Facts About Seller-funded Downpayment Assistance Provision

The Housing bill signed by the President on July 30, 2008, does not eliminate all downpayment assistance programs from eligibility for FHA insurance. Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Downpayment assistance from family members, government programs, or charities that are not seller-funded is still permitted. The prohibition goes into effect October 1, 2008. Read more about the Seller-funded Downpayment Assistance Provision.

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works:

  • The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

  • This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

  • The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

  • High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: Realtor Magazine

“the cute house with the red door…”

There is something about having a Red door that seems to add a little extra spice to ANY listing…

A friend of mines is selling the cutest bungalow in East Point (and yes, if not Washington Park-I did sleep on East Point/College Park!)

1841 DORSEY AVE  built:1948,  1.5 story, 3bed, 2bath Fully renovated home.

Here are the specs and pictures, the home is not listed- so now is your time to get a good deal!!:

“NEWLY RENOVATED TRAD.LR W/PICTURE WINDOW,HDWDS ON MAIN,KIT W/TILE FL,GRANITE TILE COUNTERS,TUMBLE STONE BACKSPLASH,STAINED CABS,SS APPL.2 BATHS W/CER TILE FLS&TUB SURROUNDS,MODERN FIXTURES.MASTER BED W/HUGE WALK-IN CLOSET,UPSTAIRS LAUNDRY,UPDATED ELEC&PLUMBING,LG DECK&NICE BACKYARD FOR ENTERTAINING. ”

Atlanta made the list…

10 Cities Where Jobs, Home Prices Are Growing

Forbes.com looked at projections for housing starts from the National Association of Home Builders and job-growth projections from Moody’s Economy.com.

To determine where home prices are expected to rise most in the next couple of years,

Forbes identified cities that are likely to be vibrant markets because jobs are increasing and the housing market wasn’t overbuilt during the boom.

“The logic is pretty straightforward,” says Mark Zandi, chief economist at Moody’s Economy.com. “People will spend as much on housing as their income will allow them. House prices are very closely tied to household income over the long run when you look at business cycles.”

According to Forbes, these are the 10 cities where home prices are most likely to rise:

  • Albuquerque, N.M.
  • Charlotte, N.C.
  • San Antonio, Texas
  • Portland, Ore.
  • Austin, Texas
  • Salt Lake City, Utah
  • Colorado Springs, Colo.
  • Minneapolis
  • Atlanta
  • Oklahoma City

Source: Forbes.com, Matt Woolsey

Attention Investors!

This may be the the solution to vandalism and squatters in your vacant property.. Show Homes of Atlanta

http://www.showhomesofatlanta.com/

If anyone on the Southside or South West side of Atlanta have used this service, I’d love your feedback.  According to their website, there is NO charge for this service!!! ??? Let me know…

The only snag I see for our side of town…all of our vacant homes are foreclosures! Will banks take part in this program? What do you think?

This is what the West End needs..

to prevent the break-in’s and vandalism  on our vacant homes..

Company Offers Rent-a-Residents

A company called Showhomes Management LLC is taking staging one step further by hiring resident managers to occupy vacant high-end homes, furnish them, and keep them spotless until they sell.

There are about 2.2 million vacant homes for sale, according to census data. And that means the Nashville-based company, which has business operations is 34 states, is doing fabulously.

“I hate to be the one positive person in the real estate market,” he said. “We’re really excited about the bust because there are so many vacant homes. We can be really selective — almost picky,” says Thom Scott, vice president of operations.

Home managers actually pay Showhomes to do the job – about $1,200 a month to live in the houses, which are often multi-million dollar mansions. In return for the bargain rent, they are expected to fill the homes with nice furniture and keep the properties open house ready. The deal lasts until the home sells – usually five or six months.

Scott says finding managers isn’t hard. Often people who have just sold their own expensive home sign on. Newly transferred executives are also likely candidates.

Source: Chicago Tribune, Mary Umberger