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.

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%

Peachtree City Named “Best Affordable Suburb” in all of Georgia

brian_alg — Tue, 07 Apr 2009 03:44:45 +0000

In March, BusinessWeek Magazine named Peachtree City as Georgia’s Best Affordable Suburb. The article notes Peachtree City’s lakes and recreation amenities, along with its 90-mile network of multi-use paths and golf carts.

In choosing the best in each state, BusinessWeek focused on towns within 25 miles of each state’s largest city, featuring good schools, low crime, reasonable commutes, strong economies, and overall quality of life.

Georgia

Best affordable suburb: Peachtree City
Nearest major city: Atlanta
Population: 38,736
Median household income: $93,046
Median home price: $247,900
Unemployment rate: 3.6%
Violent crime index: 6

The magazine evaluated communities on a variety of factors but weighted affordability most heavily. None of the places had populations of more than 60,000 or less than 5,000.

Peachtree City also ranked in the top 100 CNN/Money Magazine “Best Places to Live in the U.S.” in 2005 and 2007, was named as one of the “Best Places to Retire” by U.S. News and World Report in 2007 and by Retire Georgia in 2008, and was featured in Newmax Magazine’s “10 Great Places for Boomers” in 2009.

Peachtree City Mortgage Loans

brian_alg — Thu, 02 Apr 2009 02:59:33 +0000

While the economy is suffering, the Peachtree City real estate market is holding it’s own. Peachtree City Mortgage loans are widely available, with mortgage rates between 4.375% and 4.75%.

Clients seeking mortgage loans in Peachtree City find that the housing supply exceeds demand, allowing them to choose from a large selection of properties. Even in this market, the property values are only down a little bit, as Peachtree CIty is avoiding the widespread losses that are occuring elsewhere. While the values are staying relatively safe, what is an issue that most sellers are facing is longer times on the market.

Mortgage products available include 30-year fixed, 15-year fixed, numerous ARM products, with interest-only options. Most Peachtree City borrowers choose fixed mortgage loans. In this time of historic great rates, who could blame them!?

Newnan Georgia Mortgages

brian_alg — Thu, 02 Apr 2009 01:12:02 +0000

Anderson Lending Group is based in Peachtree City, adjancent to Newnan. We have hundreds of clients in Coweta County, and have worked in the Newnan mortgage market for over five years. Feel free to give us a call or drop an email for personal service.

The rates are amazing right now, and despite the news media’s daily forecast of despair, it’s not that bad! Anytime you can get a mortgage rate on a fixed 30-year loan below 6 is amazing..and right now we are writing 4.5% for qualified customers.

As the weather beings to warm up, think about the hundreds you can save off of your mortgage and give us a call today!