Welcome to American Title Guaranty!

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American Title Guaranty and their underwriters provide stability, integrity, experience and personal service that home buyers and sellers should insist on.

Protect yourself against the loss due to title defects. Insist on title insurance policies from American Title Guaranty, Inc.

Please let us know if there are other things you’d like to see on the website or there is anything else we can do to help you have peace of mind in your unique situation.

Can You Get a Mortgage With a Low Credit Score?

By Michele Lerner
Published September 15, 2014

foxbuisness9-19-14Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.

“Your credit score is a piece in the qualification puzzle, but it’s not the whole puzzle,” says Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta.

‘Fair’ to ‘Poor’ is Considered a Low Credit Score

There aren’t any hard lines between a “good” and “bad” credit score. The scores break down like this:

Read more…

Fannie Mae Relaxes Waiting Period for Distressed Borrowers

Author: Brian Honea September 11, 2014

fanniemae9-16-14Fannie Mae recently released a report revising the waiting periods for distressed borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan.

For borrowers with a short sale or deed-in-lieu of foreclosure on their record, Fannie Mae’s new mandated minimum waiting period to become eligible for a new loan is four years. The time is shortened to two years if there are extenuating circumstances. According to Fannie Mae, extenuating circumstances are defined as “nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.”

If a borrower has a foreclosure on his or her credit record, the new minimum waiting period is seven years. Under extenuating circumstances, that period is shortened to three years with some additional requirements for up to seven years.

Mortgage rates were supposed to rise this year. Here’s why they didn’t.

By Dina ElBoghdady September 11

washpost9-12-14washpost9-12-14Throughout the year, mortgage rates have defied expectations.

House hunters who were bracing for rates to increase instead saw them fall and then plateau in recent months,  settling in at their lows for the year.The trend continued this week, with the average rate on a 30-year fixed rate mortgage at 4.12 percent, barely budging from 4.10 percent last week, according to a closely-watched Freddie Mac survey.

Many firms regularly track interest rates and come up with a slightly different numbers because they survey different lenders at different times of the day or week. But most of them don’t expect rates to change much any time soon, and they’ve adjusted their forecasts to reflect that.

Unlikely Bedfellows Create 15-Year Loan for Low-Income Borrowers

BY KATE BERRY
SEP 7, 2014 8:00pm ET

nationalmortgagenews9-9-14A vexing housing policy question has created the mortgage industry’s ultimate odd couple.

Ed Pinto, a conservative housing critic at the American Enterprise Institute, has teamed up with Bruce Marks, a liberal consumer advocate who leads Neighborhood Assistance Corp. of America, to chase an elusive goal: invent a viable mortgage that could help low-to moderate-income borrowers build wealth rather than just accumulate debt.

On Monday they will announce their “Wealth Building Home Loan” product at a mortgage conference in Raleigh, N.C.

What’s next for Fannie and Freddie?

Brena Swanson
August 29, 2014 11:38AM

housingwire9-4-14The Federal Housing Finance Agency is looking ahead and planning its housing goals for 2015 through 2017, which is required under the Housing and Economic Recovery Act of 2008.

The agency opened up for public comment on all aspects of the proposed rule in order to establish annual housing goals for both Fannie Mae and Freddie Mac. The current housing goals are effective through the end of 2014.

Single-family housing goals boil down to three alternatives for 2015-2017:

Read more…

College grads face high hurdles to buying first homes

By Quentin Fottrell
Published: Aug 28, 2014 2:45 p.m. ET

The ladder to home-ownership is a lot steeper for debt-laden graduates. They need to earn a lot more money if they want to buy a home — in some cases, over 50% more.

Recent graduates who are saddled with student debt and want to get on the property ladder will have to earn roughly one-third more annually (or $8,969 more, on average) than those who are debt-free, according to new research from real-estate website RealtyTrac.

To reach that figure, RealtyTrac took the median home price for each state and county, and calculated the minimum amount of income that would be needed to qualify for a loan to buy a house at that price. (RealtyTrac assumed a 20% down payment and a 4.13% 30-year fixed loan with a maximum debt-to-income ratio of 43%, which is the maximum ratio for a “qualified mortgage” under Consumer Financial Protection Bureau rules).

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After losing their homes in the foreclosure crisis, boomerang buyers are back

By Michele Lerner August 21

boomerang011407703150 (1)Chris Noblejas, a former real estate agent, got hit by a double whammy during the housing crisis. His income declined drastically, and so did the value of the Gaithersburg, Md., townhouse he bought for $480,000 in 2006. He ended up selling the townhouse in a “short sale” in 2010 for $320,000. A short sale occurs when a lender agrees to accept a sales price for a home that is less than the amount owed on the property.

But Noblejas was able to buy a single-family house in Silver Spring this year. He is part of a wave of “boomerang buyers” — people who are reentering the housing market after a foreclosure or short sale.

“I wanted to buy a house again, but I was still nervous because I made such a bad mistake before,” Noblejas says. “Even renting was hard when I first lost my house. I didn’t even know if I could buy again, but I talked to a loan officer and was able to qualify for an FHA [Federal Housing Administration] loan. I plan to refinance that loan into a conventional loan as soon as I can to get rid of the mortgage insurance payments.”

Read more…

How hard is it to get a mortgage?

August 19, 2014
Trey Garrison

Is it really that hard? Yes. And no. And mostly yes again. And maybe it should be.
And since January 10 when the CFPB’s Qualified Mortgage rule took effect, it is definitely harder. So yes.

But there’s more to the story than that, and it doesn’t mean only Patsy Pays Perfect can qualify anymore.

The Qualified Mortgage rule has definitely put the squeeze on would-be homebuyers seeking a mortgage. People with lower income, the self-employed, those with credit scores on the margin, and people whose income comes from tips, bonuses or other harder to document sources are definitely being are all facing an uphill battle.

Industry analysts say that anywhere from 10% on the low side to 20% on the high side of people who have a mortgage now would not qualify for a mortgage under today’s rules.

Read more…

Housing Prices Continue to Rise

Author: Cody Galuardi August 6, 2014

dsnews8-11-14CoreLogic has released its Home Price Index (HPI) report showing that home prices increased in June 2014 by 7.5 percent when compared with a year earlier.

It is the 28th consecutive month of year-over-year increases in national prices among distressed sales. When distressed sales were excluded from the statistics, year-over-year growth was slower at 6.9 percent.

According to Mark Fleming, the chief economist with CoreLogic, the ongoing slowdown in price appreciation reflects a “reversion to normality” that is “expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble.”

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Moving from renting to homeownership could get easier

Brena Swanson
August 6, 2014 3:08PM

housingwire8-8-14Adding in rental history to a credit score could make all the difference for potential homeowners, according to an article in Businessweek.

Experian published an analysis on almost 20,000 people in government-subsidized housing who pay their monthly rent on time. The survey found that before adding in rental history, 11% of the same had no credit file at all, which makes it extremely hard to get loans. However, once the rental history was included, 59% of that group had prime credit scores, and another 38% had “nonprime” scores, while only 3% were considered subprime.

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