Short Sale & Foreclosure Victims: 6 Reasons You Can Buy Again

Short Sale & Foreclosure Victims: 6 Reasons You Can Buy Again

A Short Sale or a Foreclosure is most definitely not something anyone wishes upon them self or their loved ones. But, if you happen to be one of the many Americans who unfortunately experienced a Short Sale or Foreclosure, The Family Mortgage Team of Atlanta has good news for you! Listed below and in our infographic you’ll see Six Reasons Past Short Sale Sellers can (and ...

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Buying a Home: What You See vs. What You Get

Buying a Home: What You See vs. What You Get

It’s safe to say, most people are aware of the ever-so-popular home buying reality TV shows. And it’s probably also safe to say most people watch, have watched, or have at least been in the room while someone watched one of these shows… Property Virgins, Love it or List It, House Hunters, Property Brothers… and the list goes on. And what makes them exciting on a personal level is when you realize the episode about to come on is set ...

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Loan Approval vs. Loan Pre-Approval

Now that you have created your list of amenities you want in your new home, are you ready to start searching?  Well, not quite. You will need to know what price range you can afford. There are two ways to go about this: You can either get pre-qualified, or pre-approved for a mortgage. Whichever you choose, you will need to contact a dependable mortgage company. At Family Mortgage of Georgia, we offer fast, FREE pre-approvals.

 

You ...

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Debt to Income Ratios

There are two ratios that a lender will be interested in; 1) your housing ratio, also known as your “front end ratio,” and 2) your debt-to-income ratio, also known as your “back end ratio.”

The housing ratio is your gross monthly income (your income before taxes are deducted) divided by your total housing payment. Your total housing payment includes principal, interest, taxes and insurance.

Your debt-to-income ratio is calculated the same as the housing ratio, except all revolving and installment debt is ...

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Automated Underwriting and The Home Mortgage Process

If you have relatively good credit, today’s automated underwriting systems provide a list of only the documentation that is necessary to satisfy the lender. The way it works is that once the lender has your application and has pulled your credit, the file is uploaded to one of three locations, Fannie Mae, Freddie Mac or possibly directly to one of hundreds of lenders. “Fannie and Freddie” are quasi governmental agencies that set the guidelines that dictate whether a ...

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