Down payment Assistance
Posted on April 30, 2012. Filed under: Down payment Assistance, money, Mortgages | Tags: downpayment, home buying, invest atlana, mortgages |
As I mentioned last week, Invest Atlanta is a MAJOR Player, in the down payment assistance arena for the City of Atlanta. Invest Atlanta started with several types of down payment assistance but now they are down to three :
- Neighborhood Lift, which I told you about last week
- Atlanta Affordable Homeownership Program (AAHOP)
- Vine City/English Avenue Trust Fund
Both AAHOP and the Vine City/English Avenue Trust Fund can be layered with the Neighborhood Lift program as long as the buyer is not applying for a 203k loan. Atlanta Affordable Homeownership Program (AAHOP) Questions and Answers
1) How much can a buyer received from AAHOP?
AAHOP provides qualified homebuyers $10,000 mortgage assistance in form of a 0% interest rate soft second mortgage and covers up to 50% of the settlement costs.;
2) Who is eligible?
Anyone who has not owned a home or anyone who has not owned a home in the last three years is eligible for AAHOP
3) Does the loan have to be paid back
Loan is deferred for five years; repayment is due in full upon sale, transfer, refinancing, or when home is no longer owner occupied;
4) Is there a limit on income?
Yes, there is
| Size |
Income Limit |
| 1 Person |
$38,850 |
| 2 Person |
$44,400 |
| 3 Person |
$49,950 |
| 4 Person |
$55,450 |
| 5 Person |
$59,900 |
|
5) Is there a limit on the price of the home?
Currently AAHOP is the only Invest Atlanta program the has a limit on the price of the home purchase, the limit is $252,890.00
6) How much money must a buyer pay toward towards the purchase of the home.
The buyer must put in a minimum of$1,500.00 towards the purchase of the home. This money cannot be a gift, a grant or paid by the seller.
7) How do I know if the property is in the City of Atlanta limits?
You can check Invest Atlanta’s website http://investatlanta.com/buildDev/AAHOP.jsp or if the owner of the property can vote for the mayor of Atlanta, the property is in the City of Atlanta’s boundaries.
If you would like to know more about Invest Atlanta’s programs, please contact me at 404.374.3557 or email me at vhenry@equityloans.com or apply online https://vondaequityga.com
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Posted on April 26, 2012. Filed under: Down payment Assistance |
In Atlanta, Invest Atlanta leads the pack in down payment assistance, in fact other than Georgia Dream, there is no other source for down payment assistance in Atlanta (I excluded NSP funds because you have to buy a NSP house to get those funds).
I have been getting a lot of questions on down payment assistance programs, so here are some of the answers:
Neighborhood Lift:
1) What is it?
This down payment program is funded by the Wells Fargo Foundation and NeighborWorks America, and is available through Invest Atlanta. Contrary to popular thinking, the lender does not have to be Wells Fargo. The program will be available for two years, however, it is a first come, first service program. If the funds run out before the two years are up….I can only say SORRY.
2) How much money can a buyer receive?
Qualified homebuyers can receive up to $15,000.00 to purchase a home.
3) Can the Neighborhood lift program be combined with other down payment assistance programs?
The Neighborhood lift program can be layered with other down payment assistance programs but not with Georgia Dream.
4) Does the money have to be paid back?
As long as the buyer stays in the home for five years, no money has to be paid back. However, if the buyer moves out of the home before five years a portion of the money must be paid back. This amount will be based on the amount of time the buyer has lived in the home.
5) Can the home be refinanced to get a lower rate before the five years are up?
The Neighborhood Lift program is the only program Invest Atlanta maintains, that allows refinancing. Yes, the buyer can refinance to get a lower rate. No cash out refinancing is allowed.
6) Can the Neighborhood Lift program be used with a 203k loan?
Yes, it can but only if you are not layering it with another Invest Atlanta program.
7) Can the homebuyer certificate received for the other Invest Atlanta programs apply towards the Neighborhood lift program?
No, the buyer must take a class specific to the Neighborhood Lift program. You can go to Invest Atlanta website or call me for the list of classes.
I hope I was able to answer your questions on the Neighborhood lift program, if you have more questions about down payment assistance go ahead and call me. if I dont know the answer, I will know where to get the answer.
ENJOY YOUR DAY!
Vonda Henry., Loan Originatior. Voice 404.374.3557 Fax 404.806.0073 Equity Loans, LLC NMLS 170855 G A25313 1150 Hammond Drive Blg. E Ste 650 Atlanta, GA 30328
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Posted on June 27, 2011. Filed under: Down payment Assistance, money, Uncategorized |
Reverse mortgage can be a really good mortgage for elder people who do not have dependents or just don’t want to pass on the wealth. It allows the elder to receive income from their home as long as the taxes and insurance are paid. However, if the taxes and insurance are not paid foreclosure is a real possibility. So it behooves the homeowner to really think about EVERY aspect of this loan and do research before jumping into this type of loan.
Most people don’t know but Reverse Mortgage can be used to purchase a home. It is called a Home Equity Conversion Mortgage, or HECM. This allows seniors to purchase a new home with the equity from their current home. Seniors can use up to $625,500.00 plus the d0nt have to sell their current home.
To qualify for the program’s reverse mortgage, a senior, age 62 or older, must:
- Agree to live in the house as a primary residence.
- Own the home outright or have enough equity to pay off any existing mortgages and equity lines with the proceeds from the reverse mortgage. Those with more equity may be able to access even more cash.
- Not be delinquent on any federal debt.
- Participate in a consumer information session given by an HUD-approved counseling agency or HECM counselor.
Guaranty Mortgage Services has Home Equity Conversion Mortgages as part of our portfolio. Call me at 404 374 3557 to learn more.
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Posted on September 19, 2009. Filed under: Down payment Assistance | Tags: beltline, down payment asst, home buying, Real Estate |
Have you ever heard of the Beltline Tax Allocation District (TAD)? No? Don’t feel bad most people looking for a new home have not. The details are complicated but final analysis is that you (the homebuyer) can get up to $50,000.00 toward a new homes. Another aspect of these funds is that they can be combined with other affordable housing programs.
Program Basics
- 10 – 20% of purchase price
- Purchase price limit is $252,890
- Must be in the BeltLine Tax Allocation District.
- Income eligibility
- 1 or 2 person household: $71,200 household income or less
- 3 or more person household: 81,800 household income or less
- Assistance is in the form of a 0% interest second mortgage
- Repayment of mortgage is due in full upon sale, refinancing, or when the home is no longer owner-occupied. Mortgage loan is forgiven after 15 years.
Program Details
To receive full program details and express interest, please call the Atlanta Development Authority at 404.614.8280 or visit
AtlantaADA.com.
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Posted on September 13, 2009. Filed under: Down payment Assistance | Tags: down payment asst, home buying, mortgages, tax credit |
In 2008, the federal government decided to give first time homebuyers a credit that can be applied to their tax return. The credit was for 2008 and 2009. I want to write about the 2009 credit, because time is running out.The 2009 credit end December 1st,. The deadline is December 1st but the house has to be bought by November 30th or no credit.
For people buying a house in 2009 ,for the first time*, they can claim a credit of up to 10% of the purchase price of the home for a maximum of $8,000, and they don’t have to pay it back provided they keep the house for 36 months. Which is different from the 2008 credit which had to be paid back over 15 years. There is of course a income limit to this credit. Home buyers with modified adjusted gross income more than $75,000, or $150,000 for joint filers will see the reduction in the credit and will not be able to take the full amount of the credit.
One of the good things about the 2009 credit is that you can take the credit on your 2009 tax return or go back in time and take it on your 2008 tax return , how great is that!.
To learn more about this credit ask your tax advisor or go to www.irs.gov.
*In general, you can claim the credit if you are a first-time homebuyer. You are considered a first-time homebuyer if:
1) You (and your spouse if married) did not own any othermain home during the 3-year period ending on the date of purchase.
2) If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
Vonda Henry, Mortgage Lender
voice: 404 374 3557
Fax: 404 806 0073
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Posted on July 11, 2009. Filed under: Down payment Assistance | Tags: Downpayment Assistance issues |
Use to be, the mortgage world was simple. If the buyer’s DTI (Debt to Income ratio) was under 50% (subprime) 40% (prime) you could close a deal. Now everything is crazy! Down payment assistance was easy. Now most down payment assistance is gone, but buyers do not realize this, they still want downpayment assistance. So what’s a loan officer to do? Go find down payment assistance for her buyer. On Wednesday, I will be at Empire Board of realtists, getting my down payment assistance knowledge on.
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