Atlanta Mortgage Info
Click On The Mortgage 101 Graphic Above To Access An Outstanding Array Of Information And Useful Calculation Tools!
(Every Page Has A Link Back To This Web Site)
Recommended Atlanta Mortgage Lenders
Due to the continued stringent lender scrutiny and underwriting guidelines,
we highly recommend you use a Direct Lender rather than a Mortgage Broker
to first assure your loan gets approved at all, and second, on time and with the least hassle.
Mark Milam - Production Manager
Heritage Bank Mortgage
Office: 404-395-1102 Fax: 404-506-9484
Web Site: www.eheritagebank.com
Tenley C. Stephens - Senior Loan Officer
Fidelity Bank Mortgage
Office: 404-553-2932 Fax: 404-521-4000
Web Site: http://tstephens.lionbankmtg.com
Jason Young - Branch Manager
American Bank Mortgage Group
Office: 678-608-2944 Fax: 404-393-0549
Web Site: www.americanfsb.com
Down Payment Assistance Programs and Grants
If you need a lender trained and experienced in the many special Down Payment Assistance programs call me -
the typical lender can't do these properly and efficiently, if at all. You don't want an on-the-job trainee here!
***If You Need a HELOC, (Home Equity Line of Credit) To Access Your Homes Equity, or to use as a Second Mortgage to reduce your required cash outlay for the down payment Call Me - I Have a Local HELOC Lender With One Of the Best Rates And Most Relaxed Qualification Guidelines Around.
Robert Whitfield Broker/Owner - 678-585-9691
General Loan Info
Example Products & Programs - these programs have changed since the housing downturn and mortgage crisis of 2007-2010+, and some loan vehicles are non-existent or much harder to qualify for! It is now critical to speak with your lender before looking for a home - you need to know you can get a loan at all, what rate, and what kind of money you will need. Generally, if you don't have at least a 660 middle credit score, FHA is the best way to go, and with a minimum 580 Fico Score FHA still only requires 3.5% down - but there is talk of even this increasing. If FHA changes this we will post an update.
These are guidelines - our lenders are the experts, talk with them and they can tailor the best option for you based on your circumstances.
A variety of loan programs in addition to the following exist to meet your needs. We work with the leading lenders in the industry to provide loans for all scenarios.
Programs: (Credit Score Range: 660 - 850)
|Conforming loans are the
Fannie Mae and Freddie Mac sponsored programs. They include
Conventional Fixed Rate and ARM and Interest Only products. 100%
financing is available with this type of loan program and they are
designed for people with Excellent Credit Scores. Loan options
include Cash-Out and Investment Property. Conforming loans
will offer you the
lowest possible interest rates. Mortgage Insurance is often required for
LTV's of 81% and greater. The maximum Atlanta Conforming Loan amount
is $417K - loan amounts above that are non conforming loans
classed as Jumbo Loans and they carry higher interest rates.
Non-Conforming Programs: (Credit Score Range: 580 - 720)
|Non-Conforming loans are
the Jumbo's, ALT-A's, Stated Income and NINA loans. They include
Fixed Rate, ARM, and Interest Only products. 100% financing is
available with this type of program and they are designed for people
with Good to Excellent Credit Scores. Interest rates will be
slightly higher than the Conforming Programs. Loan options include
Cash-Out and Investment Property.
may be required for LTV's of 81% and greater.
Maximum DTI is around 45%.
Sub-Prime Programs: (Credit Score Range: 520 - 640)
Sub-Prime or Non-Prime programs are
designed for people that have Poor to Ok Credit Scores. These
programs cater to special requirement issues such as late payments,
foreclosure and bankruptcy. These loans typicality are used as short
term, temporary or band aid loans, allowing time for credit repair,
before refinancing. They offer higher DTI ratio's and usually do not
contain Mortgage Insurance requirements. Programs are available as
Fixed Rate, ARM, Combo's (80/20) and can contain an Interest Only
feature. The Interest rate will be slightly higher than the
Non-Conforming Programs. Loan options include 100% financing, Stated
Income, NINA, Cash-Out and Investment Properties. Maximum DTI is
Questions? E Mail Us Now!
Robert Whitfield...Atlanta's Most Qualified Home Buying Expert!
Advantage Home Buyer Representatives, Inc. Local: 678-585-9691
Specializing in Prime In Town and Greater North Atlanta Properties
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