Lee Davenport

What are your children doing this summer? If you are a morning person, you and yours may enjoy Movin' Groovin' Mornings presented by Heritage Sandy Springs and Muse for Life. This is a new series on the Entertainment Lawn at Heritage Green. Designed as a fun and engaging opportunity for those with children ages 3 to 10 to enjoy creative movement, these mornings will offer interactive activities incorporating music, dance and exercise.

The first Movin' Groovin' Morning will be held on Tuesday, June 30 from 9:30-11:00 a.m. For more information call 404.851.9111, ext. 203 or email events@heritagesandysprings.org.

As I have recently blogged about, FHA-approved lenders can now provide short-term bridge loans to first-time borrowers eligible for the $8,000 home buyer tax credit, which allows buyers to use the tax credit at closing and then they just pay back the loan once the refund is received. But under guidance issued by the Department of Housing and Urban Development late last week, the loans must be on top of - not instead of - the minimum 3.5% down payment normally required on FHA-insured loans. So that means the $8,000 can go towards repairs required to close and other closing costs or can go towards your principal payment but you still have to come up with the down payment.

But have no fear! Depending on the areas you are making your purchase in, you may qualify for other downpayment assistance programs from the Department of Community Affairs (http://www.dca.state.ga.us/housing/homeownership/programs/GeorgiaDream.asp) and NACA (Neighborhood Assistance Corporation of America - https://www.naca.com).

For more information on how you can get funding for your downpayment, email places2love@gmail.com or call 404.444.5777.

Happy House Hunting!

Have you just purchased a home that needs some renovations? Or, are you ready to remodel you current home?

Well, you may be eligible to receive a free federal tax credit under the Recovery and Reinvestment Act for various renovations, which include but is not limited to:

Windows: Approximately $750 per window installed. (Double-check with the contractor to make sure the model you're buying qualifies for the tax credit.)

Roof: From $5,000 to $20,000, depending on the materials for a 2,000-square-foot home. You only get the credit if you've installed an EnergyStar-rated asphalt or metal roof.

Air conditioner/furnace: About $4,000 and up for a central air system, depending on the size of your home. You need to meet specific energy-saving guidelines to get this credit. Water heater: $700 to $1,500, depending on the model and your needs. To get the credit, the new heater has to say somewhere in its documentation that it has "an energy factor of 0.82 or a thermal efficiency of at least 90%."

Solar electricity panels: From $25,000 to $75,000, based on your roof size and how many watts you need. An expensive upgrade, but remember this is one that qualifies for a "super" credit. Put a $50,000 solar system on the roof this year, and you'll qualify for a credit of $15,000 on next year's tax return.

Insulation: From $3,000 to $7,000, depending on the size of the home and the type of insulation used. (It has to meet 2009 standards.) Also, the primary purpose of the product needs to be insulation. You can't put new siding on your home, even though it may have insulating properties, and take the credit.

For further information on what can be claimed, visit: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits.

You can claim the credits on IRS Form 5695 (http://www.irs.gov/pub/irs-pdf/f5695.pdf). Contractors need not provide you with product sales receipts to verify your claim, but you should retain the following for your records as backup:

• Name and address of the manufacturer
• Identification of the component
• Make, model and other appropriate identifiers
• Statement that the product meets the tax-credit standards
• Climate zone for which the criteria are satisfied
• A declaration that the certification statement is true

Happy remodeling!

What metro Atlanta suburb ranks in the top 15 places to live in America according to Forbes.com? Why of course Sandy Springs, GA!

With the average commute being only 23 minutes, the stately homes, the small-business friendly environment and the close proximity to one of the nation's greatest metropolitan areas, Atlanta. (If you live or have ever visited greater Atlanta, you are aware that commutes can take 45+ minutes and that's on a good day - ugh!).

For more information on why Sandy Springs was listed as a top place to live or the other top places to live in America according to Forbes.com, visit: http://www.forbes.com/2009/05/04/towns-cities-real-estate-lifestyle-real-estate-top-towns_slide_12.html.

Happy relocating!

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year-and improved upon earlier this year-to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online