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.
Are you ready for the Neighborhood LIFT program? Have you not heard?
Neighborhood Lift is an initiative that Wells Fargo has created for the City of Atlanta. This program will add a new source of down payment funds for homebuyers who are buying a home in Atlanta. The funds can also be used for those who are buying a home that needs renovation. $ 6.4 million in down payment funds will be made available for those who earn less than 120% of Area Median Income and will be purchasing a primary residence anywhere in the City of Atlanta
The program will be kicking off at a large event at the Georgia WorldCongress Center on February 10th and 11th so mark your calendar and attend!
Event highlights include:
·Down payment assistance program – qualified homebuyers can get up to $15,000 in a forgivable grant (see flyer below for more info)
·Homebuyer education theater – where consumers can learn more about finding and financing a home and managing the financial responsibilities of homeownership
·Featured homes – consumers can stop by Wells Fargo’s Affordable Home Tour viewing center to preview the features and prices of area homes for sale and board a neighborhood home tour bus for a free ride to and from homes they’d like to see first-hand ( THERE WILL BE HOMES LISTED AND OPEN IN OUR COMMUNITY!)
The four tour areas are:
1. Castleberry Hill to Northside drive to Atlantic Station to West Midtown: includes zip codes: 30303, 30318,30309,30363
2. East Atlanta, Beltline, Reynoldstown, Edgewood, Cabbagetown, Kirkwood: 30316,30317, 30307, 30312.
3. Mechanicsville, Peoplestown, Pittburgh, South Atlanta, Lakewood, 30315, 30312, 30354
4. West End to Cascade: 30310, 30314, 30311, 30331,
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
2300 Windy Ridge Parkway, Suite 840-N
Atlanta, Georgia 30339
770-374-1847 Direct Phone
1455 Lucile Ave SW
4bed 3.5bath finished basement and many original details $160K
557 Lawton Street SW
5bed/4.5bath Historic West End New Construction Craftsman next to the West End Park $159K
1119 Sells Ave SW
3Bed 2bath Craftsman with amazing upgrades- solid wood cabinets, granite counters, SS Appliances –a spacious house on a corner lot for $130K
(1K agent bonus!!)
1184 Eggleston Street SW
3bed/ 2.5bath with large deck the width of the home and basketball court out back! $119K
Ga Dream Rates are at a Historic Low!!!! This is great news for our first-time homebuyers, with 2 different down payments assistance programs available. I would be happy to tell you more about the standard Ga Dream program and the Rewards program, offering you $5-$7,500 in down payment funds!
Helping someone close to you buy a low-cost property – $50,000 or less – is a fairly straight-forward transaction, although it may require specific legal advice, says Charles Carter, an attorney and a consultant at Haint Blue Realty in Mount Pleasant, S.C.
Carter suggests that buying a property outright, using the gift exclusion ($13,000 for singles; $26,000 for married couples) to pay for a down payment and closing costs and then giving the recipient a 30-year mortgage on the remaining amount at 5 percent interest is a good way to go.
There won’t be any gift taxes. And the mortgage holder may later cancel the mortgage and gift what remains on the loan as another annual gift-tax exclusion.
Source: McClatchy-Tribune News Service, Charles Carter (06/03/2010)
5565 Glenridge Connector, Suite 400
Atlanta, GA 30342
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.