All of these are HUD owned properties you can own for $45,000!!! and only $100 Down!!

Lawmakers to Extend $8,000 tax credit!!!

Lawmakers seek to extend $8,000 tax credit


from associated press (AP) – 3 days ago



WASHINGTON — Lawmakers are trying to extend and expand an $8,000 federal tax credit for first-time homebuyers, a stimulus-package tax break that many regard as a significant prop for the still-tottering economy.
The latest Senate proposal would drop the requirement that the credit be available only to first-time buyers, broadening the reach of the program but also adding to its cost, estimated by congressional analysts at $16.7 billion.
The backers of that idea, Sens. Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., chairman of the Senate's banking committee, have suggested that their measure be attached to another pending bill aimed at throwing a lifeline to people hit by the recession, an extension of federal assistance to the millions in danger of exhausting unemployment insurance benefits.
While the White House says there will not be a second stimulus package following the $787 billion economy booster enacted last February, extending the homebuyers' credit and unemployment benefits are among several primary means being pushed by the administration or Congress to help people get through the prolonged economic downturn.
Others include continued subsidies for laid-off workers trying to keep their health insurance and a proposal by President Barack Obama to provide seniors and others with a $250 payment to make up for the lack of a Social Security cost of living increase next year.
The stimulus-package credit allows first-time homebuyers to reduce their federal income taxes by 10 percent of the price of a home, up to a maximum of $8,000. The credit, which could cost in the $12-15 billion range this year, is set to expire Dec. 1.
The Isakson-Dodd proposal would extend the credit to June 30, 2010. It would also remove the first-time homebuyer requirement and raise the eligibility income limit to $150,000, or $300,000 for a couple. That's double the current phase-out limits.
As with the Cash for Clunkers program for cars, skeptics have questioned whether the credit will have any long-term effect on the housing market.
Brookings Institution economist Ted Gayer wrote in a recent report that the tax credit is "very poorly targeted." He calculated that of the 2 million or more people who would make use of the credit if it were extended for a year and expanded to cover all buyers, only about 383,000 would be additional sales motivated by the credit. He estimated that the real cost of the credit would thus be more than $40,000, rather than $8,000, per buyer.
But believers say it has been instrumental in sustaining an economic recovery highly dependent on housing.
The National Association of Home Builders, the source of the 383,000 figure for increased home purchases, pointed out that this would also create more than 347,000 jobs, generate $16.1 billion in wages and salaries and $12.1 billion in business income.
"Homebuyers for the past two years have been sitting on the fence and we needed something to move them into the market," said Lucien Salvant, managing director for public affairs at the National Association of Realtors. With more foreclosures coming next year, "to knock the props out of the housing market at this point would not be a wise move."
The NAR, together with the NAHB and the Mortgage Bankers Association, have been running ads in the Washington area urging Congress to extend the homebuyer tax credit.
They note that home sales to first-time buyers have increased by 25 percent in 2009 and now account for 50 percent of all sales. They add that first-time buyers are often at the lower end of the market and the tax credit is reducing the inventory of foreclosures.
Isakson, in a speech on the Senate floor this week, said lawmakers owed it to the country to extend "a proven program that works" and "buoy the marketplace."
He said that if the program is allowed to expire, the market again will depress values, sales and consumer confidence.

Senate Democratic leaders have not decided whether the homeowners' credit issue should be part of the unemployment bill. But there is powerful backing for taking it up in some form.
House Speaker Nancy Pelosi, D-Calif., said last week that she is looking into extending and expanding the popular tax credit, which according to IRS data has so far drawn more than 1.4 million applications from first-time homebuyers.
Senate Majority Harry Reid, D-Nev., last month joined Sens. Ben Cardin, D-Md., John Ensign, R-Nev., Debbie Stabenow, D-Mich., and Isakson in introducing a bill calling for a straight six-month extension of the tax credit.
The potential addition of the Isakson-Dodd proposal to the unemployment benefit bill would be a new element to a bill that the Senate is already trying to enlarge.
The House last month passed legislation to increase jobless benefits by 13 weeks, but only in those 27 states where the unemployment rate is at or above 8.5 percent.
That left lawmakers from the other 23 states unhappy, and last week Senate Democrats reached agreement on a bill that would give an additional 14 weeks of benefits in all 50 states, and another six weeks on top of that to those in states with the 8.5 percent unemployment rate. The national unemployment rate is 9.8 percent.
Currently, a laid-off worker in a high unemployment state is entitled to up to 79 weeks of state and federal assistance. The average payment is about $300 a week. Supporters of the extension say it is necessary in an economy where 15 million unemployed are competing for 3 million jobs.

Clayton County Housing Authority Now has Down Payment Funds for Homebuyers!

This HUGE home is located in Clayton County!  It is only $100 down and this home qualifies for the Clayton County Home Buyer Assistance Program for an additional $5,000 towards the purchase!!

Clayton County Homebuyer Assistance Program (CHAP)

Clayton County provides first-time, low and moderate-income homebuyers with downpayment assistance through its HOME Investment Program. Applying for these funds has been subcontracted to the Housing Authority of Jonesboro which will provide eligible homebuyers with a Deferred Payment Loan for up to $5,000. If the homebuyer loses or sells the house within the first 60 months after closing this money will have to be repaid to the County. If the homeowner retains the property for 5 full years, the downpayment assistance becomes a grant and does not have to be repaid.

Naturally, the home purchased, must be in Clayton County and the buyer will be required to obtain a fixed-rate mortgage from a reputable lender.


Income limits are 80% of HUD Area Median Income Limits. Borrower contribution is $500. Purchase price limit is $180,000. They can be reached at 770-478-7282

Home buyer education counseling is also a requirement and can be obtained through a HUD approved counseling agency.

Please contact me if you would like further assistance using this program!!

Atlanta Development Authority Down Payment Assistance Program

Downtown Living can be yours!

The Atlanta Development Authority has several Homebuyer Down-Payment Assistance Programs. The Beltline Affordable Housing Trust Fund, Atlanta Affordable Homeownership Program, Opportunity Down Payment Assistance Program, Vine City/ English Ave Trust Fund. For all of these programs the borrowers must qualify for a first mortgage in addition to down payment assistance, which is a second mortgage. The buyer qualifications vary from program to program. This is the information for the Atlanta Affordable Homeownership Program.


The ADA program provides the buyer with a down payment of up to $15,000 or 10% of the sales amount, which can be used as a down payment, and or pay up to 50% of the closing cost. There are no monthly payments required on the second mortgage. The maximum purchase price is $252.890. The qualifications for the buyer is as follows:
Buyer is a first time home buyer and has not owned a home within the past three years.
Buyer must purchase within the incorporated city limits of Atlanta. Within the CDIA area.

Homebuyer counseling is required throught a HUD certified agency.  You can email me for a list of qulifying counseling programs.  These programs are free.
The homebuyer must contribute $1,500 of their owne money toward the transaction. this can easily be accounted for by the earnest money, appraisal, home inspection.

The buyer can qualify for a Conventional, FHA, VA 30 year fixed rate loan.

The following income limits apply depending on the size of the household:
1 person $40,150
2 person $45,900
3 person $51,600
4 person $57,350
5 person $61,950
Properties that are eligible are: single family detached homes, townhomes and condominiums located within the city limits of Atlanta .

The loan is deferred for five years, repayment is due in full upon sale, transfer, refinancing or when the home is no longer owner-occupied.  It remains as a "soft second" loan on the title of the property.

Please contact me for additional information and a list of participating lenders! 
Thanks for reading!

Foreclosure Prevention- Making Home Affordable & Hope Now

This home is listed by HUD for only $112,0000!  A great opportunity to move into a newer home at an affordable price!

If you know someone who is experiencing a difficult time, there is help.  President Obama has an initiative to assist homeowners in these difficult times.  I have outlined some information in this article and provided a website & contact numbers so that you may follow up.

Beware of Foreclosure Rescue Scams - Help Is Free!


•Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.

•Assistance from a HUD-approved housing counselor is FREE.

•Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.

•Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.

•Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

•Never make a mortgage payment to anyone other than your mortgage company without their approval.

http://www.makinghomeaffordable.gov/

The making home affordable program can assist home owners facing foreclosure in several ways. They can reduce your monthly payments by half for up to six(6) months and place your arreage on the back of your loan. they can also help assist you with a loan modifiation.  It is best to be prepared prior to speaking with a counselor about your situation.

Home Owner Checklist:  It is a good idea to have your documents ready prior to speaking with a Counselor 

•Information about your first mortgage, such as your monthly mortgage statement.

•Information about any second mortgage or home equity line of credit on the house.

•Account balances and minimum monthly payments due on all of your credit cards.

•Account balances and monthly payments on all your other debts such as student loans and car loans.

•Your most recent income tax return.

•Information about your savings and other assets

•Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.

•It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
 
Call Hope Now @ 1-888-995-4673
 
.Once you have tried this avenue, if it does not work out then the next step to avoid a foreclosure would be to consider a short sale.   This is when you ask the bank for approval to sell your home for less than your original loan amount to avoid a foreclosure.  This is becoming a option that benefits both parties in the long run.  You will avoid having a foreclosure on your credit report and te bank does not have to put the home through its costly and time consuming REO process.  I will be providing more information on the Short Sale process in the future!
 
As always, thanks for reading!!

Get Up To $1,800 Back On Your Georgia State Income Tax When You Purchase a Home!

This Lawrenceville Hud home is listed at only $110,000!  Yes, it is part of the $100 down payment and 3% closing cost contribution program with FHA financing!

Get up to $1,800 back on your Georgia State Income Taxes when you buy a home before November 2009!

Governor Perdue signed the Georgia Homebuyer Tax Credit this week, which is GREAT news for Georgia home buyers. The bill will offer up to $1,800 in tax credits to Georgia homebuyers via a credit on their state income tax.


House Bill 261 gives a credit of either $1,800 or 1.2 percent of the purchase price, whichever is less. (You can only claim one-third of the credit each year, beginning with your 2009 Georgia tax return.) The purpose of the bill is to create a stimulus for home sales, and give a boost to the Georgia real estate market.

Here is how the Georgia Homebuyer Tax Credit applies to home purchases:

Applies to single-family homes and condos if they are your primary residence

The property must have been for sale prior to May 11, 2009 and must still be for sale

The property must be in default on or before March 1, 2009

The property has already been foreclosed on and is held by the bank or mortgage company

Homes purchased between June 1 and November 30, 2009 that meet the criteria will be eligible for the tax credit.


Here is just another reason why you should consider taking advantage of the great opportunites to get into your home today!

Get $8,000 Back On Your Federal Income Taxes! Hurry before December 1, 2009!

This loft is listed at only $102,000 for downtown Atlanta!

1.Who is eligible to claim the tax credit?


First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.

2.What is the definition of a first-time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

3.How is the amount of the tax credit determined?

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.


4.Are there any income limits for claiming the tax credit?

Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5.How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.


6.How do I claim the tax credit? Do I need to complete a form or application?

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

7.What types of homes will qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
8.I read that the tax credit is "refundable." What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

9.I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

10. I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

11.Is a tax credit the same as a tax deduction?

No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

12.I bought a home in 2008. Do I qualify for this credit?

No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.

13.Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.

• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the credit.