If you purchased a home in 2017, you may be eligible for a Homestead Exemption. This valuable exemption reduces the taxable value of your home, provided the following:

- The home is occupied by the homeowner on January 1, and

- The homeowner applies for the homestead exemption in the county in which the property is located.

The home must be your legal residence for all purposes including the registration of your vehicles and the filing of your Federal and Georgia income tax return.

For most counties in Georgia, the deadline to file for a homestead exemption is April 1. Failure to file on time for the Homestead Exemption will disqualify you for the exemption for this tax year. Application is not automatic, nor does a mortgage company or closing attorney complete the application for you when the home is purchased. Once granted, the exemption is automatically renewed each year you continually occupy the home under the same ownership.

In many counties, the tax assessor’s office is the designated office to receive homestead exemption applications. Please note that in order to file, you may need to provide the following: warranty deed book and page, proof of residence, social security number, driver's license with correct home address and/or car tag information.

We’ve put together a list of the top counties in which our customers purchased homes in 2017 and included links to ...


BankSouth Mortgage Brings Down Payment Protection to the Georgia Market

New Home Mortgage Program Provides Greater Security to Georgia Homebuyers if They Have to Sell at a Loss, Empowering Them to Buy With Confidence

ATLANTA, October 4, 2017 BankSouth Mortgage today introduced BankSouth Mortgage +Plus, an innovative product that gives Georgia homebuyers greater control by protecting their down payment against potential future drops in market prices. Included as a feature of BankSouth Mortgage +Plus loans, +Plus SM down payment protection enables homebuyers to buy with confidence knowing that they can recover up to their full original down payment should they need to sell their home in a down market.  

With BankSouth Mortgage +Plus, if the local real estate market is down when the homeowner needs to sell their home, within 2-7 years, they will still be reimbursed by ValueInsured up to the full amount of their down payment if all program requirements are met.

“We’re always looking for ways to better meet our customers’ needs and enable them to buy homes in ways that are most rewarding to them,” said Kim Nelson, CEO of BankSouth Mortgage. “With BankSouth Mortgage +Plus, we’re able to provide our customers more security and flexibility when buying their dream home.”

“As a leading lender in the Georgia market, we’re excited to have BankSouth Mortgage join our ...


Equifax Breach

Sep 15
Category | News

By now you have likely heard of the reported Equifax breach.  BankSouth is committed to doing everything we can to help our customers address concerns.  While there are still many questions, you as a consumer do have options to help protect your identity.  Below are available resources to help you protect yourself against possible identity fraud.  As always, please contact us if you have any questions. 

  • You can visit the Equifax website to determine if you’ve potentially been impacted and sign up for the free credit monitoring services being offered:


With Hurricane Irma on its way, we want to remind everyone of the potential impact that storms like this can have on the mortgage process.  BankSouth Mortgage is doing everything we can to make sure our loans close on time, but we cannot predict factors that may extend the loan process due to the storm. If you or one of your clients have an upcoming closing, please read the following carefully, and contact your Mortgage Banker for more information. 

FEMA declared disaster areas (and surrounding areas) require an additional appraisal inspection to check to see if the home and its value are still intact.  This will add an additional fee of $125, paid by the borrower, and can delay the process further.  In addition, if there is significant damage in the area, it may take more time for appraisers to access certain areas and their services may be in higher demand due to this additional requirement.  Your loan officer will communicate if this requirement applies to you or your client.

With the threat of potential damage to homes, many insurance providers will cease providing insurance binders until after the storm.  Loans cannot close without the insurance binder, so we are dependent on the insurance companies to remove the hold.  If you or your customer has not finalized their insurance yet, but is still able to do so, we recommend they consider binding that policy if they ...


Last week Fannie Mae announced some big news – Purchase transactions are now included in their Property Inspection Waiver program, meaning certain purchases are eligible to have no appraisal required!

This news is a huge advancement from the Property Inspection Waiver product that was announced late 2016 (see our post here)  that allowed appraisal requirement waivers on refinance transactions only.  Not having to get an appraisal will shed a significant amount of time from the mortgage process, not to mention saving borrowers money.  This program is now implemented and is available on one-unit purchases (including condos) when buyers put at least 20% down.  It’s currently available to primary residence and second home purchases but is not offered for investment properties.  Borrowers still have the option of having an appraisal done if they prefer. 

So now you may ask yourself how are they doing this and what does it mean?  Through Fannie Mae’s program Collateral Underwriter (CU), they are able to look up past appraisals and see if it is associated with the current borrowers on the loan.  If the appraisal information is found, they will use that to determine if the file is eligible for a PIW.  This process will not only save borrowers a lot of money on appraisal fees, but ...

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