Mortgage Blog On Georgia Financing

If you are looking for more information on Purchasing a new home or refinancing with one of the new mortgage products that will be available in 2012.

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No Equity Refinancing.

Network Funding is currently taking application for the newest version to refinance without any equity. The program will begin on March 17th of 2012 so we expect a rush of borrowers looking to refinance.

We will allow borrower who are underwater , not matter what they owe , to refinance their current mortgage.

• One to four Unit Properties
• Primary, Second homes and Investment
• Condo and Coops ok

You must qualify for the mortgage just as a standard mortgage loan. , However the amount you owe on the homes doesn't come in to consideration.

Contact us for more info.

Turn Key Home Fix it Up Product

It has been long discussed that there is limited loan options to purchase a home that is needed repairs. It has been reported  that over 50% of the current foreclosures have major deferred maintenance that are needed on the home. When a home is foreclosures,  the previous owners trashed the home before they left. It may be in a nice part of town, but no one will lend to you because of the current condition of the property.

If there are major repairs needed , you can't get financing on the home or you have to pay cash.  Not until now...

There is a Turn key Solution.

 Either it is for an Investment property or to purchase a home for your own Primary Residence there is now a product which you can pick a home of your own choosing as long as the home will be worth much more after all the improvements are done.

 Find out more about the product and how is works.

The question is,  can this be true? Is there a loan program that allows you to refinance when you owe as much as your home is worth?

The biggest fustration i hear day after day is that homeowers can't refinance:  " I  pay my mortgage on time and all i want is a lower payment and take advantage of the low interest rates" 

Refinance Plus Program

So the answer is: Yes and No. Yes there are programs that will allow you to refinance up to 125% of your appraised value, but your loan must be owned by either through Fannie Mae or Freddie Mac. Just because you pay your mortgage payments to say Wells or Bank of America doesn't mean that your mortgage is not owned by the Big two Agencies. The big banks can be servicers for the agencies so you might be able to refinance.

To check if your mortgage is held with either agency - Go to both of these sites :

Fannie Mae Look up

Freddie Mac "My Mortgage"

If you are eligible,  print the page out that says that your mortgage is agency owned.

A few things on getting a refinance:

You must be current on your mortgage and do not have a second mortgage on it that you took out after your bought your home. If you include the second mortgage and it is above the 125% - you will not qualify.

Also the second mortgage lender must grant you a subordination. In most  cases,  they do not want your mortgage balance to change at all. In otherwords,  you must do a No closing costs loan or pay out of your pocket for the closing and escrow.

If you have an FHA loan and you have been paying on time in the past year, yes .you can refinance under the FHA streamline program. No appraisal or income is required, but your credit score needs to be at least 620 or more. Call us at 770-499-8600 for more details.  

Refinance Options.  

Contact us at: 404-814-4634 Ext 706 for more Information.

C.) Experian: ClickHere

To use the Experian dispute site - you must first get your credit report from Experian -Click Here   before you can proceed with the dispute.


2.) Go to Capital One Credit  and sign up for a $300 Credit limit Credit card.

( IMPORTANT: for Bad Credit choose the "Capital Secured Card" and for No or Average credit choose " Capital One Standard Platinum" card)

Go to Orchard Bank  is a card good for no or low credit scores– They report fast and to all three credit repositories.

Choose the Orchard Bank Visa card or for real bad credit Orchard Bank Secured Mastercard.  See a CNN Review

Mostly these creditors will  approve just about anyone with a minimum credit limit of $300.00 to start off with.

If some strange reason they turn you down – don’t re-apply. They sometimes will deny you and then they will send you an approval a couple days later. This is because not all programs are available on-line. Only charge a $100.00 and start making the minimum payment. In the short term it may hurt your credit if you charge too much. - $28.00 balance on your credit cards seems to be the magic number when you want to maximize your credit scores – NEVER PAY YOUR CARD OFF. That will drop your credit scores quickly.

You need at least 2-3 Credit cards reporting on your credit to make a big difference in your credit scores.

If the credit card companies ask for a security deposit of say $300 dollars, they have approved you for a “Secured Credit Card” and the $300.00 that you give them is held in escrow to borrow off of it. They will report your payment history on certain secured credit cards and will increase your credit scores.

Note: You will have to make 1 or more payments on the cards to the credit card company for them to report on your credit. Credit card companies usually report on or about the 5-6th to the 15^th of every month.

After about 30 days after your receive and charged up on your cards and disputed your credit , call me and let’s review what has been taken off and then we can review the current score.

When you start receiving credit card offers in the mailbox – you know what you’re doing is working. All these credit card companies keep track of scores for potential customers.

Note : It also might be helpful for you to be added to a friend or family members credit card as an "Authorized User" on their account. It most cases they will report on your credit ( maybe not all three repositories)

Be sure their balance is less than 50% of their High Credit limit. Some people say this doesn't work, However we find it does.

IMPORTANT:

If you have a 580 Credit Score and above and you have cash to pay down debt ,contact us before your do anything . We have tools that can eliminate the guess work  and save you time and money. In some cases,  we can increase your score to get a home loan in less than 7 days.

Contact Peter Knap at 770.499.8600 for more info

 

Special Georgia HomePath Buyer Incentives.

 If you are looking for the FNMA HomePath Listings - Click Here

It is often asked " how can I purchase a home when we have low credit scores"?

Since 2008 when the subprime market vanished , the opportunity for buyers to purchase a home when they have a previous Bankruptcy or foreclosure has been eliminated .

We see time and time again ,  clients with money to put down, good job stability and and the willing to buy a home with a low monthly payment.

There are options.

You can use a hard money lender,  but you will need at least 30-40% down to buy a home and with a rate north of 11% or there is the option of a "Lease Purchase Option".

For as little of 3-5% down , sellers are willing to sell you their home.  There are great advantages to both the seller and buyers. The buyers can buy a home for less money since the sellers don't have to pay 6% or more real estate fees at closing and they can sell their home quickly.

Another sellers advantages is with all the foreclosures being sold, their home is now affordable and in the price range to most buyers. Most importantly sellers can now move ahead with their lives into another home.

 Typically,the buyers sign a 6 month to 36 month lease to buy agreement and lock in the purchase  price of the home that they want. The term of the lease is based on the time frame it will take to get the credit approved for government financing. The entire transaction should be handled by a local knowledgeable LP management company which usually charges a small fee to the buyers and sellers.

The entire transaction is conducted just like a purchase transaction with a real estate attorney. The contact protects both the sellers and the buyers.

$100.00 Down - Georgia FHA Foreclosures

    There are Home deals in Georgia that not everyone knows about. 

FHA or Federal Home Loan Adminstarion , has homes that have been through foreclosure and they need to sell them...Fast.

Good for you if you looking for a low down payment and up to $5,000 to do required HUD repairs.

Find how you can qualify and local lists of FHA Foreclosures.