For all FHA mortgages, HUD recently revised its Family Member definition for Identity of Interest. The definition of a family member, for purposes of Identity of Interest transactions has been expanded to include:
· Brother, stepbrother
· Sister, stepsister
· Uncle
· Aunt
These changes are in addition to the previous definitions including:
· Child, parent or grandparent
· Spouse
· Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
· Foster child
An identity of interest transaction is a sale between parties with family or business relationships. Financing above the 85% maximum LTV for identity-of-interest transactions is permitted under certain circumstances.
Family Member Purchase
The 85% LTV limit may be waived if the family member has been a tenant in the property for at least six months immediately predating the sales contract. A lease or other written evidence must be submitted to verify occupancy.
Tenant Purchase
A current tenant, including a family member tenant, purchases the property where he/she has rented for at least six months immediately predating the sales contract. A lease or other written evidence to verify occupancy is required. The maximum financing calculation is not impacted in a sales transaction between a tenant and seller with no identity of interest.
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners. An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding you through the renovation financing process.
After months of pursuing a sale of its mortgage division, MetLife announced today that it would instead wind down its operations. Rumors of potential suitors have been widely reported over the last few weeks. In the end, none ever materialized. As of 5 pm today, the company has stopped accepting new mortgage loan applications. Their press release stated that they would continue to originate reverse mortgages.
Their announcement states that "MetLife Home Loans will continue to service its current mortgage customers. In addition, MetLife Home Loans will honor all contractual commitments for loans in process and expects the majority of loans to close in 90 days."
MetLife entered the forward mortgage business in 2008 with the purchase of First Tennessee Bank's First Horizon Home Loan division. The company announced in December that GE Capital Finance would acquire most of its banking business. Fortunately for their employees, many have had time to pursue other employment opportunities.
As anticipated, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again. On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date.
The inital waiver took effect on February 1, 2010. The expiration date of the waiver was set as 12 months from its starting date. That originally had waiver set to expire on January 31, 2011. HUD issued an extension through December 31, 2011.
The 2nd extension is now effective through December 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing Flip Waiver will remain the same. The Waiver continues to be limited to sales meeting the following conditions:
This is good news for investors purchasing properties to then re-sale them soon afterwards.
Fannie Mae & Freddie Mac Announce 2012 - Conforming Loan Limits for Georgia
The Federal Housing Finance Agency (FHFA) has announced 2012 conforming loan limits. The agency base conforming and high-cost area loan limits will remain at the existing 2011 levels through December 31, 2012. The only county to see an increase is Fairfield County, Connecticut. 
The base conforming loan limit remain at its current level ($417,000 for 1-unit properties in the contiguous United States). Some high-cost areas of the country can exceed the $417,000 limit though. For those areas, the current maximum high-cost limit is $625,500 for a 1-unit single-family property in the continuous United States.
For GA, the conforming loan limit is $417,000 except for Greene County. The Greene County conforming loan limit is $515,200 for 2012.
To search conforming loan limits from across the country, visit Nationwide County Loan Limits.
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Mortgage Planning Specialist, 203K Renovation Loans, REO Specialist, Fannie Mae HomePath, FHA, VA,USDA, Grant Programs - GA Dream, HUD REO, 2nd Homes, Investment Properties, Condos, FHA DELRAP Condo
We offer the best mortgage tools available on the Internet - easy, convenient, on-line shopping for the best loan programs and most current rates available, together with the assistance of an experienced, "live" loan officer to guide you through the often difficult and confusing process of choosing and getting the exact loan to meet your specific needs. Prospect Mortgage is the preferred mortgage company of numerous REO companies.
When it comes to searching for real estate online, I invite you to check out the Home Buyers Scouting Report® (HBSR) from Home Buyers Marketing II, Inc. The HBSR is a FREE, secure website that lets you customize your home search and view all the available homes in this market that match your personal search criteria. And, when newly listed homes that match your search criteria become available, you'll be the first to know with email alerts from HBM II. Click on the link to start your search or contact me for more information.
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About Prospect Mortgage
Prospect Mortgage Company is one of the nation's largest independently owned mortgage bankers, lending in all 50 states. As a national direct lender, we simplify and streamline financing process by underwriting, drawing documents, and funding - all under one roof. We also have the ability to act as a mortgage broker, providing even more options and more competitive rates to our clients. Prospect has the strength, stability, expertise, and program variety to make your loan experience a positive one.
Highlights:
• Full suite of loan programs: First-Time home buyer, conventional, jumbo, super jumbo, FHA, VA, Freddie Mac, Fannie Mae, HomePath, state and local bonds, renovation, reverse mortgage, private mortgage banking, and more.
• Banker / Broker Model provides the best of both worlds to our clients and business partners. You benefit from greater control over real estate transactions and access more loan program options.
• Strong capital backing, from Sterling Partners, a multi-billion dollar private equity firm.
• Our Loan Officers: We hire only the most experienced and talented Loan Officers, and provide them with continual advanced training. We pride ourselves on delivering superior customer service and the highest levels of integrity.
Equal Housing Lender. Prospect Mortgage, LLC, NMLS #3296. I am a licensed mortgage originator, NMLS# 151088, and am licensed to originate mortgage loans in the following state(s): Alabama,Georgia. To learn more, visit my Prospect Mortgage website at www.rodneymason.com. GA Residential Mortgage License #16984.
We are a full service mortgage lender offering a variety of mortgage financing options, including:
Here are just a few testimonials for the hundreds of homeowner's that I have assisted over the years.
"Thanks so much for making my 1st home buying experience so easy . You really did hold my hand through a few frustrating moments. I'm so grateful you're patient. I couldn't have been more comfortable revealing all of my financial "stuff"." - AH - Atlanta, GA
"Just a note of "thanks" for all the work you put into our property. Really appreciate it!" A&MM - Atlanta, GA
"Just a quick note to say thanks for making the whole "home financing thing" sooo much easier for me. From day one, you made me feel confident in the whole process. Thanks for all of your help in getting us there" - CP - Decatur, GA
"I just wanted to express my deepest gratitude for your assistance & guidance through the home buying process. I truly appreciate all the things I've learned from you." - JA - Stone Mountain, GA
"Thank you for helping us get our new home." - CB & ML - Atlanta, GA
"Thank you so very much for all your help in working on obtaining the loan for my new home." LS - Alpharetta, GA
"I've really enjoyed my house. I'm glad you showed me I could swing it." - VA - Atlanta, GA
"You very very pleasant and patient with the whole process. I knew the day I met you that you were the one. Thanks." - WW - Covington, GA
"Rodney was perfect in every way. I really liked working with him!" - RD - Waleska, GA
"Communication was excellent" - CH - Ellijay, GA
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