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For Sale: 3BR/2+1BA Single Family House in Snellville, GA, $100,000.
June 30, 2010
ERA Sunrise Realty continues to introduce programs and technology that lead the transformation of the real estate industry with the public launch of their Apple iPhone Home Search Application. This introduction comes on the heels of the recent re-launch of the new http://www.ERASunriseRealty.com website that services Metro Atlanta and North Georgia as well as the launch of the local market site for the Athens, Georgia market http://www.AthensRealEstatePros.com.
The ERA Sunrise Realty iPhone Web Search App allows iPhone users to search across all four multiple listing services for homes for sale in the ERA Sunrise Realty market area using their iPhone. The most exciting feature is the Location (GPS) Based Search which provides search results based on chosen distances from the users current location. Other specialized searches like address, neighborhood, mls#, city and zip code options are available. All searches results can be additional limited by price range and basic features.
Apple iPhone users are provided the iPhone Home Search Application as an option when they point their phone browser to http://www.ERASunriseRealty.com or they (and other smartphone users) can access the search page directly at http://www.ERASunriseRealty.com/iphone. There is no application download or installation from the Apple App store required!
Update: Just to clarify, other brands of smart phones should be able to use the site , but some functionality may be limited. Other smart phones should point their browsers directly to http://www.ERASunriseRealty.com/iphone
Want to list your property with a top selling agent and the leading technology broker in the state of Georgia? Contact me today!
ERA Sunrise Realty
June 15, 2010
By now, you’ve probably heard someone mention it, seen the flyers. But what is it? It’s the Federal Home Loan Bank grant, but what is it really and who is it available for? Keep reading, and the answers to these questions will soon be unveiled.
Each year, The FHLB sets aside 10% of its annual net income to provide grants for affordable housing and to help 1st time homebuyers with down payments and closing costs. The funds began being dispersed as of April 19, 2010 for this year, and approximately $7.5 Million remains in funding at this time. Each grant is at minimum $2,500 and maxed out at $7,500.
All this talk about grant money sounds great, right? So many times we hear about programs such as these, but how do you know if you qualify for this kind of program? It’s simple. The FHLB grant is eligible on any property in Georgia that is being purchased by a 1st time homebuyer. Homebuyer education is required of the buyer, the sales price must be within FHA loan limits, and The FHLB matches the buyer’s funds in the transaction 5:1. Therefore, for a $500 investment, the grant matches $2,500; and for a $1,500 investment, the grant matches $7,500. As I mentioned before, these funds can be used for down payment or closing costs.
With FHA loan limits as high as $346,250 in many Georgia counties, the bulk of the properties available today will be eligible. So just what are these HUD median income limits? Check out the block to the left for these values. Keep in mind, the income you will use will be based on how many people will reside in the residence (including spouses not on the loan and children) and the TOTAL household income. Therefore, if you have a teenager who works part time, their income must be used for purposes of qualifying for the grant.
The FHLB grant is not available through all lenders. One of my special lending partners is an affiliate with The FHLB and able to give you access to these funds and close these transactions. Give me a call today to see if you are entitled to an additional $7,500 for purchasing your dream home! You will be glad you did.
ERA Sunrise Realty
June 13, 2010
January 24, 2010
The down payment for an FHA home loan could soon increase from 3.5% to 5% Possibly 10%. This comes in direct response to the FHA’s dwindling funds.
The Federal Housing Administration needs money. The FHA insures mortgage loans made by direct lenders, such as Wells Fargo and Citi. But with the rash of defaults and foreclosures across the country, the FHA’s financial reserves have taken a serious hit. The House Financial Services Committee has raised the question of making these government-backed loans more expensive to obtain, and a new House bill could raise the down payment requirement from 3.5% (the current level) to 5% and a recent report from the Chicago Tribune suggests maybe 10%.
In addition to raising the minimum required down payment, the FHA Taxpayer Protection Act would also prevent the financing of closing costs. In other words, home buyers would no longer be allowed to roll their closing costs into the loan.
Incidentally, there is a strong correlation between the amount of money home buyers put down, and the likelihood that they will default on their mortgage in the future.
What This Means to Home Buyers
The FHA insures about 30% of all mortgage loans made within the United States. A government-backed loan is generally easier to qualify for, and more affordable on the front end. With a traditional home loan (one that is not insured by the FHA), you may have to put up to 20% down in order to be approved. But with an FHA loan, you can make a down payment as low as 3.5%. If the requirement gets raised from 3.5% to 5%, you’ll have to save more money to put toward your house. At 10% it would be even higher!
Here’s an example of how this change could affect a first-time home buyer. Let’s say that I want to buy a house that costs $150,000, and I’m using an FHA home loan to pay for it. Here is the amount I would have to pay under the current guidelines, versus the proposed increase.
- A down payment of 3.5% = $5,250
- A down payment of 5% = $7,500
- A down payment of 10% = $15,000
Bottom line: If you’re planning to use an FHA loan for your purchase, time may be of the essence. If the House bill is passed, it could go into effect sometime in the summer of 2010. This means you’ll have to come up with a larger down payment, when compared to the current guidelines.