Peachtree City FHA VA USDA Mortgage Loans» Peachtree City Newnan Atlanta Georgia Mortgage Loans – FHA, USDA, Jumbo and Conforming – We lend in 50 States

USDA Loan Update – Important Please Read

brian_alg — Fri, 19 Mar 2010 23:37:47 +0000

Effective immediately, we are temporarily not accepting new loan applications for USDA loans. This is not just a Georgia USDA loan issue, but is national. The USDA Rural Development program has announced they are running out of funds, and may not have new funds until October, 2010.
Please contact me regarding FHA financing, as this is a great alternative.

HUD Removes FHA Mortgage Origination Fee Cap

brian_alg — Fri, 29 Jan 2010 05:54:12 +0000

While this was designed to comply with the RESPA GFE changes for 2010, which mandate that all origination related costs are put into one box on the GFE — it does open the door for unscrupulous mortgage companies to charge a premium here.

If you are getting a new FHA loan or doing an FHA mortgage refinance, you should only pay 1% in origination fees plus your underwriting, processing, and similar fees. The new GFE will cause all borrowers to have a perceived origination cost much higher than in the past, but the reality is that this just a streamlined way of representing the costs of your new loan on the GFE.

FHA loans are designed to help the borrower. If you are uncomfortable in any way with your estimate, ask questions or better yet, get a 2nd opinion. It won’t cost you anything, and could save you thousands of dollars over the life of your FHA loan.

Improving your credit score

brian_alg — Wed, 13 Jan 2010 03:06:16 +0000

For those clients that need assistance correcting errors or past blemishes on their credit report and would like to work with a professional firm, we recommend the following firm:

CreditMac – www.creditmac.com

CreditMac offers a refreshingly simple and consumer friendly pricing model – they get paid when they deliver results! Visit their site for details.

USDA Loans – Min Credit Score

brian_alg — Tue, 09 Jun 2009 03:27:46 +0000

USDA has raised their credit score requirements to 620 from 580. While that is bad news for some, they have raised their income ceiling dramatically. If you think you make too much money, it may be worth a 2nd look!

Loan Modifications

brian_alg — Sun, 10 May 2009 22:09:31 +0000

We receive many questions about loan modifications. If you are looking to modify your existing loan – whether you have an ARM that has adjusted way beyond your ability to pay, or you have suffered a “hardship”, perhaps we can help get you in the right direction.

Feel free to email/call to discuss your situation.

Jumbo and Super Jumbo 5-year ARMS – HOT

brian_alg — Mon, 20 Apr 2009 03:03:29 +0000

While the 30-year rates on jumbo and super jumbo loans are still north of 6%, ARMs are hot. Depending on your time horizon, rates range from 3.25% to 5.75%. The sweet spot is with the 5-year Arm between 417k and 1mm — 4.625% !!!

Georgia Senate Bill 57 Defeated!

brian_alg — Wed, 08 Apr 2009 01:31:24 +0000

The below is a summary I received from one of our investors about the successful mortgage industry coalitition that halted a possible devastating anti-consumer mortgage law from being passed. In this time of turmoil in the financial and credit markets, there are many opportunities for politicians looking to make a name to sponsor new laws that while sounding great in the headlines, actually remove choice and potentially will raise here in Georgia and Florida.

I am very pleased to report that the mortgage industry in Georgia was succesful in stopping Georgia’s Senate Bill 57 in the Rules Committee of the House this year. With the closing of the state legislative session on April 3rd, SB 57 now poses no threat until it is potentially revived next year. It is my understanding that in next year’s session, SB 57 will be revived and reassigned to another Senate Committee for work and review. While that may or may not come to pass, we have laid an excellent groundwork to oppose this and future bills that could negatively impact our industry.

The team at Anderson Lending Group works hard with state and national legislative committees to prevent harmful legislation from being passed that would severely limit not the ability of our customers to obtain financing.

Super Jumbo Loans and Mortgage Rates

brian_alg — Wed, 08 Apr 2009 01:25:41 +0000

We have been getting significant traffic on our website and inbound calls about rates and jumbo/super-jumbo loans. As of today, there is no strong 30-year fixed pricing for jumbo and super jumbo loans. While you can find rates in the low to mid 6’s, you cannot expect to see the historic rates we are seeing on the conforming loans available for these large jumbo and super jumbo products.

The best option for financing a property over 417k and less than 1.2 million is with an ARM. Rates range from 4.75 to 6.5%, depending on the length of the ARM. A sweet spot in the low 5’s exists for well-qualified borrowers on jumbo loans. I don’t expect this to change in the near future. If you have a jumbo loan and are only slightly over the 417k limit, it is definitely worth your paying it down to under the cut-off so that you can take advantage of once in a lifetime pricing on conventional loans.

An example from today’s callers:

765 middle credit score, 2 million dollar purchase price with a 1.2 million dollar down payment. This is only a 40% LTV. The rate available at wholesale to this customer was a 5.20% on an ARM. Interest-only is available on these jumbo loans!

Getting a Loan After a Foreclosure – An all too Real Reality for Many Borrowers

brian_alg — Tue, 07 Apr 2009 04:47:37 +0000

I had a nice conversation today with a couple who live on the Georgia coast. They had a foreclosure just over 2 years ago, but have truly rebuilt their credit profile. With a 650ish credit score and a solid income, how long before they could buy a home again?

Conventional programs require 4 years now after a foreclosure. The right answer for them turned out to be an FHA loan. With 24 months of good credit since the foreclosure, they are able to qualify for an FHA loan with rates in the low 5’s. Amazing isn’t!

Investor Loan Rates

brian_alg — Tue, 07 Apr 2009 03:57:55 +0000

To answer one of our more popular questions…..”What type of investor loan rates can I get? ”
Assumptions:

720+ credit score

75% LTV

Purchase or Rate and Term Refinance

Loan Amounts between $150,000 and $417,000

Your wholesale rate for today with 1 origination point: 5.25%