On Friday, November 6th, 2009 President Obama signed the bill providing an extension of jobless benefits and the extension and expansion of the homebuyer tax credit. The extension applies to the current first time homebuyer tax credit and the expansion now includes existing homeowners. Want to hear more? Then, follow me.
FIRST let me say loud and clear CONSULT A TAX PROFESSIONAL to determine your ability to qualify for this credit! I am giving you the basic “rules of engagement”. Your tax position will ultimately determine your eligibility. With that said, let’s continue.
First Time Homebuyers – Could This Be You?
A first time homebuyer is defined as one who has not had an interest in Continue reading
You may have seen the signs on street corners and at neighborhood entrances announcing “HUD Home for Sale”. These rather “governmental” looking signs often stir up curiosity and in many cases concern in the community. With the tremendous volume of foreclosures in Gwinnett, these have been popping up everywhere! Because of that, many people have asked me to explain, so here you go.
Be not afraid of the HUD home. When people ask me “What is a HUD home?”, I often ask them what they think it is. The answer I get most is section 8, government subsodized, low income or similar. While I understand how people have come to think that, it is simply not true. Are you ready?? Here it is…straight from HUD.
“A HUD home is a one-to-four unit residence acquired as a result of a foreclosure on an FHA insured mortgage.” from HUDPEMCO Agent Guidebook
See? Nothing to fear. Hud homes can be found in any community which has had an FHA insured mortgage go “back to the bank” in this case, the Federal Government by way of HUD (US Department of Housing and Urban Development). In most Metro Atlanta counties, the FHA loan limit is $346,250.00. This means that Continue reading
On June 25, 2009 Gwinnett County announced its Neighborhood Stabilization Program (GCNSP) to a group of REALTORS and Mortgage Professionals. The GCNSP is a program to purchase foreclosed homes of sub-standard condition then rehabilitate and return those homes to market with the hope of stabilizing Gwinnett County home values. Additionally, the program will provide affordability assistance to potential buyers by way of homebuyer counseling, down payment assistance and a “forgivable” second mortgage. Under the program, homes will be available to low, moderate and middle income home buyers.
The GCNSP will receive funding from a July 2008 program of grants to local and state governments, enacted by Congress. Gwinnett County has been allotted $13,512,054 towards the program, of which $10 million is from HUD with the remaining portion from the State. This pre-TARP program is expected to have 100 homes rehabilitated and under contract by September 5, 2010, and provide the same results for Continue reading
Mulberry Park Entrance
Turn into the Mulberry Park entrance from HWY 211, stop and pick-up a good cup of coffee, or something for dinner, pass the beautiful shade tree in roundabout and you’re home. The Township at Mulberry Park is situated at the crossroads of 4 counties to include: Barrow, Gwinnett, Hall and Jackson, yet still maintains that “off the beaten path” feel. Nearly 500 single family homes and townhomes make up this mostly craftsman style community, with some developed lots still available. Students attend one of the Winder/Barrow, Mill Creek, Jackson High School or Flowery Branch school clusters, according to the county of his/her address.
Shade tree at roundabout marks entrance from shopping to community
Like many other areas, the Township at Mulberry Park has faced its share of foreclosures and distress sales. The many beautifully landscaped and manicured home sites, next to some which have been left without occupants and routine care are evidence of that. However, this community appears to have an active HOA and residents who care about its overall well being. Hopefully, as the foreclosures are purchased and occupied by new neighbors, the current residents will see some welcome relief. According to a current resident, a new builder is purchasing lots Continue reading
Many homeowners are being met with increasingly difficult circumstances which threaten their financial stability making it difficult to stay in their homes. If you have experienced or anticipate job loss, reduced hours, the loss of overtime or bonuses or other such income reducers, there are steps you can take to increase your ability to remain in your home.
Making Home Affordable is a piece of the Financial Stability plan recently released by the Obama administration, in an attempt to stabilize the housing market. This program provides consumer education and opportunity to take advantage of Loan Modification or Refinance. These programs are open to borrowers who are current in mortgage payments as well as those who’ve fallen behind.
Hope for Homeowners was introduced by Congress in fall of 2008 as a way to help those in danger of foreclosure refinance for a more affordable mortgage. The program began on October 1, 2008 and runs through September 30, 2011. Your mortgage must have originated before January 1, 2008. There are debt to income ratio and other determining factors for participation. Contact your existing lender, or Continue reading