Since the federal home buyer tax credit ended on April 30th, the Gwinnett governments, banks, mortgage companies, the Community Foundation for Northeast Georgia, the Impact Group, and the Gwinnett Housing Authority have collaborated to help home buyers purchase a new home in Gwinnett County. The $5,000 down payment incentive program is available for new constructed homes priced up to $205,000. Special financing is also available through a coalition of Gwinnett County banks.
These special financing products include:
To take advantage of this incentive or special financing, contact Dominique Fletcher now.
With the current state of the economy, many home buyers are turning to FHA loans to help fund the home of their dreams. There are several reasons home buyers are considering FHA loans over Conventional loans. Two of the major reasons are flexible credit guidelines and lower down payments. Currently, if your credit score is 580 or higher, your loan can be funded with just 3.5% down. Likewise, if a borrower has a credit score of less than 580, their loan can be funded with 10% down. With that being said, I must mention that although these options are available for people with credit scores less than 620, they are few and far between. The reality is…many banks are requiring at least a 620 credit score for FHA loan approval.
Other beneficial FHA loan features are as follows:
Overall, FHA loans offer a lot of benefits to you as a borrower. Especially, if you had credit problems in the past and/or you have limited funds available for your down payment and closing costs. As of today, the current FHA loan limit for Greater Atlanta is $346,250. So, don’t hesitate to consider FHA as an option for your dream home purchase.
Searching for a home can be an exciting, but overwhelming process! After all, buying a home is the biggest investment you will probably ever make. So to assist you in making your dream home search easier to handle, I’ve included a few steps for you to consider before house hunting.
As you can see, taking the 4 simple steps above can save you time, energy, and money during your home search. Click here to download a dream home wish list for free courtesy of HUD. Happy house hunting!
As a potential home buyer, have you ever wondered if you should get pre-qualified for a loan before starting your home search? Well, the answer is… absolutely! Here is a list of five reasons you should get pre-qualified for a loan prior to your home search:
As you can see, getting pre-qualified for a home loan can save you time, energy, and money. During the pre-qualification process, lenders will typically run a credit check and ask you for some basic financial information (i.e. income, assets, and debt) to help them decide how much home you can potentially afford. Although getting a pre-qualification letter is an important resource, it does not mean you will automatically be approved for a loan.
Tip: Before making an offer on a home, take the pre-qualification letter one step further and get a pre-approval letter. In this step, your loan officer will typically ask you to provide…
If your loan officer has not pulled your credit, they will during this step. You may even be asked to sign a full loan application and any additional paperwork necessary to get your file underwritten. Although this step requires more paperwork, this will give you the confidence you need when making offers that your loan will be processed quickly and easily as long as all the information you provide is accurate.
This is an amazing program for many buyers! If you are like many buyers in today’s market, you may have a hard time funding 3.5% down and closing costs to purchase a home. As a result, this is the perfect program for you to move into your dream home in Greater Atlanta. Learn the specifics about this program by downloading your FREE REPORT today, “How To Buy A HUD Home With Only $100 Down!”
The federal home buyer tax credit is an exceptional way to take advantage of home ownership in today’s market. First time home buyers, by law defined as a buyer who has not owned a principal residence during the three-year period prior to this purchase, are eligible to claim the $8,000 tax credit. Existing home owners or repeat home buyers who have owned and resided in the same home for at least five consecutive years out of the last eight years, are eligible to claim the $6,500 tax credit. Note: The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 for first time home buyers or $6,500 for repeat home buyers.
To qualify for the federal home buyer tax credit, you must purchase a home for $800,000 or less as a principal residence by April 30, 2010. However, home purchases with a binding sales contract signed by April 30, 2010 will still qualify for the federal home buyer tax credit provided you close by June 30, 2010. The types of homes that will qualify for the tax credit include single family detached homes, townhomes, condominiums, manufactured homes, and houseboats. Note: Vacation homes and rental properties will not qualify.
Of course anything with the IRS has some sort of income limits. Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after November 6, 2009. The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
The federal home buyer tax credit is refundable, which means that if the amount of income taxes you owe is less than the credit amount you qualify for, the IRS will send you a check for the difference. For example, if a first time home buyer who qualifies for the full $8,000 tax credit owes $2,000 in federal income taxes, they will receive a $6,000 check from the IRS ($8,000 minus $2,000 owed). Although the tax credit is a true credit, it will have to be repaid if you sell the home or stop using the home as your principal residence within three years after the purchase. All qualified home buyers can file the tax credit on their 2009 or 2010 income tax return with a copy of the HUD-1 settlement statement and IRS Form 5405.
