Back Log of Foreclosures

We all keep hearing the talks about a backlog of foreclosures due to the federal government's investigation of banks and their procedures handling such. This may all be true and we might see a flux of new foreclosure inventory nationally. Here in Cumming Ga foreclosures have been steady to arrive to the market. Many being Fannie Mae or Freddie Mac. In fact, 80% of all foreclosure market are Fannie Mae or Freddie Mac. We have made our fair share of offers on these type homes. What you must understand is that these homes are being bid on by multiple buyers and usually do not stay available for very long in the Cumming/Forsyth market. Understand that before Fannie and Freddie put their homes on the market they have usually been fully inspected, with some repairs being made, as well as at least one broker price opinion and an appraisal. So what does all this mean? That before you even consider looking at a foreclosure you should hire buyers representation from a Realtor who is experienced with foreclosures more specifically Fannie Mae's and Freddie Mac's. This is the single most important thing anyone can do as a buyer. Buyers representation is free, sellers pay this fee. There are tips and tricks to make a foreclosure buying process easier and more efficient and a qualified Realtor can assist more proficiently. To learn more contact us @ 770-616-2873 or at www.homescummingga.com.

Fill out my form!

We sell foreclosures!

What It Take To Qualify For A Mortgage

Are you wanting to explore the idea of homeownership? There are many different types of mortgages but perhaps the most popular loan product today is the FHA home loan. FHA home loans were designed to help Americans fulfill their dreams of homeownership. What does it take? Here are the essentials.

Steady employment history, at least two years with the same employer or two years in the same field of work. Sometimes permissible short laps in between jobs.

Consistent or increasing income over the past two years.

Credit report should be in good standing with less than two thirty day late payments in the past two years.

Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.

Any foreclosure must be at least three years old with good credit for the past three years.

Total monthly debt including mortgage payment may reach as much as 50 percent of total income.

If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.

To prequalify does not guarantee a mortgage. It simply means that you are taking inventory of your income and assets and submitted them to your potential lender. It also helps you to understand your borrowing power and what you can afford in terms of monthly payment. Keep in mind that these are some current guidelines that are believed to be accurate but are not warranted. Lending guidelines do change and each persons guidelines may be different. If you are interested in speaking with a qualified licensed lender email me @ pamelachapman@kw.com

Cumming Country Fair and Festival

Its that wonderful exciting time of year here in Cumming Ga. The Drew Exposition has rolled into town and the sky lifts are in place. The Cumming Ga Country Fair and Festival opens Oct. 6 and runs through the 16th. This years acts will include Marty Stuart Joe Nicols, and of course it would not be the Cumming Ga Country Fair with out the one and only Charlie Daniels. Opening Day and Saturdays get free admission (during select times) . Come out and snatch up some home baked goods or indulge in a sweet funnel cake. This years Cumming Ga Country Fair will be loads of fun.