The Mortgage Minute, 5.24.2024
Gregory Williams
Publisher of "The Mortgage Minute" newsletter assisting Doctors, CPAs, Lawyers, First Time Home Buyers, High Net Worth Clients and a myriad of other professions. We offer CONV/FHA/VA/USDA/JUMBO/CTP across the Southeast.
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“Greg is the best!!! He will be our first call if rates go down and we decide to refinance. Greg gets to know his clients very well, which allows him to provide exceptional service. Greg was always there to answer any questions we had and provided great insight to help navigate the home buying process.”
--Laura & Nick, closed ?May 2024
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Memorial Day 2024
Memorial Day is an American holiday, observed on the last Monday of May, honoring the men and women who died while serving in the U.S. military. Memorial Day 2024 will occur on Monday, May 27.
Originally known as Decoration Day, it originated in the years following the Civil War and became an official federal holiday in 1971. Many Americans observe Memorial Day by visiting cemeteries or memorials, holding family gatherings and participating in parades. Unofficially, it marks the beginning of the summer season.
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Mortgage Tip:
Q. On a property sale, what happens if the appraisal comes in lower than the agreed upon purchase price?
A. Mortgage loans are based on the lesser of the purchase price or appraised value, which means if a property appraises for less than the purchase price, one of three things happens:
1. The seller agrees to lower the purchase price to the appraisal amount (fairly common if there is an appraisal contingency in the contract).
2. Buyer agrees to put down the additional amount to cover the shortfall. This option isn't available on all deals as many times the buyer has limited funds for down payment and is unable to come up with the difference. If it's within a few thousand dollars, oftentimes some hybrid of 1 and 2 will occur where the seller comes down a little in price and the buyer agrees to come up with the difference.
3. Neither buyer nor seller are willing to budge and deal falls apart. Assuming there is an appraisal contingency in the contract, the buyer is only responsible for the appraisal fee and inspection fee.
You do have the ability to dispute an appraised value. The realtors must supply comparable sold properties within the immediate area and no more than 6-9 months old. Appraisal challenges aren't always successful but I've been able to get some processed during the past couple of years.
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Average Mortgage Rates inch slightly higher
领英推荐
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First Horizon offers one of the most expansive down payment assistance programs in the industry and we’re working hard to spread the news across our communities.? New conventional grants have been announced by Fannie Mae/Freddie Mac and can be combined with our own “in house” grant program.? Realtors, if you’re interested in placing a sign at your listings, please contact us for delivery ?? .
Grant Funds Listing of the Week!
WELCOME HOME TO 3950 VERACRUZ CT... Situated in the vibrant community of Veracruz, this newly renovated contemporary split-level home offers a harmonious blend of modern luxury and convenience. Located just minutes from the highway, you will enjoy easy access to nearby amenities, including shopping centers, restaurants, parks, and schools. As you step inside, you'll be greeted by the grandeur of high ceilings and an inviting atmosphere that exudes elegance, warmth, and modern comfort.?
Pro tip, our expanded Home Possible program offers below market interest rates for eligible clients.? Rates for purchase loans are typically lower than refinance rates and lower than the average 30 year fixed rate.? We locked in a First Time Home Buyer client at 6.875% on a 30 year fixed conventional mortgage this week for no points and combined an $8000 grant from First Horizon’s own funding vehicle.? The grant can be used for down payment/closing costs. (Grant amounts can vary based on buyer’s scenario, our minimum grant is $8000)
Sample Social Media Post for Realtors
"Teacher friends, one of my favorite local lenders is offering $9k grants to eligible educators and other employees of the school system! You can use this for down payment and closing costs. I'd be happy to get your home search process going today and connect you with the lending team!"
You can use our unique products and ENHANCED grants to market to market your listings.? If you’ve got listings in low or moderate income census tracts, most potential buyers would be eligible for at least $8k in grant funds which can be used to pay closing costs.? First Responders, including teachers and other employees in the education system can obtain a $9k grant.? Our Home Start program works in conjunction with the grants and offers up to 100% financing with no PMI!? We’re happy to help determine the census tract for your listing, just give us a call and we’ll walk you through the process ??
We’re always looking for opportunities to engage with our communities, let us know if we can sponsor your group for a future event.?
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Let’s sell some homes!
Have a great week!
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Greg Williams
AVP/Senior Mortgage Banker
404-457-4143 cell |?
2987 Clairmont Road, Ste 150
Atlanta, GA 30329
NMLS# 151412
Equal Housing Lender
We do Business in Accordance with Federal Fair Lending Laws
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:
Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or
Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.