Most buyers believe their credit isn't high enough to own today so they are often searching for Lease Purchase, Rent to Own, or Owner Finance homes in Atlanta GA. However, their credit score may not be that far off from qualifying to buy within the next year.

Many South Metro Atlanta potential homes buyers now have more options towards owning a home than they may realize. Sellers, and some lenders, are now offering homes for sale with flexible purchase terms that may allow prospective buyers to own a home faster if they find the right source.

Owner Financing is still a great option to buy because buyers can still obtain the First Time Home Buyer Tax Credit with a purchase. The State of Georgia also offers an $1,800 although this is spread out over 3 years tax returns. The Federal Tax Credit is only available until the end of November 2009. Owner Finance home buyers can get credit development assistance to refinance into FHA financing over a reasonable period of time.

There are still rarely heard of, government backed, FHA financing options available for buyers with credit scores as low as 530. Some restrictions and qualifications still apply, but what these lenders are looking for is a relatively clean past 12 months. With little or no credit, many buyers can still get these loans.

Lease Purchase, Rent to Own and Owner Finance home shoppers in Atlanta may still qualify if they have:

* 3.5% for a Down Payment of the Home's Purchase Price
* Have no new Non-Medical collections over the last 12 months
* Have no 30 day late payments on their current credit accounts
* If no active credit lines are open, you must have 3 non-credit accounts (Rent, Utilities, Cell Phone, etc.) that have been paid on time for 12 months
* If there is a Judgment, there must be evidence of a payment plan in effect for 12 months.
* Have had 2 years seasoning since a past Bankruptcy
* Have had 3 years seasoning since a past Foreclosures
* Have had 2 years seasoning since a past Repossession
* Little or no credit can still qualify with On time payments for Non-Credit Accounts

Rent to Own, Lease Purchase and Owner Finance are still great options to buy if you can't get traditional financing today. But buyers should not be discouraged by what the see or read in the news about how hard it is to get a loan. They may just need some guidance and find the right source to get them over the hump in order to take advantage of today's great buyer opportunities.

Final score: $8,000 for Homebuyers

First-time purchasers get a tax credit windfall if they buy before December.

NEW YORK (CNNMoney.com) -- There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:

"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"

The short answer? Yes, Billings would get back the $8,000 plus what he'd overpaid. The long answer? It depends. Here are three scenarios:

Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Scenario 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.

Scenario 3: Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

The housing industry is somewhat pleased with the result because the stimulus plan improves on the current $7,500 tax credit, which was passed in July and was more of a low-interest loan than an actual credit. But the industry was also disappointed that Congress did not go even further and adopt the Senate's proposal of a $15,000 non-refundable credit for all homebuyers.

"[The Senate version] would have done a lot more to turn around the housing market," said Bernard Markstein, an economist and director of forecasting for the National Association of Homebuilders (NAHB). "We have a lot of reports of people who would be coming off the fence because of it."

Even so, the $8,000 credit will bring an additional 300,000 new homebuyers into the market, according to estimates by Lawrence Yun, chief economist for the National Association of Realtors.

The credit could also create a domino effect, he said, because each first-time homebuyer sale will lead to two more trade-up transactions down the line. "I think there are many homeowners who would be trading-up but they have had no buyers for their own homes," Yun said.

Who won't benefit, according to Mark Goldman, a real estate lecturer at San Diego State University, are those first-time homebuyers struggling to come up with down payments. The credit does not help get them over that hurdle - they still have to close the sale before claiming the bonus.

One state, Missouri, is trying to get around that problem by creating a short-term loan on the tax credit of up to $6,750. The state would loan borrowers the money so they could use it at closing as part of the downpayment. Then, when the buyers receive their tax credit from the IRS, they pay back the state. Other states may follow with similar programs, according to NAHB's Dietz.

Many may look at the tax credit as a discount on the home price, according to Yun. A $100,000 purchase effectively becomes a $92,000 one. That can reassure buyers apprehensive about purchasing and then watching prices continue falling, he added.

And it provides a nice nest egg for the often-difficult early years of homeownership, when unexpected repairs and expenses often crop up. Recipients could also use the money to buy new stuff for their home - a lawnmower, a rug, a sofa - and, in that way, help stimulate the economy.

First Published: February 16, 2009: 5:38 PM ET

Housing Economic Recovery Act of 2008
Tax Credit, Other Good News For First-Time Home Buyers!

If you're hoping - or planning - to become a first-time home buyer soon, the Housing and Economic Recovery Act of 2008 has plenty of good news for you!

If you're a first time home buyer or haven't owned a home in three years, you're eligible for a maximum, one time only tax credit of up to $7,500 if you're single and earning less than $75,000 per year. If you're married, with a joint income of less than $150,000 and buying your first home, you're also eligible for the maximum $7500 tax credit.

BUT... you must act quickly! This important tax credit is available only until June 30, 2009.

There are some amendments being proposed to extending and expanding this credit in the new economic stimulus package being considered in the US Senate. However, you should get started today by contacting The Housing Network, a great source for finding great deals on renovated properties and homes in South Metro Atlanta Counties of: Clayton County, Coweta County, Carroll County, Douglas County, Fayette County, South Fulton County and Henry County Georgia.

The Housing Nework, based in Newnan Georgia, offers flexible purchase programs for buyers with good, fair or poor credit. These programs include Owner Finance, Lease Purchase and Rent to Own home programs in south metro Atlanta. The home buying programs include credit development assistance towards obtaining longer, low interest FHA, VA, USDA and Conventional mortgage loans.

People interested in owning their own home and taking advantage of todays great bargain home buying deals are recommnended to submit a FREE, confidential, no obligation, Online Application form for pre-screening.