Down Payment Assistance in Atlanta
May 13, 2008 | Leave a Comment
The Nehemiah Program
This morning I had the privilege of attending a seminar about down payment assistance and how it can benefit both buyers and sellers in the greater Atlanta market. The seminar was taught by Leslie Kane, Area Manager, of The Nehemiah Program. The Nehemiah Program is charitable organization that has helped over 40,000 families in Georgia achieve their dream of home ownership.
The Nehemiah Program began in Sacramento, California in 1994 and was designed to help a particular community become more stable. The program gets its name, Nehemiah, from a biblical figure that helped rebuild the walls of Jerusalem and since the program was being utilized to help rebuild a community it just seemed to fit.
How Down Payment Assistance Works
If a buyer is qualified to purchase a home using FHA financing then they are automatically qualified to purchase a home using the Nehemiah Program. The home being purchased must be owner occupied and can be single family, duplex, triplex, quadraplex or a FHA approved a condo. With FHA loans the buyer is required to make a minimum down payment of 3% of the loan amount. By utilizing the Nehemiah Program the seller contributes the down payment for the buyer. At the time of entering into a contract with a buyer for the purchase of the home, the seller agrees to contribute the down payment and a small processing fee to the program. This is accomplished using the Participating Home Agreement form from Nehemiah. The program in turn contributes the down payment for the buyer. The buyer completes a Gift Letter form detailing where the gift funds came from and what address they will be used for purchasing. This type program can only be performed by a charitable organization. (Sellers are only committed to pay the contribution and fee if a buyer utilizes The Nehemiah Program to purchase the home.)
Who Benefits From a Down Payment Assistance Program?
The Nehemiah Program is helping both buyers and sellers in the greater Atlanta market. Obviously buyers benefit by being able to purchase homes with little or no money out of pocket. Generally speaking this type program would be for buyers with credit that is good enough for them to be able to purchase a home but they lack having the funds for a down payment. Typically prospective buyers who are currently renting or living at home are good candidates for this type program.
Sellers are also benefiting from this program. With the recent increase in FHA loan limits to $346,250 in the metro Atlanta area and $271,000 in outlying areas, more home sellers find themselves in a position to participate in this type program.
Who Qualifies For Down Payment Assistance?
As was stated earlier, if a buyer is qualified to purchase utilizing a FHA loan then they are automatically qualified to participate in this down payment assistance program. To find out if you qualify for FHA financing and down payment assistance Contact Mack.
How to Find a Good Builder
April 30, 2008 | Leave a Comment
So you have decided to build your new dream home. How do you find the right builder? Are you just going to leave it to chance? I hope not. You are preparing to make what is possibly the largest purchase you will ever make. As a buyer you owe it to yourself to practice your due diligence and find a builder who is qualified to build your dream home as well as being someone that you can communicate with about your wishes and desires in your home.
In the Atlanta Real Estate market, the most common ways for a buyer to find prospective builders are via the internet, their REALTOR, word of mouth from their family and friends or from the local Home Builders Association. Once the candidates have been identified the buyer and their buyer’s agent should begin the due diligence period by asking questions to determine the best fit. Here is a list of possible questions to ask:
- How long have you been building homes? (You are looking for 3+ years)
- Is your primary source of income derived by homebuilding?
- What insurance coverage’s do you carry? (You are looking for general liability, workman’s comp, and builder’s risk.)
- What is your primary source of information regarding changes in building codes? (You are looking for trade associations such as the home builder’s association or various continuing education classes)
- What is your written warranty on the homes you build and can I have a copy of it to review?
- What is your policy on home inspections? (You must be allowed to use a code certified inspector)
- Will you provide me with references from your homeowners?
- Due to today’s economic time and the state of the real estate market, would you be willing to share your financial information with us?
- Why should we select you to build our home?
While these may not include every question that you may need to ask, it should provide a good start. Even if the home you are looking to purchase is already started and at some stage of completion you should still ask questions of the builder. After all you are interviewing as an employer. You are hiring someone to build your home.
Top Middle School In Gwinnett County
March 28, 2008 | Leave a Comment
The Results Are In
The Iowa Test of Basic Skills results are in and Crews Middle School is the highest achieving middle school in Gwinnett County in every major area; math, language arts, reading, science, and social studies! The Iowa Test of Basic Skills is the standard used by Gwinnett County Public Schools to measure student achievement in elementary and middle schools. Crews went up in every category compared to last year.
Crews Staff Deserves an Ataboy
Crews Middle School achieves at a high level every year. A part of the Gwinnett County Public School Results Based Evaluation System has been to award the highest achieving schools. The school has received this award for the past two years and hopes it will again this year. The money, in large part, has been used to finance professional learning and new technology in the school.
Congratulation Crews Middle School
The teachers couldn’t’t do it without the students and vice versa. So congratulations to your combined effort towards excellence go out to the teachers, students and the parents who support the school. I guess there is nothing left to say except “Ya’ll Done Good”.
Atlanta FHA Loan Limits Raised
March 6, 2008 | 2 Comments
So what exactly does the FHA do? The FHA provides mortgage insurance on loans made by FHA approved lenders throughout the United States. Since it inception in 1934 FHA has insured more that 34 million loans. Generally FHA loans are easier for buyers to qualify for as they do not have the more strict underwriting guidelines of conventional loans.
We have known that it was coming, we just didn’t know how high the limits would be raised. Well we got the answer today. The Federal Housing Administration, FHA, has increased the loan limits on a FHA insured home loan in Metro Atlanta to $346,250 up from $252,890, an increase of 27%.
This action by FHA should help spur the housing industry in the Atlanta market. Any home priced below $346,250 just became easier for more buyers to qualify for.
Atlanta Real Estate Conditions
February 27, 2008 | Leave a Comment
The Atlanta Real Estate Market has escaped from many of the problems that have affected other major markets. It has been pointed out that the resiliency of the Atlanta market is due to our sector being fueled by jobs and relocation rather than speculative buying as has happened in some of the condominium resort areas. Just how lucky are we? Below you can see one of the policies lenders have adopted that affect buyers in other areas of the county.
In certain areas of the country lenders have implemented what is called a “Declining Markets Policy”. In essence what this policy calls for is for buyers, purchasing property in what the lender has identified as a declining market, to increase their stake in the property. Most lenders are requiring the loan-to-value (LTV) ratio if one loan is being utilized or the combined-loan-to value (CLTV) ratio if multiple loans are being utilized to be reduced by five (5) percent. An example would be rather than being able to obtain 100% financing in a declining market, a buyer could only obtain 95% financing. The exception to this policy would apply for FHA and VA loans. For these government backed loans a second level underwriter review is called for, thus making qualifying more difficult.
Lenders are identifying the declining markets by both city and county in the various effected states. Several sources are being used to determine which areas are included. Standard and Poors Case-Schiller Home Price Indices, The Federal National Mortgage Association, The Federal Home Loan Mortgage Corporation, The Office of Federal Housing Enterprise Oversight Index along with statistics from The National Association of REALTORS are the most common sources used in identifying these areas.
Not only are there declining markets, but several of the lenders are also looking more closely at what have been identified as “Soft Markets”. While these areas are not as drastically affected, the lenders are requiring a second level underwriting review for soft market identified locations.
In the latest report I have been able to obtain, the Atlanta Market has not been identified as either a declining or soft market as defined by these lender guidelines. This doesn’t mean that the buyers market is gone. It just suggests that the Atlanta Market has not been as decimated as some of the other major metropolitan markets. Conditions remain favorable toward buyers with sellers making considerable concessions and interest rates remaining low. To find more information about Homes for Sale, just let me know what your requirements are. I am here to help.
Atlanta Real Estate Market Update
February 24, 2008 | 2 Comments
It’s A Buyers Market
If you didn’t know it before, you certainly will know it now by way of the most current stats for real estate in the Atlanta Market. Unfortunately for sellers 2008 has started much in the same fashion that 2007 ended, with a market that continues to decline. Inventory continues to increase and the average days on the market for single family homes is at it’s highest level in 10 years at over 101 days on the market.
Available Inventory Increasing
Here are some of the facts comparing months supply of available homes 1-2006 vs 1-2008:
New Single Family Homes up over 81%
Resale Single Family Homes up over 91%
New Condos and Townhomes up over 125%
Resale Condos and Townhomes up over 26%
Additional Good News for Buyers
The other factor that generally goes hand in hand with increasing days on the market and additional inventory is an overall average price decline of sold properties. The situation at this time confirms this factor. The average sale price for both single family residences and condo/townhomes declined in January.
Even More Good News
If you take the abundance of inventory to choose from and the lower average prices then add to it the notoriously low interest rates, you now have all the components of a full fledged buyers market in Atlanta. Sellers are saying bring all offers. Why don’t we get together and help them sell their home at a deep discount?
Sandy Springs Townhomes and Condos
February 10, 2008 | 1 Comment
Alderwood on Abernathy
Priced from the mid $400’s to the mid $600’s Alderwood on Abernathy is a bargain for a townhome community in the trendy Sandy Springs area of Atlanta. An air of sophisticated spaciousness greets all homeowners and guests as they enter the community. Standard features at Alderwood on Abernathy include site finished hardwood floors, hardwood stairs with iron balusters, upgraded trim packages and gourmet kitchens with granite counter tops and stainless steel Kitchen Aid appliances. The oversized master suites provide the owners with an ideal area to unwind in the jetted garden tub and also include his and her vanities, frameless shower doors and granite counter tops. Some of the properties include an optional elevator.
Even though the grounds are landscaped to the max, homeowners enjoy the lawn and exterior maintenance being included with their monthly association dues. Also included are streetlights and sidewalks. Additionally homeowners will soon be enjoying an outdoor gathering area with a covered fireplace, water feature and seating area.
Great Location
Alderwood on Abernathy is conveniently located on Abernathy Road just off GA 400 and only minutes from award winning shopping, dining, and entertainment. Children in the community will attend Spalding Elementary, Ridgeview Middle and Riverwood High schools.
To see current available homes at Alderwood on Abernathy click here.
February First Time Buyer Seminar
February 9, 2008 | Leave a Comment
It’s official, the next date for the First Time Buyer Seminar has been scheduled for Saturday February 23, 2008 at 10:00AM. The class will be held at RE/MAX Around Atlanta, 2280 Satellite Blvd. in Duluth.
Some of the topics we will be covering include:
* What Are Your Rights As A Home Buyer-Brokerage Relationships
* Mortgage Prequalification-How much home can you afford
* Loan Programs-Which of the various loan programs best suits your needs
* Home Inspections-Why you need to have this done
* Home Warranties-What are they and what do they protect
* Termite Issues-What you need to know about termites in Georgia
* Lead Based Paint Concerns-How does it effect me
* What is Title Insurance and Do I Need It
* What are Closing Costs and Who Pays Them
* What is the Sellers Property Disclosure
* How do schools figure into the equation
* What does a Home Owners Association Do
* Home Buying Tips
* The Contract and Important Timeframes
Please confirm how many people will be attending with you so that I can make certain that there are ample class materials available. Also please advise if you need directions.
I look forward to seeing you on the 23rd,
The Enclave at Milton Park
February 6, 2008 | Leave a Comment
Convenient Location
Conveniently located just minutes from GA 400 and the North Point shopping area of Alpharetta is the Enclave at Milton Park, a maintenance free luxury townhome community by The Providence Group. Community amenities include a lake, gazebo, sidewalks, streetlights and access to the Alpharetta Big Creek Greenway, which features over six miles of walking and biking trails, for homeowner enjoyment.
Luxury Appointments
Each of these 2 and 3 bedroom townhomes features a detailed trim package, 9-foot ceilings, hardwood flooring, Victorian style windows and marble trim around the fireplace. Entertaining is made easier with gourmet kitchens which are appointed with granite counter tops, stainless steel appliances, and separate gas cook tops. The master retreat of each home features a trey ceiling, his and her vanities, large garden tubs and separate tile surround showers.
They Are Going Fast
In just over one year the Enclave at Milton Park has sold more than 50% of the 74 home sites that will be built in this community. One of the first homeowners, Vickie Scaffe, selected the community for it’s abundance of green space and the convenience of being close to everything. She stated that she can ride her bike to the park, church or even to North Point Mall.
To view available homes at The Enclave at Milton Park just Click Here.
Terrasol - New Homes in Gwinnett
January 31, 2008 | Leave a Comment
The name Terrasol is derived from the Latin terms for "Earth" and "Sun". How fitting for this earth friendly new community in the highly acclaimed Brookwood High School district of Gwinnett County. The community when complete will be comprised of 128 upscale single family homes, a community center, a free-form pool, play area, four ALTA approved tennis courts and an outdoor fire pit. As if that wasn’t enough, in keeping with the earth friendly theme of the community, more than 40% of the land will remain in its natural state and there will be a natural walking trail over a mile and a half long. The wooded home sites in Terrasol will be generous in size and many will border either the Yellow River or the over 30 acres of preserved woodlands.
Great Gwinnett County Schools
Children living in Terrasol are fortunate to be included in some of Gwinnett Counties finest schools. They will attend Gwin Oaks Elementary, Five Forks Middle and Brookwood High schools.
Developed By Vesmont
Terrasol is being developed by Vesmont, LC. In keeping with their commitment to environmentally friendly building practices, Vesmont will construct the amenity area and the community center utilizing EarthCraft building methods and design principles, much as they accomplished with their Oak Grove Preserve community inside the perimeter near Lakeside High School. Vesmont, LC is a real estate investment and development company that specializes in developing residential and mixed use communities for quality builders as well as today’s home buyer who is looking for a community-based lifestyle in an upscale home.
For more information about Terrasol and lot or home availability contact Mack.
