Thursday, July 10, 2014

Breaking News: Brand New Lawrenceville Townhomes

Sixteen Brand NEW Townhomes are now available for sale in Lawrenceville, GA (Gwinnett County) offeirng down payment assistance of up to $22,500 to owner-occupants only (NO INVESTORS).

The PROPERTY

Two story garage townhomes in a lovely gated community located in the Central Gwinnett High School cluster near plenty of childcare, schools, shopping, healthcare, recreation and so much more.

Here’s what it takes to Qualify:  Buyer
  • May not have owned a property in the past three years
  • Must qualify for an FHA or VA Mortgage with a minimum 640 middle credit score
  • Must have have household income limits at 50% of the Area Median.
These will go VERY Fast, so please call (678) 775-2677 for more important details TODAY.
Solomon Greene
REALTOR®
Georgia Real Estate Brokers Associate
Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
http://goo.gl/8xEh5S

Wednesday, May 7, 2014

What is the First Step in Buying a Home?

Several Georgia first time home buyers have asked how to start the process of buying a home.  The confusion is completely understandable because they’ve never bought a property before and there are various opinions on the first step in the home buying process.  Lenders and agents alike often suggest in the media that the first step should be to contact a mortgage banker and apply for a mortgage.  Really?  Which lender?  What are they going to see in the credit history?  Is there a better option?
An oral care commercial airing in Metro Atlanta shows a confident dental patient on her way in for a routine exam, already knowing that her dental hygienist will be impressed.  Home buyers should have the same level of confidence that their credit history will help them make the best impression on the lender.  A review of one’s own credit will go a long way toward achieving that level of confidence.

So why not just apply for a mortgage and see what happens?

As covered in a previous post, many lenders will review a borrower’s credit history, arrive at a denial decision and simply move on to the next applicant.  Follow up phone calls all-too-often go unreturned, so the buyer does not hear from anyone again until that “loser letter” arrives in the mail.  You see, many lenders are prohibited from coaching the borrower on the steps needed to obtain a mortgage approval and then bar the borrower from applying with them again for 90 days.  Congratulations, you now have a hard inquiry and loan denial letter on your credit report.

Relax, there’s a better way.

Home buyers can pull their own credit reports from the big three credit bureaus for free at AnnualCreditReport.com.  While correct information cannot be permanently changed, potential home buyers are able to confirm the accuracy of information being presented to potential lenders and have directions on the process of disputing inaccurate entries.  Have a question about an entry?  Why not contact Credit.com, a HUD-certified housing counselor or other resources to decide if it might be barrier to mortgage approval?

Once credit histories are confirmed accurate, obtain the three credit scores.  Most Metro Atlanta down payment assistance programs require a median score of 640, but some lenders will approve borrowers with median scores above 600.  As usual, other restrictions will probably apply.  There will likely be a fee to obtain one’s credit score, but doing so will be useful toward easing some of the uncertainty around the home purchase.

In case the point was missed, the first step in the home buying process is a thorough review of one’s own credit.  Doing so will not necessarily guarantee mortgage approval, but at least a borrower will know what a lender may see, have a means to correct inaccuracies and present the best picture possible to the loan officer.

Is contacting a loan officer the next logical step?  Stay tuned.

Stay informed of changes in downpayment assistance by liking Metro Atlanta Downpayment Assistance on Facebook.  Find your next home at TheAtlantaHomePages.com



Solomon Greene
Georgia Real Estate Brokers Associate
REALTOR®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownpaymentAssistance.com
(678) 775-2677

Monday, April 14, 2014

Gwinnett County Down Payment Assistance Program Changes Announced

Gwinnett County announced a few changes to their HOMEStretch Down Payment Assistance program last week.  Most notable among them is the change in the maximum purchase price allowed for the purchase of existing properties.  Credit and income-eligible first time home buyers (those who have not owned a property over the past three years) may now be able to use the HOMEStretch program to obtain an interest and monthly payment-free loan of $7500 for the down payment and closing costs toward their purchase of a resale property in Gwinnett County for owner-occupancy priced up to $128,250, an increase of over $4700.  As of this writing, 152 existing single-family properties and 105 attached existing properties showed as available at TheAtlantaHomePages.com.*

The maximum purchase price for new construction properties under the HOMEStretch Program remains at $195,614.  As of this writing, 44 attached new-construction properties and 36 single-family new construction properties were displayed as available for purchase in Gwinnett County at TheAtlantaHomePages.com.*

The county asks that the buyer already be under contract before their required one-on-one meeting with the county and other changes also apply.  Buyers with interests in the use of this program should trust their search to an informed, experienced agent.  Call or write today for more information on the Gwinnett County HOMEStretch Down Payment Assistance Program or other Metro Atlanta Down Payment Assistance Programs.  Like the Metro Atlanta Down Payment Assistance Facebook Page to stay informed of changes in Metro Atlanta Down Payment Assistance Programs.

Solomon Greene
Georgia Real Estate Brokers Associate
REALTOR® Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677

*This IDX solution combines both FMLS and Georgia MLS into one display and, therefore, may show the same property multiple times.  For availability please cal Solomon today.

Monday, March 10, 2014

More 100% Financing Options for US Veterans

Several home ownership opportunities are available to armed forces personnel.  One program offers specific properties that have been purchased, restored, and returned to market exclusively for honorably discharged military veterans accompanied by thousands of dollars in down payment assistance funds.  Another one through the State of Georgia offers $7,500 in down payment assistance to help those who proudly serve or served acquire their first property for owner occupancy.  And of course, many veterans know about the 100% financing program available through VA.

A new down payment assistance program has recently become available to veterans that helps with their down payment, closing costs, even repairs on a property being purchased for owner-occupancy.  Credit and income-eligible vets or their surviving spouse may now qualify for an interest and monthly-payment free loan of up to $10,000 that helps them with closing costs, repairs and / or the down payment.  They needn’t be first-time home buyers and the eligible properties include…

• One – two four family properties
• Townhomes
• Condominiums
• Manufactured properties
• Mobile homes
• New construction properties

If the VA Mortgage or other programs are not the best options at this time, please call (678) 775-2677 today for more information on this down payment assistance program.  Stay informed of changes in Down Payment Assistance by liking Metro Atlanta Downpayment Assistance on Facebook.

Solomon Greene
Georgia Real Estate Brokers Associate
REALTOR®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownpaymentAssistance.com
(678) 775-2677

Monday, February 3, 2014

Down Payment Assistance for Non First-time Home Buyers

Credit and income-eligible buyers employed in law-enforcement, education, healthcare, fire and/or emergency in Metro Atlanta may qualify for an interest and monthly payment-free loan of up to $7,500 toward the purchase of a home priced up to $320,850.  Proceeds from the Community Partners Program may be used for the down payment and closing costs toward their purchase of a new or existing, single or (a unit of a) multiple family property anywhere in Metro Atlanta by matching the borrower’s contribution up to $1,875. 

Like the Federal First-time Home Buyer program, the loan is forgiven over the first five-year period of continued occupancy provided the borrower does not refinance.  Unlike the first-time home buyer program, however, this mortgage is open to those who have owned a home within the past three years.

Household income limits apply:

1-person:  $36,050
2-person:  $41,200
3-person:  $46,350
4-person:  $51,500

Please call (678) 775-2677 about income limits for families with members greater than four or for questions about buying a home in Metro Atlanta.  Also stay informed of updates in local down payment assistance programs by liking Metro Atlanta Down Payment Assistance on Facebook.  Search for your next new home at TheAtlantaHomePages.com.

Solomon Greene
Georgia Real Estate Brokers Associate
REALTOR®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677 

Friday, January 3, 2014

New Year, New Down Payment Assistance Income Limits

Happy 2014 to one and all! 

Multiple local down payment assistance administrators have advised of changes in the maximum household incomes allowed for participation in their programs in 2014.

80% of the Area Median Income


• Federal Down Payment Assistance Program – FHLB
• Invest Atlanta – Atlanta Affordable Homeownership Program (AAHOP)
• Gwinnett County – HOMEStretch
• Dekalb County First-Time Homebuyer Down Payment Assistance Program
• Fulton County – Home Ownership Program (HOP)

Household Members Maximum Household Income
Single-person:
$ 36,050
Two-person:
$ 41,200
Three-person:
$ 46,350
Four-person:
$ 51,500

115% of the Area Median Income

• Invest Atlanta - Neighborhood Lift with FHA Mortgages (while available)

Household Members Maximum Household Income
Single-person:
$ 51,850
Two-person:
$ 59,250
Three-person:
$ 66,650
Four-person:
$ 74,050

120% of the Area Median Income

• Local Neighborhood Stabilization Programs
• Invest Atlanta - Neighborhood Lift with Conventional Mortgage

Household Members Maximum Household Income
Single-person:
$ 54,150
Two-person:
$ 61,850
Three-person:
$ 69,600
Four-person:
$ 77,300

 

140% of the Area Median Income

• Home Atlanta 4.0

Household Members Maximum Household Income
Single-person:
$ 63,100
Two-person:
$ 72,100
Three-person:
$ 81,100
Four-person:
$ 90,100

Please call (678) 775-2677 today for more information, including income limits for larger households.  Stay informed of these and other changes by liking Metro Atlanta Down Payment Assistance on Facebook.

Solomon Greene
Georgia Real Estate Brokers Associate
REALTOR®, REALTIST®
Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownpaymentAssistance.com
(678) 775-2677
 

Monday, December 16, 2013

Make an Impression on the Mortgage Lender Right from the Start

Callers have advised repeatedly that their loan officers became aloof, disengaged and somewhat annoyed after having declined their application for a mortgage.  Many loan officers are prohibited from coaching a borrower on the actions needed in order for a mortgage application to be approved, so loan officers often avoid further interactions with the borrower rather than risk violating that rule.  Attendance at a home buying class can help potential home buyers make their best impression on the lender right from the start and provide some badly needed peace-of-mind about the process too.

 

Subjects Typically Covered


Fair Housing – Practitioners in the housing market must comply with rules set forth in the Fair Housing Act.  Know what actions and words are prohibited under this act, where to file a claim in Metro Atlanta and more in this informative session.

Budgeting and Money Management – In addition to the monthly mortgage payment, the homeowner’s budget often includes allowances for homeowner’s association dues, maintenance, utilities and more.  Learn how to plan for these expenses, when they may apply and more.

Credit and Credit Reports – Make the best impression on the lender right from the start.  Learn how to obtain one’s credit reports, how they are evaluated, how to correct errors and avoid scams.

Mortgage Loan Process from App to Closing – Hear directly from a loan officer about the documents required to apply for a mortgage, the loan products available, typical timelines and down payment assistance programs.  In addition, find out about escrow accounts and how to arrive at an estimated monthly mortgage payment that includes homeowner’s insurance and property taxes

Working with Real Estate Agents – The agent’s roles in the home buying process are often quite different from those in the mind of the home buyer.  Hear about the value that an experienced agent adds to the home buying process, the required disclosures and Metro Atlanta-specific home search strategies directly from a licensed local real estate agent.   

Home buying classes are required for those with interests in the use of down payment assistance or 100% financing through USDA Mortgages.  The transaction must usually close within one year of the class completion date, but some Invest Atlanta programs require that settlements occur within six months.  The classes are available online for some of the programs and at venues throughout Metro Atlanta at fees ranging from $35 to $60.

 

In Summary


From reductions in FHA loan limits to new mortgage insurance premium requirements, change is clearly the one constant in Metro Atlanta’s housing market.  Savvy first-time home buyers and previous owners alike often prepare themselves for the uncertainty ahead by investing in a home buying class.  Call (678) 775-2677 to find out more about HUD-certified housing counseling agencies today.  Stay informed of changes in Metro Atlanta Down Payment Assistance Programs by liking the Facebook Page.

Solomon Greene
Georgia Real Estate Brokers Associate
Certified Affordable Housing Counselor
REALTOR®, REALTIST®
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownpaymentAssistance.com
(678) 775-2677