491 Dargan Place SW Atlanta 30310 Historic West End

FMLS#4319426

Better than new, is this recently restored Craftsman Bungalow on the Park! This home was taken to the studs and built up with no stone unturned. Many unique details- Trey ceilings, canned lights, entry foyer with a fireplace! Come tour and find spacious bedrooms off a main hall (great for art!) with traditional gleaming white moldings throughout. The kitchen boasts french doors off the E-I- breakfast nook/sun room. This summer you’ll enjoy the wrap around front porch over looking a serene park. All this within a Historic in town community. Ask about our association, private security and Merchants Coalition.

Seller is willing to finance!

 

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.

Need mortgage rep?

Micole Sudduth

Direct: 404.574.2639

Fax: 678.904.8326
5565 Glenridge Connector, Suite 400

Atlanta, GA 30342

http://www.academymortgage.com/

Micole and Joy have been able to work swiftly in getting my clients approved and closed! They also work with Atlanta Development Authority Down payment assistant programs close in 45-60days depending on the program you participate in.

Georgia Dream, NSP

I know I said this before…but really, NOW is a good time to buy. Take a look at what my mortgage specialist sent me:

“DCA Allows up to $14,000 for down payment or repairs on foreclosed properties under Neighborhood Stabilization Program

The Department of Community Affairs, better known as DCA, has come out with a new program to help sell foreclosures and benefit owner- occupant purchasers whether or not they are first time homeowners.

Tagged the Neighborhood Stabilization Program (NSP), DCA will provide $14,000 to be used for down payment assistance or repairs as long as the property is purchased at 85% or less of the market value as determined by an appraisal that is required prior to contract.

Borrowers must qualify for FHA or VA loan guidelines and fall within fairly generous  income limitations (cannot exceed 120% of Area Median Income) based on the number of family members and must attend a required counseling course.  For example, a family of 2 purchasing in a metro Atlanta county, could earn up to $68,350 and a family of 4 can earn up to $85,450.

The $14,000 DAP would be an interest free second mortgage “loan” that would not have to be repaid as long as the customer lives in the house for at least 5 years.  Otherwise, it would have to be repaid on a pro-rata basis of 20% of the DAP amount per year when the house is sold.

DCA will fund the NSP loan as per the Georgia Dream Seller Guide, Chapter 2, Section 212.  For more information, visit their website at: http://www.dca.state.ga.us/housing/homeownership/programs/GeorgiaDream.asp

This and That

FHA cash out refis: I had a question last week about the new changes that are taking place with FHA in regards to refinancing.  FHA previously allowed up to 95% LTV for cash out refinances but is going back to 85% LTV effective April 1st.

Investment Property:  Be prepared to put 25% down for purchases.

New Appraisal Procedures: In an effort to take some of the alleged “loan officer influence” out of the appraisal process, most lenders are going to a system May 1st that will require lenders to rotate conventional appraisal orders and not allow loan officers to discuss cases directly with appraisers.  The rule may not apply to FHA loans, but some lenders may apply it to all appraisals just to be safe.   

Underwriting Turnaround: If I were you, I would be asking your loan officer if they have underwriters and closers on location.  I am hearing stories that brokered loans can take as long as 3 weeks to underwrite.  Refinances are the culprit.

Making Home Affordable: The U.S. Treasury Department went live on March 19th with its Making Home Affordable program, which aims to help homeowners refinance or modify their mortgages. The toll free no. for this service is 888-995-4673.  The website is http://www. Makinghomeaffordable.gov.

Loan  Modifications: Dick Runstadler, who represents US Housing Assist, disagrees with one of the things I mentioned last week about qualifying for loan modifications.  The company I talked to, Integrated Loan Services, told me that they typically require borrowers to have verifiable income to qualify for a loan modification.  Dick says that USHA has closed many loan modifications for unemployed people.  For more information about USHA, contact Dick at 678-455-0072.

Name Change:  Opteum Mortgage, Metro Cities Mortgage, F&T Mortgage and several former Indy Mac retail branches will soon operate under one parent company: Prospect Mortgage.  Opteum is scheduled to change its name to Prospect on April 1st.  Prospect Mortgage will thus operate a network of mortgage offices in all 50 states.  So I wanted to let you know that I will be getting new business cards soon.  You will have to wait and see what they say.

And finally, to the agent that expressed resentment to the “political comments” and inferences I made in last week’s column  in regards to the AIG bonuses, I would like to apologize.  The goal in my newsletter each week is to educate, inform and entertain.  So from hence forth and without hesitation, upon request, I will gladly refund anybody’s subscription fee.

Until next week.”

Best regards,

Sam Thompson
Loan Officer and columnist
email: Sthompson@opteum.com <mailto:Sthompson@opteum.com>
web:  http://www.opteum.com/sthompson <http://www.opteum.com/sthompson>

1338 Lucile Ave- Renovated, Move-In Ready

Don’t miss this GEM! 4 Sided Brick Bungalow in Historic West End. 3bedroom plus a REAL  Bonus Room/Den/Office! Walk to public transportation (MARTA). Private 2 car detached covered parking. Many original details restored! Coffered ceilings, hardwoods and so much charm for the list price of $105.9K.
This is a smart move for first time home buyers- participate in ADA program and get down payment assistance.
Investors you can’t go wrong in this BeltLine Community! Walk to Atlanta University Center.

West End/ Westview Homes for Sale

Fully renovated, move in condition homes! Awaiting your inspection. View the links below to see these great deals! These homes will pass FHA inspection. Beltline Community- speak with your mortgage officer about city funds for down payments!

FOLLOW ME ON TWITTER @NiaKnowles

413 Karli Court, McDonough, GA  4bed/3baths Traditional $139K  http://www.postlets.com/res/4354275 

1556 South Gordon St, Westview-in town Atlanta 3bed/2bath Restoration + attic $169K http://www.postlets.com/res/4225188

Home Tour: http://www.flyinside.com/tour.php?id=44365  (SOLD)

 626 Willard Ave, Westview Atlanta 3bed, 2baths Renovation $120.9K http://www.postlets.com/res/4289274 (New Price)

Home Tour: http://www.flyinside.com/tour.php?id=44629

1184 Eggleston Ave Historic West End 3bed/2bath renovated with Loft 135K

http://www.postlets.com/res/4643963

1790 Laurelwood Drive -Adams Park- on Golf Course.. Investor Special 45K

 Next Up

1498 Westwood Ave (Westview) & Rogers; exquisite  rehabs by J.W. Kelly Properties, Grady Place.