Great Down Payment Assistance Progam, ANDI Homes
Down payment Assistance As a result of special funding through the Neighborhood Stabilization Program, ANDP Homes may be able to help provide you with down payment assistance or other support for homes listed on this site. Talk with your lender about how to apply for this assistance. Miss the $8,000 Tax Credit? You may still qualify for NSP assistance of up to $25,000 ANDP Homes is working with six jurisdictions throughout metro Atlanta. All of these jurisdictions are offering financial assistance to help qualified buyers purchase one of our beautifully rehabilitated homes. In many cases, qualified buyers could get up to $25,000 in assistance! Ask our NSP Advantage Team of Realtors for details! This is one of the great financing programs out there today. Couldn’t you use $25000 for your down payment! Call Chip for details.
10 Ways to Prepare for Homeownership
Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. Develop your home wish list. Then, prioritize the features on your list. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.
5 Common First Home Buyer Mistakes
They don’t ask enough questions of their lender and end up missing out on the best deal. They don’t act quickly enough to make a decision and someone else buys the house. They don’t find the right agent who’s willing to help them through the homebuying process. They don’t do enough to make their offer look appealing to a seller. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years. Source: Real Estate Checklists and Systems
7 Reasons to Own Your Home
Tax Breaks The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home. Appreciation Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing. Equity Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home. Savings Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax. Predictability Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase. Freedom The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home. Stability Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Tax Benefits of Homeownership
The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works. Assume: $9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest) $2,700 = Property taxes (at 1.5 percent on $180,000 assessed value) ______ $12,577 = Total deduction Then, multiply your total deduction by your tax rate. For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56 $3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate) Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level. West Atlanta Real Estate Experts List! Buy! Sell! This is not your ordinary Brokerage. Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs.We are always looking for new ways to make and West Atlanta real estate more efficient AND without sacrificing quality or service. If you’re looking to buy a home in West Atlanta or sell your existing West Atlanta property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available.For more information about List! Buy! Save! real estate services and how we can best serve you, please fill out the online contact form or give us call today!Chip Hurst Maximum One Realty Greater Atlanta 770.294.9976 Mobile Hurstch@bellsouth.net www.WestAtlantaRealEstate.com
Ten Tips for Taking the Stress out of Buying a Home in West Atlanta
Buying a home in West Atlanta should be fun, not stressful. As you look for your dream home,keep these 10 tips in mind for making the process as peaceful as possible. Find a West Atlanta Real Estate Agent you Connect With Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality. There’s No Right Time to Buy a Home in West Atlanta GA Remember, there’s no “right” time to buy just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long. Don’t Ask for Too Many Opinions Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family – the people who will be living in the home. Accept That No House is Ever Perfect If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. Don’t Try to Be a Killer Negotiator Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take. Remember, Your Home doesn’t Exist in a Vacuum Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life. Plan Ahead Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. Factor in Maintenance and Repair Costs Factor in maintenance and repair costs in your post-home buying budget. Even if you are buying a new home in West Atlanta , there will be costs. Don’t leave yourself short and let your home deteriorate. A Little Buyer’s Remorse is Inevitable Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home in West Atlanta, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased. Choose a West Atlanta Home for Sale because You Love It Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live. West Atlanta, GA Real Estate Expert List! Buy! Sell! This is not your ordinary West Atlanta real estate brokerage. Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs. We are always looking for new ways to make and West Atlanta real estate more efficient AND without sacrificing quality or service. If you’re looking to buy a home in West Atlanta or sell your existing West Atlanta property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available. For more information about List! Buy! Sell! West Atlanta real estate services and how we can best serve you, please fill out the online contact form or give us call today! Chip Hurst Maximum One Realty Greater Atlanta 770.294.9976 Mobile Chip.Hurst@WestAtlantaRealEstate.com www.WestAtlantaRealEstate.com Map of West Atlanta, GA View Larger Map
Why You Should Work With a REALTOR®
Not all West Atlanta real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are nine reasons why it pays to work with a REALTOR®: 1). You’ll have an Expert to Guide You Through the Process Buying or selling a home in West Atlanta usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. 2). Get Objective Information and Opinions when Buying or Selling West Atlanta Property REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the West Atlanta property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? 3). Find the Best West Atlanta Property out There Sometimes the West Atlanta real estate property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available West Atlanta properties. 4). Benefit from Their Negotiating Experience There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the West Atlanta property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required. 5). West Atlanta Property Marketing Power West Atlanta real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property. 6). Real Estate has Its own Language If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language. 7). REALTORS® have Done it Before Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical. 8). Buying and Selling West Atlanta Property is Emotional A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you. 9). Ethical Treatment Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years. West Atlanta, GA Real Estate Experts List! Buy! Sell! This is not your ordinary West Atlanta real estate brokerage. Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs. We are always looking for new ways to make and West Atlanta real estate more efficient AND without sacrificing quality or service. If you’re looking to buy a home in West Atlanta or sell your existing West Atlanta property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available. For more information about List! Buy! Sell! West Atlanta real estate services and how we can best serve you, please fill out the online contact form or give us call today! Chip Hurst Maximum One Realty Greater Atlanta 770.294.9976 Mobile Chip.Hurst@WestAtlantaRealEstate.com www.WestAtlantaRealEstate.com Map of West Atlanta, GA View Larger Map
Why you need a buyer’s agent – Douglasville Real Estate
What is a buyer’s agent Well a buyer’s agent represents you, the buyer, in a real estate transaction for Georgia. The seller already has their agent, you know, the one that has the sign in the yard. When you have your own agent, he or she will be able to work on you behalf to try to get you the best deal. Here are some of the other things that your buyer’s agent will do for you. As your Buyer’s Agent we will represent you. We are your advocate! The seller is represented by the listing agent. As your Buyer’s Agent we will help you narrow down the houses that best fit you needs and wants. We will setup a continuous Gateway email from First Multiple Listing Service (FMLS) or Georgia MLS (Gamls) for the purchasing period. It will email you houses in your price range and ones that meet your criteria. As your Buyer’s Agent we will explain the difference between Sales Price and List Price. As your Buyer’s Agent we will look out for your best interests. If there are things that seem to be a challenge in a house that we are looking at we will let you know immediately. As your Buyer’s Agent we will help you understand the Purchase and Sale Agreement. As your Buyer’s Agent we will write a great Purchase and Sale Agreement for you. We will come armed with all kinds of information on the house and its neighborhood. As your Buyer’s Agent we will assist you in getting pre-approved with a lender. Within our Family of Services we have a relationship with a local lender. As your Buyer’s Agent we will assist you in locating a Home Inspector. One who we have used many times before and trust. He is not afraid to tell us if there are challenges with the home you are interested in buying. As your Buyer’s Agent we will explain a home survey, termite letter, termite bond, and title insurance. As your Buyer’s Agent we will setup the closing and make sure that all the documents are in place. Chip Hurst is a local real estate agent in the West Atlanta Area. Maximum One Realty of Greater Atlanta is unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs. We are always looking for new ways to make and West Atlanta real estate more efficient AND without sacrificing quality or service. If you’re looking to buy a home in West Atlanta or sell your existing West Atlanta property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available. For more information about List! Buy! Save! real estate services and how we can best serve you, please fill out the online contact form or give us call today! Chip Hurst Maximum One Realty Greater Atlanta 770.294.9976 Mobile Hurstch@bellsouth.net www.WestAtlantaRealEstate.com
The Georgia Dream Home Loan Program
Georgia Dream Home Loan Financing your first home can be challenging. If you have the ability to put down3.5% down payment? One option would be to check into the Georgia Dream down payment assistance program offered by the Department of Community Affairs a minimum of 3.5% and can qualify for an FHA mortgage then you are on your way to buying your next house! So what are your options if you can not put down the 3.5%. The Georgia Dream makes it possible to own your own home with affordable first time mortgages, financing and down payment assistance for qualified buyers. AFFORDABLE FIRST MORTGAGE LOANS It is so easy to qualify! Georgia Dream Loans are available to: • first-time home buyers • those who have not owned a home in the past three years • those who purchase a home in targeted areas WHO ALSO: • have household incomes below the maximum • have liquid assets no more than $20,000 or 20% of the sales price (whichever is greater) • meet mortgage loan credit requirements The loans are 30 year, fixed interest rate mortgages. Local lenders give credit approval for FHA, USDA-RD, VA or conventional uninsured mortgage loans. Georgia Dream Homeownership Qualifications Maximum Household Income Home Sales Price Within the Atlanta Metropolitan Statistical Area If you purchase a home in Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties, your total household income (based on the number of people living in the home) can be no more than: • One to two persons $69,000 • Three or more persons $79,500 The sales price of the home cannot exceed $250,000 Outside the Atlanta Metropolitan Statistical Area If you purchase a home in a county not listed in the Atlanta MSA above, your total household income (based on the number of people living in the home) can be no more than: • One to two persons $59,500 • Three or more persons $68,500 The sales price of the home cannot exceed $200,000 The greatest hurdle for many prospective home buyers is the down payment. Borrowers who qualify for Georgia Dream First Mortgage Loans also qualify for down payment assistance. The borrower must… • use the loan in conjunction with a Georgia Dream First Mortgage Loan • complete individual credit counseling as per the guidelines on page 5 of this brochure and provide a certificate of completion • contribute a minimum of $1,000 to the purchase transaction Down Payment Loan Options STANDARD All eligible first time home buyers qualify for $5,000 PEN Eligible first time home buyers who are employed in qualified public protection, military, health care or education qualify for $7,500 CHOICE Eligible home buyers whose household includes an individual living with a disability qualify for $7,500 CO-OP Eligible home buyers who are employed by local governments in participating Co-Op communities qualify for $7,500 Contact – Brand Mortgage is West Atlanta Real Estate’s Participating Lender – 770-402-5600 Contact a Georgia Dream Participating Lender for pre-qualification and to begin the mortgage loan process. Complete Credit Counseling Complete Complete individual credit counseling to learn more about buying a home and to make sure the home you choose is within your budget. TARGETED AREAS The Georgia Dream Homeownership Program is available to eligible first time home buyers in all Georgia counties. However, if you purchase a home in oneof the targeted areas shaded in green below, or in a targeted census tract in one of the counties listed below the map, the first time home buyer rule does not apply. Check with your lender for program guidelines.Home Buyer Education Home Buyer Counseling is required for ALL GEORGIA DREAM LOANS. Borrowers with low middle credit scores of 620-639 must complete individual credit counseling or attend a home buyer workshop provided by a DCA or HUD approved agency. DCA funded agencies are listed below. A list of HUD approved agencies is available at www.hud.gov/georgia. Borrowers with low middle credit scores of 640 or higher may choose to complete individual credit counseling, attend a home buyer education workshop or complete home buyer education online at www.ehomeamerica.org/dca. What is the Georgia Dream Program? Who qualifies for a Georgia Dream Loan?
How much should I bid on a HUD Home
As the first quarter of 2103 comes to a close, I will show you some real stats on what HUD and other similar homes are selling for on the market. Many bidders beleive they can come in a swoop up one of these at a huge discount. A couple of years back that may have been the case. We were seeing some nice discounts given expecially for homes that sat on the market for a while. Times have changed in the last year with the shortage of housing inventory. So what should you bid on a one of these types of homes? Sure they offer a lot of incentives to purchase but what I am seeing out there now is that these homes are going over bid price and sometimes a lot more over. Below you will find listing data pulled from the local Georgia MLS of government owned homes from first quarter 2013. You can see that most of the homes sold at list price or above. Keep this in mind when preparing your bid. 1. Don’t get emotional and just bid to bid, really want that home. 2. Discuss if you are willing to go over the list price with your realtor. 3. Check with your lender to make sure you qualify for the amount of the purchase before bidding. 4. Check with your lender on how much closing costs will be covered and if you will have to make up any difference. The spreadsheet below shows actual sold properties and their list and their sold price. Compare if they sale over list or below. Hi, I work with buyers and sellers in the West Atlanta area. I can show and place your bid on any HUD property listed at Hudhomestore.com. You can reach me at 770-294-9976 or Hurst.chip@gmail.com I look forward to helping you. Chip Hurst Maximum One Realty 770-294-9976