November 2010
News from Georgia Bank & Trust, Mary Lewis
FHA minimum credit score
For all loans with rate locks after the close of business November 12, 2010, the minimum credit score for an FHA loan is 640. VA loans and conventional loans will continue, at this time, to have a 620 minimum.
Most common problems
#3 Child support
It is very common for borrowers to either pay or receive child support. Here are a few things you need to know about child support.
When child support is paid
1. We must count child support as a debt in all cases when it is paid.
2. We must have documentation of the court awarded child support, either divorce decree or child support document, if there was no divorce.
When child support is received
1. It is up to the borrower if the child support in counted as part of the income. If the borrower can qualify without the income she does not have to disclose this income.
2. If we are using the income, we must have a copy of the documentation of the court awarded child support, either divorce decree or child support document, if there was no divorce
3. Child support must continue for at least 3 years (36 months) for the income to be counted. For instance if child support ends when the child is 18 and they are currently 15 years and 1 month. The child support cannot be counted
4. In order to count child support, it must be for the amount stated in the court documents. It must be consistent; 12 months of timely child support must be documented. If the child support is recent we must show at least 3 months of timely payments.
5. Documentation is usually verified with payment in to borrowers account. If they make deposits for the exact amount of the child support and do not take cash back out or deposit other checks with the child support. Verification is earlier.
TURNING TO THE EXPERTS
David Thompson
President
T: 706-863-6911
F: 706-863-6912
Email: SPARTANMECH@COMCAST.NET
3874 WRIGHTSBORO ROAD,
AUGUSTA, GA 30909
Did you know?
On November 19,1960, Ray Charles first topped the pop charts with “Georgia On My Mind.” Plan a trip to his hometown of Albany, Georgia and visit the Ray Charles Plaza. Part of Albany’s Flint River Walk, the plaza opened in December 2007 to honor musician Ray Charles and includes a bronze rotating statue of Charles, a surrounding waterfall and walkways engraved to look like piano keys.
Flower Landscaping Ideas for Front Yards in Springtime
For a flowering landscape in your front yard during spring, plant a variety of plants, such as spring-flowering bulbs, ornamental flowering trees and spring-flowering shrubs. These types of plants will bloom every spring without much assistance, except for a little pruning here and there and supplemental water during dry periods. These bulbs, trees and shrubs will live in your landscape for many years.
Spring-Flowering Bulbs
For a riot of spring color over several weeks, plant spring flowering bulbs in a sunny area of your front yard. Choose crocus (Crocus flavus), hyacinth (Hyacinthus spp.), daffodils (Narcissus spp.) and tulips (Tulipa spp.), which all bloom at different times, thus extending the blooming season. If you plant several different varieties of each type of spring-blooming bulb, you can extend the blooming season even longer. Spring-blooming bulbs must be planted in fall for flowers the following spring. Because they bloom early, they can be planted in areas that will be shaded by deciduous trees after they leaf out.
Ornamental Flowering Trees
As a specimen planted in the lawn area, ornamental flowering trees are an excellent choice for springtime flowers. Ornamental flowering trees, such as crab apples, (Malus spp.) flowering almond (Prunus glandulosa), ornamental cherry (Prunus spp.) and flowering quince (Chaenomeles spp.), grow less than 30 feet high, with some varieties growing less than 20 feet high. This makes them ideal specimens for small urban front yards. Their blossoms are highly fragrant and with very few exceptions, produce white, blush, pink or peach-colored flowers in early spring. Some varieties bloom before leafing out, creating a spectacular flower-covered canopy.
Flowering Shrubs
Aside from the usual spring-flowering rhododendron or azalea, try planting forsythia, bridal bush or winter currant in your front yard for springtime blossoms. Forsythia (Forsythia spp.) comes in many varieties with bright yellow blossoms that bloom before the leaves open up and cover the bush with their flowers. Bridal bush (Spiraea prunifolia) is a vigorously growing shrub that grows well even in partial shade, withstands neglect well and produces masses of tiny, whorled flowers that cover the bush in late spring. Winter currant (Ribes sanguineum) is an upright, woody deciduous shrub that produces clusters of delicate, star-shaped pink flowers that cover the branches in early spring before the leaves come out.
