Hot Loans Being Offered Right Now!
There are some great deals being offered in the financial loan world right now. Here are two offers that are hot, hot, hot:
1. Community Loan Program – 2% Down, No PMI - Wells Fargo Home Mortgage
The Community Loan Program allows a home buyer to get a 30 year fixed rate loan with a 2% down payment and no mortgage insurance. This loan is unique to Wells Fargo – because Wells Fargo & Wachovia are a bank as well as a mortgage company they have a commitment to be an asset to the communities in which they have a banking presence. Offering these special loans (which mainly appeal to 1st time or moderate income homebuyers) is one way they try to give back to the community.
Highlights/Guidelines:
- The maximum loan amount under this program is $250,000 and the customer and property would still have to meet regular loan qualification criteria (good credit, income, appraisal, etc.).
- The home needs to lie in a census tract which is considered low or moderate income (the vast majority of the census tracts in East Atlanta, East Lake , Kirkwood, Oakhurst, Ormewood).
2. HomeStyle Renovation Program – Combine Home Purchase w/Reno Costs – Loan South Mortgage
The Fannie Mae HomeStyle Renovation program allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing all funds for renovation will be escrowed in an interest earning account. After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage.
Highlights/Guidelines:
- If it is for the purchase or refinance of your primary residence you may be able to put as little as 5% down with a minimum credit score requirement of 700.
- Investor loans are allowed with a minimum down payment of 25% and a minimum credit score of 740.
Wells Fargo Contact: Mark Stedina (404) 966-4355 Mark.C.Stedina@wellsfargo.com
LoanSouth Contact: Brandon Byrd (404) 915-8252 BByrd@loansouth.com
Posted by: Melissa Wakamo
"My goal when I started my real estate career nearly a decade ago was to focus on my immediate area and get to know my neighbors. I’ve had a lot of fun helping my neighbors sell their homes and helping newcomers become a part of our community. So wherever our clients are selling or buying today, I’m committed to knowing what’s around them, as I believe community is just as much a part of a home as the house."
A long-time resident of Ormewood Park, Melissa has a strong track record of proven results in the southeast Atlanta area. Quickly becoming the number one agent in Ormewood Park and East Atlanta shortly after getting into real estate, today Melissa knows the intown Atlanta area like the back of her hand. In fact, she led Red Robin Group to the elite top 1% of agents in Metro Atlanta in 2009.
Melissa’s active participation in various neighborhood organizations and charitable efforts, as well as her involvement with the Atlanta Board of Realtors, helps keep her at the forefront of what’s going on in today’s real estate market. As the Broker, Principal and Listing Specialist for Red Robin Group, Melissa is focused on working with sellers to correctly price their homes, help get their homes ready for market, and negotiate the sale in order for sellers to receive the highest price possible for their homes.
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