The USDA program is still offering 100% financing. There are income & geographic limitations (see links below).
Here are some highlights of the program that you should be aware of:
USDA Income Limitations
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&urlToLoad=http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm&NavKey=incomelimit@12
USDA Property Address Search
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
It is always advisable to consult with a Certified Mortgage Planning Specialist (CMPS) when navigating today's turbulent mortgage and real estate marketplace. As a CMPS professional, I am committed, qualified and equipped to help you evaluate your options!
*************************************************************************************
Rodney Mason is a Certified Mortgage Planning Specialist located in Atlanta, GA. He is also 203K Renovation Loan and REO Property Specialist. He can be reached at (404) 591-2453.
There are some TEMPORARY revisions to the GA Dream Plus Down Payment Assistance Program.
FOR A LIMITED TIME THERE ARE SPECIAL GUIDELINES FOR HOME BUYERS PURCHASING IN COUNTIES DESIGNATED AS DISASTER AREAS
Twenty One (21) GA counties have been designated as Federal Disaster Areas as a result of the recent floods.
The counties are Carroll, Catoosa, Chattooga, Cherokee, Cobb, Crawford, Dawson, DeKalb, Dooly, Douglas, Fulton, Gwinnett, Heard, Houston, Newton, Paulding, Peach, Rockdale, Stephens, Taylor & Walker.
Home Buyers in these counties are eligible for Georgia Dream First Mortgage Loans with "Plus" Down Payment assistance and these special provisions:
* Home Buyers Do NOT have to be first time home buyers.
*Higher purchase price limits:
Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor and Walker - $250,000
Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding and Rockdale - $300,000
* Higher Household Income limits:
Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor & Walker
1 or 2 persons $73,000
3 or more persons $85,000
Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding & Rockdale
1 or 2 persons $86,000
3 or more persons $100,000
DCA has not yet announced when these temporary changes will end.
It is always advisable to consult with a Certified Mortgage Planning Specialist (CMPS) when navigating today's turbulent mortgage and real estate marketplace. As a CMPS professional, I am committed, qualified and equipped to help you evaluate your options!
*************************************************************************************
Rodney Mason is a Certified Mortgage Planning Specialist located in Atlanta, GA. He is also 203K Renovation Loan and REO Property Specialist. He can be reached at (404) 591-2453.
On September 18, 2009, HUD announced changes to the validity period of a FHA appraisal. This announcement was made in Mortgagee Letter 2009-30. These changes are effective for all FHA case numbers assigned on or after January 1, 2010.
This mortgagee letter announces a change to the validity period for all appraisals used for FHA-insured mortgages. The validity period for all FHA appraisals on existing and proposed and under construction properties will be reduced to 120 days. This change is designed to align FHA's requirements pertaining to the validity of an appraisal with current industry practices.
This is a change from the current validity periods of six months for an appraisal of an existing property that is complete, and 12 months for proposed and under construction properties. The 120 day limit applies to all properties regardless of whether they are existing, proposed, or under construction.
This is one of many recent changes HUD has announced concerning FHA appraisals.
It is always advisable to consult with a Certified Mortgage Planning Specialist (CMPS) when navigating today's turbulent mortgage and real estate marketplace. As a CMPS professional, I am committed, qualified and equipped to help you evaluate your options!
************************************************************************************
Rodney Mason is a Certified Mortgage Planning Specialist located in Atlanta, GA and is also 203K Renovation Loan and REO Property Specialist. He can be reached at (404) 591-2453.
On September 18, 2009, HUD announced changes to the guidelines pertaining to the transferring of a FHA appraisal. This announcement was made in Mortgagee Letter 2009-29. These changes are effective for all FHA case numbers assigned on or after January 1, 2010.
This mortgagee letter addresses the portability of appraisals for the purpose of facilitating the loan process when a borrower switches from one Federal Housing Administration (FHA) approved lender (first lender) to another (second lender) and an appraisal was ordered by and completed for the first lender.
FHA prohibits "appraiser shopping" where lenders order additional appraisals in an effort to assure the highest possible value for the property and/or the least amount of deficiencies and/or repairs are noted and required by the appraiser.
A second appraisal may still be ordered by the second lender under the following limited circumstances:
1. The first appraisal contains material deficiencies as determined by the Direct Endorsement underwriter for the second lender.
2. The appraiser performing the first appraisal is on the second lender's exclusionary list of appraisers.
3. Failure of the first lender to provide a copy of the appraisal to the second lender in a timely manner would cause a delay in closing, posing potential harm to the borrower.
Potential harm includes events outside the control of the borrower such as loss of interest rate lock, purchase contract deadline, foreclosure proceedings, and late fees.
If a second appraisal is ordered, the lender must document why a second appraisal was completed.
Appraisal Transfer and Change of Client Name in Appraisal Report
In cases where a borrower has switched lenders, the first lender must, at the borrower's request, transfer the case to the second lender. FHA does not require that the client name on the appraisal be changed when it is transferred to another lender.
In accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), the lender is not permitted to request that the appraiser change the name of the client within the appraisal report unless it is a new appraisal assignment. To effect a client name change, the second lender and the original appraiser may engage in a new appraisal assignment wherein the scope of work is limited to the client name change. A new client name should include the name of the client (lender) and HUD.
This is one of many recent changes HUD has announced concerning FHA appraisals.
It is always advisable to consult with a Certified Mortgage Planning Specialist (CMPS) when navigating today's turbulent mortgage and real estate marketplace. As a CMPS professional, I am committed, qualified and equipped to help you evaluate your options!
************************************************************************************
Rodney Mason is a Certified Mortgage Planning Specialist located in Atlanta, GA and is also 203K Renovation Loan and REO Property Specialist. He can be reached at (404) 591-2453.
Housing Tax Credit
Georgia First-Time Home Buyers borrowers qualify for the State of Georgia Tax Credit. Governor Sonny Perdue has signed HB 261 providing a one-time state income tax credit to first time home buyers.
This credit is 1.2% of the purchase price or $1,800.00, whichever is less.
Homes must be purchased between May 11 and November 11, 2009.
This tax credit is in addition to the Federal Tax Credit.
It is always advisable to consult with a Certified Mortgage Planning Specialist (CMPS) when navigating today's turbulent mortgage and real estate marketplace. As a CMPS professional, I am committed, qualified and equipped to help you evaluate your options!
*************************************************************************************
Rodney Mason is a Certified Mortgage Planning Specialist located in Atlanta, GA. He is also 203K Renovation Loan and REO Property Specialist. He can be reached at (404) 591-2453.
Certified Mortgage Planning Specialist 203K Renovation REO Specialist First Time Home Buyers FHA/VA Grant Programs HUD REO Properties 2nd Homes Investment Properties Condos Reverse Mortgage
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Less than 2% of mortgage bankers and brokers hold this designation. CMPS professionals have demonstrated financial knowledge and expertise to help you to make the best decisions with possibly your single largest debt, your mortgage, and single largest asset, real estate equity. You can be assured that as a mortgage professional with CMPS, I have has met rigorous peer-developed and reviewed standards endorsed by a national professional body. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors, regardless of the diversity of specializations within the industry.
For more information on why you need to use a CMPS professional, please visit: http://cmpsinstitute.org/public/why_you_need
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