ALTERNATIVES TO THE TAX CREDIT: How to Get Up to $7500 For Buying a Home in One of These Georgia Counties

The Georgia Department of Community Affairs (DCA) has yet another new down payment assistance option to its Georgia Dream Homeownership Program to help revitalize and attract home buyers to the several counties affected by the 2009 Georgia floods.  The Georgia Dream Recovery Program offers down payment and closing cost assistance for all home buyers in the following Metro Atlanta counties: Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding and Rockdale. For those desiring to purchase a home in these counties, the real estate qualifications to receiving the Recovery Program funds are that it maybe any home within one of these counties (it does not have to have been personally affected/damaged by the floods) with a purchase price of no more than $300,000.  The DCA’s recovery program is also available to counties in other parts of Georgia including: Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor and Walker.  For those desiring to purchase a home in these counties, the real estate qualifications to receiving the Recovery Program funds are that it maybe any home within one of these counties (it does not have to have been personally affected/damaged by the floods) with a purchase price of no more than $250,000.

ALTERNATIVES TO THE TAX CREDIT: How to Get Rewarded Up to an Extra $7500 on Your GA Home Purchase

The Georgia Department of Community Affairs (DCA) has yet another new down payment assistance option to its Georgia Dream Home-ownership Program. The Georgia Dream “Plus” option (or the Rewards Program) offers down payment and closing cost assistance for first time home buyers with incomes up to 100% of their Area Median Incomes (AMI). Georgia Dream’s down payment assistance options are normally restricted to borrowers whose incomes are at or below 80% AMI. This assistance comes in the form of a second mortgage loan, with a zero percent interest rate and requires no repayment until the home is sold, refinanced, or no longer used as the principal residence of the borrower.

How To Get the Homebuyer Tax Credit Until April 2011 – That’s Right!

Members of the military and certain other federal employees serving outside the U.S. and their spouses have an extra year to buy a principal residence in the U.S. and qualify for the First-Time Home Buyer Tax Credit.

An eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.

How To Get FREE MONEY After the Homebuyer Tax Credit Expires

With April 30, 2010 quickly approaching, if you are a first-time homebuyer, you maybe quickly trying to find a home that will allow you to get the federal tax credit of up to $8,000.  If so, you maybe able to stop stressing over the April 30th deadline.  Why?  Effective April 19, 2010, the Federal Home Loan Bank (FHLB) is offering up to $7,500 to first-time homebuyers.  This is a 5-to-1 matching program so for every dollar you use towards the purchase of a new home, the FHLB will match qualified buyers 5 times that investment, up to $7500. 

Seller Announces,”NO CLOSING COSTS”

Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.  The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.

The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory— listed on www.HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes.  “Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, executive vice president for credit portfolio management, in a statement.

Savings for Teachers, Police Officers, Firefighters, & EMTs

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home for homebuyers. In return you must commit to live in the  real estate property for 36 months as your sole residence. 

How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program (see http://hud.uai.com/hudpls/). Properties are available for purchase through the program for five days.

Pay Only $100 Down and Receive $1000 Back on Your Next Home Purchase

So you are ready to purchase a home but hate how much you have to come up with for the downpayment.  At minimum you may have to pay 3.5% of the purchase price of the home down and at maximum you have to pay 20% down depending on the lender.   You wish there was an alternative that worked for you since your income will not allow you to qualify for the various low income-restricted down-payment assistance programs (if you think you income will qualify you for the down-payment assistance programs, email places2love@gmail.com and we will send a list of programs that offer down-payment assistance).  Well, there is hope!  There is an option where you only pay $100 down on your loan and you also may receive $1000 back at closing – this is a great option that more and more buyers are taking advantage of and it maybe worth you examining. 

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