 votes 5 answers Share Flag
Fri Oct 22, 2010
Sally W. Hamby answered:
Dear Home buyer,

A lot more goes into processing and approving a loan than just the credit score and your income. Many reports to prove you are you have to be ordered and received. The appraisal has to be done and reviewed. The documents for the association managing the unit have to be reviewed to make sure they are in compliance with the guidelines for the loan you are applying for. Not until all the necessary items for the file are received does the loan go to the underwriter. The volume of loans is also slowing down the approval time.

Speak to your loan officer for details as to the status of your loan.

Sally W. Hamby
The Sally Team
Fidelity Bank Mortgage
404 644 7696
... more
0 votes 10 answers Share Flag
Wed Sep 22, 2010
Vooris Lockwood And Burns answered:
Brand Mortgage has the ability to provide loans for less than $50k. You can contact
Trevor Burns
706-215-1894
tburns@brandmortgage.com
0 votes 7 answers Share Flag
Mon Sep 20, 2010
Ken Cook answered:
Generally 12 months construction and includes land and construction. Plan on a max of 70% of costs though there are solutions that go higher - just don't count on them. Construction period is interest only and rates vary based on multiple criteria.

When you need information accurate and with care call
Ken Cook 678-439-8683
NMLS ID 208452

Employer: AmericaHomeKey, Inc. 2300 Windy Ridge Parkway, Atlanta GA 30339. Georgia residential mortgage licensee #23191. NMLS ID 15076. Equal housing lender. Subject to errors, omissions and changes. Loans subject to approval.
... more
0 votes 2 answers Share Flag
Thu Sep 16, 2010
ANDREW OLLICK answered:
Go USDA or conventional. FHA is very strict when it comes to condition.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
skype: napleshomes
www.andrewollick.com/realestateblog ... more
0 votes 10 answers Share Flag
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