Home Buying in 30824>Question Details

glfngrl, Home Buyer in 30824

My daughter, and educator, is almost ready to purchase her first home. (She is going through a divorce.) Her income is below the $59K threshold for

Asked by glfngrl, 30824 Sun Nov 17, 2013

a Dream Home Ownership Program; her current credit score is 703. The first question, as we start to review potential properties for sale is: What sort of properties qualify for this type of assistance? What type of properties would qualify for a 203K loan?

Thank you for any knowlege and advice.

Help the community by answering this question:



Your daughter definitely should not have any problems obtaining a loan. There are special loan programs available for teachers. Most homes that are eligible for 203k financing are usually homes that are FHA insurable, as in some foreclosed homes and/or other FHA eligible homes that are needing repairs. Lenders have certain guidelines, such as a minimum purchase price, etc.If you would like to give me a call or send me an email and I will be happy to put you in contact with several local lenders that can help you further, including with the GA Dream program.

Best regards,

Laura Boshell, Exclusive Buyers Agent
Mark Jacobs & Associates
Keller Williams Realty Augusta Partners
Mobile: 706.288.901
Office: 706.868.3772, ext 1100
Fax: 706.868.3782
3633 Wheeler Road Ste 125
Augusta, GA 30909
Website: http://www.LauraBoshell.com http://www.homescolumbiacounty.com
0 votes Thank Flag Link Sun Nov 17, 2013
Thank you, Laura, for your helpful information. Other questions: What fees are associated with your services as an EBA? How and when are they paid? Are you available to work with clients in the McDuffie and closely surrounding areas? Do you follow the sale transaction from discovery to closing?

I learned about the expertise of EBAs from this website, and would like this information to pass along to my daughter. (She not only teaches in the classroom, but often does extra work with home-bound students after school hours, so her time in quite limited. I am doing a lot of the "leg work" involved in her search for a suitable property that she can afford.)

You may e-mail me directly at glfngrl@comcast.net at your convenience. If working with you seems economically feasable, and you are available, we will then contact you by phone.

Jane Bishop
Flag Mon Nov 18, 2013
Hello to all~

There are still a handful of different home mortgage loans available today. Depending on the area she is wanting to purchase in, another choice may be a USDA loan, if the area is rural. Of course like a FHA loan (other than the rehab 203K) the house appraiser must show that it is in good livable condition.

USDA : is a 100% loan, (unlike a Down Payment Asst that has to be paid back.)

FHA : Is a 96.5% loan, with a 3.5% down payment, which can be her own funds and or a combo of a gift from a family memeber.

VA: Is a 100% loan and no down payment loan, if she has served in the military.

I have found in my 23 years of originating residential loans, each person situation is a little different, and in qualifying for a mortgage loan in Georgia, I look at all aspects to see which option would be the best.

The Georgia Dream is a good Down Payment Assistance program, but it is repayable back as stated below in another comment. It also carries more underwriting proceedures as well.

I would be honored to speak to you and your daughter. Please feel free to call me with a list of questions, so I can share my encyclopedia of knowledge. LOL...

Have a wonderful Day and thank you for yoru question!

Lynel Adams
Sr. Mortgage Loan Officer
Silverton Mortgage Specialist
770-318-6740 direct/text
NMLS 359696
0 votes Thank Flag Link Mon Nov 18, 2013
In GA, the Georgia Dream Program provides down payment assistance throughout the state. There are annual household income limitations along with maximum sales prices that will both vary by county.

The typical assistance amount provided is $5,000. The PEN program allows for $7,500 in assistance. PEN is available to anyone working in Public Safety, Education (accredited only), or Healthcare. The CHOICE Loan provides borrowers with disabilities, or those who have a disabled dependent as a household member with $7,500 in assistance.

The down payment assistance amount is ALWAYS repayable whenever the home is no longer your primary residence or when the home is sold. To qualify, the property must meet FHA Minimim Property Standards.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Mon Nov 18, 2013
Thank you, Rodney, for your info. She will be doing things like pre-qualification during her Thanksgiving holiday.
Flag Mon Nov 18, 2013

The collapse of your daughter's marriage is disappointing, but I am glad to know that you all are moving on. Congrats on a good credit score too.

Georgia Dream is a good program, offering an interest and monthly payment free second mortgage of $7500 to educators for use in helping them arrive at the 3.5% needed on an FHA mortgage. But she needn't be a first time home buyer if she is planning to buy in McDuffie County. She just may not be on title to a property at the time that she closes on the purchase of her new home.

She may also be eligible for a rural development loan through the USDA. This less costly program offers 100% financing for the purchase of some properties in McDuffie County. Either way, she'll need to attend a home buying class.

Please let me know if there is interest in speaking with a few lenders about these programs or need more info on qualifying home buying classes. The class certificates are good for one year.

Solomon Greene
Georgia Real Estate Brokers Associate
Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Mon Nov 18, 2013
Thank you, Solomon. Your answer contained very helpful information. We are diligently searching for a property here in McDuffie and surrounding areas. Leaning more about the GA. Dream program will certainly open more doors for her.
Flag Mon Nov 18, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
0 votes Thank Flag Link Sun Nov 17, 2013
Thank you!
Flag Mon Nov 18, 2013
If your daughter is a state-employed educator, she may qualify for special financing programs. She should be easily eligible for a good loan with that score and income, and for that price range I would recommend either small single-family homes, new development in suburban areas, OR, she could likely afford a very nice condo.

If you have the time, please either give me a call at: (615) 405-5227 or shoot me an email at: theholtrealestategroup@gmail.com so that I can give some more detailed answers based on your area!
0 votes Thank Flag Link Sun Nov 17, 2013
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