I saw this interesting article from Time magazine.  18 Tough Questions (and Answers) About the Bailout .  It is all the questions that we want to know.  Some we have answers for; and as you will see, others we do not.  Such as, how will the $700B be distributed?  The author, Justin Fox, does not know.  Neither do I.  And that is the key to knowing if the proposal is good or not, isn’t it?

I have been asked this four times today – by people who should know the answer, or so I thought.

And, in the past two weeks, I would bet I have been asked the same question, “I thought only people with at least a 720 Credit Score could get a loan”?, by some 18-20 people.

Hence this blog post.  The simple answer to the credit score you need to get a loan:  580.  That’s right, 580. (more…)

Okay, this Catagory 5 Financial Hurricane is upon us, and the government wanted to put $700B worth of sandbags along the short to try to keep us from facing the brunt of it.  But, the people reacted, and the bail-out bill failed; at least for now.

Well, what does that mean, to you and I? (more…)

For quite a while I have been telling you that Washington Mutual was doomed.  I believe I first mentioned it in April.  And, tonight, it happens.  HERE is the story from CNBC.

Sad, in a way.  Washington Mutual was, primarily, a mortgage lender until a couple months back.  And now, the nation’s largest Thrift, is gone.  I do feel for the employees, like with so many other companies, who will lose their jobs.  I wish them well in finding new employment quickly.

What does this mean for you, for us?  Well, only that the unraveling that needed to take place to find a common bottom to this bursting bubble is a little closer.  You know, I would say it is a lot closer tonight.  And, I have been saying for a little while now, that as we are scratching the bottom, opportunity is there.  For the valient of heart, opportunity is there to be siezed.  Act wisely.  Act.

The Presidential Candidates are on their way back to Washington to help form a consensus on the bailout bill.  Listen to any talk show on the radio, and you will hear how angry American are about the bailout.  For that matter, sit down next to anyone in your neighborhood Starbucks or at the corner bar, and you will hear how angry Americans are about the bailout.

I listened to President Bush address the nation last night, and not only do I agree with him; but I was happy to see that his explanation of the need for the bailout was the clearest anyone around the administration has given thus far.

But Cramer said it best yesterday on his show.  I could not agree with his explanation more, and he is renaming the ‘bailout’, the “Invest in America” Plan.  CLICK HERE to watch Cramer’s explanation.

You see, it is necessary – (more…)

Oh, the good old days.  Back when you could breath, and get 100% financing on a home, regardless of verifiable income or credit score.

Those days are gone….almost.

I get a lot of calls from buyers, especially first time home buyers, around Atlanta who have good credit and good income, but do not have money saved for a down payment.  What can they do?  Just wait?

Not necessarily.  There are two good options for 100% financing on a home loan, right here, in Atlanta.  And, a third option that I put together with creative ways to come up with the down payment with an FHA Loan.

1.  VA Loans:  Military personnel and veterans can still do 100% financing for up to $417,000 loan amounts around Atlanta, with a VA Loan.  Great financing, easy qualifying.

2.  USDA Loans.  This is not a piece of Grade A, Top Choice Beef. (more…)

Over the past 5 days, I have been watching the news the same as the rest of you, and, on any given news outlet at any given time, a mixture of anger and fright fill the commentary, and spew over to my – our – livingroom.

Then, a client and friend of mine, Howard, sent this blog article this morning, simply asking for commentary.  I always take note of Howard’s commentary, because he is one of those guys with an uncanny ability to think through an issue.

I think the article sent was in reaction to the Update Email that I sent out early this morning.  (Hint: If you do (more…)

I have been listening to a couple of radio shows while carting kids around town this weekend, and it is interesting that Atlanta’s Finance guru on the radio, the esteemed Clark Howard, did a special weekend show to take calls about the big bailout, and to explain what that means.

Enlightening.

Lot’s of people are rightfully upset about the huge bailout, and other people were very, very scared.

The move was necessary – because it is hard to find a suitable solution to a problem that has been growing and expanding just under the surface for a long time.  You know what’s more difficult than finding a solution?  Finding a solution overnight. When you let (more…)

In Georgia we have been seeing record numbers of foreclosures, record numbers of bank repos and record numbers of short sales.  There may be some in your neighborhood. Homeowners are faced with rising mortgage payments once their low adjustable rate mortgages begin to climb.  The common answer up to this point to avoid foreclosure has been the short sale.

But what if the homeowner is in the right home; just in the wrong mortgage? (more…)

I know.  You read the title and you eyeballs bulged out of your skull, and you probably screamed “What!!  Where has this guy been??!!”

Truth be told, I have been right here, with you, weathering the same drop in home values and number of homes on the market that you have.  And, now that we are being honest, it has not been a lot of fun.  My own home is probably worth $100K less than it was two years ago.  And, I know, so is yours.

I was thinking of the latest in the investment banks to fall – Lehman Brothers – and then the thought occured to me:  what will all the job losses from Lehman, Merrill Lynch, Bear Stearns and others do to to housing market in and around New York City? (more…)