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

Neighborhood LIFT!**Down payment Assistance**

Hello Community!!
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,

Visit this website for more information: http://www.neighborhoodlift.com/

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.

Sam Thompson Mortgage Update: “Get Over it! Please”

I could hear the frustration in the agent’s voice when he left me the following  voice message this week:

 “Sam, it seems like every house that my customer is looking at in his price range needs some kind of work.  One has the electrical ripped out of the attic and the other needs a foundation repair of about $6,000.”

 “I need to talk to you and see how the FHA 203K loan works and what is involved,”  said Hicks Malonson, an associate broker with Harry Norman Realtors in Marietta. 

 I know that there are  those of you out there that have not been involved with a renovation loan before and  may  feel anxious and reluctant about getting involved with this unknown animal.  What the heck’s a K-loan (as we affectionately call them), anyway?

 So I am going to ask those of you who feel that way to confess, slow down for just a minute and let me give you some very important advice :   GET OVER IT! Quickly!  Please! 

Actually I was walking through the Fernbank Science Museum

a couple of Sundays ago and noticed all of the animals that are not with us any more.  A pitty, don’t you think?  Too bad there was no one around to advise them to change their habits before it was too late.  Or perhaps Charles Darwin was right.  Perhaps they evolved and adapted to the changing environment over time. 

In the same manner of thinking, how much longer will you survive in the current challenging real estate market we find ourselves in if you refuse to use some of the tools you need to succeed?

Nia Knowles with Solid Source Realty  is a renovation expert in marketing her community in the West End of Atlanta.  She knows that renovation lending is a little more complex than the average mortgage loan transaction and may take a little more time, but that it is really the only way to get the job done.   Unless your buyer is paying cash. 

Melissa Krudwig of Keller Williams in Marietta is participating in her first 203K loan transaction with a client that is a first-time homebuyer.   “I believe that the FHA 203K program is very important and is very critical in today’s market,” says Krudwig, who markets herself to her customers as the Bear of Real Estate.

“The Atlanta Real Estate inventory is flooded with incomplete and vandalized homes that will simply never pass the appraisal requirements for a traditional FHA Loan,” explains the Bear.  “Most of these properties are great properties at the bones of the homes but they need some additional help such as replacing a stolen HVAC system.  If it was not for this program, my buyers would not have the dream home that they so desired.”

Nationally, Wells Fargo, my lending partner, controls about 40 per cent of the FHA 203K renovation lending market.  The loan process itself takes a little longer, about 45 days.

So if you would like to learn to be a bear instead of a dinasour when it comes to selling properties that need a little work, please give me a call.  For he or she that hesistates may become extinct. If you think your office would like training in renovation lending, please ask your broker give me a call.

Until next week.

Best regards, Sam Thompson

Loan Officer and columnist

 

Phone: 770-301-0527

email:  Sam.Thompson@HSL-GA.com 

web:   www.homeloans.com/sam-thompson