Foreclosure in Atlanta>Question Details

Luis Rodrigu…, Real Estate Pro in Forsyth County, GA

$14,000 for buying a foreclosure? I had a lender tell my client about this and I cant find any other

Asked by Luis Rodriguez, Forsyth County, GA Thu Mar 19, 2009

information on it anywhere. Thanks!

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14
All the funds have been reserved and buyers are now being placed on a waiting list. Counties are now close to rolling out similar programs.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Consultant - Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Sun Jun 21, 2009
I know this is an old post. What has happened with this program?

Wayne Long
0 votes Thank Flag Link Sun Jun 21, 2009
The training for this program is for agents and lenders, not the general public.
0 votes Thank Flag Link Fri Mar 20, 2009
NEW DOWN PAYMENT
PROGRAM
$14,000
FOR THE PURCHASE OF
FORECLOSED PROPERTIES!
Georgia Dream Participating Lender's
combine with their FHA or VA First Mortgage!
♦ Down Payment loan lien released after 5½ years
♦ No First Time Home Buyer Requirement
♦ Purchase price up to FHA and VA maximums
♦ Income limits to 120% of area median
♦ Home Buyer Education Required
♦ First time home buyers qualify for $8000 tax credit
♦ Must meet NSP program guidelines


Training March 16 - 31
Albany•Atlanta•Cartersville•Columbus•Macon•Savannah
Register: at http://www.dcaloans.com
Realtors-Developers and others choose:
Realtor Training
Web Reference: http://www.HomesByLorie.com
0 votes Thank Flag Link Fri Mar 20, 2009
Great Information Everyone! ... Thank You for your help
0 votes Thank Flag Link Fri Mar 20, 2009
Hi Luis,

This program has just been rolled out so forgive me if some of the details of my post are slightly skewed. In any case, you need to speak with a loan professional who knows the details and is certified to do this program through Georgia Dream. This is a wonderful program that will help many neighborhoods that are overwhelmed with foreclosures!

Good Luck with your client,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@comcast.net

http://www.LisasHomeListings.com
0 votes Thank Flag Link Fri Mar 20, 2009
Luis,

No offense to my colleague, but the details of this program must be communicated accurately in order to ensure success. It was made clear during the training that the $14K may be used for rehab and the remainder for down payment. SunTrust has as a policy that the repairs must be made prior to closing so that the property is in move-in ready condition. Other lenders do not have that stipulation and are willing to do a 203(b) loan to bring the property up to standards. Also, 20% of the loan is forgiven after 18 months, not 24 months.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Fri Mar 20, 2009
Hi Luis,

The $14,000 is a forgivable down payment assistance program through Georgia Dream. Your client would have to stay in the home at least 5 1/2 years to have the total amount forgiven. After 24 months, 20% forgiven and 20% more each year after that. Great program but you client MUST purchase a foreclosure and it MUST be 'move in ready'.

Call Marc D'Angelo with SunTrust at 404-925-8291 as he is a Specialist in this area.

Good Luck,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@comcast.net

http://www.LisasHomeListings.com
0 votes Thank Flag Link Fri Mar 20, 2009
Luis,

I attended that training seminar and you'll find a summary of the program at the link below. These are the Neighborhood Stabilization Program funds that were included in the latest stimulus package. Georgia's allocation was only $5 million (doing the math, that is only around 357 foreclosure properties), but if executed well, the powers that be have advised that they will pursue more. There are several lenders participating in the program, but you must know which specific loan officers at the Wells Fargos, SunTrusts, and other major lenders are prepared to execute according to the plan.

If you are NOT working with a real estate agent, please call me for more information. With only 357 properties, you will have to act FAST!.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Fri Mar 20, 2009
Hi Luis -

Yes it is possible to find and purchase foreclosures in this price range. The old adage - "you get what you pay for" Still exhist. Let me know if I can help you - Andy Willis
Web Reference: http://awillis.com
0 votes Thank Flag Link Thu Mar 19, 2009
Luis, available on the FHA website is the following information:
Down Payment Assistance Programs
...............................................................................
Down Payment Assistance Programs (DAPS) are loan programs designed to assist first-time home buyers with the required down payment and closing costs required by the FHA loan program.
These types of down payment assistance programs are typically broken into two types of loan programs. These are the 501 (c) (3) Non-Profit organizations or county, city, state backed down payment assistance programs.

The 501 (c) (3) non-profit down payment assistance programs will typically require the assistance of the home seller in order for the buyer to take advantage of the program. Following is a list of just some of the available down payment assistance programs offered by non-profit organizations.

Nehemiah - Grants up to 3% towards down payment.
HART - Grants up to $15,000 towards down payment and closing costs.
Neighborhood Gold - Grants up to 20%, includes Mortgage Payment Protection
The above programs typically do not have a repayment schedule nor is there a second mortgage required. If you would like to learn more about the above type of programs, please click here.

The State, County, and City backed Down Payment Assistance programs are typically secured by a second mortgage. Some of these second mortgages may be "silent" meaning there is no payments required initially and some of the programs forgive the loan after 10-20 years of living in the home. Following is a list of some of these programs available:

CHDAP - 3% second mortgage for your down payment.
CHFA Loans (CHAFA) - California backed program allowing buyers 100% financing.
Access 2000 - No money down program for California.
All of these types of down payment assistance programs use a FHA loan. Since you must be able to obtain FHA financing in order to use any of these programs, learn more about FHA Loan Qualifying

I hope that is helpful.
0 votes Thank Flag Link Thu Mar 19, 2009
My apologies... I was told that it is a FHA ( not 203k) down payment assistance program and the money can be used for "necessary repairs" as well. the lender is Wells Fargo and their people are taking seminars on it.

The home must be a foreclosure , and sell or 85% of "fair market value" After that it all I know about it. It is to roll out on April 1. 2009
0 votes Thank Flag Link Thu Mar 19, 2009
Luis, please be more specific with your question so that we can all help you. It doesn't make any sense.

~Carol
0 votes Thank Flag Link Thu Mar 19, 2009
What do you mean? Do you mean there is a 14,000 incentive?
0 votes Thank Flag Link Thu Mar 19, 2009
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