Jen's Intown Living Blog

So you want to buy a foreclosure and would like some extra cash to do it? The Georgia Dream NSP (Neighborhood Stabilization Program) was created to encourage the purchase of foreclosed properties. The funds are from an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.

The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are in the form of a second mortgage lien with no interest and no monthly payments, also known as a soft second. The lien is released over a period of five years and six months. That means if you stay in that house for 5 and a half years, you don't pay it back. Funds may be used for required repairs and/or down payment assistance.

This program began April 1, 2009 and all funds must be used by June 30, 2010.  If you are a first time home buyer, get the most for your money and purchase before December 1, 2009 for an additional $8,000 tax credit.

How to Apply:

All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency. Courses are not available on-line.

Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. Yes, good credit is still important here.  Call me for a recommendation on a participating lender.

Can I buy a home anywhere in Georgia?
No. You must purchase a foreclosed property in an area of greatest need which means an area that has a large inventory of foreclosures. Counties in metro Atlanta are included in this. For counties outside metro Atlanta please click here.

Are there income limits?
Yes. For the counties of Dekalb, Cobb, Fulton and Gwinnett the income limits are as follows:

• Household of 1   $59,800
• Household of 2   $68,350
• Household of 3   $76,900
• Household of 4   $85,450
• Household of 5   $92,300
• Household of 6   $99,100
• Household of 7   $105,950
• Household of 8   $112,800

For all other counties, please check www.dcaloans.com.

Are only first time home buyers eligible for the Georgia Dream NSP program?
Applicants do not have to be first-time home buyers and can own other real estate. However, the applicant must owner occupy the NSP financed property as his or her primary residence within 60 days of closing. Any rental income generated from the ownership of other real estate would have to be counted as household income for NSP qualification purposes. 

If I am a first time home buyer and I use the Georgia Dream NSP do I still qualify for the federal first time home buyer $8000 tax credit?
Yes, if you purchase a home prior to December 1, 2009.

Can I use other down payment assistance with this program?
No, unlike the traditional Georgia Dream down payment programs, the Georgia Dream NSP cannot be combined with other down payment assistance programs.

What's next? Contact a local Realtor, like me who knows these programs. If you are already working with an agent, ask them for the details. Full time educated Realtors should know about these programs. If not, contact me to be your Buyers Agent and walk you through the home buying process. Jen Bowman, Broker Associate and Realtor with Success Realty 404-456-5024.

Info on $8000 Federal Tax Credit

Info on Dekalb County Down Payment Assistance

Info on Georgia Dream Down Payment Assistance

Read more of the Georgia Real Estate Voice.

There seems to be a lot of misinformation floating around with real estate agents and home buyers on the 2009 Federal Tax Credit of $8000. Here's some of the most commons questions.

Who Qualifies?

• Single people earning less than $75,000 modified adjusted gross income
• Married people earning less than $150,000 a year combined modified adjusted gross income
• First Time Home buyers or people that have not owned a home in the past 3 years
• Investors do not qualify

 When do I have to purchase by? 

• Homes must be purchased and closed by December 1, 2009.

 What kind of home can I buy? 

• Any kind of home, single family, town home, condo, manufactured homes and multifamily as long as it's owner occupied

Do I have to repay the $8,000?  

• There is no payback required if you stay in the home as your primary residence for 3 years. 

What if I'm buying this home with someone else?

• If you are married you both have to be first time home buyers
• If you are not married, only 1 person has to be a first time home buyer, the first time home buyer can claim it on their taxes.

What if we make more than $150,000?

• If you make more than $150,000 there is a phase out portion for couples that earn up to $170,000 a year. So for example, if you earn $160,000 a year you could qualify for half the credit of $4,000.

 Can I use it for down payment?

• This is not a down payment assistance program. You must still come up with your down payment of at least 3.5%.

What if I don't normally owe $8,000 in taxes?

• If your normal tax liability for the year is for example $5,000, you would still get the $8,000 credit.

How is the credit determined?

• The tax credit is equal to 10% of the purchase price to a maximum of $8,000. So, if you buy an $80,000 home, you'd get $8,000. If you buy a $150,000 home you'd get $8,000. If you buy a $50,000 home you'd get $5,000 which is 10% of the purchase price.

I hope that answers some questions.

If you are thinking of buying or selling a home in or around Atlanta, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty. 404-456-5024.

View more of the Georgia Real Estate Voice.  Search for Atlanta and Decatur Real Estate

 The 38th Annual Inman Park Festival is this weekend, Saturday, April 25, 2009 11 a.m. to 8:30 p.m. and Sunday, April 26, 2009 11a.m. to 7:00 p.m.

The Parade is Saturday at 2 p.m. This event is fun for the whole family. The parade is a colorful mix of everything. It's led by the Inman Park butterfly, followed by marching bands, floats, art cars, politicians, drill teams, mascots, clowns, jugglers, and many more, closed by the Inman Park Trash Queen riding aloft a city street sweeper. The parade takes place rain or shine.

The parade begins on Edgewood Avenue at Spruce Street, follows Edgewood to Hurt Street, Hurt Street to Euclid Avenue and Euclid Avenue to Austin Avenue where it disbands.

There will be a fabulous Tour of Homes. Inman Park Festival Tour of Homes 2009 features 13 various homes, old and new, houses and lofts, plus the historic Inman Park United Methodist Church.  Advance tickets can be purchased online at a discount prior to the Festival at the link above.  Home Tour dates are Friday through Sunday, beginning at 12 noon each day. All houses and the church are open Saturday and Sunday; and most are also open Friday afternoon. If you can do the Tour of Homes on Friday afternoon, that is the best opportunity to view the homes before the streets are blocked off for the weekend Festival crowds.

Home Tour Tickets are $15 if purchased before April 24, 2009 and $20 during the Festival. Tickets may be purchased online or at select local retailers prior to Festival, or at any of the Festival ticket booths during the weekend of Festival.         

The Inman Park Festival includes children's activities, live music, street vendors and artist market.  

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Inman Park is a neighborhood of about 300 homes in Atlanta, GA. It's listed on the National Register of Historic Places. Click on the following link to see the 42 currently available Inman Park Homes for sale, click Atlanta and put Inman Park in Subdivision.

If you are thinking of buying or selling a home in Atlanta, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty. 404-456-5024.

View more of the Georgia Real Estate Voice.

It's going to be a beautiful weekend in Atlanta, GA. One of the many great events going on this weekend is the Sweetwater 420 Festival on Saturday, April 18 - Sunday, April 19, 2009.  It's an Earth Day Celebration to learn about natural resources and environmental concerns. There's food, art, an environmental expo, Sweetwater beer and live music.

The day starts off with a 5K Run/Walk.  It's a family friendly event with activities for everyone. The Sweetwater 420 Festival is located inside Candler Park on McLendon Avenue between Little Five Points (Moreland Avenue) and Clifton Road in Atlanta, GA.

This event Benefits the Candler Park Association. If you haven't been to Candler Park yet, it's a city park with free tennis courts, boot-camp exercise programs, golf course, swimming pool, playground and picnic pavilion.

If you are thinking of buying or selling a home in Candler Park contact Jen Bowman Realtor and Broker Associate in Decatur GA. She can be reached at 404-456-5024.  Read more of the Georgia Real Estate Voice.

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Right now there are 5,467 single family homes on the market in all of Dekalb County GA ranging in price from a high of $5,837,400 all the way down to a low list price of $9,000.

In March, 386 homes sold. At that rate, it will take about 61 weeks, yes more than a year for all the homes in Dekalb County to sell if nothing else comes on the market.  This isn't doom and gloom, this is opportunity knocking.

These numbers are proof that it's a buyers market now. So, if you ever considered investing in real estate, now is a great time to be an investor. If you are a first time home buyer, take advantage of the $8,000 tax credit available for homes purchased by the end of 2009. Rates are at historic lows. Keep in mind that rates this low cannot last forever.

There are down payment assistance programs available too. Check out the following:

Info on Georgia Dream Down Payment Assistance

Info on Dekalb County's Down Payment Assistance

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If you are thinking of buying or selling a home in Dekalb County GA call someone who knows the market. Realtor and Broker Associate, Jen Bowman with Success Realty 404-456-5024.

Read more of the Georgia Real Estate Voice.

Decatur's Martin Luther King, Jr. Project Seeks Referral of Senior Citizens

It's time to apply for assistance during Decatur's Martin Luther King Jr. Service Project for 2010.  The 8th annual project, sponsored by the Decatur Preservation Alliance in partnership with the City of Decatur, will take place Saturday, January 16, Sunday, January 17, and Monday, January 18, 2010.

 If you or someone you know can answer "yes" to the questions that follow, you or the person you have in mind may qualify for help with home and yard maintenance and repairs. 

1. Are you age 65 or older and on a fixed or lower income? 
2. Do you own and reside in your home? 
3. Is your home within the city limits of Decatur? 

Assistance during the Martin Luther King Jr. Service Project is available free of charge to those who qualify.  If you think you or someone you know might be eligible, please call Susan Cobleigh at the Decatur Preservation Alliance 404-371-4444 or send an email to susan@decaturpreservationalliance.org. Applications are taken by telephone, and the deadline is Monday, June 1, 2009.

If you are interested in volunteering to help with this event and others in Decatur GA contact Lee Ann Harvey, Volunteer! Decatur  at 678-553-6548 leeann.harvey@decaturga.com  Many volunteers are needed throughout the year for various projects and events.

If you are thinking of buying or selling a home in Decatur GA or the surrounding areas, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty 404-456-5024

View more of the Georgia Real Estate Voice.

Oakhurst Community Garden is having it's big Plant Sale this Saturday April 11, 2009 from 9 a.m. to 4 p.m. There will be more than 100 varieties of tomatoes, eggplant, peppers, herbs, flower, perennials, and shrubs for sale.

The Oakhurst Community Garden is in Decatur, GA at 435 Oakview Road, Decatur, GA on the corner of McDonough and Oakview. You will find just about all you need for your organic spring and summer garden.

If you can't make it Saturday the sale is open year round and is located in the front yard of the Garden house. The Garden offers classes on gardening, cooking, even how to keep goats!

The Martinis in the Garden Event is coming up on March 16th, 2009. Check out their site for all they offer.

It's another reason why Decatur, GA is a great place to live!

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If you are thinking of buying or selling a home in Decatur, GA contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty. 404-456-5024. View more of the Georgia Real Estate Voice.

I have come across the most bizarre situation. Yesterday I received a phone call from a woman who had just signed a lease purchase agreement. She wasn't represented by an agent and didn't quite understand the contract. (I seem to get a lot of calls from people who aren't represented by a Buyer's Agent and then call for help after they realize they're in over their heads.) I told her to send it to me and I would look it over. I'll call her Sally, not her real name.

Sally had already given $4,500 and agreed to pay $60K more than fair market value for a home. (She loved this $400K home and didn't realize it was overpriced.) She agreed to give $11,000 to these slick talkers without realizing what she was doing. (They already have her check and are "holding" it.) She agreed to things in a lease that I have never seen before, like a 25% rent increase after the 12 months and automated bank drafts that are due on the 1st and huge late fees and penalties kick in on the 2nd day. What if the 1st falls on a holiday or Sunday and the bank is closed on the 1st?  The lease states that the home can be shown to prospective buyers and tenants at any time, not in the last 30 or 60 days of the lease. Sally admits she just signed it and didn't read it.  These are just a few of the things.

The address on the lease is not even a valid address! The house is on a corner and the actual address is on the other street. That was one of the most shocking.  Who did she give her money to? A company posing as a real estate firm, with a lovely website with lots of high end listings on it!

One of the scam artists used to have a real estate license, it lapsed more than 2 years ago. They claim their company to be incorporated in GA.  It is not.  They are preying on people that have poor credit and ripping them off writing bogus real estate contracts and collecting big payments. They are the middle man between the owners of the homes and the public.

In Georgia,  the law states that you must have a real estate license to perform the duties of a broker.  These people do not. One of the scammers even has a real estate blog on Active Rain.  As of a few minutes ago, they had 52 listings on Craigslist in Atlanta.

Before you hand over your hard earned money, know who you are dealing with. These scammers seemed like professional people but in reality are not! Before you sign anything or hand over your money, verify their license status with the state.  Check that before you hire someone to list your home too. It takes just a minute. There are lots of scammers out there. Be aware.

I am trying to help her get her money back. We will see how all this works out.

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If you are thinking of buying or selling a home in Atlanta contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty. 404-456-5024

The 2009 Druid Hills Home and Garden Tour will be on Friday, April 17 and Saturday, April 18 from 10:00 a.m. to 5:00 p.m., and Sunday, April 19, from 1:00 until 5:00 p.m.

Druid Hills is listed on the National Register of Historic Places. The Druid Hills Historic District incorporates the previously listed Druid Hills Parks and Parkways Historic District.  It is a beautiful area filled with tree lined streets and wonderful old homes.

Ticket prices are $20 in advance and $25 the day of the tour. To buy tickets or for more information go to Druid Hills Tour of Homes.

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There are currently 69 homes on the market in the Druid Hills neighborhood of Atlanta, GA. They range from a fixer upper on Briarcliff Road for $249,000 to a home on Oakdale Road for $2.8 million. The average price of all homes in the neighborhood currently on the market is $905,000.

To see these Druid Hills Homes for Sale online, click residential, click Atlanta, put Druid Hills in Subdivision.

If you are thinking of buying or selling a home in metro Atlanta, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty. 404-456-5024.

View more of the Georgia Real Estate Voice.

Adair Estate in Druid Hills

This Saturday April 4th, there will be an Easter Egg Hunt on the Square in downtown Decatur, GA.  If you are not familiar with the area, Decatur Square is on Ponce de Leon Ave in between Church St. and Clairmont Ave.

The Easter Bunny arrives at 10:30 a.m. and the hunt for candy eggs begins at 11 a.m.  This is a BYOB event, Bring Your Own Basket.   There are multiple age categories: 0-2; Preschool, Kindergarten and grades 1-5.  This Free event is sponsored by the Decatur Business Association.  

If you get there early stop in at one of the many restaurants for breakfast, or stop in after for lunch.  Decatur is a charming city with lots of events, shopping and dining less than 7 miles from downtown Atlanta, GA.

If you are thinking of buying or selling a home in Decatur, contact Local Expert Jen Bowman, Realtor and Broker Associate with Success Realty at 404-456-5024.

Read more of the Georgia Real Estate Voice.