Adolfo Trana Bilingual Real Estate Agent Spanish speaking real estate Agent |Ga.

Now is the time to buy a home, with all the programs available you will be hard press to find a better time.

The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.

The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.

This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.

http://www.dca.state.ga.us/housing/Homeownership/programs/gadreamnspdownpayment.asp

How do I apply?

• All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency.
  
• Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. The lender will evaluate your credit worthiness based on FHA or VA guidelines and your qualifications for the program based on the Georgia Dream NSP Down Payment Program guidelines.

Frequently Asked Questions:

1. How do I locate a Georgia Dream participating lender?
   Click here and choose your area of the state for a list

2. How do I locate a HUD approved Home Buyer Education provider?
   Click here for a list

3. May I take home buyer education online?
   No. This program requires attendance at a home buyer seminar or face to face counseling.

4. Can I buy a home anywhere in Georgia?
   No. You must purchase a foreclosed property in an area of greatest need. Need was determined by the volume of foreclosed properties in a county. Click here to view the map of eligible counties.

5. Are there income limits?
   Yes. Eligible borrowers must have a total household income less than 120% of the area median income. Click here for the maximum income limit in each of the eligible counties.

6. Are only first time home buyers eligible for the Georgia Dream NSP program?
   Applicants do not have to be first-time home buyers and they are not prohibited from owning other residential real estate. However, the applicant must occupy the NSP financed property as his or her primary residence within 60 days of closing. Any rental income generated from the ownership of other residential real estate would have to be counted as household income for NSP qualification purposes.

7. If I am a first time home buyer and I use the Georgia Dream NSP program do I still qualify for the federal first time home buyer $8000 tax credit?
   Yes. If you purchase a home prior to December 1, 2009. Consult your income tax preparer or the IRS. www.irs.gov

8. I would like to use the $8000 federal tax credit as part of my down payment. Can DCA include this amount in my mortgage loan?
   No. DCA does not have a mechanism in place to monetize the federal first time home buyer tax credit for use as a down payment.

9. Can I use other down payment funds in conjunction with this program?
   No. Unlike the traditional Georgia Dream down payment programs, the Georgia Dream NSP program cannot be combined with other down payment assistance programs.

10. What interest rate will I pay on my first mortgage loan?
    The first mortgage loan will be a 30 year fixed rate FHA or VA loan originated by your lender within NSP guidelines. The rate will be determined by current market rates and the lenders choice of investor. Georgia Dream first mortgage interest rates apply only when DCA funds the first mortgage loan.

11. Can I use the Georgia Dream NSP program to purchase a short-sale or a home that is pending foreclosure?
    No. the property must have been foreclosed and the title transferred to the mortgage lien holder or an eligible agency. Eligible properties must be owned by HUD, VA, USDA, Bank, Government Entity or an eligible Non-profit.

12. Can the Georgia Dream NSP program be used to purchase a home that was a foreclosure, but was already rehabbed by an investor making the home move in ready?
    Only if the investor used a local government's NSP program to purchase and rehabilitate the home.

13. Can I use the Georgia Dream NSP program if I am also using the DCA Housing Choice Voucher Program?
    Yes. However, you must use a Georgia Dream participating lender who also participates in the HCV program. Foreclosed properties in need of repair may not be eligible for purchase. When using the HCV program the first mortgage must be a Georgia Dream first mortgage loan and will be serviced by State Home Mortgage. Consult your Rental Assistance Counselor or your participating lender for complete details.

Downloads & Related Links

Eligible Counties
Income Limits by County (Excel File)
GA Dream Homeownership Program Participating Lenders
HUD Approved Home Buyer Education Agencies
HQS Inspection Form
HQS Inspectors (Partial List)
NSP Program Guidelines and Forms - Seller Guide Chapter 5
Applicant Checklist
Monthly Payment Calculator
Home of Your Own Workbook
Publications and Related Websites
GHFA Approved Counselors for Georgia Fair Lending Act
Georgia Dream Homeownership Program (Home)

Learn About Making Home Affordable:

Refinancing
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today's lower mortgage rates perhaps due to a decrease in the value of their home.

Modification
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income.

http://makinghomeaffordable.gov/index.html

http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm?webListAction=search&searchstate=GA&filterSvc=dfc

Before you call
Use this checklist to ensure you have all the information you will need when you speak to the servicer of your mortgage.

CHECKLIST

• Information about your first mortgage, such as your monthly mortgage statement.
• Information about any second mortgage or home equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• Your most recent income tax return.
• Information about your savings and other assets
• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable

Beware of Foreclosure Rescue Scams - Help Is Free!

• There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
• Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay - walk away!
• Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never submit your mortgage payments to anyone other than your mortgage company without their approval.

The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. Click here for more information.

Not only is now the best time for buyers to purchase a home with the tax credit that the Federal Government has enacted, now in Georgia we have a brand new $1,800 Georgia Home Buyer Tax Credit, here are the details.

On Tuesday, Georgia's Senate and House of Representatives passed House Bill 261, legislation which allows home buyers to receive a tax credit when purchasing in Georgia. The Georgia Association of REALTORS® and other boards across the state have fought hard to put this legislation in place, and it is now a reality.

The new tax credit is very different from the federal $8,000 First-time Home Buyers Tax Credit. It's only available to people buying homes in the state of Georgia, and allows a credit of 1.2 percent of the purchase price of the home or $1,800, whichever is less.

Here are the defining features of the new $1,800 Georgia Home Buyer Tax Credit:

• Home buyers will be able to claim the credit beginning June 1, 2009 on closings that occur between June 1 and Nov. 30, 2009. However, it appears that the home being purchased must have been originally listed for sale PRIOR to June 1 for the credit to be applicable. Note: Metro Brokers is verifying what the listing date of the property must be in order for buyers to qualify and will have more information soon.
• Any home buyer is eligible for the credit, not just first-time buyers.
• Eligible homes are single-family residences, including condominium units, that are occupied for residential purposes (must be primary residence).
• Homes can be new, occupied or previously occupied. This includes foreclosed homes.
• Up to one-third of the tax credit can be received in a single tax year or the full amount of a taxpayer's income liability for that year, whichever is less. Any excess or unused tax credit amount shall be carried forward to apply to the taxpayer's succeeding years' tax liability.
• The tax credit cannot be used against a prior year's tax liability.

http://www.legis.state.ga.us/legis/2009_10/sum/hb261.htm

Free Real-Time Traffic Information

Georgia 511 is a free phone service that provides you with real time traffic and travel information, or allows you to request assistance 24 hours a day. Georgia 511 can be accessed from anywhere in Georgia, by simply dialing 5-1-1.

http://www.511ga.org/Pages/Home.aspx

Atention all Buyers who have not owned a home in the last 3 years this is for you.

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

Buyers who have not owned a home in the last 3 years may be eligible.

Attend one of our free seminars to learn more. Experts in real estate and mortgage lending will be on hand to answer all of your questions.

· How does this tax credit work?

· Do I qualify?

· How do I apply for the tax credit?

· When will I receive the credit?

· When does this offer expire?

No RSVP is required; however, seating is limited.

No RSVP is required; however, seating is limited. Complete the form below to reserve your spot.

adolfo.tana@metrobrokers.com / 404-843-2500 or 770-399-8153

Atlanta Georgia Real Estate: Metro Brokers/GMAC - $8,000 Home Buyer Tax Credit Source: www.metrobrokers.com Atlanta Real Estate & North Georgia Real Estate & Homes for Sale | Metro Brokers/GMAC Real Estate | Site Map | 404.843.2500