Atlanta Mortgage & Refinance Specialists

No Closing Cost Refinances

Let us take care of your closing costs on your next refinance using a no closing cost approach. By taking a slightly higher interest rate, you can avoid the cost of refinancing by allowing us to pick up the tab. Then, sit back and wait for our proprietary system to alert you that it's time for another no closing cost refinance, and we'll drop your rate again. Sign Up for our RateWatcher program or get a Fast Quote now.

FHA Loans

The Ryan Mortgage Team is an approved FHA Lending Institution. We are proud to display the HUD logo as fewer than 10% of mortgage brokers in operation today have the honor of being HUD approved. With this approval, we are now able to originate some of the most aggressive loan programs available today. These include the FHA 97% Purchase Loan, the FHA 97% rate and term refinance, the FHA 95% cash out refinance, and the FHA streamline refinances.

Additionally, we are also proud to offer the FHA renovation programs in the form of both the standard FHA 203k Renovation Loan and the FHA Streamline-K or Streamline 203k loan which allows up to $35,000 in repairs.

We are also able to offer no money down FHA programs through our relationships with a number of FHA Down Payment Assistance programs.

Atlanta Mortgage Blog - Keep track of Atlanta Mortgage Rates

Another Delay in the FHA Condo Spot Approval Elimination
Thu, 22 Oct 2009 15:00:34 +0000

The spot approval changes have been delayed yet again.  We’ll see if they can hit date number 3.

Here’s the official word:

FHA Condo Approval / Spot Approval Update
Sat, 26 Sep 2009 14:00:32 +0000

As we discussed in prior updates, FHA is changing the process for approving Condo projects, and will be eliminating the “Spot Approval” process.  They have delayed the implementation of the new process until Nov 2.  NOTE:  Many wholesale lenders have already stopped doing “spot approvals” in anticipation of this change - so understand that some brokers and other lenders may already be unable to do spot approvals.

We can STILL DO spot approvals, at least for now, for FHA case numbers issued prior to Nov 2.  Call me if you have any buyers who are trying to close on a condo for the First Time Homebuyer Tax Credit!

FHA Announcements / FHA Condo Approval Process
Sat, 26 Sep 2009 13:59:57 +0000

FHA announced many changes this week, issuing 5 Mortgagee Letters.   One announcement is that after Jan 1, FHA is adopting HVCC is most of it’s current form - the same one adopted by Fannie & Freddie in May.  That means that mortgage originators will no longer be able to order appraisals from appraisers directly for FHA appraisals.  In addition, FHA appraisals will now be good for 4 months, instead of 6 months as before - and they clarified how to handle the appraisal when borrowers switch lenders on an FHA loan.  They re-stated that the initial lender must transfer the appraisal to the new lender, but also allowed for a second appraisal to be ordered in specific instances.

Realtors may still provide comps to appraisers on FHA transactions, but not an estimate of value - a fine distinction.

Keep in mind - this change will have no impact on Wells Fargo, as we are already in compliance.  We have a good process already for appraisals, no worries with us on this one!

Additionally, FHA announced some items they are considering - instead of a net worth of $250,000, lenders must have a net worth of $1 million.  Mortgage brokers will no longer get individual FHA licences, they would originate through larger lenders who would assume the risk for those loans.  It is unclear what these proposed changes would mean - it could mean that more brokers will have access to FHA, but it could also mean that many medium size companies will no longer meet the net worth requirement.  Regardless of how that plays out, remember that you really want an FHA expert working with your buyers - don’t let loan officers get their “on the job training” on your files!