Mortgage Lender Atlanta » First Time Homebuyer

US Housing A Mere $4 Trillion Under Water

Jim Duffy — Tue, 20 Jul 2010 13:09:36 +0000

Bloomberg had a story a few days back on the lingering effects of the housing bubble…and what a pop that bubble caused!

Take a look at the chart:

The conclusion being that Americans will either have to pay off a boatload of this mortgage debt quickly; or home prices will need to appreciate just as quickly to make up for the shortfall.

And since neither of those are likely to happen, then where, exactly, do we stand? I mean, if we are going to profit from real estate, where do we stand?

Well, quite simple. There is little in the form of short-term housing gain right now. In fact, by nearly all accounts, now that the first time home buyer tax credit has expired, there is a lag in demand and we will probably see housing prices under more pressure, especially if (okay, when) mortgage interest rates rise.

Based on all of that data, where do I suggest you look to find a great deal with a good return on investment? Two places:

If you are in a position to purchase a home for you and your family, a place you want to call “home” for years to come, then do so now. But look for a deal on a home you and yours will be comfortable in. Think resale if the sellers are thinking in a wholesale mentality. Otherwise, think REO or foreclosed home, or a short sale. And if you go the short sale route, do two things – have a competent real estate agent to guide you through the process; and practice the virtue of patience. You will be happy that you did.
And, if you are in a home long term, then look at the metro Atlanta investment property market. I have been financing a lot of investment properties of late, and without even counting future appreciation on the property, I am seeing regular rates of return of 12% on your investment. And that is positive cash flow from the starting gates even after factoring for repairs, holding costs and management fees.

Opportunity abounds if you are in a position to take advantage of it. Call me if you are, and I will be happy to review the best practices I have seen, contacts that make the process turn-key, and review financing options that fit with your goals.

Atlanta First Time Home Buyers – Watch This!

Jim Duffy — Wed, 17 Feb 2010 01:17:59 +0000

My industry colleague, Dustin Hughes, made this video for first time home buyers for his market, Portland. It is applicable here in Atlanta, so I hope you enjoy it.

Now, if you are an Atlanta first time home buyer, call me for Atlanta’s best FHA loan – or any other loan that may work well for your circumstance. The important thing is – to not be a dave . Call me, let’s explore options.

Mortgage Loan Types: What’s Right For Me?

Jim Duffy — Sun, 20 Sep 2009 19:15:01 +0000

Choosing the right mortgage loan can be daunting. Even for those who have bought and sold several homes over their lifetime, typically the time between financing a home is long, and each time the prospective buyer is left scratching their heads, asking, which type of loan is best for me?

This short video explains the types of loans, and hopefully will be a good primer on knowing the difference and choosing the right loan for you.

Buying a home around metro Atlanta soon? Well, then I hope you found this video helpful, and just to reiterate, I believe one of the best loans for this moment, right now, is a fixed rate mortgage.

A Tip From An Old Dog in the Trenches for Metro Atlanta First Time Home Buyers

Jim Duffy — Fri, 28 Aug 2009 16:01:06 +0000

At this point in my carreer I’ve helped somewhere in the 1000′s of first time home buyers around Atlanta to finance their home. Most of those with FHA or Rural Housing loans – and some VA loans for those who have served our Country.

And, I enjoy it. I enjoy the teaching aspect of sitting down and explaining the types of loans available, explaining what fees are involved, both recurring and non-recurring, and what the process will be from the moment of pre-approval to closing and beyond.

And, I enjoy the smiles on their faces when, at the closing table, when everything has been signed that needs a signature, the sellers slide the keys to their new house over the table. You can almost see fireworks light up around them.

And, I am always amazed that about 5% of first time home buyers have the attitude that they simply cannot be bothered with the pre-approval meeting. You see, buying a home is the largest indebtedness that most of us will ever take on in our lives. It is a big commitment, and it can be quite advantageous to spend 45 minutes to really learn the in’s and out’s of obtaining and managing a mortgage.

Here are a few items I like to review:

Ways a mortgage can aid or inhibit wealth creation
Managing the debt, so it doesn’t consume you
Buiding home equity and managing that
pre-approval vs. pre-qualification
Guarding your investment with the right insurance
And, right now, how to qualify for an receive your $8000 tax credit

There is more that we cover, although this gives you a taste of important items to consider. I just encourage everyone considering buying their first home in Georgia to carve out the time from your busy schedules to sit down with a mortgage professional, one with the heart of a teacher, and make sure you buy and finance right.

If you are reading this and considering buying your first home right now, then you are in luck. We have this event coming up next week:

Wednesday, September 2 @ 7:00pm
The 1818 Club 6500 Sugarloaf Pky, Duluth, GA 30097 – in the Gwinnett Chamber of Commerce Building

Plan to come out next Wednesday and spend a little time with us for a structured presentation on all that you need to know to buy right, and smile your own satisfied smile when the keys to your new home are slid across the table to you.

Come Join Us For This Gwinnett Co. $8000 Tax Credit Event

Jim Duffy — Tue, 25 Aug 2009 12:25:54 +0000

Time is flying by quickly to cash in on your $8000 tax credit for first time home buyers. As of this writing there are only 97 days left until the tax credit expires. Because, to qualify for the $8000 tax credit, you need to close on the purchase of your home by November 30, 2009.

“Cash for Clunkers” is over. Enter, Cash for Renters, the $8000 tax credit for first time home buyers. But just like the narrow window of opportunity to turn in your clunker for cash, there is an equally narrow windo to claim your $8000 tax credit. Realistically, if you are buying your first home around metro Atlanta, then you need to have an accepted contract by the end of October in order to close by the end of November.

And, think of this: if you buy a $200,000 home and finance it with an FHA mortgage, then your down payment is $7000. Get the tax credit back, and you replace your down payment and have $1000 left to buy that new, big, cozy leather chair…or, just save the money in the bank for a rainy day.

And when we need to act quickly, the best way to avoid costly mistakes is with a proper education. So, mark your calendar for the one first time home buyer training that we have left:

Wednesday, September 2 @ 7:00pm
The 1818 Club 6500 Sugarloaf Pky, Duluth, GA 30097 – in the Gwinnett Chamber of Commerce Building

To buy your first home – quite possibly for less than you pay in rent – and get up to $8,000 in free money from the federal government for doing so, then sign up here to reserve your seat.

And, be ready to brag for years that YOU bought at the perfect time. Mortgage rates are at multi-decade lows, home prices have fallen, and the government is giving you $8000 to buy now.

I can only imagine the stories you will be telling your friends, gathered around you at the next party!

Why Now Is The Time to Buy Your First Home in Atlanta

Jim Duffy — Fri, 31 Jul 2009 09:53:40 +0000

We are in a Perfect Storm right now. First time home buyers around Atlanta right now have:

The highest home affordability factor since before 1970
The lowest mortgage interest rates since the 1950′s, thanks to the Fed buying mortgage baced securities
An $8000 federal tax credit for first time home buyers
An $1800 State of Georgia tax credit for buying a home

And this perfect storm will end, soon.

The federal tax credit expires on November 30, 2009. And the Federal reserve has said they will stop buying mortgage backed securities – which is keeping rates low – on December 30. By then, the home affordability will no longer be what it is now, because mortgage interest rates will certainly have to rise, with a major buyer out of the market.

And, consider this: If you are a first time home buyer around Atlanta, and you go to buy a $200,000 home with FHA financing, then your down payment is 3.5% of the purchase price, or $7000. You can ammend your 2008 tax return immediately after closing, and receive the $8000 tax credit. You recoup the down payment, and have $1000 in reserve. And, you lock in a 30 year fixed rate loan at the lowest rates in 5 decades. Oh, and a first time home buyer is defined as anyone who has not owned a home in the past 3 years.

Want to take advantage of this perfect time to buy your first home? There are two ways to get started:

Call me and we will set a time to meet and discuss what financing will look like for your situation. My number is just over to the right, there. Or email me.
Secure your seat at one of the Atlanta Million Dollar Challenge Seminars, and together with dozens of your friends around Atlanta, learn the in’s and out’s of buying your first home in metro Atlanta, and securing your $8000 federal tax credit and your up to $1800 State of Georgia tax credit. Click Here to reserve your seat at one of the MDC Seminars.

See you there!

The Atlanta Million Dollar Challenge Events Announced

Jim Duffy — Thu, 30 Jul 2009 16:34:09 +0000

I announced on this blog recently that I was teaming with some real estate professionals from around Atlanta to launch a big, and very important initiative: Atlanta’s Million Dollar Challenge.

The goal is simple: To help 125 first time home buyers around Atlanta to purchase their first home by November 30, 2009. That is the final day to close on home and receive the $8000 federal tax credit for first time buyers. If we reach our goal of 125 buyers each receiving the $8000 tax credit, then we will have helped bring $1,000,000 of federal tax dollars into our community.

As part of our effort, we aim to educate Atlanta first time home buyers about the tax credit and what that will do for them; as well as the home buying process. And, a series of seminars has been announced that will help facilitate this education process:

Event 1: Thursday, August 20 @ 7:00pm
Sheraton, 2844 Cobb Parkway SE, Atlanta, GA 30339 – Across from Cobb Galleria

Event 2: Tuesday, August 25 @ 7:00pm
ROAM 5815 Windward Parkway, Alpharetta, GA 30005 – Across from Windward Marriott

Event 3: Wednesday, September 2 @ 7:00pm
The 1818 Club 6500 Sugarloaf Pky, Duluth, GA 30097 – in the Gwinnett Chamber of Commerce Building

So, sign up to reserve your seat HERE. And, we will see you at the event, and look forward to helping you receive your part of the $1Million Mortgage Challenge. Sign up today!

Word is Getting Out on the $8000 Tax Credit

Jim Duffy — Wed, 29 Jul 2009 07:22:57 +0000

I read just last week a study by the National Association of Realtors that fully 50% of the prospective first time home buyers did not know anything about the $8000 federal tax credit if they buy a home by November 30, 2009.

And my experience with Atlanta area first time home buyers? The same.

So I want to pass along this FAQ sheet for first time buyers. I found it quite informative. Pass it on to a young renter, who is thinking of buying their first home: tax-credit-flyer1

Atlanta’s Million Dollar Mortgage Challenge

Jim Duffy — Sat, 11 Jul 2009 15:49:50 +0000

Teaming with some real estate professionals from around Atlanta, we are launching a big project: Atlanta’s Million Dollar Mortgage Challenge. The goal – to help 125 first time home buyers into their first home by November 30, each receiving the $8000 tax federal tax credit available to first time buyers only.

The math on that is simple: 125 first time buyers, purchasing at least an $80K home, by November 30, 2009, each receiving the $8,000 tax credit. Total: $1,000,000 in the hands of new homeowners.

Are you in? We will have a series of FREE seminars where you will receive all the information that you need on qualifying and receiving the $8000 federal tax credit, how to buy a home, what to look for and the pitfalls of buying your first home, and the in’s and out’s of financing that first home – with FHA loans, Rural housing mortgage or any special first time buyer loans.

The dates will be announced soon; and you can be amoung the first to sign up and know about this by visiting the official Atlanta Million Dollar Challenge site. Bookmark it today, and check back early next week for the dates and times of the Free seminars. Then, be ready to claim your $8000 federal tax credit.

(Oh, and you may also claim some of the great sponsor prizes, when you attend the event, too!)

First Time Home Buyers Will Be Happy

Jim Duffy — Sun, 15 Feb 2009 14:27:20 +0000

A lot of talk has swirled around the $15K tax credit for all home buyers in 2009 that was proposed as part of the stimulus package.

Then, reports were that the credit was paired back to $7500, but still all home buyers would receive the tax credit. And, in committee, that morphed to an $8000 tax credit for first time home buyers only (i.e. anyone who has not owned a home in the past 3 years), who buy in 2009.

Still great for all the first time home buyers around metro Atlanta, where there are some excellent deals to be had. But, just not what most real estate professionals were hoping for to jump-start the housing market.

But think of it this way: if a buyer comes into the market, and has not filed their 2008 taxes as yet, then here’s what that buyer could do. Find that perfect home in, say, Cobb county, with a purchase price of $228,500. Come up with the necessary down payment of 3.5% to go with the very attractive FHA financing. 3.5% down payment on a home priced at $228,500 is, you guessed it, $8000.

Then, file their taxes and receive the tax credit of $8000, and the government will have subsidized their down payment for the home. Not a bad deal at all, especially considering that homes are prices so attractively compared to just 2 years ago.