Attend a new and innovative homebuyer event!!

You may get the help you need to make home ownership a real possibility!!

Find information and support at every turn:
• Get help with your down payment — Apply for down payment assistance grants from local nonprofit organizations, available for a limited time to qualified homebuyers who purchase a home in selected neighborhoods
• Find out if you’re ready to buy a home — Meet one-on-one with professionals to understand the home financing options that may be available
• Prepare for sustainable homeownership —Learn more about finding and financing a home and managing the financial responsibilities of homeownership at Wells Fargo’s video homebuyer education center
• Picture yourself at home — Stop by Wells Fargo’s Affordable Home Tour(SM) viewing center to preview the features and prices of area homes for sale
• See for yourself — Board a neighborhood home tour bus for a free ride to and from homes you’d like to see first-hand

If you have a goal to become a homeowner, you won’t want to miss the Neighborhood LIFT(SM) event, sponsored by Wells Fargo in
collaboration with local non-profit organizations.

Date: February 10-11, 2012
Time: 10:00 a.m. – 7:00 p.m.
Location: Georgia World Congress Center, Exhibit Hall B1
285 Andrew Young International Blvd. NW
Atlanta, GA 30313
Free parking in designated lots, see web site for details.
Admission is free!

Plan to spend some worthwhile time discovering the possibilities of homeownership in Atlanta – and find out if it’s right for you.

Register today:
http://www.neighborhoodlift.com
or call 866-858-2151

Kelvin Goodwin

Home Mortgage Consultant, Phone: (404) 257-7988,Cell: (404) 454-7805 kelvin.goodwin@wellsfargo.com-NMLSR ID: 516216

1. The Neighborhood LIFT program is a collaborative program of Wells Fargo Bank, N.A., Wells Fargo Foundation, and NeighborWorks America,an independent nonprofit organization.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2011 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.

Tax Benefits of Homeownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Info from: REALTOR.org

Rent-to-Own Gaining Favor Once Again

Rent-to-own options are becoming popular again after falling out of favor during the last couple of decades when mortgages were easy to get.

The advantages of rent-to-own to buyers include a way around poor credit, an opportunity to rebuild credit worthiness and a way to try out homeownership without making a costly commitment.

For sellers, it offers cash flow from properties that might otherwise just be sitting there.

In some parts of the country, like Florida, rent-to-own arrangements are fairly commonplace, but in other parts of the country developers are only beginning to experiment with this form of purchase.

In the Boston area, Economic Development Financing Corp. (EDFC) and Trinity Financial are two affordable-home developers that have introduced experimental rent-to-own programs. Eric Gedstad, spokesman for MassHousing, a state agency that finances housing construction, says his agency is supportive.

“As the lender, we are gratified that the developer has cash coming in. It makes sense for potential homeowners. The more time that goes by the better the opportunity for someone to repair his credit.”

Source: Boston Globe, Robert Preer

Tighter Lending Stalls Housing Recovery

Rising foreclosures and tightening credit standards are making it more difficult for the housing market to recover from the current downturn than it has been for the market to rebound from previous slowdowns, according to a Harvard University study.

“Historically, housing markets recover only after the economy has entered a recession and a combination of falling mortgage interest rates and house prices have improved housing affordability,” Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard, said in a statement.

“It will take longer this time to rebound given the unusually high levels of foreclosures and constrained credit markets,” he said. “The slump in housing markets has not yet run its full course.”

The center predicted that income growth over the next 10 years would be constrained, reducing demand for homes. Much of employment growth will be in part-time and low-wage positions, the study said.

“The somber conclusion is that if the economy slips into recession or job losses keep racking up, household growth and homeownership demand could fall even more,” the center said in the release.

Source: Reuters News, Lynn Adler 06/23)