Atlantas Best Mortgage

11/04/2024

With easing interest rates on the horizon, now is the ideal time to explore renovation mortgages. These loans can fund structural changes, cosmetic updates, and enhancing home functionality. Options like HELOCs, cash-out refinancing, and the Homestyle Renovation Mortgage offer flexibility for homeowners. Learn about eligibility, benefits, and how to maximize your investment in home improvements.

Financing for Renovations, Cosmetic improvements, and Improved Features (pools, ADUs) Thomas Hogan for Renovation Mortgages RENOVATION MORTGAGES have been relatively unpopular for the past 2 years, as

10/22/2024

ASSUMABLE MORTGAGES

The video in the attached CNBC article does a very good job of introducing the assumable mortgage. I never knew it was the The Garn St.-Germain Act of 1982 that prohibited conventional loans from being assumable.

ARTICLE:
As mortgage rates stagnate around 6%, prospective homebuyers are feeling nostalgic for the 3% interest rates of 2020 and 2021. Google search results for the term “assumable mortgage” spiked in May, following a steady upward trend starting in 2022.

Mortgage assumptions allow buyers to take over an existing mortgage at its current rate, possibly securing mortgage rates as low as 2% or 3% depending on when the original mortgage was taken out.

Mortgage assumptions were a popular way to buy a house in the 1970s and 1980s but have largely fallen out of public consciousness. The Garn St.-Germain Act of 1982 allowed private lenders to enforce a due-on-sale clause, requiring payment in full if a property changes hands, making assumable mortgages near obsolete outside of divorce and property inheritance.

Now a rarer find in the U.S. housing market, a specific subsect of mortgages can still be assumed by outside buyers: Veterans Affairs, Federal Housing Administration, and United States Department of Agriculture mortgages.

“Twenty percent to 25% of the homes on the market will be fully assumable at one time,” says Raunaq Singh, Roam founder and CEO. But, “the number of assumption transactions that are happening is far fewer than the number of mortgages which can be assumed.”

Only 4,052 FHA-backed mortgage assumptions were completed in 2023. Still, that’s a 59% increase compared to 2021, according to numbers provided by the FHA. The VA has seen an even larger jump with 713% more mortgage assumptions in 2023 compared to 2021. Both the VA and FHA are already outpacing last year’s assumption totals at more than 5,000 assumption per department so far in 2024.

U.S. homebuyers are looking into mortgage assumption as a way to secure a sub-3% mortgage rate.

09/18/2024

I originate residential mortgages in 45 states.

The FED dropped their Key Rate by .50% today. Mortgage rates are easing. If you are in a rate of 6.75% or higher, and have some equity in your home, you may want to take a look at a refinance analysis to check out the monthly savings. I will also show those interested what refinancing into a 15 or 20-year mortgage would look like. Your payment might not change, but your interest savings could be huge.

Lower the rate, lower the payment, consolidate debt.

Call Today
[email protected]
404-591-2500

08/15/2024

REFINANCE NOTES – CONVENTIONAL REFIs.
Seasoning Requirement- Two factors must be considered, Title and Mortgage. At least one borrower must have been on title to the subject property for at least six months prior to the closing date of the new loan. The existing first mortgage being paid off through the refinance must be at least twelve months old. Fannie Mae and Freddie Mac allow for the time a property has been titled in a majority owned LLC to be counted towards the borrower’s six-month ownership requirement.

DTI (Cash-Out): Fannie Mae requires a 6-month reserve if the DTI exceeds 45%. Freddie Mac follows the automated underwriting findings.

Non-Occupying Borrower (Cash-Out): Fannie Mae has no restriction. Freddie Mac: All Borrowers must occupy the Mortgaged Premises when the Mortgage is a cash out refinance Mortgage secured by a Primary Residence.

To qualify as a Rate & Term Refi Fannie Mae limits the cash out to the lesser of 2% of the new loan amount or $2,000. Freddie Mac says the cash out cannot exceed the greater of 1% of the new loan amount of $2,000.

Exceptions permitted– See Selling Guide.

Please call today!

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank. Loan underwriting guidelines presented are a sample of the complete guidelines for underwriting approval. Please call me to discuss the complete guidelines.

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08/12/2024

PLEASE CALL ME TO HELP PRESENT AT YOUR NEXT SEMINAR or TEAM MEETING.

If you have an upcoming seminar, team meeting or retreat, and need a mortgage partner to help present, please call me today. I have presentations I can prepare on First Time Buyer programs, Construction and/or Renovation programs, and Alternative Income Documentation programs.

Please call today!

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.

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08/08/2024

AMERIS BANK MORTGAGE OFFERS BORROWERS MANY DIFFERENT WAYS TO DOCUMENT INCOME FOR RESIDENTIAL MORTGAGE.
In 2023 and 2024 many mortgage companies and bank saw great declines in production, for many different reasons. With strange economic times, there were also a growing number of prospects whose income did not fit inside the usual mold. Ameris Bank responded to this need by adding new ways to help our clients.
We have added several “Alternative Income” mortgage programs to our platform. It I now possible to document income using several methods:
1. Bank Statement Deposits
2. Profit & Loss Statement (supported by 2 months bank statements)
3. 1099s (supported by 2 months bank statements)
4. Written Verification of Employment Form
5. Asset Depletion
6. Asset Utilization

This client first elected to pursue the bank statement program, but when underwriting needed the source of many incoming wires, we quickly pivoted to the Profit and Loss Statement program. The underwriting approval went smoothly.
If income documentation has been a hurdle for you, please call today!

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.

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08/08/2024

AMERIS BANK CLOSES JUMBO CONSTRUCTION PERM LOAN WITH EXCEPTION TO CREDIT SCORE.

This closing was meaningful to me. When other lenders are forced to follow their guidelines without exception, Ameris Bank has built a mortgage platform that enables us to help clients when they need it most. My borrower had sold their primary home in preparation for the closing on their new construction project. Because the loan strategy took 4-5 months to execute, we were blindsided when the co-borrower’s credit was below the required score.
My team at Ameris Bank gave this family the exception they needed to be able to close their loan and move forward with this life-changing transaction.
I am proud to represent Ameris Bank. While we are not able to honor all requests, it makes me feel overjoyed when we are able to use the bank’s resources to truly help our clients.

Please call today!

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.

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07/30/2024

The Value of a Preferred Lender

Benefits of Using a Preferred Lender
While it is true that the home buying process can be overwhelming to many, working with a preferred lender and developing a predictable loan flow can ease the stress that buyers feel which can lead to a comfortable and smooth process.

Trust in one of Georgia's Top Lenders
At Ameris Bank, we are committed to bringing financial peace of mind to the communities we serve. That is why we're proud to share that Ameris Bank was the number 1 bank for mortgage volume in Georgia in 2023. Ameris was the #1 Bank for Purchases and also for New Construction.

Knowledge and Experience
With 25 years of experience originating mortgages in the Greater Atlanta market, I have followed the growth of many of our communities. I even served for 12 years on the Chamblee City Council. I have created 4 mortgage operations from scratch, 3 of which were for local community banks. I enjoy creating a seamless customer experience for the customer.

Accessibility
Having the ability to quickly and easily get in contact with your lender should be a priority for any sales/lender relationship. I can offer you peace of mind knowing that I make myself readily available by phone, email or text as a standard way I do business. By doing thorough work and by setting good expectations, I can quickly answer questions and address concerns as needed.

Personalized Experience
Overall, a local mortgage lender is the best option for a more personalized loan experience. With the option to meet in person or help work an open house, I will be there with you every step of the way!

Please call today!

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.

07/03/2024

AMERIS BANK OFFERS SOFT PULL CREDIT REPORTS FOR MORTGAGE PREQUALIFICATION.
1. No pull is allowed without borrower’s approval (verbal is OK).
2. We pull TU and EQ (not Experian).
3. The Soft Pull does not reflect as a credit inquiry on the borrower’s credit report.
4. No credit score hit to the borrower (no real impact to credit for hard pulls, unless multiple inquiries made with different creditor types).
5. Borrowers have the ability to engage the Rescore process with Soft Pulls. (to review score increase potential options).
6. Allows time for borrower to complete the opt out process to eliminate obnoxious Trigger Leads (https://optoutprescreen.com).

7. For prequalification only. Hard Pull required for Preapproval.
8. If the Soft Pull is lower than 620, within 3 days the borrower must be sent an Adverse Action letter (Ameris Bank will pull 1 bureau as Hard Pull for the letter).
9. If the Soft Pull is less than 620 and a candidate for the Rescore process, the Adverse Action does not need to be sent for 30 days.
10. In all cases, a full tri-merge credit report is needed for any file to move forward.

Please call with any questions, comments, or concerns.
Please call today!
Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.

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06/24/2024

Ameris Bank has the best Down Payment Assistance Program in Atlanta. It is Called the “Fannie HEE”, short for Fannie Mae Home Equity Enhancement program. Looking up eligibility is now so easy, you will go back to all of your prospects from the past few years and check their addresses. If you get a hit in an apartment, I believe everyone there will be a hit!

The benefit is 4% of the purchase price up to $12,500
The first $5,000 of benefit is a Day One grant
The balance of the benefit is a Community Second (No monthly payment. The 2nd is forgiven 20%/year for 5 years).
Can be subordinated if the borrower refinances.
The benefits also include $500 rebates for the costs of the appraisal and a home warranty
No income limit with Fannie HEE
Eligibility is based on current residence and in an eligible area. Home can be purchased in 46 states.
The Fannie HEE program uses the Fannie Mae Homeready program for underwriting
No FHA Appraisal
Seller NEVER KNOWS borrower is using a DPA program
620 Minimum credit score and DTI according to AUS findings
No borrower contribution required
Loans up to $766,250
Interested Party Contributions up to 5%
Underwriting is all done in-house
Only 1 borrower needs to be a FTHB

Know if your borrower is eligible BEFORE looking for a house! Easy address search for eligibility. Type Borrower’s Current Address in the Fannie Mae AMI Look Up Tool (link below). Results showing “Homeready First” and in eligible area (usually majority -minority areas within Sandy Spring-Atlanta MSA) is the initial indicator of eligibility. Final eligibility is found in the AUS findings during preapproval.

SEARCH FOR INITIAL ELIGIBILITY HERE:
https://ami-lookup-tool.fanniemae.com/amilookuptool

Please call today! 404-591-2500

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.

06/23/2024

CLOSED !!!

Congratulations to our client on the purchase of her new home. It was especially rewarding that she was able to take advantage of the Fannie Mae Housing Equity Enhancement program. The “Fannie HEE” is considered the best DPA program in the Atlanta area.

Thank you to our deal partner, Lauren Estadt. Lauren and her team at Roots Real Estate provided a smooth and seamless process from consultation to closing. I highly recommend Lauren. She is knowledgeable, friendly, and accessible.

Please call me if you would like to learn more about the eligibility requirements for Fannie HEE (No Income Limits, No Outside Underwrite, Uses The Fannie Mae Conventional Loan Program, Loan Amount up to $766,250)

Please call today!

Thomas S Hogan II, Mortgage Loan Originator (NMLS #170362); (404) 591-2500; [email protected]; Ameris Bank (NMLS #408099) is a Fair Housing Lender and Member FDIC; Opinions expressed on this social media site are expressly mine and do not necessarily represent the opinions of Ameris Bank.