Give The Gift of Downpayment in Cumming Ga

If your children are grown and its hard to imagine what to buy them for Christmas. They have out grown their matchbox cars and barbie dolls, have obtained a great education, and they are now dedicated to a full time career. Perhaps one milestone that they have not achieved but more than likely is within reach is homeownership. As a parent here in Cumming Ga you can gift the gift of a downpayment for your sons and daughters. With interest rates so low and stabilization returning to the real estate market here in Cumming Ga, perhaps this Christmas is a great time for them to buy their first home. Coming up with a down payment often times stands in the way of most young adults for homeownership. Parents can gift up to $13,000 to each child who in turn will use this money to pay their downpayment.

If accepting a downpayment gift is part of your home financing strategy, be aware that there's a right way and a wrong way to accept a gift. You can't just deposit your parents' money into a bank account. First you will need a Down Payment Gift Letter. Include the amount of gift, the subject property address, the relationship of the gift giver, state that the gift is just that and not a loan, and all parties must sign and date the letter. Second you will need to create a paper trail. Use a certified check, make sure the gift money is for the exact amount as the letter states. Deposit the check with a teller and do not commingle the deposit with other deposits.

Do keep in mind every loan product is different and homebuyers must qualify for a loan that allows gift funds. To find out more about this topic or real estate in the Cumming Ga market contact us at 770-616-2873 or email agentpamchapman@gmail.com

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Housing Shortage Atlanta/Cumming Ga!!!

Since we are winding down fourth quarter, I thought it is appropriate to talk about the slow real estate recovery that may be coming to an end in certain metro areas including Cumming Ga. We have taken a staggering free fall back to 2001 unit levels but as data is telling us that homes sales are on the rise. With a projection of 80,000 homes being sold in the metro Atlanta Market in 2012. Current inventory says that we only have six months supply to meet that demand.

We have for sure hit the bottom as far as units being sold and are now on the rebound. If current conditions continue to improve with consumer confidence we most likely will hit bottom for declining home prices metro wide in 2012. Currently in most metro areas we have homes priced at 1993 levels. We are already seeing a sellers market in several price points, and expect to see even more price points rebound. This information applies to only select counties and even more select areas inside the counties. Conditions are showing favor for Forsyth, North Fulton, some parts of Gwinnett, Cobb and possibly a rebound for Cherokee Counties.

All foreclosed new construction has been absorbed but with an abundance of lots scattered across the metro area, lot prices have been continuously dropping and may do so for quite some time. There is no doubt that some of your larger banks failed to dump lot inventory back in 2008 and 2009 and will certainly take a larger hit on prices as they prepare to dump those lots in the near future.

Back before the 2008 crises, small builders made up the building market in the Atlanta metro area. Leaving larger builders, building about 15%. With tarnished credit and banks not providing constructions loans, a huge gaping hole has been left in the real estate market with current cash flow builders not being able to keep up with the demand of housing. I first wrote about a possible housing shortage back in June of 2010. At that time only 672,000 homes were being built nationwide, less than half the long term run rate needed to meet the nations natural population growth. This year’s numbers have slipped back to 628,000.

What does this mean? The housing demand is there and as consumer confidence grows, we will most likely see the pendulum swing the opposite way here in Cumming Ga. Pushing housing prices up hopefully at a safe appreciation of 2-4% annually.

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NEW FHA LIMITS FOR CUMMING GA

FHA has given more buyers this am a reason to purchase a home . House and Senate voted to raise the size of mortgages backed by the Federal Housing Administration to $729,750. Restoring the higher loan limits for the FHA will provide homeowners and homebuyers with safe and affordable financing, while providing a much needed boost to housing markets all around.

Call it a big victory for the Cumming Ga real estate market were we are still seeing 14 months of inventory in the $750-$999 price point and roughly 10.5 months of inventory in the $500-$749 price point. People looking to buy in this price range will now have more mortgage options outside of a jumbo loan.

While sales did increase during 3rd quarter 2011, the median sales price continued to drop, down by 8% compared to last year. There was a larger increase in sales in the lower price ranges while other price ranges increased by less. In turn forcing that lower median sales. So we are seeing shorter supplies in lower price points right now in the Cumming Ga market due to the lack of inventory.

If you need to sell, priced up to $400,000 now is the time to list your home. My opinion would be that waiting until spring market would be a costly mistake, when the market tends to flood with homes. Contact as us to find out more specific advice tailored to your community.

HOMES FOR SALE IN THE CUMMING GA AREA.


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Give New Reason to Old Things This Season in Cumming Ga

As we find ourselves celebrating and house hopping in Cumming Ga this holiday season, I wanted to write up a little reminder about everyone doing their part to reduce waste in the kitchen. One little thing you can do if you are popping wine corks is to save them. There are tons of great videos out there on how to recycle wine corks. From making a cork mud mat to a cork bulletin board. My favorite so far is how to make a cork wreath. Its very cute and festive. It can also be used as a gift or hang it in your own Cumming Ga home year round. Also, lets remember to recycle those bottles and any other materials that can be recycled. Here in Cumming Ga we have a great recycle program with several different Cumming Ga facility locations. Taking anything from cardboard to cooking oil. Lets us all have a safe and wonderful holiday season and work together to keep Cumming Ga and Forsyth Co. beautiful. Happy Holidays!

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$100.00 Down May Sound To Good To Be True But Its True

The $100.00 down program for HUD homes is a true non mythical program.
Any home buyer looking to purchase a home in the Cumming Georiga Forsyth County
market could possibly utilize this program to save a lot of money on the purchase of a HUD home. There are some stipulations, like the buyer must be an owner occupant using FHA financing. The sale must be for the full amount of the current list price. In addition to the $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing cost in most cases. Which will still require buyer bringing some money to closing but roughly only about 2.5 percent in comparison to 6 percent.

This program can also be used in conjunction with FHA’s 203k loan, which may be used to fund repairs and renovations on a home. Basically a buyer will be allowed to finance both the mortgage and additional money for rehabilitation with one single loan. There are stipulations to this as well and that is why it is necessary to work with a experience Realtor to help guide you through the process. In the end most HUD buyers will agree that it is a great way to tap into the American Dream of homeownership. Interested in learning more contact us @ 770-616-2873. We will be glad to assist you with information.

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We sell HUD HOMES !

We believe all the above information to be accurate but not warranted. Loan programs are subject to change and are based upon each individuals credit status and approval.

Back Log of Foreclosures

We all keep hearing the talks about a backlog of foreclosures due to the federal government's investigation of banks and their procedures handling such. This may all be true and we might see a flux of new foreclosure inventory nationally. Here in Cumming Ga foreclosures have been steady to arrive to the market. Many being Fannie Mae or Freddie Mac. In fact, 80% of all foreclosure market are Fannie Mae or Freddie Mac. We have made our fair share of offers on these type homes. What you must understand is that these homes are being bid on by multiple buyers and usually do not stay available for very long in the Cumming/Forsyth market. Understand that before Fannie and Freddie put their homes on the market they have usually been fully inspected, with some repairs being made, as well as at least one broker price opinion and an appraisal. So what does all this mean? That before you even consider looking at a foreclosure you should hire buyers representation from a Realtor who is experienced with foreclosures more specifically Fannie Mae's and Freddie Mac's. This is the single most important thing anyone can do as a buyer. Buyers representation is free, sellers pay this fee. There are tips and tricks to make a foreclosure buying process easier and more efficient and a qualified Realtor can assist more proficiently. To learn more contact us @ 770-616-2873 or at www.homescummingga.com.

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What It Take To Qualify For A Mortgage

Are you wanting to explore the idea of homeownership? There are many different types of mortgages but perhaps the most popular loan product today is the FHA home loan. FHA home loans were designed to help Americans fulfill their dreams of homeownership. What does it take? Here are the essentials.

Steady employment history, at least two years with the same employer or two years in the same field of work. Sometimes permissible short laps in between jobs.

Consistent or increasing income over the past two years.

Credit report should be in good standing with less than two thirty day late payments in the past two years.

Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.

Any foreclosure must be at least three years old with good credit for the past three years.

Total monthly debt including mortgage payment may reach as much as 50 percent of total income.

If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.

To prequalify does not guarantee a mortgage. It simply means that you are taking inventory of your income and assets and submitted them to your potential lender. It also helps you to understand your borrowing power and what you can afford in terms of monthly payment. Keep in mind that these are some current guidelines that are believed to be accurate but are not warranted. Lending guidelines do change and each persons guidelines may be different. If you are interested in speaking with a qualified licensed lender email me @ pamelachapman@kw.com

Cumming Country Fair and Festival

Its that wonderful exciting time of year here in Cumming Ga. The Drew Exposition has rolled into town and the sky lifts are in place. The Cumming Ga Country Fair and Festival opens Oct. 6 and runs through the 16th. This years acts will include Marty Stuart Joe Nicols, and of course it would not be the Cumming Ga Country Fair with out the one and only Charlie Daniels. Opening Day and Saturdays get free admission (during select times) . Come out and snatch up some home baked goods or indulge in a sweet funnel cake. This years Cumming Ga Country Fair will be loads of fun.