Georgia Home Purchase Mortgage Loan, Atlanta Home Purchase Mortgage Loan
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Conventional Home Purchase
If you are looking to purchase a home, Eva Sleeper in Atlanta , Georgia is for you! Our experienced mortgage team work with homeowners looking to purchase a home in Atlanta and around the State of Georgia .
Eva Sleeper offers low rates and excellent service and we will advise you if purchasing a home is the right move for you at this time.
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A FHA Home Purchase Mortgage Loan Can Change Your Life!
Do you want to experience the joy of home ownership but need a loan? Eva Sleeper along with The Federal Housing Administration has been helping people fulfill their dreams of owning a home in Georgia and the metro Atlanta area. Inevitably when searching for a home loan someone will mention FHA home loans. You may ask yourself WHY? |
The FHA insures your loan so that lenders can offer you better, more affordable rates. Whether you live in a single parent household or a multi-parent household, the FHA can help you purchase a home or remodel the home in which you currently live. FHA programs can even help you make home repairs or energy-efficient improvements. Act now, the FHA can help! In exchange, the FHA charges a small percentage of the home's value at the onset of the mortgage, and requires reasonable monthly or annual premiums for the mortgage insurance.
FHA Loans require the buyer to escrow their real-estate taxes. |
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Investor home mortgage loans
Investor home mortgage loans in the metro Atlanta area of Georgia have opened doors of opportunity to many new investors. The reduced prices of homes due to the increase of inventory offer a wide variety of price ranges, areas and condition of property. The loans available to investors have changed dramatically over the past year. Previously a common practice was to utilize either personal funds or hard money loans to purchase homes, renovate the home and rent the homes. Shortly after this process was complete investors sought to refinance the property based on the increased value due to the improvements in the property. That avenue to recapture your immediate investment is no longer available.
Investor home mortgage loans are currently subject to the following guidelines:
- The maximum loan to value for a purchase is 80% based on the purchase price of the property
- Full documentation of income and proof of ability to service the loan is now required
- Full documentation of proof of down payment funds, closing funds and six (6) months payment reserves
- Minimum middle credit score is 660
- Maximum mortgages – 4 These can consist of any combination of (1) primary and second homes or investment properties
Purchase mortgages offer an excellent opportunity to continue to grow your portfolio of real estate investment properties. Eva Sleeper is experienced in the structuring of Investment Mortgages. Please feel free to call Eva to discuss your investment property acquisition strategy. Typically investors realize the greatest value in taking advantage of the current low interest rates on fixed rate loans. Adjustable Rate Mortgages are still available. Interest rate mortgages are currently unavailable for investment properties.
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USDA Home Purchase Mortgage Loan
Under the Section 502 program, housing must be modest in size, design, and cost. Homes must meet the acceptable building codes. USDA Rural Development officials have the authority to approve most Section 502 loan guarantee requests. Take advantage of one of the few 100% financing options remaining. Call Eva Sleeper to discuss your options. You may be pleasantly surprised at the availability and locations of homes falling within the acceptable areas! |
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| Welcome to USDA Rural Housing opportunities in metro Atlanta Georgia. Many people think of this program only as an option for farmers. This is not the case. The USDA program offers 100% financing for potential home owners. Certain income and location eligibility criteria must be met. However, many people are finding homes close enough to their area of employment to make this unique program a viable option. You do not have to buy a house beyond the beyond to qualify! |
USDA Rural Housing loans assist low to middle income individuals or households purchase a new home. The appraised value may be used to increase the loan amount for funds to be used for repairs and/or renovations for a home, closing costs may also be financed into the loan amount based on the appraised value. Potential borrowers are required to meet basic credit worthy guidelines. Borrowers must be able to afford the mortgage payments, including taxes and insurance. In addition, borrowers must have acceptable credit histories. |
Loans are for 30 years. The USDA Rural Housing guidelines require a 2% upfront funding fee which can be added to the loan amount. The good news is that USDA Rural Housing loans do not have the additional monthly mortgage insurance premium. There is no required down payment. The borrower must meet repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt. The maximum debt to income ratio is 41% |
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Mortgage Tax Credit
First-Time Home Buyer Tax Credit at a Glance
- The tax credit is available for first-time home buyers only.
- The maximum credit amount is $7,500
- The tax credit works like an interest-free loan and must be repaid over a 15-year period.
- The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
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Bankruptcy:
A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower’s current situation indicates that the events that led to the bankruptcy are not likely to recur.
First Time Home Buyer:
You've searched for a new home for months, found the house of your dreams, negotiated the price and, finally, set a closing date. Now it's easy sailing? Not quite.
As a First Time Home Buyer the assistance of an experienced team to assist you in securing the mortgage program best meeting your needs is essential. Allow Eva Sleeper and her team of experienced mortgage and realty professionals to guide you through this exciting yet often times confusing experience.
As a first time home buyer you have accessibility to loan programs designed to assist you into your new home more easily. Please remember, as a first time home buyer, the first time home buyer programs may not be the best “buy” for you. Many of the first time home buyer programs have restrictions and strings attached. Allow Eva Sleeper to assist you in determining which of these programs works best for you.
The Eva Sleeper and her team of mortgage and real estate professionals offer low rate FHA mortgages to qualified consumers. We continue to provide a variety of government mortgage loan options that ensure competitive interest rates. Purchasing a home in the Atlanta, Georgia area is made easy with knowledgeable mortgage professionals.
Whether you need to refinance out of an adjustable rate mortgage loan that is scheduled to adjust or need money to rehab a bank owned foreclosure you want to buy, our FHA mortgage lending team has the experience and willingness to assist you with the government loan process. Our Team is well informed on the many recent changes from FHA.
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Conventional Loan