Great news fo first time homebuyers: the federal $8000 tax credit can now be used toward your downpayment. Here's more information:
The Basics: 2009 First-Time Home Buyer Tax Credit
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Breaking news: HUD Secretary Donovan announces that the $8,000 tax credit may be used as a downpayment.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Thanks to our friends at SunTrust Mortgage, here's an easy way to see what programs are out there to help Intown buyers. Give me a call and I'll be glad to hook you up with a SunTrust lender to see how you can take advantage of one of these programs:
Atlanta Development Authority
www.atlantada.com
404-614-8280
The Atlanta Development Authority offers several programs that make living in the City of Atlanta affordable. With programs and incentives targeted at developers, homeowners and renters, ADA makes living in-town affordable for all types of working families.
The following is a few key points of the most popular programs available from the ADA.
Atlanta
- Provides $10,000 mortgage assistance in the form of a 0% second mortgage and covers up to 50% of the settlement costs.
- 1st Mortgage secured by ADA’s participating lenders and must be Conventional, FHA or VA 30 year fixed rate loan.
- Must be a first-time homebuyer or have not owned a home in the past 3 years.
- Maximum Income limits of $40,150 for 1 person household, $45,900 for 2 person household up to a maximum of $61,950 for a 5 person household.
- Borrower must have sound credit, provide 3 years tax returns, attend an ADA approved homebuyers seminar, have existing property inspected prior to closing and must contribute $1500 of own funds towards closing.
- Property must be located in city limits of Atlanta and be primary owner occupied up to a maximum sales price of $252,890.
- This silent second mortgage is deferred for 5 years: repayment is due in full upon sale, transfer, refinancing or when no longer owner occupied.
Opportunity
- No first-time homebuyer requirement for borrowers moving in the incorporated city limits of Atlanta, but current residence must be sold prior to closing.
- Maximum Income Limits of $71,200 for a 1 or 2 person household and $81,880 for 3 or more person household.
- The 10% deferred loan requires no payments and is forgiven if borrower occupies the property for at least 10 years
BELTLINE Affordable Housing Trust Fund (BAHTF)
- Provides downpayment assistance up to 20% of the sales price at 0% interest rate as a soft second mortgage up to a maximum amount of $50,578.
- Maximum Income Limits are as follows: 1-2 people $56,250 and below can receive 20% and $56,251 to $71,200 receive 10%. 3 or more people $56,250 and below can receive 20% and $56,251 to $81,880 receive 10%.
- The property must be located in the Beltline Tax Allocation District. To verify go to http://ais.atlantaga.gov/apps/parcel_search/
- The deferred loan requires no payments and is forgiven if borrower occupies the property for at least 15 years
Both ODPAP and BAHTF have the same requirements as AAHOP program plus the items noted.
Wyndham Park, Decatur - Announcing a price reduction on 4216 Wyndham Park Circle, a 2 bath, 4 bdrm 2 story "Classic Brick". Now 
MLS® $199,900 - Like New Inside!.
Property information
Dogwood Farms, Decatur - Announcing a price reduction on 3645 Tarragon Drive, a 2 bath, 4 bdrm 2 story "Traditional". Now MLS® $129,900 - Feels Like New Inside!.
Property information
6 Reasons Why It's Still a Good Time to Buy
The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.
1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.
3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.
4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.
6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.
Source: The Wall Street Journal, June Fletcher (03/27/2009)
GRADY/MIDTOWN ELECTRONICS & CARDBOARD RECYCLING EVERY 3rd SATURDAY
Hours: 8:00 AM – 4:00 PM
Grady High School, Keep Atlanta Beautiful and Midtown Neighbors' Association join together to bring to the neighborhood electronics and cardboard recycling. On the third Saturday of every month, you can recycle your e waste in the parking lot at Grady High School on 8th Street. Bring your compact fluorescent light bulbs, alkaline batteries and your old electronic equipment to be recycled. Look for the big Georgia E Waste recycle truck. For a complete list of accepted e-waste go to My Ecoville.
Note that this information is outdated.
From John Wolfinger, Keep Atlanta Beautiful board member from city council district 6:
Building on the fantastic success of last year's Earth Day BeltLine cleanup, another such event is scheduled for Saturday morning, April 18th, from 8 til noon. The cleanup emphasis area this year stretches from Freedom Parkway south to DeKalb Avenue and will result in a navigable run from Cabbagetown to Piedmont Park - a remarkable volunteer effort. Sign up at our Keep Atlanta Beautiful website to do your part in helping to make the BeltLine a reality. The noon picnic will be held at Studioplex.
Read More
NEW Granite & Stainless Kitchen!
• 2 bath, 4 bdrm 2 story "Classic Brick" - MLS® $209,900 - Like New Inside!
Wyndham Park, Decatur - Big beautiful 4 bedroom/2.5 bath executive home in a sought-after quiet Kelly Chapel neighborhood. Vacation at home in your fantastic master suite offering a master bedroom with coffered ceiling + spa master bath with roomy whirlpool tub, separate shower, NEW double vanity, NEW tile & built-out walk-in closet. This home feels like new inside w/stunning kitchen featuring NEW Uba Tuba granite countertops, NEW Whirlpool stainless steel appliances, bright recessed lighting, upscale cabinetry w/task lighting, walk-in pantry & breakfast room. Open floor plan offers a gracious central entry, separate dining room, separate living room with built-in bookcase & separate family room with lovely hardwood floor, custom molding + built-ins, brick fireplace & double French doors to the patio. NEW custom Benjamin paint colors inside & out. NEW architectural shingle roof, NEW 6” gutters, NEW Hardiplank siding, NEW carpet, NEW designer lighting, NEW water saving plumbing fixtures. Dual-zone HVAC, upstairs laundry for convenience, upgraded alarm system. Large rear patio & grass rear yard are perfect for entertaining and relaxing.
Property information
Mortgage rates dropped today to a low of 4.375% on conventional conforming loans and 4.75% on FHA. Wow, there just has never been a better time to buy a home with low rates, lots of homes on the market to choose from and value pricing.
In my opinion, real estate investors will play a big role in resuscitating communities hurt by high levels of foreclosures and distressed property sales. Empty homes deteriorate and invite crime hurting the neighborhood. When investors come in and rehab a property it attracts home buyers back to the neighborhood. It's nice to see in the following survey results and in other recent stats that people still believe in the American Dream of home ownership just as much as ever.
Survey: American Dream Still Alive
The American dream of homeownership is alive and well with both home owners and potential home owners undeterred by the current housing slowdown.
According to the latest American Dream Survey by Trulia.com, more than 75 percent of Americans surveyed consider owning a home a key part of achieving their personal American Dream.
Creating more jobs and increasing job security is the most important thing President Barack Obama can do to stabilize the housing market, says 53 percent of those surveyed.
Other notable findings:
- 7 percent believe it is important for Obama to keep interest rates low.
- 5 percent think it is important to offer other economic incentives to homeownership.
- 21 percent say it is wise to reduce foreclosures.
- 6 percent believe that there is nothing Obama can do to stabilize the housing market.
Overall, 29 percent of those surveyed believe the housing market will improve in the next year. Of the Republicans surveyed, only 10 percent see improvement in the next year, while 47 percent of Democrats believe in that timetable.Harris Interactive surveyed more than 1,400 home owners and about 600 renters for the survey.Source: Trulia.com (03/05/2009)
4 Sides Brick Ranch
2 bath, 4 bdrm single story "Brick Ranch" - MLS® $119,900 - Completely Updated Inside
Parkwood, Atlanta (DeKalb County) - 32" FLAT SCREEN TV IS YOURS WITH FULL PRICE OFFER AT CLOSING!
Great 4 sided brick home with 4 bedrooms & 2 full baths feels like new inside! NEW stainless appliances, NEW carpet & tile, NEW paint inside & out. refinished hardwoods, NEW water saving plumbing fixtures, NEW lighting fixtures & NEW fans throughout. NEW roof, NEW gutters, NEW front porch with covered entry, big NEW rear deck. Great large level fenced rear yard perfect for playing, entertaining & pets & newly seeded with grass. Separate entrance to 4th bedroom-perfect for teen or extended family. Close to new Super Wal-Mart store.
Property information
$10,000 PRICE REDUCTION!
• 2 bath, 4 bdrm 2 story "Classic Brick" - MLS® $209,900 - Like New Inside!
Wyndham Park, Decatur - $10,000 PRICE REDUCTION on this big beautiful 4 bedroom/2.5 bath executive home in a sought-after quiet Kelly Chapel neighborhood. Vacation at home in your fantastic master suite offering a master bedroom with coffered ceiling + spa master bath with roomy whirlpool tub, separate shower, NEW double vanity, NEW tile & built-out walk-in closet. This home feels like new inside w/stunning kitchen featuring NEW Uba Tuba granite countertops, NEW Whirlpool stainless steel appliances, bright recessed lighting, upscale cabinetry w/task lighting, walk-in pantry & breakfast room. Open floor plan offers a gracious central entry, separate dining room, separate living room with built-in bookcase & separate family room with lovely hardwood floor, custom molding + built-ins, brick fireplace & double French doors to the patio. NEW custom Benjamin paint colors inside & out. NEW architectural shingle roof, NEW 6" gutters, NEW Hardiplank siding, NEW carpet, NEW designer lighting, NEW water saving plumbing fixtures. Dual-zone HVAC, upstairs laundry for convenience, upgraded alarm system. Large rear patio & grass rear yard are perfect for entertaining and relaxing. Come Home For The Holidays!
Property information
Corner Lot!
- 2 bath, 4 bdrm 2 story "Traditional" - MLS® $139,900 - Feels Like New Inside!
Dogwood Farms, Decatur - Corner lot! Feels like new inside with NEW stainless steel appliances in the kitchen, NEW floor tile & NEW carpet throughout, NEW designer lighting & fans, NEW paint colors, NEW low-flow Dekalb County-compliant plumbing fixtures & NEW countertops/sinks/faucets in kitchen & baths. Great kitchen with eat-in breakfast area + walk-in pantry. Wonderful floor plan with separate dining, living rooms & family rooms. NEW rear deck leads to BIG yard. 2 car garage with NEW automatic garage door openers. Close to schools, shopping & Marta.
Property information