Thursday, January 12, 2012

New Year and GA First Time Home Buyer Changes

Happy New Year!

A few adjustments have been made to some of the GA First Time Home Buyer Programs going into effect in 2012 that should be of interest to readers. More specifically, there have been changes to maximum income limits for some programs, changes in benefit amounts, home classes and more. Read on for important details.

Income Limits – First, the good news. The income limits on local Neighborhood Stabilization Programs have edged up slightly in recent weeks. At the start of 2011, a four-person household could earn a maximum of $81,960. That figure has now risen to $83,150. Please see the Gwinnett County NSP flier for other important information including income limits by household size.

Regretfully, the income limits for other standard programs such as the Federal, Clayton, Dekalb, Fulton and Gwinnett County GA First Time Home Buyer programs have declined slightly. At the start of 2011, a four-person household could earn a maximum of $56,950, but may now earn a maximum of $54,650. Please call or write for other important information.

Federal Down Payment Assistance – The matching ratio has been reduced from 5:1 to 4:1 (four dollars of assistance for every dollar of cash that the homebuyer provides for the down payment and closing costs), but the available benefit amount has also been lowered from a maximum of $7,500 to $5,000. The minimum borrower contribution remains, however, at $1,000. Please call or write to get started today.

Gwinnett County Standard GA First Time Home Buyer Program – Pre-applications are being accepted and a waiting list maintained in anticipation of 2012 funding expected in late February or early March. Those who are looking to close in Spring are advised to get approved through a direct participating lender and get on that waiting list right away. Please see the Gwinnett County tab and then call or write for details and instructions.

Home Classes – GA First Time Home Buyer Programs and others often stipulate that the home buyer must attend home classes with a HUD-certified affordable housing counseling agency as a condition of approval to participate, some of up to 12 hours. Many providers, however, have ceased operations, so please call or write today for a fresh list of available classes in Metro Atlanta.

Solomon Greene, REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677

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