Real Esate Blog

ALL HOMEOWNERS SHOULD LOOK INTO A "REFI"
April 24th, 2009 12:19 AM
I know it can be a real hassle, cost you some closing cost and the requirements can be harder to achieve, but every homeowner should, at least, look in a refi. The rates are just too low to ignore and probably not going much lower if at all. A refi could save you big bucks now and over the 30 years of the mortgage. If your current mortgage is 6% or higher, it will be well worth the cost to bring that interest rate down to 4.5-4.8%. More money in your pocket and less interest for years!! Get over the fear and get it done.....today! 
Posted by Phil Turner on April 24th, 2009 12:19 AMPost a Comment (0)

INDEPENDENT LENDERS SHORT OF CASH
April 28th, 2009 12:13 AM
While many mortgages are made by big banks like Chase, Wells Fargo, etc. Many used to be originated by small lenders and these small lenders required short term funding to make these mortgages until they could get them sold on the open market. There are about 1000 of these independent lenders who depend on what is called "warehouse funding" to operate. The number of warehouse lenders has dwindled to about 10, where there was 30 in 2007. These small lenders have accounted for about a quarter of the loans made and now they are having a big problem finding funding to make the loans. Just a part of our tight credit market.   
Posted by Phil Turner on April 28th, 2009 12:13 AMPost a Comment (0)

FORECLOSURE RESCUE SCAMS
April 20th, 2009 11:54 PM
All homeowners should be aware of the many foreclosure scams popping up across the country. Internet, TV, they are everywhere and if you fall into the trap you could end up out more than just the mortgage. The goverment is getting into this scam thing through HUD (Housing, Urban Development), DOJ (Department of Justice), and FTC(Federal Trade Commission). These agencies are cracking down on these scams, just be careful you do not get caught up before the feds track them all down. Best bet for the homeowner is to work with their bank and not have someone do it for them. Too many scam artist taking advantage of desperate homeowners who have enough problems already, so be very careful.
Posted by Phil Turner on April 20th, 2009 11:54 PMPost a Comment (0)

WEBSITES FOR INFO ON GOVERMENT PROGARAMS
April 17th, 2009 12:09 AM

Here are some websites for you to gleen info on the many goverment progarams now available to homeowners:

1. Loan modification and refi progarams: www.financialstability.gov

2. Federal $8000 tax credit: www.irs.gov/newsroom/article/0,,id=204671,00,html

3. Renovation credit homeowners: www.enrergystar.gov/indexs.cfm/c=products.pr_tax_crdit#c1

4. Renovation credit businesses: www.enrergy.gov/additionaltaxbreaks.html

Info is available, just have to look for it. 

Posted by Phil Turner on April 17th, 2009 12:09 AMPost a Comment (0)

FALLING HOME VALUES = 20% OF MORTGAGES UNDERWATER
April 13th, 2009 12:06 AM
Falling home values have brought 20% of mortgage holders "underwater" as of Jan 1st 2009. "Underwater" means you owe more on your mortgage than the home is worth on today's market. And with home prices still in a decline, this number will probably grow even more. And the jobless rate is still climbing so that will add to the problems. A really sad state of affairs for sure. I can find no silver lining in this circumstance. I am still confident home prices will recover, I just cannot predict when it will happen. Hang in there and sooner of later we will get out of this mess. 
Posted by Phil Turner on April 13th, 2009 12:06 AMPost a Comment (0)

HUD MODIFIES "HOPE" PROGRAM
April 10th, 2009 12:44 AM

The HOPE (Hope for Homeowners) program has been revised to assist more homeowners in trouble. Here are the revisions:

1. Increase the loan to value ratio to 96.5%

2. Eligible borrowers whose mortgage payment is on more than 31% of their monthly gross income and total debt of not more than 43% of their total gross monthly income. Those with debt to income ratios of 38% on their mortgage and 50% on total debt can qualify for 90% financing

3. Elimination of the trail modification, as this measure was too complicated.

4. permitting upfront payments to secondary leinholders.

All the old requirements are still on the books, just with these changes.

Posted by Phil Turner on April 10th, 2009 12:44 AMPost a Comment (0)

FEDS DEFINE "RESPONSIBLE HOMEOWNER"
April 7th, 2009 3:08 PM
With the new programs now in effect, the Feds have finally defined a "responsible homeowner". This helps determine who can get goverment assistance in re-financing their home loans. Fed definition: "homeowners who are creditworthy and have shown a commitment to making the mortgage payments". If you meet this requirement the feds will back you with a 30-40 year new loan up to 105% of your "current home value". Hmmmm... even this definition could be hard for some homeowners, currently in trouble, to meet. And it doesn't even consider wheather you overpaid to begin with, made interest only payments, paid your property taxes or your insurance, kept up your home or many other items that most wouold say makes you a "responsible homeowner".  
Posted by Phil Turner on April 7th, 2009 3:08 PMPost a Comment (0)

Just Listed! 5019 DUXFORD DRIVE Smyrna, GA 30082
April 1st, 2009 3:59 PM
Header
Header_2
Listings Photo
$439,900.00
5019 DUXFORD DRIVE

Smyrna, GA 30082

Beds: 4.0 Rooms: 9
Baths: 3.00 Sq. Ft.: 4557.00
Garage: 2.5 Built: 2002
 
YOU MUST SEE THIS "GREAT ENTERTAINER" OF A HOME IF YOU WANT TO HOLD PARTIES FOR "ALL" YOUR FRIENDS
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 
If you have any questions
about this property or
require more information,
please feel free to call.

Phil Turner
GA-Homes
7702220761
www.ga-homes.com
 
  Visit this listing at Here
Posted by Phil Turner on April 1st, 2009 3:59 PMPost a Comment (0)
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