Metro Atlanta Down Payment Assistance

NeighborhoodLift Raises the Bar for GA Down Payment Assistance

2012-02-13T11:11:00.002-05:00

The bar has officially been raised! For an extremely limited time, qualifying credit and income-eligible buyers may be eligible to obtain an interest and monthly payment-free second mortgage of $15,000 to help with the down payment on the purchase of a property within the city limits of Atlanta, GA. The loan is forgiven by 20% over five years of consistent owner occupancy.

About the Borrower

NeighborhoodLift is more inclusive than other GA Down Payment Assistance Programs. For instance, it is available to borrowers with incomes at 120% of the area median making it an ideal option for those with higher incomes who need assistance with their down payment. Borrowers need not be first time home buyers, making assistance available to those who have owned a property within the past three years (but will not own one at closing). And the funds are available to the borrower if he or she can obtain a mortgage through a participating lender to purchase a property within the city limits of Atlanta.

The borrower must be mindful of a few standard restrictions. For instance, the borrower will be asked to attend an eight-hour home buying class and obtain a certificate of completion. The borrower must also

Qualify for a thirty-year fixed mortgage through an approved lender
Close on the purchase within 60 days of voucher receipt
Occupy the property

About the property

Eligible properties include new or existing construction single-family homes, four-plexes and condos located within the city limits of Atlanta that are not considered manufactured properties. The property must pass an HQS home inspection and the funds may be coupled with eligible rehabilitation loans to make needed repairs.

Only eight million dollars were made available for this program. If anyone is interested in knowing more about NeighborhoodLift or other GA Down Payment Assistance Programs and are NOT working with an agent, please call or write today to get the process started.

Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677

Wells Fargo, Atlanta partner to jump-start home buying | ajc.com

2012-02-04T05:12:00.001-05:00

Wells Fargo, Atlanta partner to jump-start home buying | ajc.com

Down Payment Assistance Available throughout Georgia

2012-01-31T11:47:00.003-05:00

There have been multiple inquiries recently about the availability of down payment assistance in a given county or region, so this series will cover information about what forms of 100% financing are available and where.

Assistance throughout Georgia

Programs of some sort (down payment assistance or loan programs) are available for use throughout the Peach State. Down Payment Assistance Programs will often limit availability based on incomes by household size and credit while loan programs available throughout Georgia may only apply to those in a given profession. Of course, the HUD Home $100 Down Program is available to buyers of HUD owned homes using FHA Financing only, but there are no income limits, class requirements or required professions.

The Federal Down Payment Assistance Program – This program serves all of Georgia, including the City of Atlanta by matching the borrower’s contribution with an interest and monthly payment-free second mortgage of up to $5,000. Income limits apply and the borrower must qualify for a first mortgage, but the loan is forgiven by 20% each year that the borrower remains in the property as an owner occupant and no home buying class is required.

HUD Homes for $100 Down – Buyers who plan to use an FHA mortgage to purchase a property might be interested in the wide variety of HUD-owned homes available throughout Georgia. Townhomes, single-family homes and condominium units are often available in newer communities, golf communities and established neighborhoods. Many of these properties are in move-in condition, allowing the buyer to move in right after closing and the appraisal is usually already done which could translate into savings on funds required of the buyer to close.

Special Loan Programs – Doctor’s mortgages are available through participating lenders to medical doctors who seek to purchase a property anywhere in Georgia while military personnel have access to VA Loans for the purchase of a property anywhere in Georgia.

Come back soon to hear about the various programs available throughout Metropolitan Atlanta. If you are not working with an agent, please call today so that you can speak with a participating lender about your specific needs.

Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677

New Year and GA First Time Home Buyer Changes

2012-01-12T09:29:00.004-05:00

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
http://www.AtlantaDownPaymentAssistance.com
http://www.MetroAtlantaHomesOnline.com
http://www.TheGeorgiaHomeSearch.com

Timeline to Home Ownership - Within Three Months

2011-12-15T08:30:00.003-05:00

The final post in this series is being written with the assumption that the buyer is now under contract to purchase their chosen property and that a dedicated buyer’s agent is fully invested in the process.

Help Your Resources Keep things Moving –The agents, lender and attorney will request a few things once a contract to purchase is in place, so please have copies handy for that purpose. The earnest money (where applicable – and it usually is) should have already been turned over to the buyer’s agent. The lender will immediately need a copy of the contract signed by both parties, updated paystubs, updated bank statements, first time home buyer class certificates, employer human resource contacts and more. The closing attorney will want a copy of the executory purchase and sale contract, borrower contact information, lender contact information, hazard insurance provider contact information, home warranty information and more. Please be prepared to patiently send some or all of the requested items more than once.

Ask the lender for and then review the Good Faith Estimate for accuracy and to ensure that the funds required of the borrower to close are or will be available at the time of settlement. These estimates should match very closely with the preliminary HUD statement to be provided within days of the closing date.

Know the Rights Provided for in the Agreement – Contract documents often vary by property, seller, type of purchase transaction and a number of other ways. It is important, therefore, to know what rights are provided to the buyer in that document along with their time frames before a contract is established and earnest money deposited. The buyer’s agent should clearly explain the document terms

Whether home inspections are allowed, the type of home inspection allowed, when they must be completed, who connects the utilities for those inspections and the borrower’s options should the property be deemed unacceptable.
The length of time that the lender has to provide a commitment letter
The disbursement of earnest money in the event of default by either party

Relocating to the New Place – There is the small matter of moving that also must be considered. Here are a few family matters that will need attention along with the purchase of the new property.

Forward mail
Advise financial institutions, employer, friends and family of the upcoming move
Connect / disconnect utilities
Contact schools at new / old locations
Arrange for the move to the new residence
Honor commitments and responsibilities associated with ending possession of the previous residence

Prepare for Settlement – It is an exciting time, but preparation will help ease some of the nervousness often associated with closing on the purchase of a property.

Notify the closing attorney’s office well in advance of any potential language barriers
Request a blank closing packet. The closing attorney should explain each document that the borrower will be asked to sign, but time may not be available to read through all of them at the table.
Review the preliminary HUD statement to confirm accuracy and that the funds required of the borrower to close are available
Confirm how the closing attorney prefers to receive funds required of the borrower to close (wiring instructions, certified funds, etc.)
Get directions to the closing attorney’s office
Have a government-issued ID and personal checkbook
Arrange for child care during closing

Finally, please know that closing dates change frequently, often disrupting plans with movers, landlords and employers. The first monthly mortgage payment is often several weeks away making it unlikely that a final rent and first mortgage payment will be due consecutively, so plan to close a few weeks earlier than the “must-move” date to limit stress and allow for any disruptions.

Many HUD-certified Affordable Housing Agencies offer post-closing home ownership classes to home owners who want to understand their rights, budgeting, saving, home care and a variety of other useful subjects designed to help them maintain and keep their home. Call or write for more details on these and other programs available to Georgia home owners that ease the path to home ownership. Like Metro Atlanta Down Payment Assistance on Facebook for updates on Georgia Down Payment Assistance, buying Atlanta area residential real estate and more.

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

Timeline to Home Ownership - Three Months

2011-11-07T09:58:00.002-05:00

Ninety days may seem to be sufficient time to find and close on a Metro Atlanta property. In fact, there are several steps involved in the process, including finding an acceptable property, getting an offer accepted, surviving all contingencies, lender underwriting and finally getting to settlement. An experienced real estate buyer’s agent can limit surprises while helping the buyer to the closing table all along the way, but is of even greater importance at this point. Residential agents will help with the search, negotiate offer terms, manage deadlines and otherwise protect the buyer’s rights during this unsettling time. The following steps represent an overview of some of the most important steps to be considered by those who plan to purchase using a mortgage.

Get Pre-approved – The home buying process should formally start with an approval from a direct lender so that all parties can benefit from a mutual win. Buyers must also consider the monthly payment that will best meet their needs, which is often less than their approval amount. Contact a real estate agent who knows how to figure the monthly payments for suggestions on good mortgage lenders and the typical documents needed for approval.

Mind the Finances – The mortgage lender will evaluate all financial statements for the 90 days prior to closing and will review credit reports again just before settlement so it is important to continue meeting financial obligations as promised. Avoid checking account overdrafts, moving around funds, making any unusual deposits or purchases during this critical time and obtain receipts for any purchases that might require an explanation.

For those with No Credit – Home ownership may be available to potential buyers without traditional credit history. Gather 12 months of rental payment receipts, utility and cell phone bills and proof of monthly payment for insurance and start contacting direct lenders.
Step Up the Search – The time has arrived to significantly enhance the search. Getting to the closing table can take up to 60 days after an offer has been accepted and buyers should have enough time to safely terminate the contract should that be desired. Flexibility is key at this point, so consider reviewing the emphasis placed on requested seller concessions and focus on well-priced individually-owned properties, foreclosures and approved short sales, making offers on multiple properties along the way.

Check the Lease – Remember that the mortgage lender will review credit histories once more prior to closing and the appearance of a housing related collections will stop settlement. Know the amount of time required to provide notice of any intent to move. Some sellers tend to be less cooperative as the closing date approaches, so determine if renting on a month-to-month basis is an option in case the need arises very late in the process to terminate the contract.

"Like" Metro Atlanta Down Payment Assistance on Facebook and be notified of new posts on first home buyer programs and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677 (Contact Me)

Timeline to Home Ownership - Six Months

2011-10-27T18:38:00.002-04:00

Properties listed as short sales make up a large share of the Metro Atlanta housing market, but they often require several months to close. As a result, buyers with limited time often miss the opportunity to purchase the most highly desirable properties at discounted prices. If previously recommended steps have been executed successfully or the determination has otherwise been made that the time is right, leverage more of the benefits offered by this market and tour a few short sale properties over next few months. Here are a few ideas to consider.

Attend a Home Buying Class – Credit and income eligible borrowers must present the certificate of completion from an acceptable home buying class (of up to 12 hours) in order to obtain some forms of down payment assistance. Affordable, HUD-certified pre-purchase counseling classes are offered online and at venues throughout Metropolitan Atlanta, both on weeknights and weekends. Topics covered in these classes include budgeting, credit, mortgage applications, searching for a property and more.

Get an Initial Approval – Lenders are asking for more documentation before providing pre-approval letters and time will be needed to gather those documents. Submit a more competitive offer and reduce the time required for approvals by including an endorsement letter from a direct lender. Then work with an agent to take greater advantage of the vast inventory of properties on the Metro Atlanta real estate market.

Get Property Alerts by Email – Highly desirable properties will sell quickly, sometimes the same day of entry in MLS. Beat the competition to these listings by asking an agent to set up automatic email alerts with the two local MLS services that will send a notice when the ideal property hits the market.

Meet with Program Administrators – Gwinnett County and other down payment assistance program administrators require that those who use their programs meet in person with them to confirm all documents are in order.

"Like" Metro Atlanta Down Payment Assistance on Facebook and be notified of new posts on first home buyer programs and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677 (Contact Me)
AtlantaDownPaymentAssistance.com

Timeline to Home Ownership - Nine Months

2011-10-15T16:05:00.004-04:00

On the surface, nine months may seem to be far too early to be planning the purchase of a property. In reality, the resolution of some matters will require significant planning time. Limit last minute surprises and increase the likelihood of a successful closing by following through with some important details early.

Review Credit History – Confirm that all entries on personal credit reports are timely, accurate and contact creditors in writing (ideally through certified mail) to address any reporting errors over the most recent two years (open disputes appearing on credit reports will likely prevent loan approval). Be mindful that federal debts and some bankruptcy entries will likely appear in credit histories beyond seven years, but their presence alone may not prevent mortgage approval. While minor, non-housing related collections may be OK, the presence of recent or un-discharged bankruptcies, unsettled tax liens, other federal debts in default, and housing related collections (including lease breaks) in one’s credit history will be barriers to mortgage approval, regardless of their age. Those looking to use down payment assistance through the State of Georgia may not have had any bankruptcies or judgments over the past three years.

Gather Tax Returns – Locate tax returns and W-2s for the previous three years. Request tax transcripts from the IRS for years that cannot be found (for a fee) and allow sufficient time for a response.

Obtain Closing Funds – Borrowers who plan to obtain the funds required of them to close from friends or family should consider depositing them into their personal accounts at least nine months before contacting a lender for approval. Borrowers are encouraged to work with their lender regarding deposits made into their accounts within 90 days of settlement so that strict guidelines regarding gifts may be followed.

Manage Accounts - The borrower should expect their financial statements to be under scrutiny in the coming months. A single checking account overdraft, returned check or other costly line item could suggest to an underwriter that the borrower is unable to manage money. Review financial statements, identify and address any issues that may have led to costly financial outcomes in the past so that financial statements will not become a barrier to the dream of home ownership.

"Like" Metro Atlanta Down Payment Assistance on Facebook and be notified of new posts on first home buyer programs and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677 (Contact Me)

Timeline to Home Ownership - Twelve Months

2011-10-07T08:47:00.002-04:00

Frequent readers of the Atlanta Down Payment Assistance blog should already know about the many initial expenses associated with the purchase of a property that are not typically covered by most first time home buyer programs. This passage focuses on the importance of savings in the mortgage approval process and describes how other first home owners managed to save the funds required to successfully close on the purchase of and maintain their properties.

Establish a Pattern of Savings – A monthly contribution to savings over a twelve month period will strengthen the borrower’s chances of loan approval, and two months of cash reserves outside of retirement accounts are now required of anyone who’s planning to use the State of Georgia Down Payment Assistance Programs (only). Of course, those who are not pursuing down payment assistance must consider the down payment, closing costs and fees paid outside of settlement while all home buyers should be prepared to address the property repairs associated with home ownership. The higher costs of living, incidental expenses and other life challenges, however, apply pressure on one’s ability to save, often leading to deficit spending and increased credit card balances. These obstacles can be overcome over time for many with disciplined habit changes.

How have others managed to save the funds required to buy and maintain their homes? A survey by the National Association of REALTORS® 2010 Profile of Home Buyers and Sellers revealed some interesting information about the sacrifices made by first time home buyers who successfully closed on the purchase of their homes.

41% cut spending on luxury or non-essential items
23% cut spending on entertainment
26% cut spending on clothing
15% cancelled vacation plans
9% earned extra income through a second job
6% sold a vehicle or decided not to buy one

The report also revealed that singles were more likely than non-singles to live with family or friends before buying, another option that may be available to renters. Regardless, borrowers should use the time available to give themselves an additional edge in the mortgage qualification process by making savings a priority, both now and after the purchase of a property.

Maintain Good Rental History – Those planning to take advantage of down payment assistance through the State of Georgia must establish and maintain an acceptable and verifiable rental history for twelve months.

"Like" Metro Atlanta Down Payment Assistance on Facebook and be notified of new posts on first home buyer programs and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
Metro Atlanta Down Payment Assistance
(678) 775-2677 (Contact Me)

Timeline to Home Ownership - Fifteen Months

2011-09-29T10:27:00.003-04:00

A previous post described how actions taken now will increase the likelihood of success along the pathways to home ownership. The process of buying a home is not always easy and frustrations should be expected along the way. A thoughtful family discussion about mutual goals and financial planning, however, should make the entire process less daunting and contribute toward a safe home purchase on terms acceptable to all involved.

Situation Analysis – Home ownership involves a long term relationship with a lender. Therefore, a careful examination of one’s own personal and professional situation is an important step in the home buying process. Family members are encouraged to have candid discussions regarding…

How one’s personal life will change in the near future (changes in family size, elder care, etc.)
Whether an employer is achieving business objectives and the stability of one’s own income
The vision that each decision maker has for the property, including the appropriate time to sell

Gain agreement on these family matters so that there is assurance among all members that home ownership is the right decision at this time.

Establish Credit – Mortgage lenders will usually consider the credit history on accounts aged 12 months or older, but new creditors may only begin reporting consumer account activity to the big three bureaus after around three months. Prospective home buyers with limited (or no) credit history should consider opening a secured revolving Visa® or MasterCard® credit account, a gasoline credit account and a cell phone account in their names to establish credit. More credit strengthening tips on revolving accounts:

Use no more than 30% of the amount available on revolving credit accounts
Pay the balances down to ten dollars monthly on or before their due dates
Leave older, paid off accounts open to further strengthen credit.

Plan for Success – The steps above should contribute to higher credit scores over time, ideally above 600, but other goals must also be achieved.

Proof of Income – Expect to be asked for paystubs reflecting at least 30 days of continued employment. Stronger candidates for mortgage approval will have been employed consistently for the most recent 24 months, either with their current or a previous employer. Self-employed individuals should have three years of financial statements available.

Debt-to-Income Ratios – Lenders are often flexible on this, but the borrower’s total monthly mortgage payment plus recurring debt typically may not exceed 45% of their gross income or 35% for those planning to use the State of Georgia Down Payment Assistance Program (not most others, only the State of Georgia).

Upfront Fees – Plan to have an earnest money deposit, an appraisal fee, an inspection fee, utility connection fees and a few hundred dollars as cushion in addition to the funds for the down payment and closing costs. Those planning to use Georgia down payment assistance should also have two months of cash reserves available (again, this rule applies to the State of Georgia Down Payment Assistance Program).

"Like" Metro Atlanta Down Payment Assistance on Facebook and be notified of new posts on first home buyer programs and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677 (Contact Me)

Timeline to Home Ownership - Planning the Purchase

2011-09-24T02:40:00.003-04:00

Research from the National Association of REALTORS® and other sources reveals the frustration that potential home buyers continue to have over the process of qualifying for a mortgage. But they also continue to face annual increases in rental rates on properties that no longer meet their living requirements or offer any additional value that justifies an increase in rent. Of course, a reasonably predictable monthly payment (that sometimes even adjusts moderately lower) is one of the benefits of a fixed mortgage interest rate. But getting approved for that mortgage seems to be the insurmountable barrier to home ownership that keeps renters feeling trapped in the leasing merry-go-round. This series of posts was written after interviews with multiple direct lenders and should provide valuable information on the process of liberating oneself from the bondage of a landlord / tenant relationship.

Plan a Successful Exit Strategy

Starting early and time management are two of the most important components of a successful rental exit strategy. Unprepared potential home buyers, however, often start around the time that their lease is about to expire and are forced to accept the mortgage terms available to those in that predicament and forced to choose among the inventory of property that will close in time to meet their deadlines, often at less favorable terms. Start early in the process and benefit from competitive mortgage terms, the inventory of more desirable lower priced properties that require more time to close, the ability to safely walk away if so desired and the peace of mind that comes from a well-planned home purchase.

"Like" Metro Atlanta Down Payment Assistance on Facebook and be notified of new posts on first home buyer programs and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677 (Contact Me)

Know the Expenses NOT covered by Georgia Down Payment Assistance

2011-08-25T17:20:00.003-04:00

Congratulations! The mortgage is approved and Federal and Georgia Down Payment Assistance is available as a GA first time home buyer. Well there are a few things to know before telling that landlord where to stick that pink slip.

GA first time home buyer programs provide “assistance” with the purchase of one’s first or move-up property by, for instance, lending the funds needed (interest and monthly payment free) to arrive at the 3.5% down payment required on an FHA Mortgage and closing costs. There are other fees, however, that are not captured by Georgia down payment assistance, such as…

The earnest money deposit – These are funds that the buyer is putting toward the transaction that also serve as insurance that she or he will comply with the terms of the agreement since the seller is taking the property off of the market. They are credited toward the buyer’s expenses at settlement, but may serve as damages in the event of default. An acceptable amount is typically one-percent of the contract price. These funds are optional (and refundable depending on the contract terms), but widely expected for serious consideration of one’s offer.

Appraisal fees – The lender will insure that the value of the property being purchased is sufficient to collateralize the loan and appraisal fees can be as high as $500. Further, a second appraisal may be required if the subject property was owned by an individual seller for fewer than three months. These fees are refundable until the appraisal has been completed.

Home and termite inspection fees – A home inspection and termite inspection are both highly recommended and may be required by the lender to insure that the condition of the property meets certain standards. A home inspection can range from $200 for a standard inspection to $500 for the home quality standards inspection depending on the size of the property. Expect to pay a non-refundable fee of around $90 or so for a termite inspection and hope that no repairs are required.

Utility connection – The home inspection will provide the greatest level of insight when the utilities are connected and the FHA Appraiser will require that they be on during the appraisal. While some utilities are offered solely through a municipality, there may be choices available for others such as gas and power. Many borrowers with existing accounts by the same utility company may be able to initiate some services fee free. While others may require a deposit, the unused portion of that deposit is usually refunded in the event that the buyer does not close on the purchase, so shop around for the best options among utility companies.

De-winterization / re-winterization – The plumbing at some properties will be protected during colder seasons through a process called winterization. Sellers will often require fees of the buyer to both prepare the property for water connection and to restore the property to a winterized status, ranging anywhere from $100 - $200. If the borrower closes on the transaction, the portion to re-winterize the property may be refundable and credited at settlement or by check.

As one can see, there are financial obligations for all home buyers including those using Federal and Georgia Down Payment Assistance. These are the most common additional fees, but please contact a GA Residential Agent for an estimated amount of funds required for the purchase of specific properties. Find out more about buying a home using GA Down Payment Assistance and other important information by attending the Wells Fargo / NID Home Buying Workshop and Affordable Housing Tour this Saturday, August 27, 2011 from 9 AM - 3:30 PM at Gwinnett Technical College or Elizabeth Baptist Church. For more information on GA Down Payment Assistance, visit the Atlanta Down Payment Assistance blog.

Of course, if you are not working with an agent, please call me for more information at (678) 775-2677.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com

Wells Fargo Affordable Home Tour Event

2011-08-10T06:03:00.002-04:00

Wells Fargo will partner with Freddie Mac and a local HUD-approved housing counseling agency to offer two consumer home buyer workshops followed by three affordable home tours (aka "parade of homes"). Classes targeting up to 75 potential home buyers (per workshop) will be held on both the North and South sides of Metro Atlanta on Saturday, August 27, followed by three self-guided tours of homes (DeKalb, Fulton and Gwinnett Counties) of up to eight properties each. Wells Fargo loan officers will be available to pre-quailfy those in attendance.

The event will be promoted through various outlets, including
• Cable TV,
• Social media,
• the Wells Fargo website

Tour guides will also be distributed at all of the workshops and uploaded to the internet about ten days before the event.

Eligible properties must be
• Within seven miles of the class venue (except Dekalb, contact Wells Fargo)
• Priced below $175K
• May not be bank nor GSE-owned

County-specific guidelines may also apply.

Home Buyer Workshop Locations (August 27, 9 AM – 12 Noon):

Gwinnett Technical College	Elizabeth Baptist Church
5150 Sugarloaf Parkway	4245 Cascade Road SW
Room 210, Building 100	Atlanta GA 30331
Lawrenceville GA 30043

Self-guided Affordable Home Tour (August 27, 12:30 PM – 3 PM):
• Homes will be open simultaneously in Gwinnett, DeKalb and Atlanta/Fulton
• Up to eight properties per tour in Gwinnett, DeKalb and Fulton Counties

Real Estate Agent Participation Urged
Real estate agents may bring their existing clients and potential homebuyers to the workshop. In addition, qualifying properties may be submitted to Wells Fargo for inclusion by August 11 at an ad fee of $60 per property. Properties must be staffed during the tour hours of 12:00 Noon until 3 PM and have an affordable home tour sign posted at the property during the week prior to August 27. Contact Jeanne Goldie at jeanne.m.goldie@wellsfargo.com with the property details and get more information.

Enhance the Buying Experience with Market Incentives

2011-07-19T16:29:00.003-04:00

A previous post described multiple ways to buy a property in Metro Atlanta for owner occupancy with very little money down. The suggestions covered there remain great reasons to consider a home purchase, but there are other incentives available within the Metro Atlanta real estate market that should be considered.

Get a $300 Contribution to a Qualifying Charity or School of Your Choice

Charitable organizations can benefit when you purchase a property of your choice for owner-occupancy with a first mortgage from a participating lender. Restrictions apply so write or call for the details on how to earn a cool $300 for causes of greatest interest to you today.

Sweeten the Deal with Seller Concessions on Certain Properties

You probably have already read that HUD will contribute up to 3% toward the buyer’s closing costs on HUD-owned properties. For a limited time, find out which sellers are offering to contribute up to 3.5% toward the buyer’s closing costs and which sellers are offering a two-year home warranty and appliance purchase discount. Write or call today.

Empower Yourself with Affordable Educational Resources

HUD-certified Home Buying Counseling Agencies hold classes at venues throughout Metro Atlanta to help buyers understand the process of purchasing their home and manage expectations. Learn to manage a budget, analyze your personal credit and how to work with a real estate agent. You’ll also learn about down payment assistance programs, home owner’s insurance, home inspections, the mortgage loan and appraisal process and much more. You can also work privately with your counselor on an action plan based upon your specific needs. Please write or call and get registered to attend a HUD-certified home buying class today.

Incentives will remain the order of the day as the market evolves. If you are not working with an agent, please write or call for more information about the latest incentives and information about buying a home in Metro Atlanta today.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677

Gwinnett County Down Payment Assistance Returns

2011-06-21T10:30:00.003-04:00

Gwinnett County Community Development has confirmed the return of the HOMEStretch Down Payment Assistance program. Credit and income eligible Georgia first time home buyers looking to buy a property in Gwinnett County may now qualify for down payment assistance of up $7500 to be used toward the down payment (yes, the 3.5% down on an FHA mortgages), closing costs and pre-paid expenses on the purchase of inhabitable single-family homes, town homes and condominiums built after 1977 and priced up to $200,000. Eligible borrowers may take advantage of low prices on new and existing construction traditional property sales, as well as foreclosures and short sales with very little money down.

The Gwinnett County Down Payment Assistance program varies from some of the others. While the income limits have recently been reduced, other positives do apply.

Borrowers may benefit from open market FHA interest rates rather than one linked to the program
The mortgage is forgiven in five years provided the buyer remains and occupies the property during that period
Condominiums and town homes may be purchased through the program

Visit the links to the left for more information. If you are NOT working with an agent, write or call Solomon today at (678) 775-2677 for important details and restrictions.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners

Secrets Exposed! How to Buy a House with No Down Payment

2011-05-20T08:58:00.003-04:00

Are you interested in knowing how your neighbor (who’s been renting for years) was ever able to buy a home of their own? Oh, you know you are! Home buyers, even those with less than perfect credit, are still buying houses all over Metro Atlanta for owner occupancy with no (or very, very little) money down. Many of them are taking advantage of lower interest rates and affordable home prices by making use of a variety of loan programs offered through various local mortgage lenders that require reduced funds at settlement. And while the borrower’s credit must still be approved by one of those lenders, many of them are finding that the mortgage approval process is not as intimidating as widely believed.

Borrowers, buy a HUD-owned property with an FHA Mortgage for $100 down

You’ll be pleasantly surprised by the condition of many properties owned by HUD. Properties are available throughout Metro Atlanta priced as high as $346,000, so you’re sure to find your affordable and convenient dream home. Ask HUD to contribute up to three-percent toward your closing costs to make this transaction even more affordable. Read the HUD-owned Home flier for more information. Call or write today for a free list of attractive HUD-owned properties based on your search criteria.

Borrowers, buy a single-family property in a (not so) rural area with a USDA Mortgage

The perfect property may be just across the line from a Metro Atlanta County, but just inside an area that is eligible for USDA Mortgages. Buyers are not only buying their owner-occupied property with no money down, but are paying no margin insurance and are also getting the seller to contribute unlimited concessions, making this affordable option even more attractive. Call or write now to find out which lenders participate in this program.

Current and ex military employees, buy a single-family property with a VA Loan

Those currently and previously employed in the armed services with a certificate of eligibility may take advantage of a VA loan to purchase a single-family property of their choice for owner-occupancy priced up to $417,000. This 100% loan-to-value mortgage is offered with no margin insurance and the seller can contribute up to four-percent toward the borrower’s closing costs. Get pre-approved with a partner mortgage lender. Call or write today.

Medical doctors, buy a single-family property anywhere in Metro Atlanta

Licensed and credit-eligible medical doctors may qualify for 100% financing to buy an existing single-family property for owner occupancy priced up to $650,000 anywhere in Metro Atlanta. Sellers can contribute up to six percent, so call today for more important details and restrictions.

Some expenses will remain the responsibility of the buyer regardless of the program, so please plan accordingly. Still one of these programs or a down payment assistance program profiled at on this site may make home ownership a reality rather than a dream. If you are not working with an agent, call or write me today for a brief discussion on next steps.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Federal Down Payment Assistance Program Makes Changes

2011-04-11T12:14:00.003-04:00

Changes have been made to the Federal Down Payment Assistance Program. Specifically, the minimum required borrower contribution toward the transaction is now $1,000. Further, matching ratio has gone to a 4-to-1 match, but the maximum amount allowed in down payment assistance remains at $7,500.

Information on a variety of Georgia Down Payment Assistance programs may be found at AtlantaDownPaymentAssistance.com. If you you are not working with an agent, please write or call me at (678) 775-2677.

Thanks
Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners

Gwinnett County Down Payment Assistance Update

2011-04-11T11:54:00.002-04:00

Gwinnett County has advised that the standard Gwinnett County Down Payment Assistance Program (HOMEStretch) funds have been depleted. The Gwinnett Neighborhood Stabilization Program (NSP) funds, however, are still available for the purchase of rehabilitated, county-owned properties. In addition, credit and income eligible borrowers may qualify for the State of Georgia Down Payment Assistance Programs or the Federal Down Payment Assistance Program. See the Metro Atlanta Down Payment Assistance Blog for more information.

If you are not working with an agent, please write or call me at (678) 775-2677 for a private consultation about your specific needs today.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners

State of Georgia Down Payment Assistance now With Higher Income Limits

2011-03-10T16:10:00.002-05:00

Credit eligible and income eligible employees in the State of Georgia may qualify for mortgages up to 100% loan-to-value at competitive fixed rates of interest. Qualify for a second mortgage that does not accrue interest nor require repayment until the home is sold, refinanced or is no longer used as the borrower's primary residence. The borrower may purchase a home anywhere other than the City of Atlanta and may buy new or existing construction properties in single family developments or units in multi-family communities.

$5,000 - $7,500 in Metro Atlanta Down Payment Assistance

Borrowers who have not owned a home in the past three years may qualify for this second mortgage. Here are some general restrictions and other Information

• Second mortgage is at 0% interest and Must be used with the program’s first mortgage
• Maximum purchase price is $250,000
• Borrower may not have owned a home in the past three years
• Borrower's liquid assets may not exceed $20K or 20% of the purchase price (which ever is greater)
• Borrower must contribute $1,000 toward the transaction
• Borrower(s) must attend a home buying workshop

Amount of Assistance Available

• Households with members employed in healthcare, education, law enforcement, fire & rescue or the military may qualify for up to $7,500
• Households with disabled members may qualify for up to $7,500
• Households that have no members described above may qualify for $5,000

Income Limits

• The maximum income for a one-to-two person household is $71K
• The maximum income for a household of three or more is $82K

Other restrictions apply. If you are not working with an agent, please write or call (678) 775-2677 today for more details.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners

Federal Down Payment Assistance has returned

2011-03-03T16:24:00.004-05:00

Federal Down Payment Assistance has returned and is now available to credit and income eligible persons who have not owned a home in the previous three years. The assistance is offered as a five-to-one match, allowing funds contributed toward the transaction by the buyer (minimum $1,000) to be matched with up to $7,500 in an interest and monthly payment free loan that is forgiven over a five year period as long as the property remains owner occupied. Eligible borrowers may buy new or existing single family homes, town homes even foreclosures with significantly reduced out of pocket expenses.

These funds are depleted annually, so please review the flier for more information. If you are not working with a real estate agent, please call (678) 775-2677 today to determine eligibility.

Federal Down Payment Assistance

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners

Time expiring soon on Down Payment Assistance for Higher Income Households

2011-02-16T16:17:00.002-05:00

Buyers in higher income households might be interested in knowing that the State of Georgia Down Payment Assistance Program for households earning up to $100K per year will be expiring very soon. Regret the late notice, but word only came in today that the state must be officially notified of contracts for home purchases using this program before March 1, 2011. There's still the HUD-owned Home $100 down option with no income limits and the Rewards Program, but the expiring program broadens the borrower's choices to include new construction, non-foreclosure properties and others priced up to $300K.

If you are not working with an agent, please write or call today to get pre-approved and let's try to make this deadline.

Thanks
Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Insider Information about a Price Increase

2011-02-16T14:15:00.001-05:00

How would you respond if you knew well in advance that the price of your favorite cereal would be increasing by over 27%? Most savvy consumers who could would likely stock up on a few boxes before the expected price increase date, right? That was called "loading the pantry" during my time with the big CPG companies. You see, the retailers knew well in advance that the price would be going up on your favorite items while their customer base learned about it through sticker shock.

Word has come recently of an increase of .25% in the monthly mortgage insurance premium for FHA mortgages on all contracts established after April 18, 2011 (from the current .90% to 1.15%). Think that amount is too small to be of any real concern? Consider that the monthly payment could increase...

* $15.62 on a $75,000 mortgage
* $20.83 on a $100,000 mortgage
* $31.25 on a $150,000 mortgage
* $42.00 on a $200,000 mortgage

As you may see, what seemed to be an incremental increase can and will have a profound impact on debt-to-income ratios and, therefore, your ability to buy that dream home. The government is also positioning itself to scale back intervention in the secondary mortgage market, an action that could lead to even greater increases in interest rates than we've already seen in recent months.

For those of you who have the means, peace of mind and intention to buy, now clearly is the time to get the process underway. Call or write today for more information on how to get qualified for a mortgage, the home search process and more.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Major Lender Now Considering Borrowers with Imperfect Credit

2011-01-15T08:10:00.001-05:00

Consumers with less than perfect credit may be interested in knowing that a well-known national lender has announced their willingness to consider offering mortgages to credit-challenged Metro Atlanta borrowers. Here are a few of the stipulations…

The borrower’s total monthly mortgage payment (including home owner association dues) may not exceed 31% of their gross monthly income. Further, the borrower’s proposed total monthly mortgage payment plus any other monthly payments toward debt such as un-deferred student loans, auto loans, credit cards may not exceed 43% of the borrower’s gross income.

The borrower must provide their own down payment

No down payment assistance

-- Gift funds must be in borrower’s accounts for at least sixty days prior to credit review
-- Required down payments also apply to purchases of HUD-owned homes (no $100 down)
-- Credit scores of 500 – 579 require 10% down
-- Credit scores of 580 – 600 require 5% down

Seller contribution to closing costs capped at three percent

The borrower must have a minimum of two months of reserves to cover payments of principal, interest, taxes and insurance in addition to the required down payment

Existing bankruptcy and foreclosure rules remain in place, but this program may even be available to borrowers who have encountered one or both of those events two or more years ago

Approval is not guaranteed as this is only the start of the evaluation, a process that could last a few weeks. But borrowers who are approved for a mortgage can immediately begin searching for a home with confidence that they can close.

If you are not working with a real estate agent, please call (678) 775-2677 or write today for more details and let’s get started.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677

Down Payment Assistance in Dekalb County

2011-01-13T06:23:00.001-05:00

Do you know of someone who’s looking to buy a property in Dekalb County? Please share the information with them about the various programs available to help them buy with very little out-of-pocket expenses and various levels of requirements.

State of Georgia Down Payment Assistance – Up to $10K may be available to credit and income eligible GA first time home buyers and families moving up to their next home to put toward their down payment and closing costs on properties priced up to $300K. Programs are available for households with income limits as high as $100K to buy an inhabitable property of their choice anywhere in the metro Atlanta area (outside the City of Atlanta), including foreclosures and short sales. Restrictions apply, so please see the Georgia Down Payment Assistance flier here and then call for the details.

Neighborhood Stabilization Program Funds – Up to $25K may be available to credit and income eligible GA first time home buyers and families moving up to their next Dekalb County home to put toward their down payment and closing costs on properties owned and restored through this program. The program is available to households with incomes at 120% of the Metro Atlanta area median income (Single person HH income limit: $60,300, two person: $68,950, three person: $77,550, four person: $86, 150) and the completion of a HUD-approved home buying class is required. Please call for other more important details and a list of properties today.

Dekalb County Down Payment Assistance – Up to $8K may be available to credit and income eligible GA first time home buyers looking to buy a Dekalb County single family, non-foreclosure property anywhere in Dekalb County outside the City of Atlanta priced up to $160K. The borrower must attend a HUD-approved home buying class, contribute one-percent toward the transaction and agree to other important restrictions, so please visit the Dekalb County Down Payment Assistance Page and then call today for more information.

HUD-owned Homes $100 Down Program – A down payment of only $100 may be required toward the purchase of a Georgia Dream Home anywhere in Metro Atlanta including all of the City of Atlanta and the seller will pay closing costs of up to three-percent (should be all) too. The credit-eligible borrower will also need $500 to $1,000 for an earnest money deposit, but $900 will be credited back at closing. Plan on $325 or so for a home inspection, around $450 for a possible appraisal fee, and $400 or so for utility deposits and the unknown. Many of these HUD-owned homes are in great condition and can close within thirty days, so please visit the $100 Down HUD-owned Home Page and then call for details today.

If you are not working with a real estate agent, please visit the Metro Atlanta Down Payment Assistance Blog and then call today for more information.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Need Info on Fulton County Down Payment Assistance Programs?

2010-11-26T07:03:00.002-05:00

Lenders have advised that the final mortgage packages from borrowers seeking to use the Fulton County Down Payment Assistance Program (Fulton County Home Ownership Program) to buy a property outside the cities of Atlanta, Sandy Springs or Johns Creek in Fulton County must have arrived by Friday, November 12. Credit and income eligible borrowers who missed the Fulton County Down Payment Assistance Program, however, may be interested in knowing about other Georgia Down Payment Assistance Programs that may apply to all Fulton County Cities.

Buyers with at least a 620 credit score in households at or below 50% of the Atlanta area median income

Up to $25,000 in Fulton County down payment assistance for the purchase of certain county-owned and restored properties outside the City of Atlanta that is forgiven in ten years
Up to $10,000 in Georgia down payment assistance to purchase a property priced up to $250,000 anywhere in Fulton County except the City of Atlanta

Buyers with at least a 620 credit score in households at or below 80% of the Atlanta area median income

Up to $15,000 in Fulton County down payment assistance for the purchase of certain county-owned and restored properties outside the City of Atlanta that is forgiven in ten years
Up to $10,000 in Georgia Down Payment Assistance to buy an inhabitable property anywhere in Fulton County except the City of Atlanta priced up to $250,000

Buyers with at least a 660 credit score in households at or below 100% of the Atlanta area median income

Up to $10,000 in Fulton County down payment assistance for the purchase of certain county-owned and restored properties outside the City of Atlanta that is forgiven in ten years
Up to $7,500 in Georgia Down Payment Assistance to buy an inhabitable property anywhere in Fulton County except the City of Atlanta priced up to $300,000

Buyers with at least a 620 credit score in households at or below 120% of the Atlanta area median income

Up to $10,000 in Fulton County down payment assistance for the purchase of certain county-owned and restored properties outside the City of Atlanta that is forgiven in ten years

Please visit http://tinyurl.com/26agybl for detailed information on these Fulton County Down Payment Assistance Programs including income limits by household size. The down payment assistance programs available within the City of Atlanta by household size may be found at http://tinyurl.com/27k6c6e . Finally, please be mindful that HUD-owned homes may be purchased for $100 down and HUD pays up to 3% toward closing costs without regard to household income limits. Read more at http://tinyurl.com/25usuoc .

See if you’re ready to buy by reading steps 1-5 of buying a home at http://tinyurl.com/2v7b8yp . If you are not working with an agent, please call today for information on Georgia down payment assistance available to households with incomes above 100% but less than 120% of the Atlanta area median income or other questions.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Gwinnett County Down Payment Assistance Program Updates

2010-10-29T10:15:00.002-04:00

Gwinnett County HOMEStretch Down Payment Assistance has returned

Gwinnett County announced the return of their Gwinnett County HOMEStretch program. Borrowers looking to buy their first home (or first home in three years) in Gwinnett County may be eligible for an interest and monthly payment-free second mortgage of $7,500 to apply toward their down payment and closing costs on the purchase of an inhabitable residential property anywhere in Gwinnett County. Please find out more at the Gwinnett County Page at AtlantaDownPaymentAssistance.com.

Gwinnett County NSP has added an additional option

The Gwinnett County Neighborhood Stabilization Program has been enhanced to include an option for those who want a shorter period of time before funds become forgiven. Borrowers can obtain $14,500 in down payment assistance to apply toward the down payment, closing costs and other expenses on the purchase of restored, county-owned properties that is forgiven in five years or $22,500 that is forgiven over ten years.

Please read the Gwinnett County Down Payment Assistance page at AtlantaDownPaymentAssistance.com for details on the programs available within Gwinnett County. If you are not working with an agent, please call today for more important information.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor – Keller Williams Realty Atlanta Partners
(678) 775-2677

Up to $10,000 in Georgia Down-Payment Assistance to Special Needs Households

2010-10-17T13:05:00.000-04:00

Credit and income-eligible borrowers who meet the description of a GA First Time Home Buyer (persons who have not owned a home over the past three years) and who also live in a household also occupied by a person with special needs may be eligible for up to $10,000 in Georgia Down Payment Assistance. This interest and monthly payment-free second mortgage may be applied toward the borrower’s down payment, closing costs and principle reduction, reducing the total acquisition expenses associated with the purchase of a new or existing inhabitable foreclosure or other distressed single-family, townhome or condominium anywhere in Metro Atlanta.

Determining eligibility is easy. The credit and income-eligible Georgia First Time Home Buyer must attend a home buying class, must be or share occupancy with a disabled person and must be able to provide some form of disability verification:

A social security determination letter
A certified denial from SSI stating that an impairment or disability exists, but applicant is not currently eligible for funds
Evidence of dependent status where applicable
A document from an acceptable medical source indicating that existence of an impairment listed with the SSI website at Social Security Online

Those who are not working with an agent and want more information should visit AtlantaDownPaymentAssistnce.com or call today at (678) 775-2677.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
AtlantaDownPaymentAssistance.com

Georgia Health Care Employees, Get $7500 to Help You Buy

2010-09-28T16:10:00.002-04:00

Have you heard about the great incentive available to the GA first time home buyer and move-up buyer in households with members employed in health care in the State of Georgia?

The credit eligible GA first time home buyer and move up buyer residing in income-eligible households with members employed in health care may be able to obtain Georgia down payment assistance, a second mortgage of $7500 to help them buy their first or move-up GA residential property anywhere in Metro Atlanta. This second mortgage is known as a soft or silent second mortgage because no interest is accrued and no payments are due for as long as the property is owner-occupied and not refinanced. It may be just the option for those with limited funds to pay the acquisition costs on that dream GA residential property of their choice.

The Property

The GA first time home buyer and move-up buyer have a variety of options available for the purchase of their dream home. Eligible GA residential properties include inhabitable single-family homes, town homes and condominiums just about anywhere in Metro Atlanta with contract pricing up to $300,000, reduced closing costs and competitive interest rates on the first mortgage. Buyers may consider new construction properties, foreclosures, even for sale by owners all over Metro Atlanta and take advantage of low prices and, low interest rates.

The Borrower

Georgia Down Payment Assistance makes home ownership a real possibility to more Credit-eligible Georgia citizens. Credit-eligible borrowers need only be a member of an income-eligible household where a person employed in the health care industry also resides to meet the requirement. The qualifying employee can be in just about any position associated with health care provided the income level is not exceeded, including:

Dining room cashiers
Custodians
Receptionists

It's just a great opportunity to take advantage of today's market to enjoy the peace of mind of GA Residential Property ownership.

What to Do Next

Keep up with the latest news on Georgia Down Payment Assistance by visiting this blog. You can also watch for updates at http://Twitter.com/GeorgiaHomes If you are not working with a real estate agent, please contact me for more information on this or other Georgia Down Payment Assistance Programs today at (678) 775-2677.

Educators - $7,500 in Georgia Down Payment Assistance Available

2010-09-09T17:05:00.003-04:00

There's an exciting benefit available to Georgia residents with household members who work in the field of education and are looking to buy their first home. Credit and income eligible Georgia home buyers with household members employed in the field of education may qualify for a second mortgage of $7,500 to help them with their down payment and closing costs toward the purchase a property priced up to $250K. This soft second mortgage does not accrue interest and no payment is due as long as the property is used as their primary residence, making this benefit ideal for those who think they lack the resources required to purchase at this time or others who prefer to use these resources rather than their own for the down payment.

Few Limitations on Eligible Properties

The borrower may use these funds to purchase almost any residential property of their choice as long as it is located in Georgia, is inhabitable and the contract price is at or below $250K (for Metro Atlanta). Buy a new or existing single-family home or a unit of a multi-property community (townhouse, condominium) near work, family or that highly desirable neighborhood that now may be affordable with Georgia down payment assistance. This program might just bring that dream home of the borrower's choice within reach.

Who can benefit?

Credit and income eligible borrowers who have not owned a home in the past three years with household members employed in either private or public education may take advantage of this program. These employees include:

Substitute Teachers
Day care employees
Support staff (including food service personnel)

In fact, just about anyone who enters an educational facility (including libraries) for income purposes on a regular basis may be eligible for $7,500 in Georgia Down Payment Assistance.

What to do if there is interest

The process should begin with a thorough assessment of one's own credit history. Borrowers should also have around $2,200 of their own funds available to put toward the transaction, far less than the typical 3.5% of the purchase price typically required for an FHA Mortgage. Check Georgia Down Payment Assistance flyer at AtlantaDownPaymentAssistance.com for income limits by household and information on other Georgia Down Payment Assistance Programs. If you are not working with a real estate agent, please contact me today for more important information at (678) 775-2677.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners

$7,500 in Georgia Down Payment Assistance to Protectors

2010-08-26T17:16:00.002-04:00

Those who courageously put their lives on the line regularly to protect our freedom and enhance the quality of our lives should know about a great Georgia home-ownership benefit that is available to their households.

Credit and income-eligible members of households with persons employed in law enforcement, fire & rescue and the five branches of the United States Military might be interested in knowing about Georgia Down Payment Assistance, an interest and monthly payment-free second mortgage in the amount of $7,500 that may be applied toward their down payment and closing costs on Georgia homes priced up to $250,000. This mortgage does NOT accrue interest and no payment is due unless the borrower refinances, sells or no longer occupies the property. Further, while all household income is factored into determining eligibility, the borrower need only be a member of a household that includes a protector employee.

Did you get that? Employees of agencies with protectors who meet the credit and income guidelines are eligible too, including:

Administrative assistants
Custodians
Emergency operators

Use Georgia Down Payment Assistance Programs to lower a monthly payment that might otherwise be out of reach, fund the down payment while using other funds to pay closing costs or apply the entire amount toward the down payment and settlement charges. The buyer may purchase any inhabitable GA residential new or existing, foreclosed, single-family home, condominium or townhouse with much lower out-of-pocket expenses.

There are more important details to be considered regarding this program. Please call today to schedule a brief presentation at your staff meeting about Georgia Down Payment Assistance Programs. You may also visit AtlantaDownPaymentAssistance.com for more information. Call today.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor and GA Residential Agent
Keller Williams Realty Atlanta Partners
(678) 775-2677

State of Georgia NSP ($14K) Down Payment Assistance Funds Gone

2010-08-20T17:19:00.002-04:00

Just a quick note to advise that the State of Georgia NSP funds are gone again. Congrats to my clients who were able to use the program.

GA HUD-owned Homes - Better than You May Think

2010-08-10T15:23:00.002-04:00

Credit-eligible home buyers have had the option of purchasing a GA HUD-owned home through the $100 down payment for some time now through participating lenders. Under the program, credit-eligible borrowers looking to purchase a HUD-owned home for owner-occupancy must offer up to $1,000 in earnest-money with their bid depending on the purchase price. At closing, HUD will usually credit the borrower:

The difference between the deposit and $100
Up to three-percent of the purchase price in closing costs credits as negotiated
An additional $1,000 if the property has been listed for less than thirty days

Buyers of HUD-owned homes should also be prepared to pay an appraisal fee of $450 or so, an inspection fee of around $300, the utility connection fee of $75 and have a few more hundred dollars available to cover any unexpected expenses. Please call if there is interest in knowing more details about purchasing a GA HUD-owned home.

About the Properties

Apparently, there are those who believe the myth that all GA HUD-owned homes are in severe disrepair, are in areas with lower qualities of life or are otherwise undesirable. Actually, GA HUD-owned homes in good (often new) condition frequently become available in a variety of floor plans and neighborhoods in some of Metropolitan Atlanta’s strongest school clusters, near the busiest shopping corridors, healthcare and often with easy access to Atlanta and other destinations. A few more benefits associated with purchasing a GA HUD-owned home:

Don’t over pay – Right! GA HUD-owned homes are often priced at or below market value and those prices are closely monitored and adjusted accordingly

Know the general condition of the property – You got it! GA HUD-owned homes, like most other foreclosures, are sold as-is. But unlike most other foreclosures, a very basic inspection of these properties is completed and made available to buyers before they place their bid. Further, buyers are strongly encouraged to conduct their own inspections after winning the bid. Further, easy financing programs are also available through participating lenders to help qualified borrowers who are interested in making repairs to a GA HUD-owned home that they “just gotta have”!

Get more value – YUP! Layer Georgia down payment assistance programs with the $100 down program using FHA mortgage products to lower monthly payments or increase the purchase price.

The GA HUD-owned home $100 down payment program is available to all credit eligible borrowers and is not limited to those with a certain income level, but please be mindful that the good ones go fast. See the GA HUD-owned home $100 Down Flyer. If you believe you could benefit from the GA HUD-owned home $100 Down Program and are NOT working with a registered HUD agent, please call me today for more information.

Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Ways to Buy a GA Residential Property with Little Money Down

2010-08-07T10:12:00.004-04:00

The tax credit is gone, but there are still plenty of incentives available to help buyers interested in taking advantage of lower home prices and interest rates. Here a recap of several Metropolitan Atlanta, Georgia Programs to help both the GA first time home buyer as well as those relocating families moving up to their next property.

Buy a Georgia County-owned Residential Property

Qualified borrowers in several counties within Metropolitan Atlanta, Georgia may be able to obtain an interest and monthly-payment free second mortgage of up to $25,000 to be used toward the down payment and closing costs on the purchase of a county-owned, rehabilitated residential property priced up to $200,000. There is no first-time home buyer requirement but the length of owner-occupancy before the loan is forgiven varies by county. Please call for the details regarding these programs in Cobb, Clayton, Douglas, Fulton, Gwinnett and Rockdale Counties. Please call for a free list of homes today.

Buy a Residential Property Priced up to $300K

For a limited time, qualified borrowers looking to buy an inhabitable residential property of their choice in several counties of Metropolitan Atlanta, Georgia declared disaster areas after the September 2009 floods may be eligible for an interest and monthly-payment free second mortgage of up to $7,500 to put toward the purchase of residential property in a declared disaster area priced up to $300K. There is no first-time home buyer requirement and no payment on this second mortgage is due as long as the borrower occupies the property as their primary residence and does not sell or refinance the property. Borrowers are not limited to properties actually affected by the flood. If the property of interest is in a county that was declared a disaster area (and most Metropolitan Atlanta counties were), the property is likely eligible for purchase, even new construction. Find out more about the Georgia Disaster Down Payment Assistance Program here.

Buy a Residential Property Priced up to $250K

For a limited time, qualified borrowers looking to buy an inhabitable residential property of their choice in several counties of Metropolitan Atlanta, Georgia may be eligible for an interest and monthly-payment free second mortgage of up to $7,500 to put toward the purchase of residential property priced up to $250K. Those looking in Metropolitan Atlanta Counties may not have owned a home over the past three years. No payment on this second mortgage is due as long as the borrower occupies the property as their primary residence and does not sell or refinance the property. Find out more about the Georgia Rewards Program here.

Other qualified borrowers at 80% of the Metropolitan Atlanta, Georgia average median income my qualify for a second mortgage of up to $10,000 to put toward the down payment and closing costs on a residential property priced up to $250K. Borrowers may not have owned a home in the past three years. Like the other programs, no payment on this second mortgage is due as long as the borrower occupies the property as their primary residence and does not sell or refinance the property. Find out more about the standard Georgia Down Payment Assistance Program here.

Buy a Residential Property with $100 Down

Credit-eligible borrowers approved for FHA mortgages through participating lenders may buy HUD-owned homes in Georgia for owner-occupancy for as little as $100 down. In addition, HUD will pay up to three percent toward the buyer' closing costs. Please plan to have funds available for a $1,000 earnest money deposit plus fees for de-winterization an appraisal, home inspection and utility connection. At closing, $900 of the earnest money deposit will be credited to the buyer along with up to three-percent in closing costs. Find out more about buying a Georgia HUD-owned Home here.

Buy New Construction

At least one local lender is offering flexible terms and down payment assistance toward the purchase of owner-occupied residential properties in a select number of new communities. Please call for details.

Keep updated on the changes in Metropolitan Atlanta, Georgia Down Payment Assistance. Announcements of blog updates are posted on Twitter, so be sure to follow me there (yes, even other agents and lenders). Please call me if you are NOT working with a real estate agent. I'll help in anyway that I can.

Solomon Greene
GA Residential Agent, REALTOR® and HUD-Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners, Winner of the 2010 JD Power Award for Buyer Satisfaction!
AtlantaDownPaymentAssistance.com
(678) 775-2677

Georgia Down Payment Assistance not just for GA First Time Home Buyer

2010-07-23T18:38:00.005-04:00

You may already know of the various Georgia Down Payment Assistance Programs that are available throughout the State of Georgia. Are you under the false impression that these programs are only available to the GA First Time Home Buyer (those who have not owned a home over the past three years), for special groups or for people who don't really need to buy because they can't afford to at this time? It is my pleasure to advise that none of these are true. Let's tackle these falsehoods one at a time, shall we?

Georgia Down Payment Assistance - No GA First Time Home Buyer Requirement!

So you have owned a home over the past three years and would like to use Georgia Down Payment Assistance to buy again in most any county in Metropolitan Atlanta. Give some thought to the Georgia Dream Rewards Program ($7,500) or the Georgia Dream Disaster Program (up to $7,500). Borrowers with credit scores of at least 660 may be able to purchase homes priced up to $300K using either of these programs. Please call for more details.

Georgia Down Payment Assistance for those who Currently Own a Home?

You bet! The various Metropolitan Atlanta Neighborhood Stabilization Programs (State of Georgia NSP - $14,000, Gwinnett NSP - $22,500, Rockdale County NSP, Clayton NSP, Dekalb NSP and Cobb NSP all allow borrowers to own an existing home while using these Georgia Down Payment Assistance Programs provided the borrower uses the home being purchased as their primary residence. The state program is back for a VERY limited time and allows the borrower to purchase about any lender-owned foreclosure that is currently on the market while the county programs may be used only for the purchase of county-owned and restored properties. The income limits are higher than the standard Georgia Down Payment Assistance Programs too.

These programs and others are available and open to ANY borrower who meets the lender's credit approval standards and income limits for their household size.

Finally, please don't be discouraged by those who suggest that borrowers really can't afford to buy if they need or just prefer to use one of these programs. Extra effort is required of both the agent and the lender (who also typically earns less on these transactions), so please consider the source.

If you are NOT working with an agent, please call for more information.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Breaking News *** State NSP Funds Have Returned - $14,000!

2010-07-12T19:19:00.003-04:00

It's back! Credit eligible home buyers in the State of Georgia may qualify for a second mortgage of $14,000 to put toward their down payment on the purchase of a foreclosed home anywhere in Georgia purchased for owner occupancy. No payments are due on this zero-interest second mortgage until the home is sold, refinanced or is no longer used as the borrower's primary residence and will be completely forgiven in around five and one-half years. There is no first-time home buyer requirement. Read the State of Georgia NSP flyer at on the at the Georgia down payment assistance blog for more details and income requirements.

If you are NOT working with an agent, please call for more information.

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

"A Plan for National Downpayment Assistance" Revisited

2010-07-08T08:55:00.002-04:00

Thought I'd write a quick note about the commentary that appeared in the July 7 Inman News Article by J. Lennox Scott called, "A plan for national downpayment assistance" (http://www.trendmls.com/Guest/News/IndustryNewsShowDoc.aspx?InmanId=123182).

According to the NAR's Profile of Home Buyers and Sellers 2009, first-time buyers represented some 47% of all home buyers, a market that contributed to 41% of prior-year sales as reported in their 2008 study. So I am in agreement that first time home buyers continue to be an ever more important and attractive force within the housing industry despite any changes in market size.

Actually, I believe the article is spot-on in several areas, but it should be noted that the federal government already offers Federal down payment assistance to first time home buyers on a limited basis beyond USDA and VA programs. Granted, home buyers must be at 80% of the metropolitan average median income, the assistance is only available through certain lenders, credit scores must be higher than those required with some other down payment assistance programs (at least those available in Georgia) and other much needed controls are in place. But the benefits available in the current program outweigh those described in the article. For instance,

The purchase price is up to loan program limits rather than a straight $150K
This soft-second mortgage is interest and monthly-payment free rather than being wrapped together with the first mortgage
The loan is forgiven in five years

Another benefit over the GA first time home buyer program is the borrower's option to use a first mortgage of their own choice.

At any rate, count me among the advocates for an expansion of the Federal down payment assistance program. If you are NOT working with a real estate agent, please call for more information.

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

The Georgia First Time Home Buyer Program Income Limits Raised

2010-07-07T04:32:00.002-04:00

Here's good news for the the GA First Time Home Buyer! The household income limits were raised recently for interested, credit-eligible borrowers who have not owned a home in the past three years. The Georgia Down Payment Assistance Program for first time home buyers is specifically for households at 80% of the Atlanta Metropolitan area average median income. Income from every household wage-earner over the age of 17 is captured in the calculation to determine if the following limits are met:

A single person household may earn up to $40,250

A two-person household may earn up to $46,000

A three-person household may earn up to $51,750

A four-person household may earn up to $57,450

A five-person household may earn up to $62,050

A six-person household may earn up to $66,650

A seven-person household may earn up to $71,250

An eight-person household may earn up to $75,850

These income limits are specific to the GA First Time Home Buyer Program and do not apply to the other Georgia Down Payment Assistance Programs at this time.

Readers should also be advised that other down payment assistance programs are available in Metro Atlanta and Georgia that are not captured by AtlantaDownPaymentAssistance.com. Please visit the blog today and review the flyers to the left of the screen for details. If you are NOT working with a GA Agent, please call for more details.

Solomon Greene, GA Agent, REALTOR® / HUD-Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677

Preparing to Buy Your Own Georgia Dream Home - Do's and Don'ts

2010-06-09T12:09:00.002-04:00

Here are a few thoughts on being prepared to purchase your owner-occupied, GA Residential Property.

Do

1. Complete a thorough self assessment to ensure that now is truly the best time to buy
2. Obtain credit approval, ideally a commitment letter, from a well-known direct lender
3. Work with a buyer's agent to ensure that your rights are protected and that you don't overpay
4. Have at least $2500 available to put toward the transaction if GA First Time Home Buyer programs are being used or around eight percent of the purchase price available otherwise
5. Do pack your patience

Don't

1. Move money around from account to account or deplete your checking account
2. Provide any banking statements to the lender showing returned checks, overdrafts or other derogatory entries
3. Discard deposit receipts or stubs from non-payroll entries into your checking accounts
4. Change employment
5. Expect any real estate agent to become involved in any known fraudulent activity

Today's posts should provide some insights into the preparation involved in purchasing a GA residential property. I welcome the opportunity to work with you. Please call today.

Solomon Greene
REALTORÂ® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://ping.fm/J3P7l
http://ping.fm/tiBUk
(678) 775-2677

Preparing to Buy Your Own Georgia Dream Home - Credit Approval

2010-06-09T12:08:00.001-04:00

The previous post discussed the importance of the self assessment in determining if now is the right time to buy a home. During the credit approval process, the lender will also arrive at a conclusion on the whether now is the best time for you to buy, essentially evaluating the risk associated with the loan. To help arrive at that conclusion, you should have several documents available for review so that a commitment letter, the strongest form of approval, may accompany your offer to purchase when that time arrives. Here are a few items that are most commonly requested by most lenders and their explanations.

Credit worthiness: The borrower(s) must have a middle credit score of at least 620. In addition, bankruptcies must be discharged for at least two years (or more) and foreclosures must be at least two years old (or more). The borrower's credit history, in most cases, may not show any late payments beyond 30 days for the most recent 12 - 36 months. The lender will likely request the social security numbers and dates of birth for all mortgage applicants for this credit review. Therefore, you should obtain your free credit report at AnnualCreditReport.com and your credit scores for a fee at MyFico.com and Quizzle.com. Free credit counseling services are available to help borrowers correct any errors found on their credit reports. Also consider having handy,

Rental History - Your history of rental payment may sometimes be used as alternative credit when your history lacks fewer than three trade lines of credit. In these instances, the contact names, addresses and phone numbers of landlords for the most recent three years should be provided.

Credit Resolutions - When the consumer challenges a credit report entry, the challenge becomes an entry on the credit report. Lenders will want to see a resolution to any challenges on your credit report and, in many cases, the challenge addressed in the report. Be sure to include a signed letter explaining the entry and the resolution in your documents to the lender.

Capital: The lender must assess whether enough funds are available for both the down payment and closing costs toward the purchase of the GA Residential Property. Remember that several GA First Time Home Buyer Programs are available that may reduce the amount needed. Regardless, please be prepared to provide all pages of the three most current financial statements from all checking and savings (including 401(k), SEP, IRA, etc.) institutions with whom business is conducted that reflect your current assets.

Capacity: The lender will also arrive at an acceptable monthly payment amount by reviewing your income statements, credit history and current recurring debt. The total monthly payment for the principal, interest, taxes and insurance (PITI) should not exceed 31% of your gross monthly pay to obtain an FHA mortgage (front-end ratio). Your total recurring debt plus the PITI may not exceed 43% of your gross monthly pay to obtain an FHA mortgage (back-end ratio). The front-end ratio for those using conventional mortgages is 33% while the back-end for conventional mortgages is 45%.

Please be prepared to provide:

One month's pay stubs - Every wage earner who is expecting to be on the loan must provide copies of their most recent 30 day pay stubs. If a GA First Time Home Buyer program is being used, every wage earner over the age of 17 must provide paystubs regardless of whether they will be on the mortgage.

Tax returns / transcripts - All pages from the most recent three years of tax returns should be provided along with W-2s. In some instances, only the tax transcripts will be recognized. Contact the IRS at (800) 629-1040 or visit their site at IRS.gov for instructions on obtaining your tax transcripts and allow several days for delivery.

Child support - Where applicable, please include a copy of the child support order along with proofs of receipt for the previous 12 months. The print-out from child support recovery, 12 months of canceled checks or 12 bank statements showing deposits for the exact amounts should satisfy this requirement.

Gifts for the deposit / closing costs - Work closely with and get direction from your lender BEFORE any gift deposits are made into your accounts. In many cases, it is as simple as obtaining the gift letter from the lender and having the relative sign it, depositing the check from the family member into your account and then asking the family member to provide an image of the front and back showing that it cleared.

Non payroll deposits - A signed letter from the borrower explaining any non-payroll deposits over $300 should also be included with your documents.

A commitment letter may require up to ten days, several telephone discussions, and a considerable amount of patience, but can make the difference in getting an offer accepted. Call me today for more information on how to limit the frustration of purchasing a GA Residential Property by getting pre-approved with a strong, direct Georgia lender.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
http://www.TheAtlantaHomePages.com
(678) 775-2677

Preparing to Buy Your First Georgia Home - Self Assessment

2010-06-09T12:07:00.001-04:00

Have you made the decision to buy an owner-occupied GA residential property but are confused about where to begin? There are several affordable resources available to help ease some of the confusion, including a variety of well-written books on the subject, GA home buying classes and your own GA Agent. If you'd like to get the process underway, you should first conduct an objective self assessment. The entire household should discuss:

1. How short and long-term family changes such as marriage, children, the possibility of future elder care and more will factor into the purchase decision
2. When those and other life situations (family or financial hardships, employment or quality of life changes, etc.) are signals that the time to sell may have arrived
3. The resources available to commit toward the home search and maintenance
4. How stable are income streams, savings and credit and other financial resources.

Credit History: You must also review your own credit history objectively to arrive at fact-based conclusions about how each mortgage applicant has paid their bills over the last 1 - 3 years, assessing

Whether you are consistently late on monthly payments
Whether there are any un-discharged bankruptcies or foreclosures
Whether there are any reporting errors that unfairly portray your history negatively.

Your credit history can be obtained for free at AnnualCreditReport.com while credit scores can be obtained at MyFico.com and Quizzle.com.

If these matters have been carefully reviewed and you are comfortable with the answers, it is likely time to move on to the next step toward buying your Georgia Dream Home.

Solomon Greene
REALTORÂ® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://ping.fm/V91cV
http://ping.fm/hLsvm
(678) 775-2677

Topic Covered in the GA First Time Home Buyer Class

2010-05-30T08:47:00.001-04:00

As regular readers of the GA First Time Home Buyer blog know, attendance at some form of home buying class is required in order to obtain Georgia down payment assistance. Those obtaining Georgia Neighborhood Stabilization Program (NSP) funds must attend an eight-hour class, six of those in a public setting and an additional two hour personal meeting with a HUD-Certified Affordable Housing Counselor. Shortly after attending the class, borrowers looking to buy in Gwinnett County will then meet with Gwinnett county down payment assistance administrators to ensure that their credit and documentation is in order. On the surface, it may seem that there's a lot involved in obtaining Georgia down payment assistance, but there's also a lot of money involved, up to $25,000 in an interest and monthly payment free loan to help the credit-eiligible GA First Time Home Buyer buy their first Metro Atlanta Homes. Currently, those who have would do not meet the description of a GA First Time Home Buyer may now obtain some form of Georgia down payment assistance.

A list of topics covered in most of the HUD-certified home buying classes follow this post. If you or someone you know is considering puchasing one of the many Metro Atlanta Homes priced up to $300K, please call for more information on home buying classes, Georgia Down Payment Assistance Programs and more.

Solomon Greene
REALTORÂ® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Homeownership Rewards and Responsibilities

* Rewards
* Maintenance
* Working with the Homeownerâ€™s Association
* Responsibly transitioning out of home ownership

Budgeting and Money:

* Types of budgets
* Creating a realistic budget
* Tracking spending
* Housing expenses
* Importance of savings and debt reduction

Working with Credit

* Accessing your credit reports and scores
* Loan Approval barriers
* Error correction
* Alternative credit

Mortgage Loan Process from Application to Closing

* Mortgage loan types
* Required documentation, procedures and cooperation
* Preapproval
* Underwriting
* Commitment letter

Georgia Down Payment Assistance Programs

* Grants
* Soft-second mortgages
* Individual Development Accounts
* Housing Choice

Fair Housing

* Defined
* Prohibited actions
* Persons covered

Georgia Fair Lending Act

* Predatory lending defined
* Practices covered and requirements
* Enforcement

Working with Industry Professionals

* Real estate agents
* Appraisers
* Inspectors
* Insurance

Closing

* Types of closings
* Closing procedure
* Important closing documents

One-on-one Counseling

* Evaluating oneâ€™s ability to afford a home at a given time
* Action steps
* Where to go for help

Gwinnett County Down Payment Assistance for New Construction

2010-05-25T13:07:00.001-04:00

Another option for the GA First Time Home Buyer and others was recently announced. Billed "Lets Do Business Gwinnett," this program has includes a Gwinnett Housing component that offers $5,000 in down payment assistance to the GA First Time Home Buyer and those who do not currently own a home. This soft second mortgage may be used toward the down payment and closing costs on the purchase of a new construction property located in Gwinnett County and will not accrue interest nor require any repayment for as long as the borrower remains in the home and may be forgiven in five years. The details are still being completed, but here are some of the general provisions.

The home buyer must be a Gwinnett Resident at least 60 days before making application and may or may not be a GA first time home buyer. While the property must be used as the borrower's primary residence, one of the details being worked out is whether a person who currently owns rental property may participate. We also know that:

The maximum purchase price is $205,000
The second mortgage is forgiven over a five-year period if the borrower attends a HUD-approved home buying class (20% per year)
To be eligible, the property's certificate of occupancy must have been issued after March 1, 2010

As stated earlier, this program is still being finalized, but has been announced in the local media. Regardless, work with a GA Agent who is experienced in the use of Georgia first time home buyer programs. Visit the Georgia First Time Home Buyer blog at http://www.AtlantaDownPaymentAssistance.com and then call me today at (678) 775-2677.

How one Client benefited from over $30,000 in Home Buying Incentives

2010-05-08T11:25:00.000-04:00

This is not some story that was made up. This actual credit-eligible client followed the steps and was able to obtain an interest-free, monthly payment free loan of $22,500 from eight County to put toward the down payment, principal and closing costs on a county-owned and renovated Lawrenceville Property. In addition, the county provided a two-year home warranty that provided her with the peace of mind that she deserved and she was under contract by April 30th making her eligible for the $8,000 tax credit.

So how did she do it?

T met the description of a first-time home buyer (though that was not a requirement for this program) and made sure that she had around $2,000 available for deposits, appraisals, and other fees. So how did she qualify?

T contacted a participating lender to ensure that she was credit eligible and had not owned a home in the past three years
She attended an eight-hour home buying class that included two hours of one on one counseling from a HUD-certified Affordable Housing Counselor
She met with Gwinnett County and applied for the down payment assistance

T, her class certificate in hand, toured some of the available properties in her desired location, placed offers on several including those associated with this program and eventually had one accepted. Upon acceptance, appraisals, title and other home inspections were completed in a timely manner and she closed on time.

What she bought

T bought a two-story single family home with fresh paint, carpet, flooring, new appliances including a new HVAC unit, fenced back yard, garage with garage opener all convenient to I-85. She was completely shocked by the quality workmanship and the floorplan, particularly the oversized master bath and knew immediately that this one was it. She only needed to speak with her lender to ensure that the monthly payments would be within her approved range, and they were.

How you can benefit from the same program

Gwinnett County is still buying and rehabilitating foreclosed homes. If you are not working with an agent, please call me today for a list of eligible home buying classes, available properties and required documentation. Read the Gwinnett County Neighborhood Stabilization Program flier to the left of the screen at the The Atlanta Down Payment Assistance Blog.

Federal Down Payment Assistance for the GA First Time Home Buyer

2010-04-11T15:25:00.000-04:00

Readers usually find information here on Georgia Down Payment Assistance Programs, but this is a federal program that offers up to $7,500 to the eligible GA first time home buyer.

"GA First Time Home Buyer" Definition Expanded to Include More Persons

More households are included in this program than those traditionally included under the other Georgia Down Payment Assistance Programs. While this program still includes those who's incomes are within appropriate limits for their households sizes (see the Georgia Down Payment Assistance flier) and have credit scores above 620, it also includes those who:

Were previously married single-parents regardless of home ownership status during marriage
Are recovering from a catastrophic loss or natural disasters and
Have owned a property that was not permanently attached to a permanent foundation.

Under the program, each dollar of the cash funds applied by the GA First Time Home Buyer toward the down payment and closing costs will be matched with five dollars of assistance for a maximum matching dollar amount of $7,500 until the maximum regional set-aside has been exhausted. The borrower must:

Contribute a minimum of $500 toward the down payment
Occupy the property and
Attend a home buying workshop (different from the other programs)

Those who use this program may still benefit from the tax credit provided the contract is in place by April 30th.

There is No Time to Waste

Readers, the funds were completely exhausted early last season, so please don't be the one who's left out. Lately, credit approvals have been taking a few days. We then have to find several properties, submit several offers and then hope that one will be accepted before April 30th. Let's get you in touch with a participating lender now to keep the greatest number of options available to you! If you are not working with a real estate agent, please call me today.

Georgia Down Payment Assistance! It’s not just for the GA First Time Home Buyer Anymore

2010-03-30T14:27:00.000-04:00

The Metro Atlanta housing market continues to evolve and Georgia Down Payment Assistance Programs have as well. For years, Georgia Down Payment Assistance Programs were available only to the GA first time home buyer, persons who have not owned a home in the previous three years. In light of the recent housing crises, several programs are now available to Metro Atlanta move-up buyers who do not currently own a property and higher income households that may ease the acquisition process associated with home ownership and make it affordable to a wider consumer base.

These Georgia Down Payment Assistance Programs offer silent second mortgages, interest-free loans with no monthly payment requirement as long as the borrower owns and occupies the property as their primary residence and does not refinance the mortgages. The borrower and property eligibility and redemption periods, the length of time that the second mortgage must encumber the property before the loan is forgiven, vary by product, so call me today for more information on the right non- GA First Time Home Buyer product for you.

State of Georgia Recovery

Branded Georgia Dream Recovery, this second mortgage offered by the State of Georgia offers a silent second mortgage of up to $7,500 on new or existing properties in 22 flood-ravaged counties (including 13 major counties in Metro Atlanta) priced up to $300K. The borrower must have a middle credit score of 660, may have liquid assets of no more than $20K or 20% of the purchase price at settlement, must attend a HUD-certified home buying class and must contribute at least $1,000 toward the transaction. Please see the Georgia Down Payment Assistance Recovery Flyer for more details and then call me with questions.

City of Atlanta Opportunity Down Payment Assistance

Borrowers buying within the City of Atlanta may be eligible for a second mortgage of up to ten percent of the purchase price on properties priced at up to $252,890 with a redemption period of ten years. The borrower must have a sound credit history, must attend a HUD-approved home buying workshop and must contribute at least $1,500 toward the transaction. See the Atlanta Down Payment Assistance flyer for more information and then call me for more details.

City of Atlanta Beltline Affordable Housing Trust Fund

Properties located in the Beltline Tax Allocation District may be eligible for purchase by qualified borrowers using Beltline Funds of up to 20 percent of the sales price up to $252,890. There is a fifteen-year redemption period and the buyer must attend a homebuyer class. Call for a list of eligible properties today.

City of Atlanta Vine City

The Vine City/English Avenue Trust Fund is available to borrowers looking to buy properties located within the eligible city boundaries. The product offers down payment assistance of ten-percent up to a maximum dollar amount of $15,000. The borrower must contribute $1,500 toward the transaction and attend a HUD-certified and City of Atlanta-approved home buying class. For more information, please call today.

Neighborhood Stabilization Programs

Counties within the Atlanta Metro Area are offering down payment assistance of up to $25,500 through their Neighborhood Stabilization Programs (NSP). Some of the NSP programs are administered by the Georgia County that has purchased the properties, completely renovated them and placed them on the market while other municipalities are allowing the buyer the opportunity to find their own foreclosures. As an example, please see the Gwinnett County Down Payment Assitance NSP Flyer here. Contracts must be carefully written in accordance with program guidelines so please call today for more information.

Please note that other programs may be available within Metro Atlanta for move up buyers and higher income households. Please visit the Georgia Down Payment Assistance Blog for updates on Georgia down payment assistance and programs for the GA First Time Home Buyer. Can you still get the move up buyer tax credit? You betcha.

For more information, call me today at (678) 775-2677
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
Information deemed reliable but not warranted. This post is not intended to provide legal or financial advice.

Gwinnett County HOMEStretch Funds are Depleted

2010-03-08T12:01:00.000-05:00

Hello all,

Gwinnett County has advised that HOMEStretch funds have been depleted and that 2010 funds will be awarded when the big budget is passed by congress and HUD dispenses them. Additional candidates for HOMEStretch down payment assistance funds will be added to a waiting list. The Gwinnett Neighborhood Stabilization Program funds remain available for use with rehabbed, county-owned properties. Please call today for a free list of homes available for purchase using Gwinnett NSP funds of up to $22,500 or the various other programs available to purchase Metro Atlanta Homes.

A Down Payment Assistance Snapshot for the GA First Time Home Buyer

2010-02-04T16:30:00.000-05:00

Here’s a snapshot of some of the various active Georgia Down Payment Assistance Programs to help the GA first time home buyer determine which program will work for them. Funds are provided through a soft second mortgage (an interest and monthly payment-free mortgage) that is forgiven after a set period of ownership and the borrower is still eligible for up to $9,800 in federal and state tax credits. Most programs are restricted to those whose incomes are at 80% of the average median for their household size while others are offered at 100% of the average median for the household size. See the flier to the left of the screen for details, restrictions and more.

State of GA First Time Home Buyer Program – Branded Georgia Dream, the state offers soft second mortgages of up to $10,000 to be used to toward the down payment and closing costs on the purchase of single family homes, townhomes, condominiums and more. The borrower must be a Georgia First Time Home Buyer (has not owned a home in the past three years) and must use the first mortgage offered by the state.

The Atlanta First Time Home Buyer Program – The Atlanta Development Authority offers down payment assistance programs to the Atlanta First Time Home Buyer who is looking to buy within Atlanta City Limits. Qualified borrowers may buy eligible properties using one of or combining a few programs:

o Opportunity Down Payment Assistance Program (ten percent of the purchase price up to $252,890),

o the Atlanta Affordable Homeownership Program ($10,000 toward the purchase price up to $252,890),

o Vine City/English Avenue Trust Fund Program (ten percent of the purchase price up to $15,000)

o Beltline Affordable Housing Trust Fund (Up to 20% of the purchase price up to $$252,890)

Gwinnett Down Payment Assistance – Branded HOMEStretch, Gwinnett County offers the eligible Georgia First Time Buyer up to $7,500 toward the purchase of single family homes, town homes and condominiums built after 1977.

Dekalb Down Payment Assistance – Dekalb County offers up to $8,000 in down Payment Assistance to be used toward the purchase of single family homes.

Neighborhood Stabilization Programs (NSP) - Municipalities are buying foreclosed properties within their areas of greatest need (areas hit hardest by foreclosures), rehabbing them, returning them to the market and then offering soft-second mortgages of up to $22,500 to be used toward the down payment and closing costs. Both the state (temporarily) and some local municipalities allow NSP Funds to be used by borrowers who have identified foreclosed properties within those areas to be used toward down payment assistance. If you are NOT working with an agent, please call for a list of Gwinnett and Henry County NSP properties.

HUD $100 Down Program – Granted, this is not a traditional down payment assistance program, but owner-occupant borrowers may be eligible to purchase a HUD-owned home for as little as $100 down. Up to one-thousand dollars in earnest money may be still be required, plus the inspection fee, and there may be instances when more than $100 will be required (i.e. multiple bids, etc.), but this program also provides a pathway to home ownership to those with little money for the down payment AND there are no income limits.

Other Georgia Down Payment Assistance Programs are available to the GA first time home buyer at various times throughout the year, but the funds do run out, so be sure to return to this blog frequently for updates. Again, if you are not working with an agent, please visit the GA First Time Home Buyer Blog call today for more information.

The blog is kind of stale

2009-12-20T19:25:00.000-05:00

Yes, I know. There's just simply not been anything of much worth to report regarding down payment assistance.

Just a few comments

The City of Atlanta has recently introduced a first mortgage product at low rates of interest that is available to qualifying borrowers for use with their other down payment assistance programs.
The Interest Rates on Georgia Dream 30-year fixed FHA Products, while still higher than those on the open market, have been falling, so that option may now be more attractive than in the past
The NSP Programs continue to roll out across the different metro area counties

All of the programs described on the fliers to the left of the screen at remain active and more will arrive in 2010. Also, remember that buyers will have to be under contract by April 30, 2010 and close by June 30th to benefit from the tax credit. The search process has been taking some time, so don't wait until it is too late to begin your search for a property.

Come back often. Meanwhile, all my best for a happy holiday season and a prosperous 2010!

The Tax Credit has been extended

2009-11-07T08:38:00.001-05:00

It’s official. President Obama signed a bill into law on yesterday that extended and broadened the reach of the housing tax credit beyond first time home buyers. Specifically, those interested in the benefit must close on their transactions by no later than the new tax credit expiration date of June 30th 2010. Eligibility has also been expanded to include single person households with incomes up to $125,000 and families with household incomes up to $225,000. While first-time home buyers are still eligible to claim up to $8,000 in tax credits, those who have owned and occupied a home for five of the last eight years may also now claim up to $6,500 on the purchase of a home.

Please come back often as more details are made available.

Restored Gwinnett County NSP Properties Now Available

2009-11-07T08:07:00.001-05:00

Gwinnett County is among a few municipalities who have rolled out their NSP Down Payment Assistance Program. Qualified buyers using this program may qualify for up to $22,500 in down payment assistance for the purchase of Gwinnett County-owned, rehabbed properties. The funds are provided as a soft second mortgage that accrues no interest nor requires any monthly payment for the life of the loan, and is completely forgiven if the buyer remains in the home for fifteen years. According to the program guidelines, a qualified buyer is one who meets the income limits and is either:

A first time home buyer (having not owned a home in the previous three years) or,
Is employed by a government unit, educational unit or healthcare provider, or
Is a surviving spouse of a military serviceperson or public protector (first-time home ownership status not required), or
Is a single parent (first-time home ownership status not required)

Attendance at a HUD-approved, eight-hour home buying class is required prior to closing. In addition, the borrower must use a mortgage with a fixed interest rate, must occupy the home as their principal residence and must contribute at least one-percent of the purchase price toward the transaction.

About the properties
Properties available for purchase through this program were bank-owned homes located primarily in central and south Gwinnett County. They were purchased by the county, completely restored, priced below market value and then returned to the market. Because the county is also facilitating the down payment assistance program, the purchase process should be fairly seamless for informed, qualified home buyers.

The county intends to purchase up to 100 homes, but only a few are currently available. See the flier to the left of the screen at AtlantaDownPaymentAssistance.com for the details about the Gwinnett County NSP program, including the income limits and more. If you are not currently working with an agent, please call for a free list of available properties and HUD-approved counseling agencies at (678) 775-2677. Please leave a message and your call will be returned.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor – Keller Williams Realty Atlanta Partners

An Enhanced Federal Tax Credit is on the Horizon

2009-10-29T05:14:00.000-04:00

The senate has reached an agreement to extend and enhance the existing federal tax credit of up to $8,000, but the bill has not yet passed. Once passed, the bill will have to go to the house who is also in support of the extension. Upon passage, some of the exciting changes:

A tax credit of up to $8,000 would then be available to first time home buyers who signed sales agreements by the end of April 2010 and planned to close by the end of June 2010.
Raise the household income limits to $150,000
A tax credit of up to $6,500 would also be available to repeat buyers who have owned their current homes for at least five years

There are other details to be considered, so this not yet a done deal, but it appears that progress is being made.

Down Payment Assistance for Flood Victims

2009-10-16T06:01:00.000-04:00

Have you heard the news? There’s good news for those looking to buy homes in areas affected by the recent floods. The Georgia Dream “Plus” Program is now available to you!

But Wait, There’s More!
Home Buyers in these areas Do NOT have to be first time home buyers, but they must use the program’s first mortgage, and those interest rates have recently gone down significantly!

Purchase price limits:
Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor and Walker - $250,000

Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding and Rockdale - $300,000

Higher Household Income limits:
Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor and Walker

1 or 2 persons $73,000
3 or more persons $85,000

Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding and Rockdale

1 or 2 persons $86,000
3 or more persons $100,000

Read the flier to the left of the screen at the Atlanta Down Payment Assistance Blog. If you are not currently working with an agent, please call today for more information.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Cousnselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Gwinnett County Down Payment Assistance for Higher Income Earners

2009-09-24T06:49:00.000-04:00

So you've been reading about the many home buyer assistance programs available in Georgia, but didn't qualify because you made too much money. The challenge has been that most programs are available to those with incomes at 80% of the metro median income. One exception, the Neighborhood Stabilization Program, is available to those with income limits at 120% of the metro median income and allows the borrower the option of using their own first mortgage. Recently, the State of Georgia made $5,000 in down payment assistance available to those at 100% of the median income through the "PLUS" program. That program is available throughout the state and must be used with the state's first mortgage, which is offered at a higher interest rate than those on the open market.

Gwinnett County recently announced the availability of up to $6,500 in down payment assistance to credit-eligible borrowers at 100% of the median income limit. Specifically, single-person households earning up to $60,250 (two-persons, $68,850, three-person, $77,450) may qualify for up to $6,500 in down payment assistance to help pay the down payment and closing costs on purchases of homes anywhere in Gwinnett County up to $250,000. It is a three-to-one matching program, so first-time home buyers contributing up to $2,166 will be able to receive a maximum match of $6,500. A home buying class is required and other restrictions apply.

Please don't trust this delicate process with an inexperienced lender or agent. If you are not working with an agent, please visit Atlanta's down payment assistance blog and then call me today for more information.

Georgia Neighborhood Stabilization Program Returns for a Limited Engagement

2009-09-11T10:01:00.000-04:00

Word came yesterday that reservations for the Georgia Neighborhood Stabilization Program are again available to first time home buyers (those who have not owned a home in the past three years) with credit scores above 620. This program offers $14,000 in down payment assistance to be used toward the rehabilitation and down payment on the purchase of foreclosed homes anywhere within the state of Georgia. This is an interest-free, monthly payment-free second mortgage that is forgiven in just over five years.

A few rules apply, so please be sure that you are working with an experienced agent who has actually closed on this type of transaction. For instance:

The home buyer must attend an eight-hour approved home-buying class
The funds may not be combined with any other down payment assistance programs
Household income limits apply (please see the flyer to the left of the screen for more details)
The home must be owner-occupied within 60 days of closing

Please note that the reservations had been depleted earlier this year, but have returned, so this is a huge temporary opportunity to buy a home. If you are not working with an agent, please read the Georgia Neighborhood Stabilization Program Flyer to the left of the screen and then call me today for more information.

Breaking News! Georgia Down Payment Assistance for those with Higher Incomes

2009-09-10T22:16:00.000-04:00

The State of Georgia introduced an exciting new down payment assistance program for individuals who's incomes are at 100% of the median for their specific area. The "Plus" option offers down payment and closing cost assistance of $5,000 to first time home buyers with higher incomes than most of the other programs allow. The funds must be used toward the purchase of owner-occupied homes priced up to $250,000 and comes in the form of a second mortgage loan with zero percent interest. The funds require no repayment until the home is sold, refinanced, or is no longer used as the borrower's principal residence.

Some of the restrictions associated with this new program include:

A required minimum middle credit score of 660
The borrower must contribute at least $1,000 toward the transaction
The borrower may not have $5,000 in assets remaining at the close of the transaction
The second mortgage must be accompanied by the program's first mortgage.

Please read the flyer, "Georgia Down Payment Assistance Plus," to the left of the screen at AtlantaDownPaymentAssistance.com for the new income limits and more. If you are not working with an agent, please call today for a list of participating lenders, required home buying class information and other important information.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Federal Tax Credit Incentive Expires in Less than 90 Days

2009-09-07T14:48:00.000-04:00

The news about the Federal tax credit incentive of up to $8,000 and the State of Georgia Tax Credit Incentive of an additional $1,800 has been communicated rather well. In case it was missed, first-time home buyers who purchase a home between January 1 and November 30th, 2009 as their principal residence may qualify for a federal tax credit of up to $8,000. In addition, those who purchase a home that was listed for sale before June 1 as their primary residence in Georgia and close on the transaction between June 1 and December 31st, 2009 may be eligible to claim up to $600 in credits against their state tax returns for three consecutive years.

The federal tax credit incentive of up to $8,000 expires on November 30th, less than 90 days, and transactions must be closed by November 30th, 2009. Further, the State of Georgia Tax Credit incentive of up to $1,800 over three years expires at year-end, less than 120 days away. For those in need of down payment assistance to help purchase their Georgia home, the timing should be of greater concern, because most of the programs displayed at AtlantaDownPaymentAssistance.com require that the borrower attend a home buying class with limited seats that fill rapidly and the programs themselves are now requiring up to 45 days to close. In addition, it is important that enough time be allowed for the real estate agent and buyer to find the ideal home.

Think about it. These tax incentives are being offered at a time when

Home prices and interest rates are both extremely low,
Metro Atlanta, Georgia down payment assistance programs are plentiful, and
The selling season is winding down while inventory remains high.

If your personal situation, income and credit are all in good shape and you have around $2,500 available to invest in a home, there may not be a better time to buy.

If you are not working with an agent, please search Georgia MLS or FMLS for your first home and then call me today at (678) 775-2677 and get the process underway now. I'll put you in touch with participating lenders, online homebuying classes and more so that you too can realize the dream of affordable homeownership.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.TheAtlantaHomePages.com

12 Things to Know about Down Payment Assistance in Georgia

2009-08-11T16:33:00.000-04:00

There’s been a lot of discussion regarding down payment assistance recently. Many in the housing market should know by now that FHA Mortgages, the predominant mortgage product, typically require a down payment in the amount of 3.5% of the purchase price of the home. The buyer in most cases is also responsible for the deposit of earnest money (which also serves as a portion of the down payment), funding the appraisal and the inspection, which all could add up to a sizable amount of money. This post was written to help readers understand some of the most important parts of working with some down payment assistance programs for owner-occupants.

1. The borrower’s own GA Real Estate Agent should be the first step toward obtaining information on down payment assistance. That agent should be able to assess the buyer’s specific situation and then provide a list of participating lenders that may be the right fit. Please be mindful that Georgia Law prohibits an agent from, among other things, advising someone else’s client on the purchase of a home.

2. The down payment assistance usually is provided in the form of a second lien placed against the qualifying property for a set period of time. Georgia Buyer’s Agents should be able to provide many of the details associated with the right program for that buyer, including resale restrictions, gain on-sale recapture provisions and more so that an informed decision may be made .

3. Some Metro Atlanta Down Payment Assistance Program funds are often available year-round while others are only for a limited time. Those of the greatest demand are often depleted in mid-season, so it is important that the borrower and the agent search for properties with a sense of urgency to increase the likelihood that funds will be available to fund the down payment.

4. The GA Buyer’s Agent and the lenders to whom the buyer has been referred should have sound experience, having actually closed on transactions that involved the program of greatest interest. Both have certain responsibilities in their respective roles that will ensure a smooth transaction if executed properly.

5. Some of the Georgia Down Payment Assistance Programs require that specific language be included in the purchase and sale agreement. Knowledgeable agents know about these clauses along with the risks of entering into an agreement without them.

6. Some program agencies will require several steps of the borrower before committing to fund the transaction.

7. Speak with an experienced Georgia Real Estate Agent prior to searching for your home. Please do not make an offer to purchase a property until you are certain that the entire transaction, including the down payment, can be funded.

8. Please have patience and understanding. Georgia Down Payment Assistance Programs are underwritten by both the lender and the program agency, each with their own documentation requirements. While the borrower should have been provided with a list of items that the lender and agency will likely request, please be mindful that more information, documentation, etc. may be requested right up to the week of closing. Please rest assured that everyone wants the transaction to close and are working diligently to ensure that it does.

9. The programs are offered to qualified buyers. They may be only available to Georgia first time home buyers and they often vary by income limits, minimum credit score limits, the borrower’s industry of employment, location of the property and more, but all of them require some form home buyer education. Your Metro Atlanta Real Estate Agent works with these programs regularly and should know which lenders offer the program that may be right for the buyer.

10. Funds will be required of the buyer in addition to the down payment assistance. The buyer will still be responsible for funding the earnest money deposit, inspections and appraisal, the latter two being non-refundable. An experienced real estate agent will help the buyer manage these expenses as much as possible.

11. Layering, combining multiple programs of down payment assistance, is discouraged unless the buyer plans to keep the property long-term. The redemption periods, the length of time that the second mortgage remains as a lien against the property before it is forgiven, vary by program. If the property is sold, refinanced or is no longer used as the borrower’s primary residence before the expiration of any one of the redemption periods, a portion of the balance may become due and payable. Further, certain programs require that a portion of the gain realized on the sale of the property also be paid to the Georgia Down Payment Assistance Agency.

12. Experienced Metro Atlanta Buyer’s Agents will also have a back-up plan in place just in case one program will not work after all.

While not all-inclusive, these points should provide valuable insights into the use of Georgia Down Payment Assistance Programs. For more information, please visit the blog at http://www.AtlantaDownPaymentAssistance.com, then call me at (678) 775-2677.

Federal Down Payment Assistance Funds are Depleted

2009-08-07T11:49:00.000-04:00

My Metro Atlanta, GA lenders have advised that their allotments of the Federal Down Payment Assistance Funds have been exhausted. This was the five-to-one match program allowing the borrower to put down between $500 - $2,000 and the lender would match that down payment from $2,500 to $10,000. The funds are expected to return next year.

Meanwhile, the other programs shown to the left of the screen remain active for now.

Pay No Interest for the First Six Months on Your Georgia Home Purchase!

2009-07-26T16:01:00.000-04:00

Get further ahead in home ownership with an exciting new interest abatement program structured so that eligible borrowers pay only the principal, taxes and insurance on the mortgage for the first six months after closing, freeing up often badly needed resources during the initial months after the purchase. The borrower’s interest will be waived for the first six months of the loan so that those funds may be used however they choose, including:

Making their house a home by purchasing window treatments, garage door openers, furnishings, lawn care equipment, appliances, light fixtures, etc.

Getting that home office, studio, sewing room, basement or garage just the way they want it

Further enhancing their financial position by putting the entire regular monthly principal and interest payment toward the principal, replenishing savings, or retiring other debt

There are no income limits, restrictions on the number of household members nor any requirement that the borrower be a first time home buyer or attend a home buyer class.

Not compelling enough for you? Think about this. The first six months of interest on an FHA mortgage of $150,000 fixed at a rate of 5.5% for thirty years would likely be over $4,000!

Other examples:

Six months of interest on a mortgage of $215,650 fixed for thirty years at 5.5% is approximately $5,914
Six months of interest on a mortgage of $281,300 fixed for thirty years at 5.5% is approximately $7,714
Six months of interest on a mortgage of $346,950 fixed for thirty years at 5.5% is approximately $9,515

Anyone can drive you around Metro Atlanta and show houses, but I’d like to be your full-service agent. If you are not currently contractually committed to an agent, please call for more information.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor – Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677

Follow me on Twitter for instant updates at http://www.Twitter.com/GeorgiaHomes

$4.5 Mil Still Available in Federal Down Payment Assistance

2009-07-26T10:37:00.000-04:00

Credit-eligible Georgia first time home buyers may still qualify for federal down payment assistance to help them with the down payment and closing costs on the purchase of new or existing single-family homes, townhomes or condominiums anywhere in the state up to the FHA loan limits, currently $346,950 in Georgia. There is no requirement that the property be a foreclosure, a particular kind of foreclosure, or that it be located in a transitional area and short sales, properties selling for less than the balance owed on them, may be purchased using the program. In addition, qualified borrowers may still take advantage of the federal and state tax rebate programs up to $9,800!!!

Here's how it works. As an example, the borrower contributes the minimum of $500 toward the down payment. This program will match that $500 five-to-one, making the total down payment $3,000. Accordingly, a contribution of $2,000 will be matched five-to-one making the total down payment the maximum of $12,000. This soft-second mortgage has a redemption period of five years and will take the form of a lien against the property. Therefore,

no payment will be due on the second mortgage,
nor will it accrue any interest and the second mortgage will be
completely forgiven in five years.

Please note that only the down payment will be matched and not the initial appraisal fee, home inspection fees or any other fees.

So let's do the math, shall we?

Federal Down Payment Assistance: Up to $10,000
Federal Tax Rebate: Up to $ 8,000
State Tax Rebate over three years: Up to $ 1,800
Time to get off of the fence and make a decision before all the money is gone!

There are only a few local (but well-known) participating lenders. If you are NOT currently working with an agent, please check out the flier to the left of the screen at the Metro Atlanta Down Payment Assistance blog and then call me today for more information.

A Down Payment Program for Higher Income Earners - HUD-Owned Homes

2009-07-26T07:31:00.000-04:00

Forget everything you may have thought about foreclosed homes. Just yesterday (and many times before), I visited a HUD-owned home in a middle income area of Cobb County served by one of Georgia's best performing high school that appeared to be in very good condition. The neighborhood was well-maintained, the property's landscaping was neat and the interior surfaces and flooring were both fairly clean. There were even appliances and light fixtures!

This client, an educator, had the funds for the down payment but wanted to leave them in savings. She earned too much to qualify for any of the curent Georgia down payment assistance programs, so a HUD-owned home seemed to be the best option for her because of their $100 down program. She'll still need around $2200 or so to make the transaction happen ($1,000 in earnest money, $450 for an appraisal, $325 for an inspection and the rest as cushion), but that will still be less than the three and one-half percent down payment that would usually be required for an FHA mortgage. Of course, $900 of the $1,000 she'll put towards earnest money will be credited to her pre-paids at closing plus an additional $1,000 if the property was listed at the local HUD site for less than thirty days. HUD will even pay three-percent toward her closing costs. What a sweet deal!

Read up on HUD-$100 down program at the flier to the left. I'd welcome the opportunity to serve you too.

Georgia First Time Home Buyer, Your Down Payment Times Five

2009-07-08T17:58:00.001-04:00

Yes, you read correctly. Certain local lenders are currently offering a program to the GA first time home buyer that will multiply their down payment of at least $500 by five, allowing them to have $3,000 in Georgia Down Payment Assistance to put toward the down payment and/or closing costs on a home anywhere in the State of Georgia, in fact, multiple southeastern states! The Federal Down Payment Assistance program is available to credit and employment eligible persons who have not owned a home in the past three years to help them buy new or existing single family homes, condominiums and townhomes. There is no requirement that the property be a foreclosure.

"But wait, there's more!"

This soft-second mortgage (interest and monthly payment-free)
is completely forgivable in five years! The qualified home buyer is still eligible to receive their Federal tax credit of $8,000 and the State of GA tax credit of $1,800. Stay in the property for those five years and these funds become a grant. GA affordable housing is just a phone call away, so please read the flier to the left of the screen and then call today for more information.

How to Buy a Home in Georgia in Ten Steps

2009-06-23T10:57:00.000-04:00

Are you on the fence about buying a home because you find the process confusing, that there's no road map to home ownership? The blog at http://www.AtlantaDownPaymentAssistance.com should help clear up some of the confusion over buying real estate in Georgia for owner-occupants using an FHA Mortgage.

The ten steps are divided into three PDF links (Adobe reader required) to help readers understand how they should prepare themselves for the start of the process, what's involved in offer and acceptance and finally post purchase counseling so that borrowers will understand how they can continue to afford and keep their home. Look for "Buying a Georgia Home in 10 Steps" to the left of the screen at AtlantaDownPaymentAssistance.

Please note that this information should not be considered legal advice and readers should contact their own attorneys for those opinions.

If you are NOT working with an agent, please call me for more information.

Federal Down Payment Assistance has Arrived

2009-06-22T18:48:00.000-04:00

There’s more great news for first time home buyers or those who have not owned a property in the past three years! A program is now available through certain lenders that will match your down payment of up to $2,000 FIVE-TO-ONE! Credit eligible first time home buyers may now qualify for up to $10,000 in down payment assistance for the purchase of a single family home, condo or townhouse priced up to $346,000.

The matching funds are provided through a soft second mortgage that does not accrue interest nor require any monthly payments and is forgivable in five years. Further, they may be layered with other programs (county and city down payment assistance programs for example) for even greater dollar amounts down, potentially opening the door to a wider variety of homes, lower monthly payments or both.

The borrower must contribute at least $500 toward the transaction and should be prepared to fund the appraisal and home inspection fees. The amount of matching funds, however, will be based solely on the down payment contributed by the borrower, not the inspection or appraisal fees paid, and may only be applied toward the down payment and closing costs. Further, the borrower must meet the income limits which may be found on the flier to the left of the screen at http://www.AtlantaDownPaymentAssistance.com , must attend a home buying class and will be expected to occupy the property within sixty days of closing.

There’s only a limited amount of funds available. An actual participating lender is ready to work with you. If you’re not working with an agent and would like to know more, please call me today.

Neighborhood Stabilization State Funds Gradually Coming to an End

2009-06-11T19:00:00.000-04:00

Word came to the lenders this morning that $4.6 million of Georgia's $5 million in NSP Funds have been reserved. If your accepted contract has been presented to the lender, it might be worthwhile to confirm that the funds for your transaction have been reserved.

However, if you have been reading these blogs about the $14K in down payment assistance and have chosen not to act, the train may likely have left the station with no established return date. You see, we were trained that these funds would surely return if the program was executed successfully. Well, despite a rather complex roll-out, we agents did the best we could to get the word out with hopes of ensuring some level of success. Regardless, it appears there is no longer any guaruntee that these funds will be replenished any time soon.

So what down payment assistance options are currently available? The City of Atlanta down payment assistance programs remain available along with Dekalb and Gwinnett County programs and fliers for each may be found at the link below. There's also the rural housing program and the HUD $100 down program. In addition, I am awaiting confirmation about the Federal Home Loan Bank program funds. Finally, word has it that the City of Atlanta, Dekalb and Fulton Counties will soon be rolling-out their NSP programs within the next few weeks. And of course, there's always the standard state-wide Georgia Dream program with interest rates gradually becoming more competitive on the required first mortgage.

Keep up to date on the latest news regarding metro Atlanta down payment assistance by reading the blog at http://www.GeorgiaFirstTimeHomeBuyer.Blogspot.com.

$8K Tax Credit Used as a Down Payment

2009-05-30T20:18:00.000-04:00

Mortgagee Letter 2009-15 was posted to HUD.gov on Friday May 29. This document describes how home buyers may obtain their tax credit as an advance or soft second mortgage when buying a home using an FHA mortgage. What is unclear, however, is how that advance may be used. While everyone seems to agree that it may be used as a down payment of up to 3.5% and may also be used toward closing costs, there has been considerable discussion over whether it can be used as the borrower's only down payment or if it is available only when the borrower already has 3.5% to put down. Finally, it may be possible to use current Georgia down payment assistance programs in conjunction with this program.

I'll be working closely with my lenders to get a better understanding of this new development since the decision on the use of this program will ultimately be theirs.

Home Buyer Classes are filling up quickly

2009-05-13T13:14:00.001-04:00

Those of you who are looking to buy a home soon using down payment assistance should know that the classes are filling up quickly. If you're buying over the next six months, why not go to the DCA Site and sign up for a FREE class now so that you can obtain your certificate and have that done. Remember, an eight hour face-to-face class is required in order to satisfy one of the eligibility requirements to obtain the Neighborhood Stabilization Program (NSP) funds.

If you are not working with an agent, please call if I can be of assistance.

The Available Housing Tax Credit in Georgia is now $9,800!

2009-05-12T09:18:00.000-04:00

Georgia's Buyer's Market just got sweeter! House Bill 261 was signed into law on yesterday increasing the total tax credit amount available to a whopping $9,800.

It's been widely communicated that home buyers may obtain a Federal tax credit of up to $8,000 for home purchases through November 2009. Georgia House Bill 261 now allows Georgia Taxpayers to obtain a tax credit on their state taxes of up to $1,800 for the purchase of single family residences (including new or existing single family homes, condominiums and townhomes that are currently on the market) made between June 1 and December 31st, 2009. The tax credit amount will be either 1.2% of the purchase price or $1,800, whichever is less, and may be taken by any home buyer (not just first time home buyers) in a single year or allocated over three years, but may not exceed the state taxpayers income tax liability. Any excess (or unused) amount must be carried forward into the next year and the tax credit may not be applied against prior year tax liabilities.

Affordable prices, lower interest rates, Georgia down payment assistance and federal and state tax credits when you buy a house. That's what we mean when we say "Now is a great time to buy a home in Georgia!"

2009-05-11T07:48:00.000-04:00

Do you want to stay on top of the changes in Metro Atlanta Down Payment Assistance? As many of my blog readers already know, I'm either working with buyers, speaking with lenders or attending a training class, usually on the changes in Metro Atlanta Down Payment Assistance so that I can better serve my clients and future clients.

Now readers of http://www.GeorgiaFirstTimeHomeBuyer.Blogspot.com can be notified via Twitter when there's a new post and even receive a text message. Go to http://twitter.com/GeorgiaHomes, click the profile page and then click "Follow" to follow on screen. You can also click "follow" on the widget to the left of this screen. To receive a text message, Send "follow GeorgiaHomes" in a text message to 40404 from your mobile phone. I'll tweet each time there's a new blog post regarding Metro Atlanta Down Payment Assistance and you'll be able to stay informed about the changes as I hear of them.

Let's keep in touch.

Gwinnett County Down Payment Assistance Program is Back Again

2009-05-10T07:27:00.000-04:00

Funding for Gwinnett County Down Payment Assistance Program, HOMEStretch, is expected in early June. Gwinnett County offers a zero-interest second mortgage of up to $7,500 that does not require repayment until the home is sold, refinanced or is no longer used as the borrower's primary residence. Unlike the program through the State of Georgia, borrowers looking to buy a home in Gwinnett County may obtain a first mortgage through a lender of their choice for the purchase of a new or existing home priced at up to $200,000. Unlike the Neighborhood Stabilization Program, there is no requirement that the home be a foreclosure and the funds may be used to pay the down payment and closing costs. The borrower must contribute one-percent of the purchase price up to $1,000.

Get on the waiting list now in order to reserve funds for your purchase. Here's what you'll need:

Certificate of Completion from a Pre-Purchase Mortgage Counseling Class through a HUD-Approved Housing Counseling Agency (eight hours)
Pre-approval letter from a participating lender who has pulled and reviewed the borrower's credit from the three reporting agencies
Completion of the the pre-application questionaire (I have one on file)
Brief request via a cover letter

See the flier to the left of the screen at http://www.GeorgiaFirstTimeHomeBuyer.Blogspot.com for details. If you are NOT working with a real estate agent, please call me today for more information at (678) 775-2677 to get the process started.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners

The Latest on the Neighborhood Stabilization Program Funds

2009-04-19T17:40:00.001-04:00

There has been a considerable amount of confusion and misinformation regarding the Neighborhood Stabilization Program (NSP) Funds, so a post might be appropriate that could possibly clear up a few things.

It has been widely communicated that $14,000 is currently available through the state of Georgia and participating lenders to home buyers (not just first time home buyers) to put toward the rehabilitation and down payment on a bank-owned home (also referred to as REO or foreclosed home). However, several municipalities were also awarded NSP funds to assist home buyers with purchases in their communities identified as "areas of greatest need," the zip codes hardest hit by subprime lending and foreclosure activity. The City of Atlanta and the Counties of Dekalb and Fulton have not yet rolled out their programs but are expected to do so by June, 2009. Please check the blog at http://www.georgiafirsttimehomebuyer.blogspot.com/ often for updates.

The City of Atlanta has already agreed to layer their existing down payment assistance program funds with their NSP funds for even greater dollar amounts of down payment assistance and has set the maximum purchase price at $252,890. The details are still being planned, so the dollar amount allocated in NSP funds for Atlanta, Dekalb and Fulton Counties have not yet been communicated. Again, you'll be able to find that information here as soon as it becomes available.

Qualifying income limits were recently adjusted higher and those income limits may also be found on the flier to the left of the screen at http://www.georgiafirsttimehomebuyer.blogspot.com/. If you are NOT working with a real estate agent and would like to more about the NSP funds or down payment assistance in Georgia, please call me today at (678) 775-2677.

The City of Atlanta Down Payment Assistance Program Returns

2009-03-27T12:18:00.000-04:00

Eligible borrowers may now qualify for a second mortgage equal to ten percent of the contract price of a home being purchased inside the city limits of Atlanta, GA. This second mortgage does not accrue interest and no repayment is required until the home is sold, refinanced or is no longer used as the borrower’s primary residence. This program may be combined with other programs available in different areas of the city for even more assistance. In fact, if you are looking to purchase over the next couple of months and are NOT working with a Metro Atlanta real estate agent, please call me today for information on how you may be able to combine this program with others toward the purchase of a new condo where buyers have been known to benefit from nearly $60,000 in down payment assistance!

Read the City of Atlanta Down Payment Assistance flier to the left and then call me today for more information.

Georgia’s Neighborhood Stabilization Program (NSP) Funds Have Arrived

2009-03-18T09:04:00.000-04:00

This one is huge! Credit eligible borrowers may now qualify for $14,000 in either rehabilitation and/or down payment assistance through participating lenders to buy and rehabilitate a FORECLOSED home within the state of Georgia. Borrowers may purchase and renovate single-family homes, townhomes, condominiums and even modular homes all priced up to the FHA Limit. Georgia first time home buyers may still qualify for the $8,000 tax credit. All borrower pay back this zero-interest second mortgage only when the property is sold, refinanced or is no longer used as the borrower’s primary residence and is forgivable after around five and one-half years. The state was only allocated $5 Million, so interested parties must act quickly.

So what’s different about this program versus the other down payment assistance programs?

Obviously, the $14,000 dollar amount and higher purchase price available are the most significant differences
The income limits are higher than other down payment assistance programs, so higher income households may now be included
The State of Georgia’s first mortgage is not required, so borrowers may obtain an FHA or VA mortgage at more competitive interest rates
There is no first-time home buyer status requirement, so those who have owned a home within the past three years may benefit

Be sure to read the flier to the left for income limits for household family sizes. If you are not currently working with a real estate agent, please call me today to find out more about the Neighborhood Stabilization Program and other Georgia First Time Home Buyer Programs.

Gwinnett County Down Payment Assistance is temporarily unavailable

2009-03-05T15:08:00.000-05:00

Word just came in that the Gwinnett County Down Payment Assistance funds have been temporarily depleted and will return in around 60 to 90 days. The Georgia First Time Home Buyer funds remain available for purchases in Gwinnett and Georgia. Check back soon for updates.

Gwinnett County Down Payment Assistance Program Returns

2009-02-18T14:24:00.000-05:00

I know, the blog has been a bit stale lately. But I finally have some good news to report here. Gwinnett County Down Payment Assistance has returned. Remember, this is one of those programs that will allow you to use your own first mortgage at more competitive interest rates than the state program. It is a seven thousand dollar, interest free second mortgage that does not accrue interest nor require repayment until the home is sold, refinanced or is no longer used as the borrower's primary residence. What's more...the new stimulus package now provides for first time home buyers being able to qualify for the tax credit for purchases through December 2009-$8,000 that does not have to be paid back if you live in the home for three years!

Check out the flier to the left. If you're not working with an agent, please call for more information.

Fulton County Down Payment Assistance has Returned

2009-01-26T12:18:00.000-05:00

Well here we go again. A September 2008 post indicated that Fulton County down payment assistance had returned. It went away again since that post so the flier was removed, but it has now returned. Credit eligible borrowers looking to buy their first home (or first home in three years) may qualify for a zero-interest mortgage of up to $10,000 with no monthly payments to be used toward their closing costs and down payments. The property must be in Fulton County, but outside the City of Atlanta with a purchase price of not more than $150,000. See all of the down payment assistance fliers to the left of the screen at http://www.GeorgiaFirstTimeHomeBuyer.Blogspot.com

City of Atlanta Down Payment Assistance Temporarily Available

2009-01-17T06:28:00.000-05:00

A lender has advised that down payment assistance is available to home buyers to close on the purchase of homes inside the City of Atlanta by February 13 on a first come, first serve basis. The transactions must close by this date, so a binding contract would be required by January 31st at the very latest.

The Details:
The program: 30-year mortgage at low fixed interest rate, four percent grant to be used toward closing costs
Purchase price: Up to $366,025
Required borrower contribution: $1,500 (total, including the deposit, inspection expense, etc.)
Household income limit: $99,680

Do You Qualify for the Down Payment Assistance Too?
The program: Zero Interest, zero monthly payment second mortgage of up to ten percent
Required borrower contribution: $1,000
Household income limit: $81,880

Yes, typically the down payment assistance can be layered with other programs for additional funding, but doing so would require additional time, weeks beyond the February 13 deadline.

This could be a great time to capitalize on market conditions before the recession ends. Buy new construction, existing homes, foreclosures, single-family homes, or townhomes anywhere inside the City of Atlanta during the Winter Season while there are fewer home buyer prospects touring homes and sellers are most motivated.
The City of Atlanta flier has been temporarily enabled to the left of the screen for easy access (Adobe Reader Required). If you are looking to purchase a home within the Atlanta City Limits, are not currently working with your own real estate agent and have not made contact with the listing agent about a property of interest to you, please call me today for more information at (678) 775-2677 and leave a message.

Gwinnett and Cobb County Funds Temporarily Unavailable

2009-01-10T12:38:00.000-05:00

Word came in this week that the Cobb and Gwinnett County down payment funds are out until further notice. The lenders have been very good with sharing their information so, please come back frequently for their updates.

Free Home Ownership Course Available Online!

2008-12-27T06:19:00.000-05:00

You’ve committed to buying your first home in Metro Atlanta, Georgia, but haven’t a clue where to start. You don’t want to bother a real estate agent because you wouldn’t know what questions to ask or even know how to respond to theirs. Does this sound like you? Wouldn’t it be great if there was a non-intrusive and private way to learn the steps involved in home ownership without feeling like you’re bothering others? After all, you’re “Just Looking” for now, right?

A free online course is available to those interested in home ownership that will satisfy the course requirement for most Georgia down payment assistance programs. Upon successfully completing the course, a certificate will be offered that can presented to your lender as proof of course completion. If you are not working with your own real estate agent, call or write to me today and I’ll provide all of the information for you at no charge. When you’re ready to move forward with the purchase of a home, my services to you, the buyer, are available at no charge in most cases.

Free online training, free buyer’s agency services, in-depth information on Georgia down payment assistance programs, the backing of one of the nation’s largest real estate firms and more really is the complete package. Please call me today to find our more at (678) 775-2677.

FHA Borrowers, More Funds Down Needed in January, 2009

2008-11-29T05:07:00.000-05:00

Those who are looking to buy a home using FHA mortgages should be aware that the loan-to-value ratio reduces from 97% to 96.5% on January 1, 2009, which means that prospective borrowers will have to put down an additional half-percent on the purchase of their homes. That could translate into an additional $1,250 required of the borrower to close on homes priced at the old FHA price limit of $250,000. Further, if the borrower was taking advantage of the zero-interest, monthly payment-free $7,500 loan available to those in employed in education, law enforcement, healthcare or the military or those who are buying an energy efficient home, that additional amount may be required of you too. The good news for those who are buying in Clayton, Cobb, Dekalb, or Gwinnett (and soon, Fulton) Counties is that they will have the option of combining the county funds, some of them grants, with that $7,500 and not have to worry about the additional five percent because the down payment and likely a small portion of the principal, will be paid. Still that extra half-percent could be a nice start toward reducing the principal in my opinion.

Programs are returning in 2009 that are not currently displayed, so be sure to stay informed and visit often. Better yet, why not call me today at (678) 775-2677?

Down Payment Assistance Returns to Gwinnett County

2008-11-23T12:05:00.000-05:00

A message recently arrived from one of my primary lenders that the Gwinnett County Down Payment Assistance Program has returned. Credit eligible first time home buyers in Gwinnett County, Georgia are now able to borrow up to $17,500 without accruing interest or worrying about monthly payments on that loan for the their down payments on homes priced up to $200,000.

It is important to understand that the Gwinnett County Down Payment Assistance Program provides a loan in the amount of $7,500. It may be combined with the Georgia First Time Home Buyer Program which offers up to an additional $10,000 but requires the use of their first mortgage product. First time home buyers in Gwinnett County may use Gwinnett County Down Payment Assistance Program funds along with other FHA loan products through certain lenders for the most competitive interest rates, just as first time home buyers can in Dekalb and Cobb Counties. Borrowers must contribute one percent of their own funds toward the transaction (no gifts) on the purchase of a property built after 1977.

Read the flier at to the left for more information on household sizes and income limits. For more info on other Georgia Down Payment Assistance programs, please call (678) 775-2677 today.

The Fulton County bond fund is Gone Again

2008-11-07T12:53:00.000-05:00

One of my lenders has advised that the Fulton County bond money has been depleted for 2008. It is expected to return again in January. The fliers to the left, however, remain active.

Get More Value from Your Agent

2008-10-29T11:13:00.000-04:00

Countering all of the negative press about the difficulty with obtaining mortgages, exorbitant dollar amounts of required down payments and such may not seem consistent with the role of real estate agents. After all, most of us are not mortgage brokers and the Georgia Buyer Brokerage Agreement makes it clear that our role is to assist buyers with finding a home, negotiating the terms of the agreement and complying with all laws in the execution of our responsibilities. It is my opinion that an in-depth knowledge of the most important mortgage products available locally is essential to arriving at suitability from a pricing, down payment and monthly payment standpoint.

The blog you're reading was created by me, a real estate agent, to provide information on just a few of the programs and products available here in Georgia that can make home ownership attainable without lots of money down. Most of them are based on experiences that my clients have had in the purchase of their own home. It is not all inclusive as lenders continue to share information on the programs offered by their firms that are consistent with the core message that large down payments are still not required to purchase a home in Georgia in many circumstances.

Frequent readers should already know about the Georgia First Time Home Buyer Program, where borrowers can get up to $20K at zero interest with no monthly payments to put toward the down payment and closing costs on homes priced up to $250K. Perfect credit is still not required. Visit the site and read the fliers to the left for more information on those.

Readers may not know that a regional direct lender offers a loan product to borrowers with a minimum credit score of 620 at 100% loan-to-value for the purchase of a home priced at up to $417,000. Unlike the other products, borrowers may have owned a home within the past three years, but may not currently own one.

How does this information help with the sale of an owner’s home? Unrepresented, unqualified buyers continue to visit open houses and make sign calls on homes. Those buyers may have their own special needs (100% financing, grant money, down payment assistance which still exists by the way, etc.) and the savvy agent will have the right list of vendors available to help get the seller to the closing table.

Look, anyone with a real estate license and a key can show houses or put a home into the MLS system. Get the added value and resources available with the right agent. Will you please call me today?

Solomon Greene
REALTOR® / Consultant – Keller Williams Realty Atlanta Partners
http://www.TheAtlantaHomePages.com
http://www.GeorgiaFirstTimeHomeBuyer.Blogspot.com

Down Payment Assistance to All

2008-10-08T12:12:00.000-04:00

So you’ve been reading my blog entries about down payment assistance available to first time home buyers on homes priced up to $250,000 provided their household incomes did not exceed a certain limit based on members of the family. Well a group of new home builders, lenders and community groups in Georgia have combined to offer gift funds to all on their new homes priced up to $400,000 regardless of the amount of household income. Participating builders are offering these funds on new Georgia homes in Gwinnett, Dekalb, Clarke and other counties and home buyers can close in 45 days.

The program will offer three percent to borrowers using FHA mortgages that can be applied toward the down payment, closing costs and prepaids. First time home buyers should check with their tax preparer’s to determine if they are eligible for the tax credit when using these funds.

This program is different from the Georgia down payment assistance program in a number of ways:

 These funds are not a loan, so there is nothing to pay back when the home sells
 There is no minimum investment required of the buyer
 Eligibility is not based on household income or home buyer status
 Homebuyer education is required in two parts

For a free list of qualifying new Georgia homes, to see if other funds can be combined for even more down payment assistance, or to speak with a lender please call (678) 775-2677 today.

The Fulton County bond fund has returned

2008-09-30T18:23:00.000-04:00

Well believe it or not, there is good news regarding housing in the Metro Atlanta area. The Fulton County Bond money has returned, offering an additional $15,000 to first time home buyers in the form of a forgiveable loan. Read the flier to the Fulton County Flier to the left and then call me at (678) 775-2677 to find out more.

First Time Home Buyers, 20 % - 30% Down Payments NOT Required!

2008-09-21T09:33:00.000-04:00

Educators, fire, rescue, law enforcement, military and health care employees with credit scores above 500 and incomes below $57,000, my lenders may loan you the down payment for the purchase of your first home or your first home in three years. And the sellers may be willing to lower their list prices AND contribute toward all of your closing costs on transactions up to $215,000 ($143,000 for those in other fields)! So you may be able to start your search for your own home after all without worrying much about the large out of pocket expenses.

The down payment comes in the form of an interest-free, monthly-payment free second mortgage that is paid back only when the home is sold, refinanced or is no longer used as your primary residence.

Here are the income guidelines:
-A one person household may earn up to $39,850
-A two person household may earn up to $45,550
-A three person may earn may earn up to $51,250
-A four or more person household may earn up to $56,950

You can qualify quickly right over the telephone with a direct lender, buy a new construction home, condominium, town home or foreclosure property anywhere in the Metropolitan Atlanta area and close on the transaction in 30 - 45 days. If you are not currently under contract with a

Efficient or Visitable – The Latest Product of the Georgia First Time Home Buyer Program

2008-09-15T09:48:00.000-04:00

Have you heard the news? First time home buyers may qualify for an interest-free, monthly payment free second mortgage of $7,500 to buy their first energy efficient or visitable home regardless of their field of employment. Repayment of these funds is not required until the home is sold, refinanced or is no longer used as the borrower’s primary residence.

The home must be built to the energy efficient standards as described by the EPA. For instance, appliances, building materials, fixtures and other items must be energy efficient. This program may also be available for the purchase of homes which offer access to those with physical challenges. Examples may include lowered kitchen and bath cabinetry, wider door and passageways, lowered light switches and ramped doorways.

If you or someone you know is a first time home buyer looking to purchase a home like this in the Metro Atlanta, Georgia area, please call today to find out more.

Does Your Salary Exceed the Income Limit for Assistance?

2008-08-23T07:22:00.000-04:00

So you want to buy a home but have limited funds for a down payment and your household income exceeds the program guidelines for assistance. Consider using an FHA mortgage to purchase a HUD-owned home. For a limited time, $100 is all that is needed for credit eligible owner-occupant buyers to purchase a HUD-owned home using FHA Financing or for those obtaining an FHA home repair loan. This program differs from the Georgia First Time Home Buyer Program (but can be combined with it) because,

· It may be used regardless of whether the buyer has owned a home in the past three years
· There are no limits on the amount of household income
· First time home buyers (or those who have not owned a home in the past three years and meet the income test) may have access to the Federal Tax Credit.

Further, HUD will likely still contribute up to three percent toward buyer closing costs, which could make the total funds required of the buyer to close well within reach.

Are you concerned about the conditions of a HUD-acquired home? Some very fine properties, townhomes, condos and single-family homes, are available throughout the City of Atlanta in some of the city’s top high school clusters, many of them either currently in move-in condition or within a few thousand dollars of being ready for move-in. In the latter case, HUD may agree to loan the buyer funds to bring the property up to move-in condition. See http://www.theatlantahomepages.com/ for details and virtual tours of homes in top performing high school clusters in Gwinnett, North Fulton, and Dekalb County. Please call me for information on HUD owned homes in other areas.

How does the combination of the HUD $100 Down Payment Incentive work with the Georgia First Time Home Buyer Program? Remember that the Georgia First Time Home Buyer Program has two components. The entire program involves highly competitive interest rates, reduced closing costs and flexible credit approval guidelines which is of benefit to all qualified borrowers. In addition, qualified borrowers within income guidelines could apply a greater amount of the second component, the down payment assistance, toward the principal and further lower their monthly payments.

It is also important to note that the buyer must still deposit $1,000 as earnest money toward the purchase of a HUD-owned home. Further, HUD and I both strongly urge the buyer to consider an independent home inspection which could be priced up to $400.

This is just one more reason why now is a great time to buy a home. You can get qualified right over the telephone. For more information, please call today at (678) 775-2677.

The City of Atlanta ADDI Funds have been exhausted

2008-08-18T13:23:00.000-04:00

My direct lenders are advising that the American Dream Downpayment Initiative (ADDI) funds allocated to the City of Atlanta are gone and they could not say whether those funds would return anytime soon. ADDI provided $10,000 to those looking to buy their first home in the City of Atlanta without regard to the buyer's industry of employment, household income or household size. Please note that the "City of Atlanta" program described on the flier displayed to the left is NOT affected. The funds for that program, however, will be departing soon, but are expected to be replenished in time for October closings at a different rate of interest.

The Georgia First Time Home Buyer Program and the other fliers displayed to the left remain active and ready for your participation. However, seller funded down payment assistance programs are set to expire at the end of September, so now may truyly be the best time to buy your first home. Please call me today at (678) 775-2677 to discuss the program that may best meet your needs.

First Time Home Buyer Tax Credit

2008-08-08T03:41:00.000-04:00

You may have heard the news about the housing bill that was recently signed into law, but may be unclear about how it affects you, a Georgia first time home buyer. This entry strives to cut through some of the misinformation and provide insights from my lenders.

About the Tax Credit

The Housing and Economic Recovery Act of 2008 authorizes a maximum $7,500 tax credit for qualified Georgia first-time home buyers purchasing homes on or after April 9, 2008 through July 1, 2009. However, for homes priced below $75,000, the credit will be at ten percent of the purchase price. The credit can be claimed even if the Georgia first time home buyer has little or no federal income tax liability and may involve receiving a check for the full credit or for the difference between their tax liability and the amount of the credit.

It is important to note that this tax credit is a loan amortized over fifteen years without interest. Payback is will be required annually at $500 per year starting on the 2010 tax return for Georgia first time home buyers who purchased in 2008 or when the house is sold provided there is sufficient capital gain. If the home is sold, the remaining credit amount would be due from the proceeds of the sale. If there is insufficient profit, the remaining credit payback will be forgiven. In addition, the tax credit may not be taken if the home buyer participated in any mortgage revenue bond programs such as the Georgia first time home buyer program.

About the Buyer

Single taxpaying Georgia first time home buyers, including non-resident aliens, with incomes up to $75,000 and married couples earning up to $150,000 qualify for the full credit. Georgia first-time home buyers are those who have not owned a home during the three year period prior to the purchase. Neither partner in the marriage may have owned a home during that period.

About the Home

Any homes, including single-family homes, townhomes and condominiums, purchased by a an eligible Georgia first time home buyer will qualify for the credit, provided that the home is used as a principal residence and the buyer has not owned a home in the previous three years. In addition, a principal residence constructed by the home owner is treated as having been purchased on the date the owner first occupies the house. In this case, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009. Eligibility for newly-constructed homes bought from a home builder, however, is determined by the settlement date.

Disclaimer

This information is being provided as general guidance only and should not be considered legal, tax, accounting or investment advice, nor should it be considered in anyway professional consulting. Before taking any action on this information, readers are advised to consult a qualified professional adviser. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied.

More Georgia First Time Home Buyer FAQs

2008-07-27T06:05:00.000-04:00

I understand that the Georgia First Time Home program features flexible approval guidelines. A bankruptcy is on my credit file. What is the likelihood that I can obtain a mortgage?
Chapter 7 bankruptcies must be discharged for two years while Chapter 13 bankruptcies must be discharged for one year. In addition, debts must be paid back at 100% and permission must be granted by the trustee in order for those with Chapter 13 bankruptcies to move forward with a purchase through the Georgia first time home Buyer Program. In all cases, late pays must be at a minimum during the previous year.

What if I have encountered a foreclosure?
Foreclosures must be at least three years old.

I'm recovering, but my credit score remains below 600. Can I still be approved?
If you have few or no late payments over the past twelve months and there are no foreclosures or bankruptcies in your credit history, please call.

Won't the housing bill that is making its final passages through Washington end down payment assistance?
Gifts will be permitted from family members, unions, and state and local bond programs, etc. Seller funded downpayment programs or other interested third party programs, however, will be terminated on October 1, 2008 if the bill becomes law in its current state. Since the Georgia First Time Home Buyer Program is state funded, no change is expected.

The HUD owned home I found at http://www.TheAtlantaHomePages.com is asking that repairs be completed. How does that work?
Buyers using an FHA mortgage must agree to have these repairs completed as a condition of the sale. Please call for more information and to lear more about the process.