The Thrill of Buying a New Home!
I understand the myriad of emotions you must be feeling as a home buyer. Whether this is your first or your 10th house, there are still lots of considerations to think about- and it can get to be overwhelming. I know. I’ve been there (many times-believe me). I find it very exciting to help buyers find their home. I really don’t know of anything more rewarding and satisfying that I’ve ever done. My goal is to help you get the best home that suits your needs at the best terms possible. I am patient, and I realize what a big deal this is for you and your family. The greatest compliment someone can pay me is to entrust me to be an integral part of the home buying process. Contact me, I can help.
Choosing a mortgage lender is key to a smooth and successful closing. While all lenders have access to many different loan types and programs, it can be confusing to sift through to figure out whose rate is lowest, and which program works best for you in your situation. That’s why it’s important to choose a loan officer with whom you communicate well and who is reputable in the business. I recommend that you shop the rates and programs from more than one lender. One way to “level the playing field” in choosing a lender with the lowest overall rate is to ask “what is the APR”. The APR (annual percentage rate) is the rate that calculates the interest rate plus any buy-downs, loan discount points, closing costs, etc. that are charged to a buyer in order to get a particular loan with the quoted interest rate to come up with the APR– or the true cost of the loan.
It is also imperative to get PRE-APPROVED for a loan prior to making an offer on a property and is best to have the loan pre-approval from your lender before beginning to look at property. A PRE-APPROVAL is different from a pre-qualification in that the pre-approval means the lender has run credit report and verified income, employment and bank information on the applicant and has approved the applicant up to a certain amount to purchase a home (with some conditions). The following list of lenders are people I have worked with and trust to handle your transaction (and you) with excellent service and competitive rates.
Save Thousands with Keller Mortgage Zero Plus loan- no lender fees!
614-763-1766 (direct) or 1-888-766-2678
apply online www.kellermortgage.com
Post Creek Mortgage
Paul Cook, President
Jeff Hart, Senior Loan Officer
Buyers are free to use any home inspection service they choose to inspect the home they are planning to purchase. Georgia has no licensure requirements for home inspectors. I recommend that the inspector you choose to have an active membership in such professional organizations such as the Georgia Society of Home Inspectors (GAHI), American Society of Home Inspectors (ASHI) or CABO certified.
RIA (Residential Inspector of America)
(ask about free warranty protection after inspection)
A Wilson Home Inspection
All American Home Services
Harrell Home Inspection, Inc.
Home Probe, Inc.
Atlanta Residential Inspection & Engineering Services, Inc.
Lauren Wayne, P.E.
404.925.1477 or 678.225.4900
McManamy McLeod Heller
Solar Land Surveying
Condominiums are a unique legal entity, with different requirements in order to obtain financing approval. Condos may appear similar to townhomes, and projects may call itself one or the other in marketing pieces.
Did you know condo owners do not own the land under their condo? Both have an active Homeowners Association (HOA) controlling common areas, management and maintenance. However, extra care needs to be given if you are dealing with a legal “Condo.” Please inform your loan officer if your client is considering a condo, as more stringent loan-to-value (LTV), credit score requirements, pricing and other program guidelines may apply.
Condo growth has exploded in the metro Atlanta area in the past few years, at the same time the loan guidelines and market was constricting. FHA has recently eliminated “spot approval” of condo projects, which used to be a popular solution against projects not being on the HUD condo list. The approved condo lists can be found on-line at: Conventional – www.efanniemae.com or FHA – www.hud.gov
Even if a project is on the approved list, updated information will need to be collected from the Homeowners Association to ensure continued viability. In addition a condo is required to have a different appraisal form, as opposed to a townhome/PUD/single family residence.
If the project is not currently approved on the Fannie or HUD lists, I can aide in helping to obtain condo approval. Ask me how.Full approval can be time consuming and requires many forms and documentation to be submitted. Limited Review may be used in a primary/second home situation. Here are some of the conventional highlights that can be required before condo project approval is given.
- Presale must be equal or greater than 70%
- Subject legal phase is 100% complete
- No single entity owns more than 10% of the total units
- No more than 15% of the units can be over 30 days past due on the HOA fees
- Non-owner occupied units must be less than 50%
The Homeowners Association status is also key, and they cannot currently be involved in a lawsuit. Insurance and fidelity bond coverage requirements also will need to be met by the HOA. We are starting to see H0-6 requirements, to cover buyer upgrades and improvements.
This is not meant to be a definitive guide to condo approval, but is an overview and highlights the extra care that is required with condos. Condos can be a good bargain, but proceed with caution and proper expectation of the process.
SHORT SALES & FORECLOSURES
Click here to find out what you should know if buying a short sale or foreclosure.