Atlanta Mortgage & Refinance Specialists
Primacy Mortgage is far different than anything you have seen in the mortgage business. In an industry cluttered with
companies who are happy providing mediocre advice and service, we strive for more.
Find out why our customers love us . Come to Primacy Mortgage and work directly with the owners of the company for a smooth closing with a fantastic rate. Richard and Tara Ryan work hard to ensure that every loan is handled with the utmost care and that our clients are taken care of before, during, and long after the closing.
Our superior service and proprietary technology has led to us being the #1 mortgage company in Atlanta, Georgia as ranked by reviewers at Kudzu.com. Please head over to Kudzu.com and read the many positive reviews that we have received from our past clients.
NOTICE: Due to recent changes in the Mortgage Backed Securities market, we have temporarily suspended our no closing cost program.
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.
$100 HUD Homes Program - FHA
Fri, 10 Apr 2009 02:06:44 +0000
The FHA $100 HUD Repo program is a purchase-money loan offered in the Atlanta, Georgia area to purchasers of a home owned by the Department of Housing and Urban
Development. Buyers are only required to make a $100 downpayment and may be eligible for sales incentives provided by HUD.’
Requirements:
- Find a HUD home at this site.
- Minimum middle credit score of 620
- Property must be your primary residence
- Product is available without restriction in the entire state of Georgia
Features:
- Borrower is only required to bring $100 to the transaction
- Borrower can finance up to 110% of the sales amount to include closing costs as well as minor repairs up to $5000.
- Max loan amount in the Atlanta Metro is $346,250 through the end of 2009
- Program is temporary and is subject to end at any time
Atlanta Home Prices Continue to Decline
Fri, 03 Apr 2009 20:06:05 +0000
The S&P/Case-Shiller Home Price Indices was just published for the month of January 2009. On the chart you can see the precipitous decline over the past few months - particularly going back to Sept 2008. The decline is so steep that we can only hope that this is a precursor to a market bottom. What we can see from the chart is that we are now back to price levels not seen since June of 2001 in the Atlanta market.
One important note to make is that there is no sharp increase in home prices in the 2001 to 2007 time frame as we saw in markets such as Florida and California. One could infer from this that much of the punishment we have taken over the past couple of years has a lot more to do with the overall perception of the housing market than a bubble in the Atlanta market. Hopefully, when the foreclosure situation corrects itself, we will recapture many of the losses sustained.
Overall we are down right at 20% from the peak in July of 2007.
New Investor Guidelines for Multiple Properties
Fri, 03 Apr 2009 17:00:50 +0000
Investors have been shut out of the huge opportunites that are available today due to the 4 property rule. Recently Fannie Mae has reverted back to a maximum of 10 properties financed. There are some very stringent requirements, but for the right borrower, this is a fantastic opportunity. Here are the highlights:
Restrictions for borrowers with 5 to 10 properties:
- The borrower cannot have any history of bankruptcy or foreclosure within the past 7 years.
- The borrower cannot have any delinquencies (30-day or greater) within the past 12 months on any mortgage loans.
- Rental income on the subject investment property must be fully documented. Rental income from other properties owned by the borrower must be supported by 2 years’ federal income tax returns.
- Federal Income Tax Returns must be verified by transcripts obtained from the IRS
- The borrower must have reserves for the subject property and for other properties currently owned by the borrower (no other financed second home and investment properties).
Reserve Requirements
When the borrower will own 1-4 financed properties (including the subject property) the minimum reserve requirements are:
- 2 months of reserves on the subject property if it is a second home,
- 6 months of reserves on the subject property if it is an investment property, and 2 months of reserves on each other financed second home or investment property.
When the borrower will own 5 - 10 financed properties (including the subject property) the minimum reserve requirements are:
- 2 months of reserves on the subject property if it is a second home,
- 6 months of reserves on the subject property if it is an investment property, and
- 6 months of reserves on each other financed second home or investment property.
Multiple Properties and the Fannie Mae Homepath Mortgage
Homepath financing is available for borrowers with 5 to 10 properties, however, the 90% financing option is not available. Even on Homepath the limit will be 75%. Given the additional cost of the Homepath option, in this case, the borrower would be better served with the standard conventional option.
See our previous post regarding the Homepath Mortgage.
