87 Old Martin Rd, Cartersville, GA

July 18th, 2012 mullinaxteam Posted in Buyers, First-time home-buyer, Foreclosure, Freddie Mac, Home Care, Home Values, Loan Modification, National Association of Homebuilders, Pending Real Estate Sales, Re-finance, Sellers Comments Off on 87 Old Martin Rd, Cartersville, GA

Charming log home with a rocking chair front porch and  an additional large 2 car garage/workshop.  Beautiful wood interior with 4 bedrooms, 4 baths and lovingly maintained.  Open floor plan with gleaming hardwood floors, stone fireplace with a wood burning insert and a built-in corner cupboard.  Gated entrance to this secluded 5 acre hideaway.  This is a Fannie Mae HomePath Property.  Purchase this home for as little as 3% down. This property is approved for HomePath Mortgage and renovation mortgage financing.  87 Old Martin Rd is priced at $194,900.  Call us today for more details at 770-606-0054.


New FHA Appraisal Mandate

February 18th, 2010 mullinaxteam Posted in Finances, First-time home-buyer, Freddie Mac, Home Values, Real Estate News Comments Off on New FHA Appraisal Mandate

New FHA Appraisal Mandate

Value on a home as provided by a certified real estate appraiser in a written report is critical to a mortgage loan.  Effective February 15th, a change in FHA appraisals takes place.  Essentially FHA has implemented the same rule as FannieMae and FreddieMac, which are conventional loan agencies.  FHA is a government agency.  Prior to this new FHA mandate a lender could order an FHA appraisal from a certified FHA appraiser of their choice, who typically was someone with whom they had an established relationship.  Not anymore.  Beginning Monday the 15th, all FHA appraisals must be ordered from an entity, an independent company, who maintains a roster of appraisers approved and certified by FHA. This mandate by FHA affects all lenders nationwide.  Failure to adhere and comply with this mandate will result in administrative sanctions, something no lender originating government loans wants to have happen.

HUD, and therefore FHA’s intention, is appraiser independence from any influence pertaining to value, condition of the property, etc. In order to ensure appraiser independence, lenders who are FHA approved are prohibited from compensating, choosing, or even retaining an FHA roster appraiser.  Even substantive communication between the lender and appraiser is no longer acceptable in order to avoid conflict of interest or even the appearance of such. The intent is to prevent a lender’s influence on an appraiser which could have an impact on valuation of a home. Because mortgage lenders are typically compensated based on production, and an appraisal report is essential to loan approval, FHA has begun to use these safeguards in an effort to protect the integrity of the loan collateral.

Those of us in the residential real estate industry have seen significant changes in the last year and a half.  This is yet another change, and while it sounds daunting compared to what we’ve been used to, it remains to be seen if it creates obstacles.  My expectation is we’ll likely be assigned appraisers we already know and who understand how to help us work though any issues, just as they always have.  Some turbulence is to be expected and I will continue to always be here for you to work through any appraisal problems we encounter.

Post submitted by Rena Rogers with Pine State Mortgage, (770) 387-4504


Key Points Of Interest On Obama’s Foreclosure-Prevention Plan

March 26th, 2009 mullinaxteam Posted in Financing Options, Foreclosure, Freddie Mac, Loan Modification, Real Estate Tips and Advice Comments Off on Key Points Of Interest On Obama’s Foreclosure-Prevention Plan

Chesky Krumlov

 

 

Some key points on President Obama’s Foreclosure-Prevention Plan:

 

  • Loan terms may be modified by reducing payments for distressed borrowers
  • Refinancing for those current on payments, but have little or no equity in their home
  • Plan starts right away and is strictly for primary residences that are not vacant or condemned
  • Call your mortgage lender for help to see if you qualify
  • There are no fees for this type of loan modification 
  • To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
  • Modification plan are set to end on December 31, 2012
  • Loans can be modified one time only

More information is available at http://www.financialstability.gov/docs/counselor_qa.pdf or contact our office at 770.606.0054.