Real Estate Forum
Update On Government Shut Down And How Banks Are Requiring The IRS 4506 Document
October 11th, 2013 categories: Month to Month, Mortgage Information, Real Estate Forum
Banks have adjusted their policies and will not close purchases without the IRS 4506. Some banks will require a signed document from you (buyer) indicating you understand a 4506 will be required after closing. Recall the 4506 is the document the IRS provides banks confirming that the tax returns provided to the bank by you actually match what was filed with the IRS. Below are generic rules banks are following depending on your specific situation…
Conventional, FHA and VA W-2 Borrowers
Banks will underwrite and close Conventional, FHA and VA W-2 borrower loans prior to receiving the 4506 transcripts.
1. A written VOE in addition to standard documentation and verbal VOE will be required. VOE is a verification of employment. The bank will contact your employer to verify certain information in writing as well as verbally.
2. The 4506 IRS transcripts will be obtained after closing.
Self-Employed Borrowers
Banks will underwrite and close self-employed borrower loans after receiving 2012 and 2011 complete personal tax returns signed by self-employed borrower(s).
1. Underwriting may require additional documentation to support tax returns (i.e. business tax returns, cancelled check made payable to the IRS for taxes paid or proof of refund).
2. Proof the self-employed business currently exists and is in operation will be required.
3. If the borrower filed a 2012 extension, a copy of the extension and a signed Profit and Loss statement for 2012 and YTD 2013 will be required.
4. For salaried borrowers, the most recent two years personal tax returns may be required.
As always call your lender with any questions!
Max A Kallos
404-277-5884 phone
678-298-8947 fax
[email protected]
recognized in ‘Atlanta’ Magazine as a Five Star Mortgage Professional endorsed by Emmy winning consumer advocate Dale Cardwell!
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What Is Pre-Approval And Why Is It An Important Place For The Buyer To Begin
August 29th, 2013 categories: BUYERS only, Mortgage Information, Real Estate Forum
Pre-approval allows a lender to get a high level picture of your financial world. The loan application is the starting point. There should NEVER be any cost or obligation to apply with a lender! If a lender is trying to charge you ANYTHING to apply…find another lender!
The loan application covers everything from income to assets as well as past credit history. Loan application allows the lender to pull your credit. Banks today look to meet 3 criteria…
1. Income: is income at a sufficient level to qualify for the loan?
2. Assets: do you have the required assets to purchase a home?
3. Credit: do your scores meet minimum guidelines?
You must meet all 3 in today’s environment to qualify for a loan. The loan application covers all 3 items. The pre-approval makes the presumption that data provided by you is accurate. This means that we presume your income, etc is what you state on the loan application. Typically income and assets are verified AFTER pre-approval as confirmation of the information you supplied on the loan application. If you are self employed OR in sales (commissioned income) the pre-approval may require tax returns up front so that income can be confirmed. This is because often times self employed and sales people take massive tax deductions which effectively lowers their adjusted gross income.
A loan application typically takes 5-10 minutes to complete. Pre-approval typically takes less than 1 business day. More often than not the process can be completed within a few hours. IE if you send in the completed application at noon…we’ll typically have you pre-approved same business day. Once pre-approved lenders will typically ask for you to start sending in data; tax returns, W2, bank statements, etc. A question we often get is: “should we pull my credit now even though I haven’t looked at homes yet?” The answer…YES! You want a lender to look at your credit well in advance of buying.
Credit reports are notorious for having errors on them. If something turns up that you weren’t aware of, now we have plenty of time to correct it. If you wait until you sign a 30 day contract you may be in for some big surprises. Trying to correct credit issues quickly is tough to do especially if you will need a credit re-score. You can also have multiple lenders pull credit within a few weeks of each other. What you DO NOT want to do is apply with different lenders every 30-45 days over the course of 4+ months. That can damage your credit scores potentially.
The bottom line is a pre-approval should be free and with no obligation to the lender. It should also be quick and painless. Pre-approval is important as it will help you understand what you qualify to buy, options that exist, and the terms associated with the payments.
Feel free to contact:
Max A Kallos
Lic. # 170267, NMLS# 156311 404-277-5884 phone
678-298-8947 fax
Contact Max Kallos
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Avalon Alpharetta-Multi Use Development By North American Properties
May 8th, 2013 categories: Alpharetta, Builders & Architects, Real Estate Forum
The projected opening of this $600 million dollar project is scheduled to open Aug. 22, 2014 so there is sure to be a lot of action in the area on this 86-acre piece of land with expected 500,000 square feet of retail space.
Besides shops, restaurants, a 14-screen theater, four-star boutique hotel, and high end luxury rentals, there will be the opportunity to “Live In Avalon” by Monte Hewett Homes. This Builder Group has been building in the area since 1988 and plans have begun to build 25 Custom Homes and more than 75 Courtyard Townhomes.
Adjacent to the Avalon are plans for a sub campus for Gwinnett Tech as well.
In my opinion, this is a great plan. Education, Movie Theatres, New Homes, Eateries, and even a planned Ice Skating Rink will give the City of Alpharetta more tax dollars while providing the residences and visitors, so many options for dinner as well as great shopping and outdoor experiences.
Great Online Resources About Avalon
Avalon Web Site
Roots In Alpharetta-Avalon Page
Business Wire-North American Properties
More Neighborhoods Built By Monte Hewett Homes
Live In Avalon
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In-Law Suite Homes For Sale Around North Atlanta Georgia
March 1st, 2013 categories: BUYERS only, Deborah's Scrapbook, Real Estate Forum
Homes With In-Law Suites
Slide Show Of In-Law Suites Around North Atlanta Georgia
There seems to be a real demand out there for homes located in our area of North Atlanta that have In Law-Suites. An In-Law Suite is defined as an area of the home, usually on the main, if master is up, that has all the characteristics of a master bedroom with a small kitchenette area and sometimes a separate entrance from outside. Some times the suites can be located in the Terrace level or above the garage.
Homes With In-Law Suites Around North Atlanta GA
There is not a specific community or neighborhood in our area that have only or the most In-Law Suites so the above resource, that updates daily, will provide you with the inventory currently available in our Georgia MLS.
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Let’s Take A Journey On Haynes Bridge Road
February 16th, 2013 categories: Deborah's Scrapbook, Fulton County, Real Estate Forum
Lets take a look around a visit the communities located off of Haynes Bridge Road. We begin at the intersection of Old Alabama Road and Haynes Bridge Road intercestion heading North.
The first community on the left is John Wielands Gated Townhome Community of Magnolia Park on the street of Magnolia Grove. Back on Haynes bridge and on the right is Bellingrath Commons neighborhood of homes and to the left, one of the entrances to Willow Springs.
Back on Haynes Bridge on the right is The Reserve Haynesbrooke which is gated and on the left another gated Alpharetta Community of Woodvale off of Woodvale St. Back on the road you will pass on the right, Alvin Road and up ahead on the left is Haynes Manor off of Haynes Trail. This community is gated as well.
Up ahead on Haynes Bridge, on the right is Berkshire Manor off of Berkshire Manor Drive and the next community on the right as well, is The Park At Haynes Manor, and this community is gated as well. Up ahead on the left is Wentworth on the west side off of Wentworth Trail and on the right, East is the other Wentworth enclave of homes as well.
Back on Haynes Bridge, and heading North / West is Thornberry on the right and on the left another entrance to Willow Springs onto the street Haynes Crossing where you will see a Welcome to Roswell sign. Back on Haynes Bridge will be Haynes Forest on the left off of Haynes Forest Dr. and on the left, Haynes Valley off of Haynes Valley Ct.
Heading back on Haynes Bridge Road and bending to North West, you will see Haynes Forest on the right off of Mist Green Court. Back on Haynes Bridge you will pass Haynes Bridge Middle School. This is where this journey ends for now. To be continued…
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Atlanta Real Estate Market Improves
September 1st, 2012 categories: BUYERS only, Real Estate Forum, SELLERS only
The Real Estate Market Over All Is Looking Up!
My husband, Brad Weiner, and I, Deborah Weiner both work as Remax Realtors in the North Atlanta Area and we have watched inventories go down and real estate prices steadily go up. At times, if a home is priced correctly and shows well, there can be a contract on the home the very 1st week it is listed, with back up offers an option for the seller.
Buyers are looking for that great home. With all the available resources to search for real estate on the Internet and a quality buyers agent on their side, a home can be found and closed in just as little as 30 days. Good school districts, location to shopping, granite counter tops etc. are what attracts the educated buyer.
We are seeing an increase in the demand for master on main, new construction and even sellers taking a low offer on their home to capitalize on the investment in buying a great deal else where. If you have a home with great features, now is the time to either down size or upgrade into a newer home in North Atlanta. If you are considering listing your home, check out these great resources and give us a call so we can show you how we market homes to sell in North Atlanta!
Rise In US Home Sales Reflects Steady Improvement
Deals Driving Up Buckhead Condo Market
Atlanta Market Trends: 9/1/2012
MARKET SNAPSHOT
Total Properties Listed: 4,791
Month-Over-Month Change: -5.3%
Average List Price: $489,832
Month-Over-Month Change: -.1%
Median List Price: $249,900
Month-Over-Month Change: -.04%
Typical Property
Single-Family Home
3.21 Bedrooms
2.78 Baths
$489,832 Average List Price
$159/Sq Ft Average Price per Sq Ft.
Average Price by Bedrooms:
1 Bedroom: $125,902
2 Bedrooms: $236,861
3 Bedrooms: $304,872
4 Bedrooms: $536,981
5 Bedrooms: $958,071
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Interest Rates Up And Down-Stock Market Turns Off The Valve
August 20th, 2011 categories: Deborah's Scrapbook, Month to Month, Real Estate Forum
Rates continue to drop but someone asked the other day,…Why did rates go up at end of day yesterday (8.18.11) despite stock market close down some 400+ points? Excellent question…when banks get inundated with loans whether purchases or refi’s the way to stop or stem the flow to control and manage business is….raise the rates! “Turning off the valve” so to speak.
- Interest Rates Turning Off The Valve
No Closing Cost Refi Deals:
15 Year Fixed – 3.5% APR
20 Year Fixed – 3.875% APR
30 Year Fixed – 4.250% APR
Refinance A Home Or Buy With Low Interest Rates
Min 250,000 loan amount, Max $417,000, 740 min FICO score, primary residence, max 80% LTV,
no subordinate financing, SFR only, Purchase and no-cash out refinances, rates subject to change at any time, all closing costs paid by lender, many other pricing options available, loans under $250,000 have slightly higher rates.
Check out this great website for more details on mortgages:
Liberty Home Mortgage
Check out this great website for more details on Real Estate:
www.NorthAtlantaHomeTeam.com
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