About Houston County, GA

Georgia Dream Homeownership Program 

Purpose: Help Georgians achieve the dream of homeownership by providing affordable first mortgage financing and down payment assistance.  

Are you having trouble coming up with the 3.5% down payment required by FHA? Then the Georgia Dream Homeownership Program may work for you.

Georgia Dream Second Mortgage loan can be used for down payment and closing costs associated with a purchase of a home for first time homebuyers with a total household income of one to two person - less than $58,000, and three or more persons - less than $67,000. First time homebuyer requirement waived for targeted areas. A first time homebuyer is someone who has not owned home in the last 3 years.  

• 1^st Mortgage - Must qualify based on credit score and debt to income for specific loan type, such as VA, FHA, Conventional, or USDA-RD
  • Maximum Purchase Price: $200,000
  • Interest Rate as of 28 Mar 2008 is 6.75%
  • Owner Occupant Only
  • Mobile Homes are not included
• 2^nd Mortgage - $5,000 to $10,000
  • Must qualify for and get 1^st Georgia Dream Mortgage
  • No Interest
  • No Monthly Payments
  • No payment due until home is sold, refinanced or no longer used as the borrower's principal residence.
  • Income limits are based on County
  • 2^nd Mortgage loan amounts vary between applicants
    • Standard: $5,000 - All eligible homebuyers
    • PEN: $7,500 - Military, Health Care, Education
    • CHOICE: $7,500 - Eligible homebuyers whose household includes an individual living with a disability.
      • If income is less than $29,999 then $10,000 instead of $7,500
    • HONORS: Surviving spouse of a military serviceman or servicewoman or of a public protector: $10,000
    • WECOME HOME: Members of Georgia Army and Air National Guard who purchase a home in the State of Georgia.
    • SIGNATURE COMMUNITY: Eligible employees of local governments designated as Signature Communities: $7,500
    • EV: Energy efficient and/or visitable homes that certified to meet the Energy Star, Easy Living Home or EarthCraft House program requirements: $7,500
    • SINGLE FAMILY DEVELOPMENT: Affordable homes constructed under this special development program: $7,500 - $20,000 

   

Currently, the 4 most popular loans that we are working the most are the conventional mortgages (3% - 5% down payment), FHA loans (3.5% down payment), VA loans (0% down for qualified veterans), and the USDA loans (0% down)

I personally have seen the most activity since Jan, 2009 with the USDA loans, having buyers that initiated 3 USDA loans, with 1 turning to FHA because of the income restrictions. The other 2 loans closed without much of a hitch, in 3-4 weeks.

The USDA loan program (aka Guaranteed Rural Housing loans) is administered by USDA Rural Development offices. It helps low to moderate income families purchase a home in a rural area with no down payment. Applicants must meet income and credit (min. score of 620) guidelines to qualify. Also, the property must meet USDA guidelines. Most new and existing homes in rural areas that are in good-repair and non-income producing meet the criteria. In middle GA, none of Bibb, but all of Peach and part of Houston is considered rural. In Houston County, the eligible line is drawn from west to east beginning at Sandifur rd, to Hunt Rd, Tidwell Rd, Woodard Rd, straight across the county to Southfield Plantation and Riverbend Plantation. Almost any property south of this line would qualify. (See attached map.) However, there is a website you can check on any particular property. Other rural counties that qualify are Bleckley, Pulaski, Crawford, Dooly and Twiggs.

These are 30 yr. fixed rate mortgages. (Call you local lender for the latest rates) Buyer can borrow up to 102% of the appraised value. (2% of the loan amount is referred to as the "guarantee fee") The 2% guarantee fee can be financed into the loan. There are no other monthly recurring fees charged. Buyer pays payment, interest, insurance and taxes in his monthly payment.

With the IRS offering up to $8,000 first-time buyers credit and the USDA offering 100% loans, now is the perfect time to buy in Warner Robins and Houston County. You can't get the first-time buyers credit until you close, and if you are filing electronically, you can't claim the credit until after March 31, 2009.

There is a Rural Development service center office in Byron that can give you more info by calling 478-956-6495. To apply for a USDA Guarantee loan, ask your local lender. Or call me and I will be happy to help you find a local lender who knows the details about the USDA loans.

According to Realty Times, 6.5% jump in home sales for December. Latest Pending Home Sales Index is up 6.3% due to 13% gains in the Midwest and South (Base on signed contracts that expects to close in the next 2 to 3 months).

Mortgage Rates

According to Mortgage Bankers Association, 30 year fix rated loans average 5.3% compared to 5.2% the week before.

Online Tools and Links for Buyers

I am always working on improving my online service to my customers. Here are the latest and greatest links that you should find useful in your search for a new home. These links include the latest technology with IDX feeds from the Georgia MLS and Central Georgia MLS, which allow you to search almost any home in the State of Georgia, quickly and easily. Please feel free to try them at no cost to you, and I hope they will be helpful in finding your dream home. If you do see a home you like, please let me know and I will add it to your list of favorites. You will then be notified of any changes to homes on your favorites list. Also when you are ready to purchase your home or if you want to go see any home in Middle GA, just give me a call and I will be happy to show it to you. Interest rates are extremely low right now, and so are home prices. Low interest rates means you can buy more home with a lower payment. So right now is a great time to buy a home. Buy Low - Sell High - Call me Today!

According to Mortgage Bankers Association: 30 years loan average 4.89% and 15 years loans just above 4.6%. This a great time to buy a house. This the lowest rate over 20 years.

New Stimulus Package made the current $7,500 tax credit non-repayable; 275 billion in tax cuts and incentives; $550 billion for outlays on the highways, mass transit, improvements to bridges etc.

National Association of Builders: major new tax credit designed to stimulate sales immediately up to $22,000 in non-repayable credit for all purchasers this year.

National Association of Realtors asked Congress to consider expanding the $7,500 first-time purchaser credit to all buyers of houses and to make the credit non-repayable. Such a change could produce an additional 555,000 home sales in the coming two years (this will being the excess inventory down).

In Warner Robins(Houston County) there's 1,446 homes on the market and 84 of the homes are foreclosures. According to BusinessWeek named Warner Robins is a best place in GA to raise children; based on school performance, crime rates, job growth, family income, diversity and cultural amenities. Houston County has a great market.

If you need a Realtor, please don't hesiate, I will love to help you in your new investment.

Angela Fleming

Exit Success Realty

478-542-4426