Homebuyer assistance via The Mortgage Reports.

Local MLS Builds Awareness about Down Payment Assistance

A movement began long ago to expand home ownership to more Georgia households through, among other methods, sharing news about the availability of down payment assistance.  That effort continues this month as FMLS, a leading local MLS system, begins sharing information on the availability of down payment assistance with many qualifying properties.

Ease of Use

Information on some of the available programs is easily accessible by clicking the green icon in the upper right area of an FMLS listing page.  The consumer is then asked a series of qualifying questions so that a menu of programs may be presented based upon the consumers responses.  A click on the Next Steps button then provides details of each program, the contact information and more.

What to do next
Ask your agent for FMLS listings that display the down payment assistance icon and a list of participating lenders.  Then read up on some of the programs available in the FMLS service areas to see if you may qualify.  And of course, you may also access AtlantaDownPaymentAssistance.com for the latest updates in many of the down payment assistance programs. 

If you are not working with an agent and need more information to get the process underway, please write or call me today for more information.

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

Metro Atlanta's Specialty Real Estate

Tired of hearing, "Under Contract?"  These properties are available ONLY to those employed in education, law enforcement, the military, veterans, those aged 55 or better and those at less than 120% of the Area Median Income.  Call or write today to get your free list of properties available by program. 

This Down Payment Assistance Loan may be Forgiven at Closing!

Congratulations are in order for potential credit and income-eligible home buyers who are looking to buy a property for owner occupancy within the city limits of Atlanta, GA.  Thanks to Invest Atlanta, you may now have available to you one of the most innovative down payment assistance programs offered in the Metropolitan Atlanta GA area.

The caring and knowledgeable Invest Atlanta staff presented HOME 4.0 along with their entire portfolio of down payment assistance programs to the participating agent and lender community last week.  HOME 4.0 is offered to credit and income-eligible home buyers along with many of the requirements that are most common among other local down payment assistance programs:

• Used with an FHA, GNMA or VA mortgage fixed at an established interest rate over 30 years
• Home buying class required
• Minimum middle score of 640

HOME 4.0, however, offers a number of features that may appeal to more potential home buyers who are seeking a higher quality of life.  For instance, this program is available to households at up to 140% of the area median income while others in Metro Atlanta limit program availability to households with incomes up to 80% or 120%.  In addition, the maximum purchase price exceeds most of the others in Metro Atlanta at $374,268 rather than $250K, there is no first-time home buyer requirement and the second mortgage is forgiven at the closing table.  Other restrictions apply, but this program clearly sets the bar very high.




If you are not working with an agent, are credit and income-eligible but have limited funds to allocate toward the down payment, please call me today at (678) 775-2677 or write to learn more about how down payment assistance may be able to help you achieve a higher quality of life through home ownership inside the City of Atlanta.

Stay informed of changes in Metro Atlanta Down Payment Assistance by liking our Facebook page.

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

Gwinnett County HOMEStretch Downpayment Assistance Returns

Introducing the New and Improved Gwinnett County Down Payment Assistance Program
Gwinnett County announced this week that their down payment assistance program, HOMEStretch, has been funded and is actively accepting applicants.  Credit and income eligible first-time home buyers may now qualify for a soft-second mortgage of up $7,500 that can be applied toward their down payment and closing costs on the purchase of a single-family property, townhouse or condominium located within Gwinnett County, Georgia. 
The Program
HOMEStretch offers down payment assistance at a rate of 4½ % of the purchase price up to a maximum of $7,500 to help home buyers with the required down payment of 3.5% on FHA Mortgages and closing costs on both FHA and VA mortgages.
The Borrower Must
o  Have a minimum middle score of 640
o  Have Maximum debt-to-income ratio of 43%
o  Contribute at least one-percent up to $1,000 toward transaction
o  Attend an eight-hour home buying workshop

The Property Must
o  Have been built after 1977
o  Not be a short sale
o  Not require a 203(b) loan
Please find the household income limits on the Gwinnett County HOMEStretch Flyer.  If you are not working with an agent, please call  (678) 775-2677  or write today to start the process.  Stay informed of changes in local down payment assistance programs by liking Metro Atlanta Down Payment Assistance on Facebook.

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

Credit Scores and Georgia Dream Downpayment Assistance

This is it. Your tax refund will be here soon and you are finally going to free yourself from that cramped apartment with broken appliances and inconsiderate neighbors. But what if the expected tax refund isn’t enough to close the transaction? You know that spending another year saving for the down payment is not an attractive option, especially while market prices (and your rent) continue to rise. The good news is that credit and income eligible home buyers may be able to spend the 2013 holidays in their own place with the help of downpayment assistance through the State of Georgia.

Georgia Dream Downpayment Assistance Credit Score Requirements

Branded Georgia Dream, the State of Georgia may offer credit and income-eligible first-time home buyers an interest and monthly payment-free second mortgage up to $7500 for use toward their down payment and closing costs on the purchase of a property priced up to just over $250K. Income eligibility is easily determined. 

• Households of up to two persons may earn no more than $69K
• Households of two or more persons may not have income of more than $79,500 

Determining credit eligibility, however, is rather complex and involves far more space than what is available in a single post. The following is some information about requirements by credit score.
Credit scores at 660 or Above: The borrower’s back-end debt-to-income ratio may not exceed 45 and an online home buying class is acceptable.

Credit scores from 640 – 659: The borrower’s back-end debt-to-income ratio may not exceed 35 and an online home buying class is acceptable.

Credit scores from 620 – 639 and those with no credit scores: The borrower’s back-end debt-to-income ratio may not exceed 35 and an in-class or one-on-one home buying class is required. In addition 

• The borrower must provide proof of an acceptable 12-month rental history 
• The mortgage payment may be no higher than 150% of the current rental payment 
• The borrower must have at least two months of reserves beyond retirement accounts
• Bankruptcies (where applicable) must have been discharged a full three years prior to loan application 

There’s so much more to share about how down payment assistance can help you buy your first property or right-size to your next home. If you are not working with an agent, please call or write today to find out more about how to review your credit, find a home buying class and more.

Stay informed of changes in down payment assistance by liking Atlanta Downpayment Assistance on Facebook.

Solomon Greene Georgia Real Estate Brokers Associate, REALTOR® Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners 
(678) 775-2677

Why an Agent Writes about Georgia Down Payment Assistance

Metro Atlanta down payment assistance programs are soft second mortgages and those engaged in finding such a loan for an entity other than oneself or family member usually requires a mortgage lender’s license.  Most mortgage lenders are usually skilled at providing mortgage services, but are not licensed to help locate property suitable to buyers for purchase, negotiate the terms of sale or properly write an offer.  That service gap often represents quite a challenge to home buyers who are looking to take advantage of down payment assistance, causing frustration that frequently leads to abandonment of the entire home buying process.  By offering knowledge of the various down payment assistance programs, some real estate agents bridge that gap and add value to their client’s home buying experience.

HUD-certified Housing Counseling Agencies

Those with interests in the use of down payment assistance typically call first to understand the process, timelines and expectations.  Fortunately, several HUD-certified Housing Counseling Agencies are available in Metro Atlanta that will objectively help consumers, among other services,

1. Understand the home buying process
2. Prepare for loan approval by providing credit counseling, budgeting, program availability and insight into the funds that will likely be needed from the borrower to close
3. Obtain a list of experienced, compassionate, participating lenders who offer a variety of down
   payment assistance programs

Buyer’s Real Estate Agent Services

One of the primary roles of the Georgia real estate agent in the home buying process rests in helping the buyer find a property that is suitable for purchase.  Those agents who are familiar with the various down payment assistance programs should be able to advise whether a given property meets program guidelines in several areas.

Property characteristics – Some programs are only available for the purchase of single-family
homes, specific single-family homes or have restrictions on the age of the property
 
Geography – Some properties with addresses that read “Atlanta” may not be within the city limits making them ineligible for City of Atlanta Down payment Assistance.   Likewise, the State of  Georgia Program may only rarely be applied toward the purchase of properties that are located within the city limits of Atlanta.

Property conditions – While FHA, VA and other loan products require that properties associated with their loans be inhabitable, some down payment assistance programs require a Home Quality Standards home inspection which holds properties to an even higher standard.
Writing the offer is another expressed responsibility of a licensed Georgia real estate agent and offers involving down payment assistance must make certain disclosures.  An experienced agent has the ability to write attractive offers that get attention, even while disclosing that down payment assistance is involved.

Clearly, there are several tasks associated with the use of down payment assistance that reach beyond the individual responsibilities of the real estate agent and the mortgage lender.  Potential home buyers should continue doing their research into down payment assistance and work to identify the right choice for them among the local real estate professionals associated with those programs.  Working with an experienced team that includes a reputable buyer’s agent and mortgage lender in the use of down payment assistance can help limit frustration, offer peace-of-mind and ease the path to home ownership. 

Please call or write today for more information on down payment assistance and stay informed of changes in down payment assistance by liking the AtlantaDownpaymentAssistance.com page on Facebook.

Solomon Greene
Associate Broker, REALTOR®, Certified Distressed Property Expert, State Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownpaymentAssistance.com
 (678) 775-2677