A recent article in the USA Today has made reference to the fact that homes sale prices have risen for the third straight month in July which is added fuel to speculation that the recent housing downturn has turned and better times are ahead.

With that being said, there are still numerous “deals” out there and if you are looking for a new home at a great price, we have five properties in the Madison Heights subdivision in Gwinnett County that you need to take a look at.

Madison Heights is a small enclave of homes located in one of the most desirable areas of Snellville with award winning schools, numerous shopping options, parks and so much more. This neighborhood has so much to offer and the recent price reductions make for a great deal.

With homes priced from the high $300,000′s to mid $400,000, these opportunities are not going to last. We have seen a great deal of interest since we have taken over these properties and expect to be sold out quickly.

Here is a list of these properties we are pleased to offer:

4462 Madison Run Place

4472 Madison Run Place

4452 Madison Run Place

4442 Madison Run Place

3113 Madison Run Cove

Give us a call or email me to schedule your private showings and you can email Scott Windish at Georgia Trust Bank,  swindish@georgiatrustbank.com for your loan pre-approval on this or any other property needs.

If you are a first time home buyer, this tax credit would be in addition to the $8000 federal credit. Eligible properties include single family residences including condos, previously occupied homes that were listed for sale before May 11, 2009 and are still listed, and bank owned properties. The bill did not include investment properties.

The goal of this bill is obviously to provide an incentive to move current inventory and to get would be home buyers back in the game. If you, or anyone you know, are ready to purchase a home, Signature Lending Group would love an opportunity to earn your business and to help you take advantage of the new tax savings. We are more than willing to hold your hand throughout the entire process. Call us anytime at 678-387-5580.

1)  I have reviewed key components of Obama’s Stimulus Package – and nothing in the plan guarantees 4% mortgage interest rates the media keeps talking about.  In fact, as Fed Chairman Ben Bernacke alluded in his March 15th “60 Minutes” interview, the Fed’s long term plan is to raise rates as the economy shows signs of recovery.

2)  Lenders are continuing to tighten guidelines, which means:

       a)  Credit scores needed to qualify have increased significantly in the last 30 days.  I expect this trend to continue.

       b)  Many lenders are asking borrowers for larger down payments than in recent years.  Fortunately, Signature Lending Group is still offering programs with as little as 3.5% down on FHA loans. 

Again, my message here is that we are very likely entering the late stages of our “window of opportunity”.  If you or someone you know are wondering if the time is right to purchase a new home or refinance an existing one, please call me immediately.  I promise to give you the straight answers that will help you make the most of these chaotic economic times.

Chuck Walden, President

Signature Lending Group, Inc

678-387-5580

Looking for a reason to refinance your current mortgage or are you looking to purchase a new home? If the answer is yes, or even “maybe” you may want to consider that the 30-year fixed-rate mortgage rate has dropped to its lowest level on record.

The average rate is the lowest in McLean, Va.-based Freddie Mac‘s weekly survey dating to 1971. Freddie Mac (NYSE: FRE) says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.

The 15-year FRM this week averaged 4.58 percent with an average 0.7 point, down from last week when it averaged 4.61 percent. A year ago at this time, the 15-year FRM averaged 5.34 percent. The 15-year FRM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM.

Rates for 30-year FRMs peaked last year at 6.63 percent on July 24th. With this week’s 30-Yr FRM, the interest rate difference is almost 2 percentage points, which amounts to a savings of about $225 in monthly mortgage payments for a $200,000 loan.

Need additional information? Give me a call or shoot me a email and I will put you in touch with one of my lender partners.

Quick note of caution:

PLEASE don’t assume that you can’t qualify until you ask a real pro!

I mentioned above that people ask me all the time about creative financing. Well, probably 40% of those people CAN get a traditional loan – they just thought that it was impossible “in today’s market”. It’s not impossible. Great financing is still out there, in fact the rates are AMAZING! (4.x % in many cases).

Sorry for the long set up to this post about lease purchase options, but I think it’s required reading.

I LOVE lease purchase (for buyer’s who don’t qualify today for traditional financing). Here’s why. With a lease purchase contract, you get to move into the house now and see how it works for your family. If everything works out great, then you have the right to purchase the home at a pre-determined price.  Plus, it allows you more time to get your finances in order – usually 12 to 18 months.

And, it also works for the seller. Here’s how:

The seller also gets a great deal because he probably will command a bit higher price than on today’s open market AND he gets his rent paid for the duration starting this month (emphasis on THIS   The seller also will retain a substantial deposit in most cases that is non-refundable.  Perhaps the best part for the seller is that the buyer is way-more-likely to be deeply invested emotionally and otherwise in the property, so the chances are very good that the property will be well cared for and that a closing will ultimately take place in the end.

When we structure a lease purchase for a client, here’s some of the terms we typically develop:

• Initial deposit of 1% to 3% of the purchase price
• Rent amount consistent with the overall market
• Purchase contract price typically 3% over market
• 12 to 18 month lease term

Each of these terms has flexibility and requires some thought, based on the specific details of your situation.  Feel free to comment below about your experiences with lease purchase or send me email to matt@diamonddwellings.com

As many of you have heard, the tax credit is available for first-time home buyers but what does that really mean?

Well here are some of the highlights which I think you will find very interesting. This information is also available at www.Federalhousingtaxcredit.com/2009.faq.php

1. Who is eligible for the tax credit? First time home buyers purchasing any kind of new home, both new and resale after January 1, 2009 – December 1, 2009.

2. What is the definition of a first time home buyer? A buyer who has not owned a principle residence during the three year period prior to the purchase.

3. How is the tax credit determined? The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.

For more information log onto:  http://www.federalhousingtaxcredit.com/2009/faq.php

I can also answer most if not all your questions as it relates to the plan so give me a call.  678-279-4717.

Retail Sales Rebound / Jobless Claims Fall – USA Today article:

http://www.usatoday.com/money/economy/2009-02-12-jobless-retail-sales_N.htm?loc=interstitialskip

Good News “Foreclosures Down 10%” – USA Today article:

http://www.usatoday.com/money/economy/housing/2009-02-11-decline-housing-foreclosure_N.htm

Coca-Cola Shares Rise: Reuters article:

http://www.reuters.com/article/newsOne/idUSTRE51B3EO20090212

Now go make a positive impact on the economy and let’s get this country rolling again! -

The tax break for homebuyers, which the Senate approved by voice vote without opposition, was the second amendment in two days intended to encourage consumers to make major purchases. On Tuesday, the Senate approved a tax incentive for car buyers, that would allow the deduction of sales tax and loan interest on purchases made this year.

More information is available at the following link from a NY Times article:

http://www.nytimes.com/2009/02/05/us/politics/05stimulus.html?hp

Before I go any further, let me clearly disclose that I am not an expert tax or financial adviser so after reading this short post you may need to consult a professional tax adviser before proceeding.

Now, are you really a first-time homebuyer?  Well according the federal government and the Internal Revenue Service, you qualify as a first-time homebuyer if you meet the following definition:

Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.  IRS Website FAQ Link

So, if you (and/or your spouse) have not owned a home during the last three years, then you qualify as a first-time homebuyers and are eligible for the new Tax Credit of up to $7500 if you purchase a home before July 1, 2009. This definition may include many different families who under various circumstances have NOT purchased or owned a home during the past three years.  The family may have relocated and have been renting a home for the past three years while deciding where, when and how to purchase a new home.  Individuals or families may have gone through some life change circumstances which have prevented them from purchasing or owning a home during the last three years, such as divorce, financial or medical struggles, unstable employment, etc.  For these individuals, as well as individuals who have never purchased a home, the new Tax Credit program can offer a substantial financial benefit along with lower-priced homes and lower mortgage interest rates.  Please note that in my opening paragraph I referred to the Tax Credit as an “interest-free loan,” because this is money that does have to be paid back to the federal government over the next fifteen years without any interest. (i.e. – $500/year for 15 years = $7500)

Don’t let the words “first-time” cause you to ignore a potentially great opportunity!

I have been selling HUD homes for a number of years and to have the new approval is another step in the process of contuning the excellent reputation and strength of the Diamond Dwellings.

If you or someone you know is looking to purchase a HUD owned home please feel free to give me a call to discuss your options.

Not every real estate company or agent has the opportunity to offer these services so make sure you check to see if your real estate agent is approved to help you find your dream home.

Matt Hermes / 770.402.2819