MORTGAGE CENTRAL

Interest Rates for the Georgia Dream Program

Effective 5:00 PM

Thursday, October 29, 2009

Georgia Dream First Mortgage

FHA/VA/RD

5.625%

Conventional Uninsured Loans

5.625%

Georgia Dream First Mortgage with a Georgia Dream"Plus" Down Payment Assistance Loan

FHA/VA/RD

5.875%

IMPORTANT: New Georgia Dream programs,changes to existing programs,and other valuable mortgage information is included in this rate sheet.

Scroll to the bottom before closing.

Unless the program is extended -

Mortgage Loans MUST CLOSE

no later than November 30, 2009

to qualify for the

$8000 Federal Tax Credit

and the State of Georgia Tax Credit

DCA offices will be CLOSED for Veteran's Day November 11th and for Thanksgiving November 26th and 27th

Loans must be approved by DCA Underwriting by November 25th

to meet this deadline.

Please plan accordingly!

Down Payment Assistance with

NO First Time Home Buyer

requirements and higher income limits!

FOR A LIMITED TIME THERE ARE SPECIAL GUIDELINES FOR HOME BUYERS PURCHASING IN COUNTIES DESIGNATED AS DISASTER AREAS

Twenty One (21) Georgia counties have been designated as Federal Disaster Areas as a result of the recent floods. The counties are Carroll, Catoosa, Chattooga, Cherokee, Cobb, Crawford, Dawson, DeKalb, Dooly, Douglas, Fulton, Gwinnett, Heard, Houston, Newton, Paulding, Peach, Rockdale, Stephens, Taylor and Walker.

Home Buyers in these counties are eligible for Georgia Dream First Mortgage Loans with "Plus" Down Payment assistance and these special provisions:

Home Buyers Do NOT have to be first time home buyers.

Higher purchase price limits:

Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor and Walker - $250,000

Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding and Rockdale - $300,000

Higher Household Income limits:

Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor and Walker

1 or 2 persons $73,000

3 or more persons $85,000

Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding and Rockdale

1 or 2 persons $86,000

3 or more persons $100,000

GEORGIA DREAM "PLUS"

$5000 in Down Payment Assistance for

first time home buyers

with higher household incomes.

Must be used in conjunction with a Georgia Dream first mortgage loan

•$5,000.00 Silent Second Mortgage

•0% interest with no monthly payments

•Borrower must contribute $1,000.00 towards the purchase transaction

•Borrower must have cash assets of less than $5,000.00 at time of closing

•Borrower must have a minimum credit score of 660

•May be used for down payment and/or closing costs

•See Seller Guide Update 2009-16 for complete program description

NSP FUNDS ARE AVAILABLE - BUT LIMITED

RESERVE YOUR NSP LOAN TODAY!

TO RETAIN THE RESERVATION LENDERS MUST

PROVIDE A SIGNED SALES CONTRACT & 1003

WITHIN 3 BUSINESS DAYS OF RESERVATION

BY EMAIL TO:

SHEILA.WALDRON@DCA.GA.GOV

The Department of Housing and Urban Development announced today that struggling borrowers with FHA loans may now be eligible for assistance via the Making Home Affordable program.

The new “FHA-Home Affordable Modification Program” aims to make monthly mortgage payments more affordable through the use of a partial claim, which defers the repayment of mortgage principal through an interest-only subordinated lien.

Borrowers up to 12 months in arrears may be brought current through buy downs of up to 30 percent of the unpaid principal loan balance.

“Today, we’re bringing another important tool to the table to help struggling families who are desperate to keep their homes,” said HUD Secretary Shaun Donovan, in a Making Home Affordable program.

The Making Home Affordable program, first announced by the Obama Administration back in February, has carried out roughly 200,000 trial loan modifications since inception.

FHA borrowers are expected to be able to apply for assistance beginning August 15 and should contact a loan counselor to determine eligibility.

Let’s hope this goes better than the Hope for Homeowners program, which supposedly helped just a single borrower.

Debt-to-income ratio will be 31 percent.

Contact a mortgage company who's familiar with the guidelines process for a smooth transaction.

For questions, feel free to contact one of our experience consultants

206-984-9623 (Voicemail & Fax)

                 CLAYTON HOMEBUYER ASSISTANCE PROGRAM

OVERVIEW

First-Time Homebuyers may receive a deferred payment, zero interest loan (soft second mortgage) for down payment, closing costs and/or prepaid items, for up to $5000.  The second mortgage is designed to work with 95 or 97% loan-to-value first mortgages such as FHA loans, 203(k) loans, the Fannie Mae Community Home Buyer Program and other private conventional loans where applicable, however, first-time homebuyers with 100% loan-to-value are NOT eligible to receive closing costs assistance.

First-time homebuyers must meet the income guidelines established by HUD.  The maximum purchase price can NOT exceed $180,000.

Pre-purchase Counseling is required prior to closing for all recipients of Clayton County Down Payment Assistance. Online class certifications are not acceptable.

The loan is forgiven after 60 months, however, the loan is paid in full if one of the following circumstances occurs within the first 59 months of the loan:

1.  Original borrower transfers the property.

2.  Borrower no longer uses the property as his/her primary residence.

3.  First mortgage with the primary lender is refinanced or satisfied.

The Borrower must provide a minimum of $500 towards the purchase price to purchase his/her home.  The borrower's funds that will be required will be based on the purchase price of the home and specified in the sales contract.  Borrower must pay $100 to Jonesboro Housing Authority for a home inspection.

Home must pass inspection prior to loan closing.

To increase affordability, CHAP funds may be used to buy down the prevailing mortgage interest rate on the first mortgage.

The CHAP funds should not be used for a 203(k) loan.  The Home MUST PASS (JHA) Inspection.

   GEORGIA DREAM NSP ASSISTANCE

The GA Dream NSP Purchase Program must be used with a fixed rate FHA or VA  mortgage; cannot be conventional financing.  NSP Funds may be used for rehabilitation and down payment assistance.

The loan amount is $14,000 and will be a second mortgage lien closed with a DCA approved Lender's first mortgage.  The interest rate for the Georgia Dream NSP Loan is 0% per annun.

The purchase discount must be at least 15% from the current market appraised value of the home or property determined by the required appraisal. to bring the property up to Housing Quality Standards (HQS).  Any remaining funds must be used for down payment assistance.  If repairs are not needed or are not made a part of the financing, the entire $14,000 must be used for down payment assistance.

All eligible properties must have been foreclosed and vacant.

Manufactured Homes are not eligible.

NSP Funds can be used for (1)Repairs, (2)Rehab, and (3)Down payment Only.

NSP Funds can NOT be used for Closing Costs, Discount Points and Prepaids.

Borrower must occupy the property as their primary residence.

Borrower is required to complete eight (8) hrs of Home Education provided by a HUD approved housing counseling agency. 

Applicants are not required to be a First-Time Homebuyer.

We are an approved GA Dream participating Lender that may originate a Georgia Dream NSP Down Payment Loan.

For any questions, please email the correspondent Loan Consultant at jmarr91@yahoo.com

Contact me at: 201-256-3492

Fax info to: 206-984-9623