Breaking News Georgia Will you miss your chance to get a new loan up to 125%? Program to end soon

Breaking News Loan up to 125% on the HARP or Home Affordable program set to expire June 2011

H.A.R.P. Home Affordable Program

The Home Affordable Program is designed for homeowners who pay their mortgage on time but are not able to refinance because they have little or no equity in their home. But hurry this program is set to expire and many lenders do not understand the program or are too busy with the REFI boom to help you close your loan.

We understand and can help see ATLrates.com or call 770-792-7979  or  Outside Atlanta call 1-800-792-0068

You must meet the following criteria to qualify for the Home Affordable Program:

1. Your current loan must have been sold to Fannie Mae or Freddie Mac.  To find out, contact your current loan servicer or visit: http://www.makinghomeaffordable.gov/loan_lookup.html
   
   
2. During the last 12 months, all of your mortgage payments must have been made within 30 days of the due date.
   
   
3. Your new loan amount may not exceed 125% of the current appraised value of your home. 

To view rates and obtain a good faith estimate for a Home Affordable refinance with ATLRATES.com.


Frequently Asked Questions

If I have a first and a second mortgage, do I still qualify?

As long as the balance due on the first mortgage is less than 125% of the value of the home, you may qualify.  The lender on the second would have to agree to subordinate their loan to the new first mortgage, thereby remaining in second position.

Can I get cash out to pay off debts?

No.  However, provided the new loan amount will not exceed 125% of the value of the home, you may include all closing costs in the new loan so you don’t have to come out of pocket with any cash.

If I’m delinquent on my mortgage, will I still qualify?

No.  Borrowers who are currently delinquent on their mortgage should contact their current lender/servicer and ask about a loan modification.

Will I need mortgage insurance?

If your existing loan does not have Private Mortgage Insurance (PMI), it will not be required as part of your HARP refinance either. If your existing loan has PMI, your HARP refinance will also require it. PMI for this program will only be available through your existing PMI company.

Below are the HARP PMI guidelines of the major PMI companies:

HARP REFINANCE PMI GUIDELINES
Existing PMI Company	Refinance with New Lender	Refinance with Existing Lender
Genworth (Formerly GEMICO)	Max 105% LTV	Max 125% LTV
	45% Max DTI	Per AUS Approval
	New Premium	Same Premium
MGIC	Max 105% LTV	Max 125% LTV
	45% Max DTI	Per AUS Approval
	Same Premium	Same Premium
	.5% Upfront Fee
PMI	Max 125% LTV	Max 125% LTV
	Per AUS Approval	Per AUS Approval
	Same Premium	Same Premium
Radian	Max 105% LTV	Max 125% LTV
	45% Max DTI	Per AUS Approval
	New Premium	Same Premium
UGI	Not Available	Max 125% LTV
		55% Max DTI
		Same Premium
RMIC	Max 105% LTV	Max 125% LTV
	55% Max DTI (41% if Mtg payment increases)	No DTI Requirement
	New Premium	Same Premium

How long will the Home Affordable Program be available?

The program expires on June 30, 2011. Your refinance transaction must be closed and funded on or before that date.

GEORGIA MORTGAGE MARKET COMMENT Ocotober 11, 2010

Cobb County Atlanta, Georgia: Overall, I am expecting to see a fair amount of mortgage rate movement in mortgage rates this week, especially the latter part of the week. 
GAS IS UP!  MEAT IS UP!  CORN IS UP!  and trend is starting to develop. The key reports come Friday, so we can label it the most important day of the week. But the active week for corporate earnings can also heavily influence trading and mortgage rates any day of the week. Accordingly, please proceed cautiously and maintain contact with your mortgage professional if you have not locked an interest rates yet. Please see Georgiamortgagerates.emortgageco.com to see competitive pricing we serve all of Georgia now in our 17th year.
This week brings us the release of five economic reports that are of interest to the mortgage market along with the minutes from the last FOMC meeting and two important Treasury auctions. The week also gets heavy in quarterly earnings releases for companies, which could cause significant movement in the stock markets. The earnings results could affect bond trading as investors move funds into stocks if the reports are good. The other possibility is that the earnings reports would generally disappoint, meaning investors may move funds out of stocks and into bonds as a safe-haven. The latter would be good news for the bond market and mortgage rates.



We are open today helping are clients  but the bond market is closed todayi n observance of the Columbus Day holiday and will reopen Tuesday morning. The stock markets are open for trading tomorrow, so their movement is worth watching as a sizable move up or down in the major indexes may influence bond trading and mortgage pricin g early Tuesday morning. I suspect many mortgage lenders will be closed tomorrow, as will U.S. banks. If anyone is open for business and does post rates tomorrow, you can expect to see an increase of approximately .125 - .250 of a discount point from Friday's morning pricing due to weakness in bonds late Friday afternoon.

The first piece of data comes at 2:00 PM ET Tuesday afternoon when the Fed releases the minutes from their last FOMC meeting. These may be a major mover of the markets or could be a non-factor, depending on what they say. The key will be concerns over inflation and the Fed's next move. If Fed members were concerned about inflationary pressures, we may see the bond market move lower and mortgage rates higher Tuesday afternoon. However, if they repeat recent comments and statements that inflation is not of much concern and that there is still considerable concern about the economy, we should see little reaction in mortgage rates or a small improv ement. Also worth watching is any discussion about the Fed getting more involved with purchasing government or mortgage debt. Any indication of them making more purchases should be taken as very good news for mortgage rates and will likely lead to lower rates Tuesday afternoon.

Wednesday's only event is the first of two important Treasury auctions this week. The sale of 10-year Notes will be held Wednesday while 30-year Bonds will be sold Thursday. We often see some weakness in bonds ahead of the sales as the firms participating prepare for them. However, as long as the auctions are met with decent demand from investors, the firms usually buy them back. This tends to help recover any presale losses. But, if the sales are met with a lackluster interest from investors- particularly international buyers, the bond market may move lower after the results are posted and mortgage rates may move higher. Those results will be announced at 1:00 PM each sale day.

September's Producer Price Index (PPI) will be release early Thursday morning. This is one of the two very important inflation readings we get each month. This index measures inflationary pressures at the producer level of the economy. Analysts are expecting to see a 0.2% increase in the overall index and a 0.1% rise in the core data reading. The core data is the more important of the two because it excludes more volatile food and energy prices. A larger than expected increase could fuel inflation concerns in the bond market and push mortgage rates higher. However, weaker than expected readings should lead to lower rates Thursday.


August's Trade Balance report will also be released early Thursday morning. It gives us the size of the U.S. trade deficit but is the week's least important report and likely will have little impact on the bond market and mortgage rates. Analysts are expecting to see a $44.5 billion deficit, but it will take a wid e variance to directly influence mortgage pricing, especially since an important inflation report is also being posted at the same time.

The week closes with three reports being posted Friday morning, two of which are extremely important to the markets and mortgage rates. The first is September's Retail Sales report that measures consumer spending. This data is very important to the markets because consumer spending makes up two-thirds of the U.S. economy. Therefore, any related data is considered to be highly important. If we see weaker than expected readings in this report, the bond market should respond favorably and mortgage rates should drop. However, stronger than expected sales would fuel optimism about the economy and would likely lead to a stock rally that hurts bonds prices and pushes mortgage rates higher. Current forecasts are calling for a 0.4% increase in sales. Good news for the bond market and mortgage pricing would be a smaller increase.




Friday's second major economic release is September's Consumer Price Index (CPI). It measures inflationary pressures at the consumer level of the economy and is one of the most important reports that the bond market gets each month. Analysts are expecting to see a rise of 0.2% in the overall index and an increase of 0.1% in the core data reading. A larger than expected increase in the core reading could raise inflation concerns in the bond market and push mortgage rates higher. Inflation is the number one nemesis of the bond market because it erodes the value of a bond's future fixed interest payments. When inflation is a threat, bonds sell for discounted prices that push their yields higher. And since mortgage rates tend to follow bond yields, this leads to higher rates for mortgage borrowers. This is one of the most important reports we see each month, so its impact on mortgage rates could be significant.

The last report of the week is October's preliminary reading to the University of Michigan's Index of Consumer Sentiment late Friday morning. This index measures consumer willingness to spend and usually has a moderate impact on the financial markets. Good news for the bond market would be a sizable decline in consumer confidence, but due to the importance of the day's other two reports, I suspect this data will have little impact on mortgage rates. It is expected to show a reading of 68.6, up slightly from September's final of 68.2.




If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days...  This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. Please call or email if we I can help.

From MortgageMonday.com The New Conforming Mortgage Guidelines, Effective September 1, 2009

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Here our New Conforming Mortgage Guidelines, Effective September 1, 2009 Posted: 28 Aug 2009 07:45 AM PDT FROM ATLLOANS.com: As a reminder, Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009. Starting next week, being approved for a home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention. President of Capital City Mortgage Investments ,Peter Bright shared the updates below: Stock options are no longer eligible for "reserves" Relocating families can't use the "trailing" spouse's projected income "Tip" income must be documented and verified Lenders must call employers to verify employment Lenders must verify tax transcripts against IRS records But there are other changes, too. As examples: Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements. Only 70% of stock, bond and mutual values may be used as reserves Only 60% of retirement assets may be used as reserves Consider this post to be your advance warning. Not everyone that qualifies for a mortgage on Monday, August 31 will qualify on Tuesday, September 1. Therefore, if you have a pending need for a mortgage -- for either a purchase or a refinance -- it's probably best to talk with a lender as soon as possible. The deadline is based on the date of application -- not the date of closing. Read the complete Fannie Mae announcement online. See ATLLOANS.com for more information on how to apply.

Home Supplies Plummet, Putting Pressure On Home Prices To Rise Posted: 27 Aug 2009 07:45 AM PDT It's no wonder that builder confidence is soaring -- their inventory of homes for sale is depleting at a furious pace. For the 4th straight month, New Home Sales gained, posting the best numbers since last September's meltdown and handily beating economist expectations. The available supply of homes is down to 7.5 months nationwide. It's further evidence that the housing market may have bottomed at some point this past spring. To be sure, the strong housing data is, in part, a reaction to three outside factors: Low mortgage rates An expiring government tax credit Hefty builder incentives But, buyers are buyers and the clearing out of outstanding inventory provides terrific support for home prices. It also gives them reason to rise. Coupled with the blowout Existing Home Sales numbers from July, therefore, this months' New Homes Sale report may be a signal that the Buyers' Market is ending and the Sellers' Market is beginning. If you're planning to buy a home this year or next, it may be time to get a move on. Wait too long, and prices may be up. see ATLLOANS.COM for help today

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