Who Is Going To Lead Atlanta’s Real Estate Market Recovery?

The latest reports are predicting that Generation X will be in the forefront of the housing markets recovery. The generation is substantially smaller than those that have came before and after them (i.e. Baby Boomers and Gen Y) in fact they represent the smallest generation on record, however experts believe it’s the most mobile group because they are fully in the midst of their careers and have the most need to accommodate growing families. Also their numbers have been enlarged by a steady immigration. Over all they’re the most optimistic about a new home purchase  with about 89 percent viewing this as a good time to get off the fence and buy a home.

On the other hand, Baby Boomers by contrast are more leery of the market and prefer to continue waiting for the market to get better; they are also delaying retirement which further results into decisions to delay downsizing into a smaller home.

Studies also show Gen Y will continue to delay home buying because opposite of Gen x they tend to be more concerned with cost efficiency and as a result they are opting to rent for some time before buying, which has spurred apartment market growth.

Overall Gen X conveys a more solid desire to move forward with purchasing and have knowledgeable opinions about the design features and what their new homes should include; also contrary to current building trends they desire larger homes and are more likely to go green.

Source:http://bit.ly/hmBvgL, Image

A Closer Look At (DPA) Down Payment Assistance Programs in Georgia

For many first time home buyers coming up with the money for down payment is often the largest hurdle they will face. Luckily, there is help available in the form of down payment assistance. Many states including Georgia have set up agencies to provide special programs to help potential 1st time buyers overcome the obstacles in buying their first home.

Many states offer outright cash grants for the down payment, while others will provide a low or zero interest loan to cover the down payment. Listed below are a few Georgia programs that provide down payment assistance.

The Georgia Dream Homeownership Programs

are available to eligible first time home buyers in counties throughout Georgia. Eligible borrowers may choose from these loan programs for assistance with down payment, and closing costs associated with purchasing a home. These second mortgage loans offer:

• No interest

• No monthly payments

• No payment due until home is sold, refinanced or no longer used as the borrower’s principal residence.

Standard, PEN, CHOICE and Communities of Opportunity borrowers will:

1) Have a total annual household income that does not exceed the Loan Income Limits for Down Payment Options on page three

2) Contribute a minimum of $500 of borrower funds to the purchase transaction  

STANDARD All eligible home buyers $5,000

PEN Eligible home buyers who are employed by entities that provide public protection (including the military), healthcare, or education. $7,500

CHOICE Eligible home buyers whose household includes an individual living with a disability Loan Amount Atlanta MSA Income Limit Statewide Income Limit $7,500 $30,000 and over

* $25,000 and over* $10,000 Less than $29,999 Less than $24,999

*Maximum income and sale price limits apply

 COMMUNITIES OF OPPORTUNITY (CO-OP) Eligible employees of local governments in participating Co-Op counties $7,500

GEORGIA DREAM REWARDS As a reward for higher credit scores and to encourage savings, eligible borrowers will:

1) Have a total annual household income that does not exceed the Georgia Dream First Mortgage Loan Financing Limits on page one

2) May retain cash assets up to the greater of $20,000 or 20% of the purchase price

3) Contribute a minimum of $1,000 of borrower funds to the purchase transaction.

$5,000 if sales price is $150,000 or less $7,500 if sales price is greater than $150,000

SINGLE FAMILY DEVELOPMENT

Affordable homes constructed under this special development program

$7,500 – $20,000

HOUSING CHOICE VOUCHER

In addition to the down payment programs above, eligible participants in the Rental Assistance program may use the value of their voucher for a portion of a monthly home mortgage payment.

Neighborhood Stabilization Program

Apart of The Housing and Economic Recovery Act of 2008, the program is designed to assist local governments to purchase abandoned and foreclosed properties in attempt to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.  To address the foreclosure problem, the NSP will purchase vacant foreclosed homes in targeted areas, make necessary repairs on the homes and sell the houses to eligible homebuyers.

Eligibility for NSP varies based on a multitude of family situations, including families as small as one person with an annual income of at least $25,100, to larger families with annual salaries of over $110,000. Any persons, regardless of employer (government employees eligible) who meet the criteria in the application, are eligible to apply for assistance through the NSP.

Federal First Time Home Buyer Grants

Besides the state programs, there are federal funds and grants available to first time home buyers in Georgia through the Homes and Communities program of the United States Department of Housing and Urban Development. Every potential first time home buyer should investigate what they have to offer. First time home buyers should plan to spend the required time investigating to determine how many individual grants they may qualify for.

Local first time home buyer Grant programs:

Atlanta Consumer Mortgage Counseling Service Down Payment Assistance Program Grant (DPAP) (770) 455-1770
Charlton County Community Home Investment Program (CHIP) Down payment and Closing Cost Assistance (912) 496-2549
Clarke County Housing & Economic Leadership Partners Inc Direct Homeownership Assistance Program (706) 549-5200
Georgia Housing Yes Inc Helping Hands Program (GIFT) (678) 937-0432
Hall County Down Payment Assistance Program (DPAP) (770) 297-1800
Multi Counties United Way of Metropolitan Atlanta IDA Program (IDA) (404) 527-354

Are you currently in the market for a home in the Atlanta Area and need A Real Estate Agent?  If so, please contact me!  I would love to assist you and share more information about these great programs, email me @ atlrealestatechic@gmail.com

Fannie Mae Brings Down the Gautlet on borrowers who strategically default on their loans!

June 23, 2010

Fannie Mae Increases Penalties for Borrowers Who Walk Away

Seven-Year Lockout Policy for Strategic Defaulters

 WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.

“We’re taking these steps to highlight the importance of working with your servicer,” said Terence Edwards, executive vice president for credit portfolio management. “Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting. On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in a shorter period of time.”

Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, the company will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.

Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years and in as little as two years depending on the circumstances. These policy changes were announced in April, in Fannie Mae’s Selling Guide Announcement SEL-2010-05.

*** Statistics show that 7 out of 10 people who were foreclosed on their home did not seek a real estate professional for assistance, I’m  here to service the Atlanta Area contact me at: http://www.atlrealestatechic.com/   or simply send me a message on my blog.

Source: http://www.fanniemae.com/newsreleases/2010/5071.jhtml

Florida mansion is largest home for sale in the U.S., and its up for sale at just $75M …

This “As is” purchase is a massive Florida home that spans 90,000 square feet. It has a whopping 23 bathrooms, 13 bedrooms and 10 kitchens. It boasts three sparkling pools, a 20-car garage, two tennis courts and a baseball field.

Oh, and did we mention, the owner calls this home “Versailles”?  And that the brochure brags that it’s a “monument to unparalleled success”?

For a house like this (its the largest home for sale in the United States), it’s no surprise that the asking price is in the millions – $75 million to exact, the Associated Press reports.

But there’s a big catch: This Florida mansion isn’t even finished, as the home’s owner, timeshare mogul David Siegel, stopped construction amid the recession.

So you’ll pay $75 million to buy it “as is” – and that means no carpet, no tile and no interior walls.

Source: http://www.nydailynews.com/real_estate/2010/06/22/2010-

Are you in over your head and experiencing unsuccessful attempts to get your loan modified, are you worried that foreclosure will have a negative impact on your credit score?

Well starting April 5, 2010, you may qualify for the HAFA (Home Affordable Foreclosure Alternatives) the presidents new plan is a directive by the US Treasury Department that will encourage banks (by paying them $1,000) and homeowners (paying them $1,500) to move if they sell their home for less than they paid for it, through a Short Sale. The program refers to the money for homeowners’ ass “relocation assistance.”

The basic benefit of this program to homeowners is they would avoid foreclosure that would impact credit scores negatively by causing a drop by as many as 300 points and prevent many from buying another home for years to come.

The Bank benefits because they could get more for the property than in a foreclosure situation.

Overall benefits would slow the decline of Property values in the surrounding neighborhoods while reducing crime and vandalism of vacant bankowned homes in communities.

Eligibility requirements:

1. Homeowners need to first go through the HAMP program to apply for a loan modification.
2. Home is a principle residence.
3. Mortgage originated prior to Jan. 2009.
4. Mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.
5. Borrower is delinquent or will be in the foreseeable future.
6. Homeowner has a hardship.
7. Borrower’s total monthly housing payment exceeds 31 percent of gross income.
8. Unpaid principal does not exceed $729,750

CNBC,  NY TIMES,   

Only 48 days before the 1st time home buyers tax credit expires

The widely popular tax credit is about to expire and this time I think its final, there hasn’t been a peep of talk about another extension in the news. All buyers should have sales contracts completed by April 30th, meaning that if you are at all considering buying a home to take advantage of the up to $8000 Federal Tax Credit you must be sure to have a fully executed purchase agreement in place by this date to qualify for the credit (You have until June 1st to close). Currently we have not been told of any exceptions or loop holes, so don’t delay, contact your Real Estate agent today!

GoodSearch.com a search engine that donates to your favorite charity each time you use it!

Archor Center -Atlanta

Are you looking for a great way to give back?  Well here’s a new easy way to raise money for your favorite cause. Just start using GoodSearch.com powered by Yahoo! as your search engine and they’ll donate about a penny to your favorite cause every time you search! In addition, do all of your shopping through their online shopping mall, GoodShop.com, where you can shop at more than 900 top online retailers and a percentage of your purchases will go to the charity or school of your choice. You pay the same price as you normally would, but a donation goes to your cause!

Here’s the web site — http://www.goodsearch.com. You can also read about GoodSearch in the NY Times, Oprah Magazine, CNN, ABC News and the Wall Street Journal.

Remember, every penny counts and we all know how fast they can add up. I’m currently supporting Achor Center, Inc. located in Atlanta, GA. The center provides transitional and permanent affordable housing for single homeless women, women with children, seniors, and grandparents raising grandchildren.

For more information visit www.achorcenter.org

ATLRealtorChic

Beautiful Lake Community has everything!

This 5 bedroom 3 bath home has a huge master suite that features a spa bath with Jacuzzi jetted tub, a formal living and dinning room, 2 story family room w/soaring windows, all on a full unfinished basement.  You will enjoy this family oriented community that 5 recreation centers all with swim and tennis as well a fully stocked lake for year round fishing! $190k!
Home Qualifies for:
* Federal Tax Credit (Not a loan, no repayment required)
~ $8,000 for First Time New Homebuyers ~ $6,500 for those who owned a home in the last 5 or more yrs and are trading up
*State Tax Loan (A loan repayment required over several years)
~ $1,500 for First Time New Homebuyers

contact me for more info: atlrealtorchic@yahoo.com

Get Cash back when purchasing your next home!

Hey Everyone! Did you know that there are lots of programs out there to assist with purchasing your next home?  Here are a few:                                                                                     

 * Federal Tax Credit (Not a loan, no repayment required)                                

 ~ $8,000 for First Time New Homebuyers

 ~ $6,500 for those who have owned a home in the last 5 or more and are trading up

*The Department of HUD has great incentive for those buying in Ga,       

 ~ $100 down payment                                            

 ~ Plus $1000 Buyer Allowance 

*State Tax Loan (A loan repayment required over several years)

 ~ $1,500 for First Time New Homebuyers

*Various GA. County Down payment Assistance Programs

 ~ $3,000 – $5,000 (Not a loan, no repayment required)

Contact me for details: atlrealtorchic@gmail.com

BREAKING NEWS ~ BREAKING NEWS

Just Signed into Law the Extension of the $8,000 Tax Credit for First Time Buyer’s through June 30, 2010, June 30, 2011 for members of the armed forces who are out of the country for at least 90 days and the bill has been upgraded to include a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more and are trading up in size. The income limits were boosted, with a cap of $125,000 for single buyers and $225,000 for couples. Contact me for more info and how you can take advantage of these wonderful programs now!

atlrealtorchic@gmail.com

Source: ABC NEWS