Promoting homeownership through an innovative program

As communities across America work to recover from the housing crisis, Wells Fargo announced the NeighborhoodLIFTSM and CityLIFTSM programs. The Wells Fargo LIFT programs are designed to provide down payment assistance, homebuyer education and homebuyer support in the cities most deeply affected by the crisis. So far the program has been implemented in Los Angeles, Atlanta, Phoenix, Las Vegas, Houston, Miami, Tampa, Jacksonville, Orlando, Minneapolis, Philadelphia, and Washington, D.C. Upcoming cities for the program include Memphis, Chicago, Sacramento and Oakland.

The Wells Fargo LIFT programs invest in the future by supporting sustainable homeownership and neighborhood stability. A collaborative effort sponsored by Wells Fargo and local nonprofit organizations, the programs provide:

Down payment assistance for qualified buyers

Financial education to help buyers prepare for homeownership

Events to showcase area homes for sale

A video about the NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.

Down payment program decoded

Down Payment programs in Atlanta

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.

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

Home ownership is NOT that far away…

Great News…The Atlanta Development Authority program is Back!

  • Minimum 640 credit score required
  • Down payment assistance available from 5% to 30% depending on property location and program requirements
  • Rate is based on current market FHA rate
  • All other program guidelines remain the same

Micole S. Sudduth
Senior Loan Officer
AmericaHomeKey, Inc.
2300 Windy Ridge Parkway, Suite 840-N
Atlanta, Georgia 30339
770-374-1847  Direct Phone
678-668-7331  E*Fax

NMLS# 213062

msudduth@americahomekey.com

www.giveyourselfthekey.com

How much would my payment be on a loan of…..?

Thinking about buying a home?
I’m sure you’ve heard- “You can own for the same amount as rent!”…
See for yourself how much  monthly payments would be on a loan of $150,000, Check out this mortgage calculator.

October is “Fall into Homeownership” Month

ATLANTA – The Atlanta Development Authority (ADA) is partnering with the Atlanta Housing Authority (AHA) and HomeFree-USA during the month of October for “Fall into Homeownership” Month. Buyers who meet all eligibility requirements and obtain lender loan approval may qualify to receive down payment assistance from ADA and AHA. ADA has $25 million in first-mortgage capital in addition to several programs designed to help assist in-town buyers with down payment and closing costs.

 

Based on the geographic location of the property to be purchased, the ADA downpayment assistance can be used in conjunction with the AHA downpayment assistance. By combining these programs, buyers who qualify may be eligible to receive up to $40,000 in downpayment assistance. A series of events is scheduled for the month of October that will teach interested homeowners about the downpayment assistance programs available to them and highlight the housing developments that are eligible for homeownership incentives.

 

While the maximum household income limit can be as high as $82,000, the average household income of a program participant is $46,600. The average sales price of a home is $157,880.

 Schedule of Fall into Homeownership Month events:

October 30        

Fall Into Homeownership Celebration

Time: 12 p.m. – 4 p.m.
Location:  TBD
RSVP by calling 404.614.8306  on or after October 17
Network with ADA, AHA, and City of Atlanta developers, lenders, realtors and homebuyer education providers.

Second Big Lender Stops Foreclosures

A second major mortgage lender, JPMorgan Chase, has stopped foreclosures so it can review loan documents for errors.

“It will probably slow things down for a couple of months while these documents are reviewed,” said Rick Sharga, senior vice president at foreclosure listing service RealtyTrac Inc. “It won’t stop things.”

But if Sharga is wrong and more problems surface, they are likely to slow the foreclosure crisis still more, making it drag on for several more years, other analysts say.

In any case, an increased number of lawsuits are likely. Christopher Immel, a Florida lawyer who represents foreclosed home owners, says many former home owners could sue their lenders, alleging errors in documents.

GMAC Mortgage was the first big lender to pause foreclosures while it reviews past files.

Source: The Associated Press, Janna Herron and Alan Zibel (09/29/2010)

Did you know…

Seventy-six percent of workers drive alone to work. Another 11% carpool, and 5% take public transportation. Average time it takes for people in the nation to commute to work: 25.5 minutes.

More women (26.4 million) work in managerial and professional-related occupations than men (24.7 million).
Of the total American workforce, 10.1 million workers are self-employed and 5.9 million work from home.

There are 16.1 million labor union members nationwide. About 12% of wage and salary workers belong to unions, with Alaska, Hawaii and New York having among the highest rates of any state. North Carolina has one of the lowest rates at 3%.

Randy Crisp

 Asst. V.P..

Academy Mortgage 

5565 Glenridge Connector

Suite, 400

Atlanta, GA 30342

404-557-8934 / Cell

404-574-2606 / Office

404-574-2200 / e-fax

http://academymortgage.com/randycrisp

NMLS# 214416

Experience the Difference!