This is an absolutely exciting time to purchase real estate!  The old rule: Buy Low and Sell High will apply to you in the future if you act today to purchase your next home, rental property, commercial property and/or parcel of land.

I stand ready to assist you with your real estate search in the entire State of Georgia.  Do not hesitate to contact me for the latest, most exciting and exceptional real estate bargains that are available today!

Just take a look at some of the many financial incentives available to home buyers today!

U.S. Government Housing Stimulus:

First Time Home Buyer Tax Credit

• Provides 10% of the purchase price of the home up to $8,000
• Property must be primary residence (Income Limitations)
• Duration – December 1, 2009
• Must be first time home buyer (not owned real estate for last 3 years)

www.federalhousingtaxcredit.com/2009/index.html

Federal Home Loan Bank Atlanta - First Time Homebuyer Program

• Provides a $5 to $1 match of Homeowner’s Down Payment up to $10k
• Income – No more than 80% of “area” median income
• Must use FHLB Member Bank for 15+ year fixed rate mortgage
• Must attend Home Owner Workshop

http://corp.fhlbatl.com/CommunityInvestment.aspx?id=118

State of Georgia Housing Stimulus:

Georgia Dream NSP (Neighborhood Stabilization Program)

·        Provides $14,000 to purchaser of REO (Bank Owned foreclosed Properties (can be used for down payment, renovation, closing costs)

·        Must Occupy purchased home (Income Limitations)

·        Duration – June 30, 2010

·        Must finance with FHA or VA

www.dca.ga.gov/housing/Homeownership/programs/gadreamnspdownpayment.asp

Georgia Housing Tax Credit (Residential Properties only)

• Provides 1.2% of the purchase price up to $1,800 as a State tax credit to be taken equally over 3 tax years
• No Income Limitations
• Duration – Six Months’ from signing by Governor
• No residency/financing requirements

http://www.legis.state.ga.us/legis/2009_10/versions/hb261_HB_261_AP_10.htm

Georgia County Housing Stimulus:

Fulton County

Home Ownership Assistance Program (HOAP) – for first time homebuyers, has up to $15,000 of funds available through a deferred payment loan or no form of payment with 20% forgiven annually.  Income limits are 80% of HUD Area Median Income Limits.  Borrower contribution is $250 plus a $35 application fee.  Purchase price limit is $252,834.00.  They can be reached at 404-730-8009

Gwinnett County

The Gwinnett County (Homestretch) has $5,000 to $7,500 of funds available through a 5 year forgivable loan.  Income limits are 80% of HUD Area Median Income Limits.  Borrower contribution is 1% of purchase price.  Purchase price limit is $200,000.  They can be reached at 678-808-447

http://www.theimpactgroup.org/

DeKalb County

The DeKalb County First-Time Homebuyer Program has $5,000 or $8,000 of funds available through a 10-year deferred payment loan.  Income limits are 80% of HUD Area Median Income Limits.  Borrower contribution is 1% of purchase price.  Purchase price limit is $160,000.  They can be reached at 404-270-2600

www.dekalbhousing.com/dfthbp_flyer.pdf

Cobb County

First Home Down Payment Assistance Program (CHI) has up to $7,500 of funds available through a 0% interest rate, with no amortization, due upon conveyance of the deed. Income limits are 80% of HUD Area Median Income Limits.  Borrower contribution is 1% - 3% of sales price.  Purchase price limit is between $170,000.  They can be reached at 770-429-4400.

www.georgiahomebuyergrants.com/modules/content/index.php?id=34

Clayton County

The Clayton County Homebuyer Assistance Program (CHAP) is managed through the Jonesboro Housing Authority and has up to $5,000 of funds available through a 5-year loan.  Income limits are 80% of HUD Area Median Income Limits.  Borrower contribution is $500.  Purchase price limit is $180,000.  They can be reached at 770-478-7282 Ext. 30

Other Georgia Counties go to:  www.georgiahomebuyergrants.com

City Housing Stimulus Plans:

City of Atlanta (Home Atlanta Down Payment Assistance Program)

Beltline Affordable Housing Opportunity Program (BAHTF)

·        Provides Up to 20% (soft second Mortgage)

·        Income Limitations determine 10% or 20% Soft Second

·        Must be occupied by owner  (available to all)

·        Generally, can’t own any other property

·        Properties must be located in City limits of Atlanta

www.atlantada.com/beltlineHousingPrograms.jsp

Atlanta Affordable Homeownership Program (AAHOP) & (ODAP)

·        Provides $10,000 soft second mortgage at 0%

·        Must be owner occupied (available to all)

·        Property must be in City of Atlanta

·        Must close on other real estate prior to closing this loan

·        Income limitations & Purchase price limitations

www.atlantada.com/buildDev/AAHOP.jsp

Vine City/English Avenue Trust Fund (HOAP)

·        Provides 10% up to $15,000 loan

·        Must be owner occupied (available to all buyers)

·        Property must be in Trust Boundaries

·        Income Limitations Apply

www.atlantada.com/buildDev/VineCityTrustFundHomeBuyers.jsp

Eastside TAD Affordable Housing Purchase Program

·        Eligible developments have low income units

·        Units are sold for < $155K

·        Difference in price is a soft second payable after 50 years

·        Must occupy property – Income limitations

www.atlantada.com/buildDev/eastsideaffprogram.jsp

Atlanta Renewal Community Mortgage Assistance Program "Placing Homes on the Map

Program target area is currently restricted to 30 Atlanta intown neighborhoods which fall within the boundaries of 7 Neighborhood Planning Units (NPU’s L, M, N, T, V, W and Y) and within zip codes 30303, 30308, 30310, 30312, 30313, 30314, 30315, 30316, and 30318 designated in 1994 as the Atlanta Empowerment Zone.

• Provides $50,000 (MAP participant’s income at 50% or less of AMI) and $30,000 (MAP participant’s income between 51% and 80% of AMI) in the form of a forgivable loan to assist homebuyers with required down payment, gap financing, principal reduction, interest rate reduction, closing costs, and pre-paid items associated with purchasing a home.

• Homebuyers must occupy the home purchased for at least 10 or 15 years, depending on the amount of subsidy awarded to the applicant, to avoid mortgage assistance recapture penalties.

http://www.atlantaga.gov/government/planning/foreclosure_040709.aspx

Foreclosure Search/Incentives:  

• Fannie Mae:  HomePath – www.HomePath.com
• HUD:  PemcoBidSelect – www.BidSelect.com
• Freddie Mac: HomeSteps – www.HomeSteps.com
• VA: Veterans’ Administration – www.ReoTrans.com

Special Loan Programs:

          NACA – Neighborhood Assistance Corporation of America

·        LOW 30 year fixed rate mortgages

·        Must occupy the property

·        No down payment, no closing costs, no PMI

·        Must Attend Home buying seminar/counseling

www.NACA.com

FHA – 203K Rehab Program

·        Provides loan to purchase & renovate homes

·        Must be owner occupied

·        Low 3.5% down

www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Good Neighbor Next Door

·        Administered by HUD (HUD foreclosure in targeted areas)

·        Provides 50% soft second mortgage

·        Must occupy property

·        Available for law enforcement, teachers, emergency responders

http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

YOUR CREDIT:

In the State of Georgia you are allowed two "FREE" credit reports each year from the three major credit bureaus.  Before starting your housing search - pull you credit!  Know what your score is and if you have errors on your report - FIX THEM!  Go to:

www.annualcreditreport.com (request all three on one web site)

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