Georgia Mobile Home Loans

[Pat]

Murray, a few days ago you brought up the situation in Georgia regarding the new laws which are driving lenders out of Georgia. Is it virtually impossible to obtain a loan in Georgia now? It seems progress will stop if loans aren't available to purchase homes. I can't imagine that this situation could go on for very long without a major uproar. You mentioned FHA loans. Are these still available in GA? Pat

[rmurray]

Had a long talk with Senator Don Cheeks (he is the Chairman of the banking committee in the GA senate)...The legislature is going to fix part of the problems....BUT....they are fighting between the house and the senate...
The House of Representatives passed a bill last week that would fix all of the problems..while still protecting the folks from downright crooked mortgage companies...Unfortunately the Senate only want to fix the FHA/VA problem and investor problem that I mentioned...Senator Cheeks was very adamate that the House went too far and he would not allow all of the fixes through...
If the Senate version passes...FHA/VA will be ok and all conventional for those with great credit will be ok...but..those that are credit challanged that do not qualify for FHA will still have no alternatives....even if they were willing to attone for their credit problems by paying a little higher rate or accepting higher closing costs...All these folks will be able to do is set a goal to qualify for FHA as soon as possible (12 months for most folks..24 months for some)..

The lenders that pulled out are still waiting for the final bill..It is expected later this week or early next..

P.S. Senator Cheeks is one of our Senators...he is very busy now locally defending himself...he is in a contoversy were he interfered with the conviction of a child molestor and got the judge to not require this pervert to register as a sex offender..even though the fool plead guilty to the charge and also a charge of possesion of pounds of drugs for distribution..This might very well finish Senator Cheeks...

[Pat]

So exactly what does one do to find out if one is FHA qualified?

[rmurray]

Applie for the loan with a lender or let your dealer refer you to one...
Basically....FHA is not score driven..so score do not matter..
There can be NO 30 day lates in the last 12 months..
There must be 4 (3 if rent is one of them)..trade lines in the credit b or not that you have paid 12 months on...with no 30 day lates....rent does count if you have canceled checks or it is with a coorporate landlord..all the normal payments you can think of can count...Also other monthly bills will also count..such as electric, cable, water, ISP, cell phone..anything you pay regularly....
Income...they will review the last 2 years employment...payment ioncluding taxes and insurance shouold not be much over 30% of gross income...The FHA will go higher if you have liquid assets..401k or savings in the bank...
All judgements, liens and collections will have to be paid at or before closing...sometimes the dealer will pay some to get the deal...
That is pretty much it...4 refferences, enough income..your in..