Changes to FHA Lending Announced

FHA has recently announced significant changes to FHA loans:

1.  The initial upfront MIP will increase from 1.75% to 2.25%, effective for any FHA case numbers issued starting on April 5, 2010.

2.  The holding period of 90 days for a seller (to an FHA purchaser) has been waived for contracts executed on or after February 1, 2010. This applies to foreclosures and investors (still reviewed on a case-by-case basis).

The following changes will go into effect in the summer of 2010, because they must go through an official approval process, including publication in the Federal Register:

1.  Borrowers will need a minimum credit score of 580 to qualify for the maximum loan percentage with only 3.5% down.

2.   Borrowers with less than a 580 credit score will be limited to a maximum of 90% financing (10% down).

3.   Seller concessions will be limited to 3%.

The Homebuyer's "Ten Commandments" When Applying for a Home Loan

Have you noticed those new HRBlock commercials that show people asking those crazy but sincere questions like, "Can I claim my 30-year-old son as a dependant?" or "Do I get to write off my dining room table as a business expense?"

If you've got those same questions about the home buying process, we've got some solid answers on what NOT to do. Even if you've already owned a home and are ready to start looking for your next place, here are some very important "DO NOTs" to take into consideration:

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

If you have any questions at all about whether or not something could affect your ability to buy a home, please contact us first. We'll be happy to help!

Job Specialization: Red Robin Group's Secret to Success

How does Red Robin Group do what we do, and do it well? Just like any other successful business, our strength lies in job specialization. When you hire Red Robin Group, you’re really getting FIVE professionals for the price of one:

Melissa Wakamo, Listing Specialist
When you call Red Robin Group to list your home, you’ll speak with Melissa about your motivation for selling and how factors such as your home’s condition, your location and most importantly, your price point factor into the equation.

Rob Smith, Marketing Specialist
After speaking with Melissa, Rob’s job is to ensure that a custom marketing plan is ready for your home that ensures maximum exposure to the right target audience.

Will Rumfelt, Marketing and Administrative Coordinator
Once you decide to list your home with Red Robin Group, Will’s job is to execute Rob’s marketing plan and to manage any changes or updates during the course of your listing.

Jan Sykes, Client Service Manager
After Will completes the execution of your marketing plan, Jan continuously cross-sells your listings to real estate agents, provides you weekly agent/prospect feedback, and supplies you with proactive “next-step” advise as the market changes. Once we go under contract, Jan also manages the contract-to-close process.

Christina Rumbaugh, Buyer Specialist
Last but certainly not least, Christina’s sole responsibility is to work with all Red Robin Group's buyers and buyer prospects. This ensures that every single call, email or any other inquiry for your listing is promptly and aggressively followed up with.

With this team model, we’ve been able to become the number one agent team in Grant Park, Ormewood Park and East Atlanta in 2009.* And we’re excited about growing our team in 2010 to serve our clients even better.

*Based on past 12 months’ combined, total closed volume data compiled from FMLS.