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Gina Spearman, manager of the builder services group at Academy Mortgage, is on today’s All About Real Estate edition of Atlanta Real Estate Forum Radio to discuss its mortgage products and current market conditions.

Academy Mortgage is the nation’s largest independent lender, and it has enjoyed a successful year in the metro Atlanta market. Perhaps one of the most unique aspects of this lender is that even though it’s large, it keeps all operations in-house at every branch. This means that a loan never leaves the branch it is originated at through processing, funding, underwriting and closing. This provides a unique familiarity for everyone involved and allows the lending process to be much smoother and quicker for everyone involved.

If you’re one of many Americans hearing publicized stories about how hard it is to get a mortgage and how high your credit score has to be, Kelly aims to ease fears by saying that there doesn’t seem to be much truth to that. Academy Mortgage has had success in getting many buyers with challenged credit into homes. The biggest change Kelly has seen is that the process is more paper-intensive as more compliance is now required, which can be a little frustrating for buyers.

Another hot topic Kelly address is rising interest rates. With the Federal Reserve’s most recent announcement, it is expected that an increase in rates is coming as the economy improves. If you’re considering buying a home, now is a great time before rates rise.

Finally, Kelly explains what first-time home buyers should expect when applying for a mortgage. First, buyers must have filed tax returns for at least the last two years, and they must have had consecutive employment for the past two years. Income is calculated based on the current amount you’re making if you’re a salaried or hourly employee. If you’re self-employed, they take an average income amount.

Finally, first-time home buyers in a moderate income range (typically $30,000 to $50,000) can take advantage of down payment assistance. For example, the FHA loan offers the lowest down payment amount of just 3.5 percent. With down payment assistance, a qualified buyer will have to pay no down payment assuming their credit score is high enough. A typical credit score for down payment assistance acceptance is around 640, but every program varies.

In addition to assisting home buyers get into their dream home, Academy Mortgage hosts a variety of educational events for both home buyers and those in the real estate industry. The company is regularly involved in classes, home buyer seminars and continuing education opportunities for Realtors. Visit the Academy Mortgage website for a schedule of events.

For more information on mortgages and the Atlanta real estate market, listen to the full podcast above and then contact Academy Mortgage at 404-574-2600 or www.AcademyMortgage.com.


Atlanta Real Estate Forum Radio’s “All About Real Estate” segment airs on Fridays and highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact 770-383-3360 or via the contact form on this site.

Please download and subscribe to all of the Atlanta Real Estate Forum Radio podcasts on iTunes. If you like this week’s show, be sure to rate it.



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