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Unread 04-15-2008, 01:51 PM
 
42 posts, read 91,795 times
Reputation: 26
Quote:
Originally Posted by TimtheGuy View Post
To add to your hope...I am a mortgage lender, so I do know a bit about mortgages.
Has the mortgage crisis affected the ability to underwrite such mortgages given that everything else looks ok?
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Unread 05-16-2008, 01:46 PM
 
Location: College Park, GA
111 posts, read 346,872 times
Reputation: 38
jforeman -

if you're a first time homebuy - in addition to talking to mortgage bankers, i'd also suggest talking to the atlanta housing authority.

why? because there are programs that will give you up to $20,000 to help you purchase your new home.

my wife and i closed on our home 3 months ago. we went to the big banks but the interest rates were too high. we found a smaller bank, where the person was motivated, communited with me constantly and got me a great fixed rate (5.75%) despite me not having the best credit score (680). also find out from your new job if they have any programs for people looking to purchase a home. my job allowed us to get $5,000 to help with closing costs.

you may want to speak with some of the smaller community or regional banks. they had less exposure to the "credit crunch" and have plenty of cash on hand so they can lend without needing to know everythign about you. be prepared because you will need - a) proof of identity, b) at least 2 years of old tax returns and c) between 1 and 3 months worth of pay stubs. if you have any savings or investment, you'll need statements from those so underwriters get a good sense of your financial position aside from your credit.

best of luck.
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Unread 05-16-2008, 03:00 PM
 
Location: St Simons Island and Atlanta, GA
12,091 posts, read 16,986,914 times
Reputation: 5172
Quote:
Originally Posted by lastminutemom View Post
I would rent anyway.

1. The market will still be declining through the end of 2008 and probably into 2009. The best buys are yet to be had. I can't believe the number of homes that seem to be coming on the market in my area. There are way more homes than buyers, it seems.

2. Unless you are very familiar with Metro Atlanta, you need to give yourself time to learn the area.

3. With the current market conditions, you need to make sure you like ATL. If you don't, you will have a hard time reselling within a year or two of purchasing.
Most experts are only recommending buying if it will be a long term purchase.
Wise words indeed lmm
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Unread 05-16-2008, 03:02 PM
 
3,213 posts, read 6,496,919 times
Reputation: 1256
Quote:
Originally Posted by jforeman View Post
Has the mortgage crisis affected the ability to underwrite such mortgages given that everything else looks ok?
Piece of cake. 3% down required to go the FHA route or 10% down to go conventional. It is taking a bit longer in underwriting and they are scrutinizing the appraisals and all docs a little closer, but...
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Unread 05-16-2008, 03:08 PM
 
3,213 posts, read 6,496,919 times
Reputation: 1256
Quote:
Originally Posted by LoufromNewYork View Post
jforeman -

if you're a first time homebuy - in addition to talking to mortgage bankers, i'd also suggest talking to the atlanta housing authority.

why? because there are programs that will give you up to $20,000 to help you purchase your new home.

my wife and i closed on our home 3 months ago. we went to the big banks but the interest rates were too high. we found a smaller bank, where the person was motivated, communited with me constantly and got me a great fixed rate (5.75%) despite me not having the best credit score (680). also find out from your new job if they have any programs for people looking to purchase a home. my job allowed us to get $5,000 to help with closing costs.

you may want to speak with some of the smaller community or regional banks. they had less exposure to the "credit crunch" and have plenty of cash on hand so they can lend without needing to know everythign about you. be prepared because you will need - a) proof of identity, b) at least 2 years of old tax returns and c) between 1 and 3 months worth of pay stubs. if you have any savings or investment, you'll need statements from those so underwriters get a good sense of your financial position aside from your credit.

best of luck.
The housing authority and bond programs almost always have income limits. $80k in Atlanta is almost sure to be too much income to qualify, but it is always worth looking at.

For conventional you can actually close before you receive your 1st paystub. Your employment letter and possibly a verfication of employment will suffice. FHA will require one pay stub. Unless you qualify for the bond program(s) you won't need any tax returns...just one or two year's of W-2.
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Unread 05-17-2008, 08:31 AM
 
42 posts, read 91,795 times
Reputation: 26
Quote:
Originally Posted by LoufromNewYork View Post
jforeman -

if you're a first time homebuy - in addition to talking to mortgage bankers, i'd also suggest talking to the atlanta housing authority.

why? because there are programs that will give you up to $20,000 to help you purchase your new home.

my wife and i closed on our home 3 months ago. we went to the big banks but the interest rates were too high. we found a smaller bank, where the person was motivated, communited with me constantly and got me a great fixed rate (5.75%) despite me not having the best credit score (680). also find out from your new job if they have any programs for people looking to purchase a home. my job allowed us to get $5,000 to help with closing costs.

you may want to speak with some of the smaller community or regional banks. they had less exposure to the "credit crunch" and have plenty of cash on hand so they can lend without needing to know everythign about you. be prepared because you will need - a) proof of identity, b) at least 2 years of old tax returns and c) between 1 and 3 months worth of pay stubs. if you have any savings or investment, you'll need statements from those so underwriters get a good sense of your financial position aside from your credit.

best of luck.
Got any recommendations for banks to talk to?
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Unread 05-19-2008, 07:30 AM
 
Location: City of Milton
63 posts, read 135,644 times
Reputation: 16
I would take some time to check the area out if you want to buy - make sure you find the best place. Also I have two great mortgage companies so let me know if you want their info. It is possible to get approved just starting a new job so I would check out that option first so you know your options, and whether or not you can only rent first.
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Unread 05-20-2008, 09:17 PM
 
Location: Midtown/Virginia Highlands
2 posts, read 3,052 times
Reputation: 10
Default Programs in Atlanta to assist in Home Buying

There are several programs in Atlanta that will assist you in purchasing a home. I am an agent but a former investment banker and I worked closely with the mortgage division. If you work with an agent that knows the programs in Atlanta and how to negotiate you can get amazing deals. Here are a couple of them.

NACA, Home Atlanta, Tad program. For example I am writing an offer for a client tomorrow where we are placing her in a TAD unit which is a brand new condo in a prime location that she will only pay $144,900 for even though the market price is $201,000 the city will pay the difference and there are grants out there for all closing costs. This is a FABULOUS time to buy and I don't say that because I am an agent I say that because I know the rates are going to go up and you can purchase amazing condos or single family homes for well under $300,000 in this town.

Don't hesitate to email me and I can give you more information on certain programs. All lenders can not do these loans they must be approved by the city and or have the grant available to them.

[EMAIL="Shelby@yourownsanctuary.com"]Shelby@yourownsanctuary.com[/EMAIL]
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Unread 05-21-2008, 08:00 AM
 
3,213 posts, read 6,496,919 times
Reputation: 1256
Quote:
I know the rates are going to go up
Really? How do you know that?
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