FHA Loan Guidelines May Be Changing for the Worse

There was an informative article in the Washington Post about how FHA is toughening requirements for borrowers. The assumption is that people are walking away from homes because they don't have enough skin in the game. That they were able to get into homes for very little money and it is therefore not much of a personal loss to abandon them.

While this is true for some, I don't think this applies to the majority of people. Most homeowners are emotionally attached to their houses and do not make a strategic decision to foreclose. Its usually the result of a job loss and the resulting loss of income. If loan modifications were readily available, I believe most of these people would remain in their homes.

These are the proposed changes to FHA loan guidelines:

1. Borrowers will contribute more money, possibly 5% instead of 3.5% currently required.
2. The seller contribution will be reduced from 6% to 3%.
3. The borrower's upfront and monthly mortgage insurance premiums will be increased.
4. The minimum credit score will increase.

You can read the article by clicking here.

I am admittedly biased on this topic. I think its a bad idea to make it more difficult for people to borrow money given the current economic conditions. I do, however, recognize that this may potentially be favorable to FHA and mortgage lenders in the long term if it results in fewer foreclosures.

Today is Election Day

Today is the run off election for Mayor of Atlanta. Tonight either Kasim Reed and Mary Norwood will be elected as our next mayor. If you haven't already voted, there is still time. The polls close at 7pm this evening. You can find out where to vote and what other races are on the ballot by clicking here.

Central City Condos

Today I toured Central City Condos off of Ralph McGill near Boulevard and I was pleasantly surprised. The development has spacious floor plans with numerous upgrades like granite counters, real hardwood floors, and stainless steel appliances. Central City Condos is conveniently located near the Atlanta Civic Center, Atlanta Medical Center, and the Georgia Power headquarters. It is also within walking distance of Freedom Parkway.

Click here for more information.

Spelman & Morehouse Glee Club Christmas Concert

Its the most wonderful time of the year! I love Christmas so this rings true for me. :)

If you are in the holiday spirit, be sure to check out the annual Spelman and Morehouse Glee Club Christmas Concert. Its this Friday through Sunday in the AUC. The concert is free and starts at 8pm each night. Friday and Sunday performances take place at King Chapel on Morehouse's campus while the Saturday performance will take place at Sister's Chapel on Spelman's campus.

Tip: Show up early for the concert as its usually a full house. Your best bet is to go on Friday or Sunday as King Chapel is significantly larger than Sister's Chapel.

Click here fore more information.

Happy Thanksgiving!

The holiday season is upon us and I am so happy to share it with my friends and family. My mother surprised me this morning by getting up before 5am and going with me to Target. There were about 200 people in line when we got there so we missed out on the 32" HDTV for $264 but we found a few other deals. Remember to dress warmly and be safe as you shop for bargains.

Happy Holidays!

Model Home Furniture Auction

There is a model home furniture auction tomorrow afternoon at 1pm in Acworth. Preview begins at 11am. 103 Harvest Ridge Raod Acworth, GA 30102

See you there!

Looking for a Fresh Start?

Relocation.com has an interesting article if you are thinking of making a change. They have ranked the 20 best cities that would appeal to someone looking for a fresh start. They take into account economic growth, home affordability, and community strength.


1. Austin, Texas
2. Dallas-Forth Worth, Texas
3. Charlotte, North Carolina
4. Denver, Colorado
5. Columbus, Ohio (tie)
5. Indianapolis, Indiana (tie)
7. Washington, D.C.-Baltimore, Maryland
8. Atlanta, Georgia
9. Oklahoma City, Oklahoma
10. Houston, Texas (tie)
10. Les Vegas, Nevada (tie)
10. Seattle, Washington (tie)
13. Minneapolis-St. Paul, Minnesota (tie)
13. Raleigh-Durham, North Carolina (tie)
15. San Antonio, Texas
16. Portland, Oregon
17. Cincinnati, Ohio
18. Pittsburgh, Pennsylvania
19. Memphis, Tennessee
20. Cleveland, Ohio

Read more: http://rismedia.com/2009-05-25/time-for-a-fresh-start-20-best-cities-if-youre-looking-to-start-over/#ixzz0OxQy76BT