Tuesday, February 5, 2019

Clayton County Georgia Provides up to $5,000 to Purchase a Home!

Image result for clayton county homes
CLAYTON COUNTY      

COMMUNITY DEVELOPMENT DEPARTMENT        

HUD PROGRAMS DIVISION

Down Payment Assistance  (DPA) - find a home in Clayton County and 
qualified buyers will receive $4,000 in assistance. 
OR 
Neighborhood Stabilization Program (NSP) -homes are move in ready and 
qualified buyers receive $5,000 in mortgage assistance plus closing costs.

Who Qualifies?
 Have not owned a home in 3 years   (Downpayment Asst. Only) 
 Home must be your permanent residence for 5 yrs. 
Must be income eligible based on household size per HUD 
At least $1,000 towards the purchase

How to Get Started?
Pre-qualify with one of the certified lender
Attend HUD Approved 8 Hour Counseling Class 
Contract on a home in Clayton County

Clayton County does at times have inventory of homes that have been purchased and rehabilitated specifically for the purpose of affordable housing.  Call for additional  information on our buyer  programs!

770-231-2253

Sunday, February 3, 2019

"Point" wants you to sell them a percentage of your Home Equity!

Homeowners may start getting solicitations from a company called Point. Basically a homeowner can go to the website, provide information about their home and their financial history. Point will then make them an offer to purchase some equity usually between 5 and 15 percent of their home’s value. After additional screening including supplying more financial information, allowing Point to to pull credit and a home appraisal—at the expense of the homeowner—Point will charge homeowners a 3 percent processing fee and an escrow fee, and then provide them with the agreed upon loan amount. The way Point will make money is If the house rises in value, the homeowner owes Point 20 percent of the overall increase, which could wind up being a pretty hefty chunk of change in exchange for a 10 percent cash advance. Also they place a lien on the property so they are assured to recoup their investment. A homeowner will also want to be mindful that they may be Providing point with the ability to foreclose on the equity position that Point has. If you are thinking of doing this be sure to do your research and check with your local bank for Home equity lines of credit as well.
Thank you for readingIcon home

Thursday, January 31, 2019

Dekalb County Georgia Offers up to 5% toward Buyers Down Payment

WE DeKalb Program Overview

Approved homebuyers will receive a 30-year fixed-rate fully amortized first mortgage and a non-repayable down payment assistance (DPA) grant equal to 4% or 5% of the initial principal balance of the mortgage. The amount of assistance depends on the selected mortgage rate. The grant can be used for down payment and/or closing cost assistance. General program guidelines are provided below.

General Guidelines: o Mortgage rates for the program will be the same or slightly above the market mortgage rates depending on the selected DPA grant option. Rates will change periodically. o Maximum qualifying income - $81,900 (families of 2 or less) and $95,600 (families of 3 or more); o Eligible VA and FHA loans; o FHA mortgage limit is $342,700; o VA mortgage limit is $417,000; o Minimum FICO score of 660; o 45% debt-to-income (DTI) ratio; o No first-time homebuyer requirement; o Residential property; o Owner-occupied;  o Property must be located in DeKalb County; o New or existing 1-4 units detached or attached, condos, town homes, and homes that meet service/guarantor requirements are eligible; o No prepayment penalty; and o Standard agency guidelines still apply.   Non-eligible: o Recreational, seasonal, or other types of vacation or non-permanent homes; o Buy downs are not permitted; o Cosigners are not permitted; and o Construction to perm is not permitted.

Tuesday, January 29, 2019

Gwinnett County Georgia NSP Program

Neighborhood Stabilization Program (NSP)

About the Program
The Neighborhood Stabilization Program makes affordable housing available for purchase for eligible low-to moderate-income homebuyers.  The County utilizes NSP funds to purchase vacant foreclosed homes throughout the County, make necessary repairs on the homes, and resell these properties to income eligible homebuyers. This program does not provide foreclosure prevention assistance.
Eligibility Requirements 
In order to qualify for this program, applicants must meet the following criteria:
  • Must earn below 120% of Area Median
  • Must not own or will not own residential property at the time of closing
  • Qualify for a 30-year fixed mortgage
  • Complete an 8 hour HUD-approved homebuyer’s course
 
If you are interested in applying for this program please click here for the pre-application.

NSP Financial Assistance

Eligible applicants can receive homebuyer's assistance for the purchase of their new NSP home.  This assistance can be utilized to help with the cost of purchasing the home and be applied to the first mortgage to reduce the monthly payments. We offer financial assistance as a soft-second mortgage that is a deferred payment loan with 0% interest and now payments which reduces annually at the anniversary date of the closing.
Applicants are required to maintain the NSP home as their primary residency for a period of five or ten years depending on the amount of assistance they select.
The program currently offers the Soft-Second Mortgage in two options:
  1. $14,500 for five years with no interest and no payments, reduced annually at a 20% rate.
  2. $22,500 for ten years with no interest and no payments, reduced annually at a 10% rate.
If the homebuyer is unable to remain in the home for the residency requirements then the pro-rated loan amount shall be due back.
All buyers must meet certain eligibility requirements for financial assistance. To see if you qualify, visit the Qualifications page.

How to Get Started

Contact a mortgage lender or a real estate agent, who will assist you in qualifying for a loan and selecting a home. If you or your lender/agent has any questions, contact NSP at nsp@gwinnettcounty.com or (678) 518-6008.

Monday, January 28, 2019

Probate is not as scary as you think!

Through the years I have helped many of my clients through the oftentimes tangled web of working through Probate issues.

I am writing this post to hopefully give you some valuable information that you can use to maneuver through the sometimes tangled web. 

If money were no object and you would afford a probate attorney then everyone one would do that. Unfortunately I have heard (after the fact of course) of people losing their inheritance to probate court or foreclosure because the property was tangled up in a probate issue that the heir was unable to resolve.

If you have a relative that you know owned property and they did not have a will... if the heirs do not come forward then the property can become owned by the State. This is called "intestate".  In Georgia this is the case. If a person dies without a will then their estate will eventually go to the State of Georgia.

Now, do not fret, we do have Probate courts in each county and there is a way to work through the courts to rightfully claim your property if you are the next of kin.
The first thing that you will be required to do is to complete a "chain of heirs" form.  You can obtain the form from the respective county.  Complete the form and submit to the probate court with required payment.  In addition you should complete the form requesting to because the Executor/Administrator of the Estate.  If there are other heirs, you are required to notify them and to place an add in the local paper for notices.  After the required amount of time has passed you may have a court date to explain to the Probate Judge your claim on the estate and request for Administrative papers. If the Judge Agrees to your claim then you will take an oath and receive the proper paperwork to be able to transfer title of the property held in the estate.

Yes this sounds easy but it does take some time.  It can get complicated if there are many potential heirs especially if they want a claim as well.  The chain of Heirs from will typically also have a percentage of ownership that the Judge can go by if potential heirs are not able to agree how the estate shall be split.

I am not an attorney and do not claim to provide legal advise here, I am simply offering you some information on what I have helped to walk my clients through in a multitude of Probate situations.  I honestly suggest taking the time and patience because the rewards can be great.  

I recently had a situation where my client was the conservator over a family member that became elderly and was unable to care for herself.  My client lived out of state and the Attorney that was administering the conservatorship told her to just let the property go for taxes!!  ARE YOU KIDDING ME??  My client received calls from investors telling her the property was worthless and let them have it for $20k.  Lucky for her she called me and I sold the home for $130,000! So it was worth a little paperwork and advertisement in the paper to get that money that otherwise would have been wasted!
I had another situation of a client that became the Administrator over a family members estate and the property in the estate was worth less than the loan amount and there were many liens including tax liens on the property.  Well you may ask.. why even bother?  The answer to that question is that in the estate you have assets and liability.  In order to claim the assets, you have to pay off or resolve the liability. I was able to short sale the property in the estate, remove the IRS lien and other various liens off the property and clear all those issues up so the heir could receive the assets unencumbered from the estate including insurance policies.
So before you just give up... don't!  A little time and paperwork will allow you to claim your rightful inheritance!  Thank you for reading and if you are in the Metro Atlanta area I am happy to help you get your property listed and SOLD!

Gwinnett County Housing Rehabilitation Program/ Repair and replace program for health and safety issues

Homeowner Housing Rehabilitation Program


NOTE: The Homeowner Housing Rehabilitation Program is currently not accepting any applications.

The Gwinnett County Community Development Program Office operates a Homeowner Housing Rehabilitation Program that offers a five-year deferred payment loan to qualifying homeowners with 0% interest. Eligible participants must own and occupy a single-family detached home as their principal residence in Gwinnett County. The program is intended to assist qualifying homeowners make essential repairs to their homes.
Gwinnett County Housing Homeowner Rehabilitation Program is a repair and replace program. The replacement products are mid-grade and equivalent to the product being replaced in the home for this project. The emphasis of this program is to address health and safety issues for qualifying homeowners. This program will also focus on the vital life systems of a home, which include, but are not limited to, Electrical, Roof, Plumbing, HVAC, and Environmental Mitigation (Lead-Based Paint and Asbestos).
To qualify for the Homeowner Rehabilitation Program:
  • Homeowner must be at or below the income threshold (See chart below)
  •  Homeowner must be current on Mortgage and Tax payments
  • Bankruptcies must be at least two years since the date of discharge
  • Homeowner cannot have any liens on the home
Family/Household Size Program Income
 Limits Effective 6/1/18
1 $41,900
2 $47,900
3 $53,900
4 $59,850
5 $64,650
6 $69,450
7 $74,250
8 $79,050
For more information, call (678) 518-6008 or e-mail rehab@gwinnettcounty.com.

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