Lending updates then Fun things
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CHANGES IN LENDING HERA & HOEPA: In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Econmoic Recovery Act (HERA) were passed by Congress. The Federal Reserve Board published the regulations under the Truth in Lending Act. This legislation has finally come to pass. The purpose of the legislation is to provide "a more transparent, level and fair regulation of the real estate industry, to add additional steps to help prevent deceptive lending practices and to protect consumers by making them more informed in their home financing choices." HERA guidelines become effective July 30th and will change the Truth in Lending requirements concerning early and final lending disclosures and addresses the timing of when appraisal fees can be collected. If disclosures are done according to schedule, the average processing time should continue to be 30 days , but in no event can a purchase transaction close in less than seven business days. Some of the important things to know include the fact that a lender cannot collect an appraisal fee until the initial disclosures have been received. Thus, a face to face loan application is going to be the quickest way to get the appraisal ordered. Another biggie is that a customer cannot close a loan until he/she has received a copy of the appraisal for at least three business days prior to closing without signing a waiver. Lenders also have to be careful in quoting rates and fees. An increase of more than 1/8 per cent in the Annual Percentage Rate (APR) requires the Truth in Lending Disclosure (TIL) to be revised and reissued to the homebuyer. And you guessed it, there is a three day waiting period for that. This information from my lender friend Sam Thompson
NOTE: Margaret Mitchell Home is open Free this weekend July 3 & 4
http://www.margaretmitchellhouse.com/page.asp?ID=244&EventID=3 2009 Summer FREE Outdoor Concerts & Movies Mark you calendars and make an effort to enjoy these events. Tell your friends about these activities. Call your friends and let´s make an effort to get together as a group.
. 7/3 Fri. 8PM Kennesaw Depot Park Frontier & Fireworks @ Dark – Journey Tribute Band 7/4 Sat. 4-10 Acworth Cauble Park Flashback (8 PM) - & Fireworks 7/5 Sun. 7 PM Heritage Green Sandy Sp. Kid Brothers – Top Hits 40’s-60’s / Dance 7/11 Sat 7:30 Roswell Riverside Pk. Sound of Essance – Motown Legends Tribute 7/11 Sat. 7 PM Smyrna Village Green Magno 7/12 Sat. 7:30 Woodstock Sq. Park Shenandoah with Southern Justice 7/31 Fri. 8 PM Marietta Sq. Glover Pk Grapevine(Rock n’ Roll & Beach) 8/1 Sat 6 PM Smyrna Village Green Banks & Shane & Fireworks - City Birthday 8/1 Sat. 7:30 Roswell Riverside Pk. Kingsized – Elvis Tribute Band 8/2 Sun. 7 PM Heritage Green Sandy Sp. Swinging Medallions – Beach Music 8/8 Sat. 8PM Woodstock Sq. Park Randall Bramblett Band 8/14 Fri. 8 PM Mable House Amphi B-52’s 8/28 Fri. 8 PM Marietta Sq. Glover Pk. The Mustangs (Pop / Oldies) |
| Governor Signs Housing Tax Credit Bill
State
On Monday, May 11, Governor Sonny Perdue signed legislation into law that creates a new state income tax credit for home purchases in Georgia. The tax credit will apply to purchases of eligible properties between June 1 and November 30, 2009, and is expected to spur activity in the housing market. Passage of this bill was the top legislative priority for the Georgia Association of REALTORS® in 2009.
House Bill 261 provides an income tax credit for the purchase of a single-family residence during the six months between June 1 and November 30, 2009. The credit amount is the lesser of $1,800 or 1.2 percent of the purchase price. The tax credit is applied over three years, with one-third of the credit available each year. If a the amount of the credit exceeds the taxpayer's tax liability, the unused credit may carry forward to the next tax year.
The credit created by HB 261 may be claimed one time per taxpayer. The final version of the bill contains the GAR amendment to clarify condominiums and residences occupied at the time of sale are eligible for the credit. In addition, eligible single family residences include:
New single-family residences;
Previously occupied residences that were for sale prior to May 11, 2009. and are still for sale after May 11, 2009;
Owner-occupied residences in which the owner’s acquisition debt is in default on or before March 1, 2009; and
Residences where a foreclosure has taken place and are owned by the mortgagor or the mortgagor’s agent.
This tax credit is in addition to the federal first-time home buyer tax credit, which is available to only those buyers who have not owned a home during the last three years.
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New Subdivision-Come Build With Us!
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Come build this lovely home on one our lots in Williams Crossing Subdivision off Williams Road In Gwinnett County. Call Pat Barnett for more information From the $355900 range! Lots are now $65,900! 
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Top 10 Project Paybacks Once again, exterior remodeling projects lead the way for recovery on dollars spent in this year’s Cost vs. Value survey. When you compare the national averages, replacement projects that boost curb appeal—siding, windows, and decks—give you the greatest chance of recouping your money. Inside, only kitchen remodels can compare, at least on a national level. 1. Upscale fiber cement siding (86.7%) 2. Midrange wood deck (81.8%) 3. Midrange vinyl siding (80.7%) 4. Upscale foam-backed vinyl (80.4%) 5. Midrange minor kitchen remodel (79.5%) 6. Upscale vinyl window replacement (79.2%) 7. Midrange wood window replacement (77.7%) 8. Midrange vinyl window replacement (77.2%) 9. Upscale wood window replacement (76.5% 10. Midrange major kitchen remodel (76.0%) REALTORS® not only help make the dream of homeownership a reality, they also help build better communities. In small towns and large cities across the globe, REALTORS® help shape and promote community values, giving their time and effort to noble causes. The initiatives highlighted offer examples of how REALTORS® and the NATIONAL ASSOCIATION OF REALTORS® are working to strengthen community bonds. |
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Welcome to Our Houses Unlimited, Inc
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Welcome to my Home page! If you are new to Atlanta welcome to the South, where gracious living still exists. We want you to feel at home and visit us often. On this site you can find useful information on how to prepare your home for the market then choose the right property for you. As part of our Real Estate Service, we offer Home Staging, Broker Price Opinions, Competitive Market Analysis and information about Home Renovation and Home renovation loans. We will also do an individual Estimate of Seller's Net sheet or a Estimate of Buyer's cost. Plus you will want to ask about our 30 day Marketing Plan. If you have a question, you need answered call me at 770-355-9163 or email me at Pat@patbarnett.com. I'll be glad to help. Your information is alway kept confidential. |
Please feel free to browse through this site and explore the Georgia tab for links to cultural and sporting events, a map of the north side of Atlanta and school information. We feature extensive community information, consumer links, school information, free reports, answers to commonly asked real estate questions, and more, You'll find most everything about real estate within one easy source. |
We now offer a new service if your property is in need of repair-renovation lending. We can walk you through the steps and put you in touch with the financing experts. This low cost alternative enables you to update your house whether you sell it or not. Great for investment properties.
If you currently own property and are thinking of placing it on the market, this site contains information about preparing your home for sale, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection processes, and receiving a timely market evaluation and as we mentioned earlier-staging. We look forward to your call.
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http://patsellshouses.blogspot.com/ see you on the net! Community Information: Impaired eyesight is significantly more common among those in assisted living facilities, but people of a similar age who don't live in such facilities are more likely to own a pair of glasses. For more than 70 years, Lions Club International has collected eyeglasses for distribution to people with uncorrected refractive error who have little or no access to proper eyeglasses. You can find information about donating your unused glasses at lionsclub.org.
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A Community Announcement then Buying HUD Homes
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| ... Now performing at the Funny Farm in Roswell 608 Holcomb Bridge Road Johnny Sanchez MAD TV 21 + Show - Last week. They have lost their lease.
Special on Movies $5.00 for Adults and $3.00 for children Specials on Popcorn and soft drinks.
10 Ways to Prepare for Homeownership
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list. Remember be realistic!
3. Select where you want to live. Compile a list of three or four neighborhoods you´d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? In today´s market, FHA is the way to go with only 3.5% down. Also, don't forget to factor in closing costs.
Closing costs - including taxes, attorneys fees, and transfer fees - average between 2 and 3% of the loan amount. If you are paying more than that, you need another lender!
You will also need about 1% of the loan amount for your prepaid items- escrows for taxes and homeowner insurance.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. Lenders will pull all three credit reports in qualifiying you 6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what´s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers.There are a few left in the state of Georgia but you cannot make over a certain amount to qualify. Call me about this. Or, if you have an IRA account, you can use the money you have saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable. 10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process. |
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Happy 4th of July! Let Freedom Ring! July 1, 2009 Freddie Mac released survey of Primary Mortgage rates:
30 year fixed averaged 5.32% this week down from last week
15 year averaged 4.7% down from last week
5 year Treasury averaged 4.88% down form last week
1 year Treasury I Arm averaged 4.94%
Still a great time to buy!
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Is Your House Paid For??? This is one proven way to pay off your house early and beat the bank at the interest game. It will also help you pay off your credit cards early. Call to see if you qualify. Thanks, Pat If you qualify, I can help you eliminate as much as 1/2 to 2/3 of your remaining mortgage payments… WITHOUT refinancing your existing mortgage, WITHOUT increasing your monthly payment & WITHOUT altering your current cash flow!!! Call me today! Pat 770-355-9163 OR EMAIL ME AT patsdebtfree@gmail.com |
Media Advisory: Downpayment Clarification
Washington,
December 31, 2008
There
is some misinformation in the media lately about the required size of a
down payment for a mortgage in today’s market, and the blog world is
abuzz with misperceptions. Not all so-called experts are knowledgeable
in this area, and some experts are being misunderstood.
The facts:
- An individual may be required to put down 20 percent based on that
person’s financial situation. But that is not an across-the-board
requirement for all borrowers.
- A borrower who puts down less than 20 percent is required to obtain mortgage insurance.
- Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.
- FHA requires a 3.5 percent down payment by borrowers, so long as
they meet a 31 percent housing cost-to-income ratio. In other words,
anyone who stays within their budget and who can afford a 3.5 percent
down payment (even with family help) can become a homeowner.
PLEASE NOTE: FHA market share has grown roughly tenfold in the past
year to an estimated 30 percent of new mortgage originations.
The National Association of Realtors®, “The Voice for Real Estate,”
is America’s largest trade association, representing 1.2 million
members involved in all aspects of the residential and commercial real
estate industries. |
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