Congrats on your upcoming move!...it looks like you're getting the process started by doing some preliminary online research...smart move!
The Atlanta metro area has tons of neighborhoods that attract different people for a variety of reasons and that vary widely in price point so there are a lot of factors at play in making the 'location' decision....so talking to lender would likely be your first step if you haven't done so already to help focus your search. I have several that I work with and I'd be happy to provide some referrals.
Atlanta has some awesome Intown neighborhoods that offer you all the conveniences of the city but still maintain a strong sense of neighborhood solidarity.I live and specialize in the Intown Atlanta market. I have profiled some of Intown Atlanta's most popular neighborhoods on my website http://(www.LaDonnaSuggs.HarryNorman.com), feel free to familiarize yourself with what these neighborhoods have to offer. I'd be happy to discuss this further to get a sense of what you're looking for to provide a more specific response and some neighborhood suggestions for you to consider. Feel free to call or email me directly.
LaDonna B. Suggs, Realtor & Accredited Relocation Specialist
Earning Your Trust, Representing Your Interests, & Exceeding Your Highest Expectations
Harry Norman, REALTORS® Intown Office
1531 Piedmont Road | Suite B | Atlanta, GA 30324
D: 404.494.0504 |F: 404.497.5521 | O: 404.897.5558
Visit Me on Facebook!
*Inquiries & referrals are always welcomed and greatly appreciated* - Sat Nov 9, 2013... more
The LPMI rate would be .45%, or $82.50/month.
Give me a direct call with any other scenarios or questions.
Gregory J. Peters
Sales Manager | Evolve Bank & Trust
770-255-3835 | cell 770-864-7926
FHA requires borrowers who weren't paying their mortgage when they sold their house to wait three years before they can qualify for a home loan. That time penalty may be waived in certain cases, including long-term job loss. There is no FHA time penalty for homeowners who made their house payments in the 12 months before their short sale. The size of a down payment can also shorten the waiting period.
New FHA borrows will need to have a credit score of at least 580 to qualify for the low down payment loan. If your FICO score is less than 580, you are not disqualified for a loan, but you will be required to put a minimum of 10% down.
Because you would be putting less than 20% down, you will be required to pay mortgage insurance. FHA has an upfront fee of 1.75% which is wrapped into your loan and a monthly fee of 1.30 % if the original loan amount to value is less than 95% and 1.35% if you put less than 5% down.
Typically, once you reach a 20% equity position, the PMI is removed. Not so with the new FHA loan changes. The insurance stays on your loan for the life of the loan for all new loans starting in June 3, 2013.
For example, if you are paying $112.50 (borrowing $100,000) per month in mortgage insurance and you pay the mortgage for the full 30 years, you will have paid $40,500 for insurance that benefits the lender.
Make sure you weigh the long-term costs to the short term benefits before you go get a loan.... more
MORTGAGE LOANS FOR NON-US CITIZENS
We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.
We will try to describe these options from least difficult to most difficult.
PERMANENT RESIDENT ALIENS
These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the ?green card? issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.
H1B VISA HOLDERS
H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.
Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.
It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.
For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.... more
The first step to purchasing a home is first to speak with a qualified lender to get preaproved for a home loan. They will verify your information regarding your credit scores, income and debt expenses to determine your qualification. They will let you also know how much money you may need for a downpayment on your new home. If you decide to move to Atlanta, Georgia give me a call I will be happy to assist you with your real estate needs.
Keller Williams Realty Atlanta Classic
404 564-9500 Office... more
That is certainly possible. I would need to learn more about your project and your income sources to know whether I can help you.
You are welcome to reach out to me by email or cell and I will do what I can to assist you and get you into a construction loan program that would be more attractive than a hard money loan.
Timothy Brown | LPO Manager
EVOLVE bank & trust
11605 Haynes Bridge Road Suite 125
Alpharetta, GA 30009
o. 770.255.3880 | f. 678.935.1156 | m. 678.467.9959
NMLS #:168281... more
Selena, it has been my experience that working with clients using housing vouchers is very time consuming - especially for the little commission you end up getting. As you know, inventory is low and so many homeowners just don't want housing vouchers tenants in their units. But if you are going to do this, the College Park, East Point and SW Atlanta (zip codes 30311, 30315,30310, 30349) might be your best bests. I have not seen vouchers good for 6 months - usually for a year because that is what the rental usually requires 12 months up to 24 months rental. It is not always stated in the rental listing whether section 8 is accepted, so you will have to try to reach each listing agent or the property management company to get the details for that. My suggestion is that you look at or call some of the property management companies and then check out their website. I know that Invitation Homes now process Section 8 renters so look on their website for all the other details. Again, this is an awful lot of work - a lot of research and a lot drive time.... more
You don't have to close your loan with her lender. It's not written in the special stipulations part of the contract is it? Do you have buyer's representation? If not, you can contact the agent's broker directly and explain the situation. If you do, your agent should be handling this for you.
Jen and Mark Bowman
Keller Williams Realty
Sometimes "artists" have a vision... and while that vision might be wonderful, it doesn't prove to be all that practical.
Maybe they can discuss what staging they can do without removing those sets.... more
Hi Marva, are you in need of assistance in finding homes under $75,000?
They are getting very scarce and you would need to act rather quickly on some of them.
Also, please keep in mind that because the price is low does not mean the condo association is low as well.
If you have any other questions or concerns, please feel free to contact me.
866-260-7180 Fax... more
I would recommend Academy Properties. They are located in McDonough and are a member of NARPM (National Association of Residential Property Managers).
Ask for Earlene Gardner, phone # - 770-957-9550 or email : email@example.com
Whoever you decide to use, make sure they are a NARPM member.
If you have any additional questions, call me eat: 678-488-0183
PowerHouse Property management... more