Alpharetta Real Estate Homes for Sale

I wanted to make a quick post regarding a subject near and dear to many of you, and one that has in the past, sent shivers down your spine. Yes, I am alluding to the infamous FHA loan. With the tightening credit market and many of the true 100% loans gone by the wayside, more and more borrowers are turning to the FHA loan as a way to get into their new home.

But don’t let these deals scare you!

• Most lenders have beefed up their FHA underwriting staff. We can close most FHA loans in 5-10 business days;
• Loan limits in the metro area are as high as $346K;
• The 3% down payment requirement still can come from a gift or a down payment assistance program for the 100% loans;
• Seller contributions on FHA can go as high as 6% of the sales price;
• The Monthly Mortgage insurance cost about 30% less than conventional loans;
• Rates are excellent with yesterday’s 30 year fixed around 5.75% for the 30 year.

 
FHA loans are great for first time home buyers.  We have at least 10 lenders who offer FHA loans.  If you have ANY questions regarding FHA procedures or policies, please drop me an email.  With the market bottoming out, don’t let financing be a problem in achieving your home ownership goals.

Ted Fithian, Home Town Mortgage  

http://www.alpharettarealestatehomes.com/003926

After having blogged all by my lonesome for going on two years now, I thought you might be tiring of just my perspective.  It is time to broaden the message at this humble real estate blog and to that end, I’ve invited Ted Fithian from Home Town Mortgage, a local lender in Alpharetta, to contribute. 

Welcome, Ted Fithian, of Home Town Mortgage in Alpharetta

Ted’s first offering is timely now that Spring officially starts in ten days; and as Ted alludes, Spring started in the mortgage and real estate industries a little earlier this year.  Take it away, Ted, and welcome to the blogsphere.

Spring Cleaning

One of the things I enjoy most about spring time is my annual ritual of opening up the windows on a Sunday afternoon and cleaning out the junk that has accumulated in the house over the winter. There is something very therapeutic about knowing that the garbage that has been in your way all winter is gone, and now you have more room for newer, fresher and better stuff. Let’s face it; many of us enjoy a good spring cleaning because it just makes us feel better!

Now, I have yet to start on my house, but I am already feeling pretty good about the spring cleaning that has occurred in the real estate and mortgage business.

Contrary to what you might believe or have heard, things in the mortgage business are not all that bad. In fact, I think the outlook is fairly rosy and I am exited to still be in the business. Why you might ask? Well the answer is simple: The garbage has been thrown out and there is more room for the good stuff.

Over the last six months, both the mortgage, and residential real estate industries have been experiencing its own spring cleaning of sorts. We are hopefully nearing the end of a market which has cleared out about 50% of the bottom feeders that jumped in this business during the refi boom in 2002-2003 in hopes of making a quick buck or two.

We are seeing the end of those lenders who, in hopes of grabbing some market share, have quit offering mortgage loans to anyone who could fog a mirror. Can you imagine that at this time last year there were lenders out there offering stated income loans with no money down if you had a 600 or better credit score?

Borrower:  "Ok Mr. Mortgage lender, you say I need to make how much to qualify for this loan?"

Lender:  "$225,000."

Borrower:  "Oh, I made at least that much last year and I plan on making more next year, so I qualify, yeah!!!!"

Thankfully those days are gone, and I say good riddance.

So why all the joy?  As we roll into 2008 there will be about half as many realtors and mortgage lenders as there were at this time last year. What that means to the consumer is:  Those of us still in the business are more professional, harder working, and probably smarter than those that have not been able to sustain.

For those of us in the business it means less competition, a more traditional market, and hopefully a more professional environment in which to work. Everyone wins. In fact, after I finish cleaning the house, I think I will go start on my garage. That makes me feel better too!

Ted Fithian, Home Town Mortgage 

Thanks, Ted, for joining me and I look forward to your contributions around mortgage issues that affect buyers in Alpharetta and the rest of North Fulton.  To your point about the "weeding out" of the mortgage and real estate businesses, according to the National Association of Realtors, between 2006 and 2007, almost 20,000 realtors hung up their licenses.  These people are now doing multi-level marketing…just joking ;->

Projections for 2008 are that there will only be about 1,000,000 realtors nationwide, down from about 1,350,000 in 2006.  That is a 25% drop, definitely some good spring cleaning!

Of the national real estate franchises, according to REAL Trends, every one is down between December 2006 and December 2007 except Keller Williams.

Company	Dec 2006	Dec 2007	Change
Keller Williams	77,210	29,643	2,433
Prudential	70,450	69,990	-550
Re/Max	119,459	115,858	-3,601
Century 21	146,070	139,895	-6,175
Coldwell Banker	123,730	116,812	-6,918

Given what is going on in the market, like Ted, I feel pretty good.  Our business grew last year and we project it to grow again this year even in this "down" market.  I love to clean house, just ask my wife!

http://www.alpharettarealestatehomes.com/003909