How Atlanta Homeowners Can Benefit From the New Home Loan Programs
7 December 2009
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The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Atlanta families in their homes, stabilize Atlanta’s communities and assist Atlanta homebuyers during these troubled times. Under these new home loan plans, Atlanta homeowners can:
- Refinance their mortgage to a new, lower, fixed interest rate.
- Refinance even with declining property values.
- Refinance with lower income and asset verification requirements.
- Refinance Multiple Investment Properties.
Each of the above possibilities require that Atlanta Homeowners be current on their existing home loans. However, for those Atlanta families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;
- Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home.
Finally, for those Atlanta families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to;
- Purchase beautiful Atlanta homes with credit scores as low as 580
- Purchase their new dream home with no out-of-pocket money down
The U.S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Atlanta borrowers, to get back on track and improve their current financial situations.
So How Do They Work? Refinance
For Atlanta Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Atlanta Homeowners:
- Fixed-rate mortgage to fixed-rate mortgage
- Adjustable-rate mortgage (ARM) to fixed-rate mortgage
- Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage
Loan Modification
For Atlanta homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward.
Purchase
For Atlanta area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase;
- Bank owned foreclosures at below market value
- With 580 credit scores
- With no, or little, money down
- With down payment assistance
How Do I Know If I Qualify?
Atlanta Loan Pros can help you move through the qualification process, and help you find the homeowner program that fits you best. Atlanta Loan Pro will work with Atlanta Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them.
For more information, please contact Atlanta Loan Pros at 678-925-8001 or atlantaloanpro@gmail.com.
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FOR ALL 9 Lyrics— Dream Girl- Well I married my dream girl. I married my dream girl. But she didnt tell me her credit was bad. so now instead of living in a pleasant suburb. we’re living in the basement at her mom and dads. No we cant get a loan for a respectable home. Just because my girl defaulted on some old credit card. If we’d gone to free credit report dot com, I’d be a happy bachelor with a dog and a yard. New Car- Well I was shopping for a new car, which one’s me? A cool …
Help answer the question
How can I recieve a private loan to cover my mortgage payment while in pharmacy school?
I would need to get a loan of $30,000 per year to cover the costs of my mortgage and other bills until I graduate. Are there any loan companies that would loan this amount? Would the loan company continue to do this until I graduate?
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I Love this man. His method is used Social Work curriculum. People like him give me a little hope for the world.
I'd suggestion contact your bank, credit card company or perhaps asking your family or friends.
When your federal educational loans are in default, you have several options:
You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can "rehabilitate" your loan.
You can consolidate your loan.
Obviously option one is rarely attractive or possible for defaulted borrowers.
Option two (renegotiate) should be investigated fully – most borrowers skip this step, but it's probably the best option for most people. Call your lender and ask to speak to someone in the "Workout" Department. Explain your situation to them (there's nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.
Option three (rehabilitation) is really a specific form of a workout agreement. It probably won't help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.
Option four is everyone's favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple – a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt – a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you'll make many additional monthly payments, and – in the end – you'll pay far more back than you would have paid on the original loan.
As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren't going to be able to afford to pay me $50 – is there something else we could do? "Oh, absolutely," I'd say, gallantly. "Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?"
See – in the end, you'll pay me back $170 instead of $100 – that's how a consolidation loan works. But remember – we're not talking a $100 loan for a couple of weeks – by the time you pay that $5000 loan of yours back over many years, you'll pay a few thousand more than you might have paid if you didn't consolidate that loan.
I've attached some information about consolidating from the Department of Education – take a few minutes to read it over. If you do choose to go this route, be sure to consolidate with a reputable lender (or directly with the government) and not with some fly-by-night operation that you learn about from some pay-per-click site shilled on Yahoo! Answers.
Good luck to you!
i’d like to think that if more of this kind of thing were going on, there would be more accountabiltiy more help given to the people who could benefit, and less likelihood of illicit skimming of the funds meant to be given as aid.
man I’ve become a fan of that guy
Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest.
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i hope i will help the world like u ….
NAVEED MEDHI
you r the man
I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.
All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you.
He is a great man! Everyone thinks about Rich people but no one thinks about Poor people. Everyone is becoming selfish.
His Idea is good! Should be given a try by everyone!
I loved it
No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.
If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.
Wow id like to see the written statics on this program
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