How Atlanta Homeowners Can Benefit From the New Home Loan Programs

The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Atlanta families in their homes, stabilize Atlanta’s communities and assist Atlanta homebuyers during these troubled times. Under these new home loan plans, Atlanta homeowners can:

• Refinance their mortgage to a new, lower, fixed interest rate.
• Refinance even with declining property values.
• Refinance with lower income and asset verification requirements.
• Refinance Multiple Investment Properties.

Each of the above possibilities require that Atlanta Homeowners be current on their existing home loans. However, for those Atlanta families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;

• Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home.

Finally, for those Atlanta families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to;

• Purchase beautiful Atlanta homes with credit scores as low as 580
• Purchase their new dream home with no out-of-pocket money down

The U.S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Atlanta borrowers, to get back on track and improve their current financial situations.

 

So How Do They Work? Refinance

For Atlanta Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Atlanta Homeowners:

• Fixed-rate mortgage to fixed-rate mortgage
• Adjustable-rate mortgage (ARM) to fixed-rate mortgage
• Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage

 

Loan Modification

For Atlanta homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward.

Purchase

For Atlanta area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase;

• Bank owned foreclosures at below market value
• With 580 credit scores
• With no, or little, money down
• With down payment assistance

 

How Do I Know If I Qualify?

Atlanta Loan Pros can help you move through the qualification process, and help you find the homeowner program that fits you best. Atlanta Loan Pro will work with Atlanta Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them.

For more information, please contact Atlanta Loan Pros at 678-925-8001 or atlantaloanpro@gmail.com.

Watch the video related to commercial refinance loan

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Help answer the question about commercial refinance loan

About Author

After 25 years of experience in the real estate and mortgage industry, I have found that the best marketing comes from helping people to make their dreams come true. Because of this, when it comes to family, friends, and buying homes, I am always happily busy.

6 Responses to “How Atlanta Homeowners Can Benefit From the New Home Loan Programs”

1. Linda on March 20th, 2009 1:12 am

   Right now this is going to be a difficult task if you want cash out any equity. If you only want to refinance in order to get a better interest rate or a lower payment, you should have no problem if your fianancial statements are in order. Always make sure that show as much income on your tax returns that you can handle. I am self employed and I try to pay more taxes that I probably have to. I know that is sounds crazy, but if you want to expand in business, you have to show some profits.

2. exfootballgraduate on March 20th, 2009 1:41 am

   Depending on what state your in things may be different. If you are in CT,MA,RI,or ME give me a call 508 496 1095

3. sweetgurllexi on March 20th, 2009 3:04 pm

   hi

4. qualls on March 20th, 2009 10:29 pm

   http://www.peoplesbancorp.com. Call Rick Lentz @ peoples bank. I have worked with them on several projects and they have a down to earth quality I like. They do commercial and residential and are looking for new clients.Oak Hill Banks is another good lender that is easy to work with.They have several branches also. We work with the one out of Chillicothe and the contact is Jeff Doles.

5. san on March 21st, 2009 3:34 pm

   I recommend that you talk to an attorney who specializes in real estate law.

   I am concerned that you are asking about purchasing a house when you are already in default and cannot afford those payments.

   How will you make the payments on a house if you cannot make your payments now?

6. JTT Properties on March 22nd, 2009 1:49 pm

   Let's start with the first question first. It is POSSIBLE to get one loan to cover multiple properties for purchase. I honestly believe that there is a lender for everything these days. Now, as to whether or not it would have to be a commercial loan, that depends on the property. How many units is each property? If it is more than 4 units it is considered commercial and will have to be sent to a commercial lender. If your looking for a broker to help you out don't hesitate to email me. I do a ton of constructions loans every month. Send me an email and if I'm licensed in your state I will be glad to help, if I'm not licensed in your state than maybe I can recommend someone who is licensed in that state. Good Luck!

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