Mortgage Rates Are Back Below 5%

Long-term mortgage rates are back below 5 percent, according to Freddie Mac’s weekly rate report.  The average rate on a 30-year fixed-rate mortgage fell to 4.97 percent in the week ending Feb. 11, down from 5.01 percent last week. A year ago, 30-year mortgages were averaging 5.16 percent, said Freddie Mac, which has a regional office in Atlanta.  It is the third week this year that long-term mortgage rates have dropped below 5 percent.  The lower interest rate calculates to thousands of dollars in interest savings over the term of your loan.

Roswell Construction Alert

Great news Roswell!  This coming Tuesday, January 19th, Roswell’s Department of Transportation will begin an improvement project at the intersection of Crabapple and Rucker Roads.  The improvements will include left turn lanes and sidewalks at all approaches, traffic signal upgrades and waterline and storm drain upgrades.

The even better news is that all the work will take place between 9 a.m. to 4 p.m. so as to avoid morning and evening rush hours.
  
Construction is expected to be complete this summer.  But until then, expect delays along this corridor while the intersection improvements are being made.

New Changes From HUD in 2010

The U.S. Department of Housing and Urban Development (HUD) has approved two new forms which will play a major role in real estate transactions.  Both the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement have changed dramatically.  These changes were years in the making and became effective as of January 1st, 2010.

Here is a short overview and how it effects you, the client:

Grimes Bridge Opening Ceremony is TODAY Roswell!

After many delays, the City of Roswell is finally going to have the grand opening and ribbon cutting ceremony for the Grimes Bridge Road bridge replacement project today at 1 p.m. Parking is available at the Roswell Adult Recreation Center located at 830 Grimes Bridge Road. The new sidewalk system will now connect Grimes Bridge Park and the Adult Recreation Center with the park along Big Creek and the Vickery Creek section of the Chattahoochee National Recreation Area.  All approaches to the bridge will be closed for two hours starting at noon.

In Case You Haven’t Heard…

Congress has passed new legislation that not only extends the first-time home buyer tax credit of up to $8,000, but also offers up to a $6,500 credit to buyers who already own homes.   
 
Who qualifies for the extended tax credit?  Both first-time homebuyers and current homeowners who are under contract between November 7, 2009 and April 30, 2010 and promptly close on the property by no later than June 30, 2010 are eligible.  Current homeowners who have lived in the home being sold or vacated, as a principal residence for five consecutive years within the last eight qualify.   To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.  
 
The amount of each home buyer’s tax credit is determined by two additional factors:
The price of the home and the buyer’s income.  Under the extended home buyer tax credit, credit is only awarded on homes purchased up to a sales price of  $800,000.  Single home buyer’s incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.  These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.

And The Wait Continues Roswell..

For all you brave souls who sit (and sit) on Holcomb Bridge on your way to GA400 every weekday morning, I don’t have good news for you.  The construction on our beloved short-cut, otherwise known as Grimes Bridge Road, has been delayed once again.

The City of Roswell Department of Transportation has extended the completion date of the Grimes Bridge replacement to November 30th, siting weather delays.  They’re also planning a grand opening and ribbon cutting ceremony soon after the opening.

I’ll be there with bells on!

Mortgage Loans that Help with Renovations

Home renovations can be a little daunting, but financing them doesn’t need to be.  Homebuyers considering a fixer-upper and homeowners thinking about doing major rehab work might want to consider an FHA 203K loan.

Often called rehab or renovation loans, 203K loans differ from traditional mortgage loans.  Buyers who want to purchase a home in need of repair usually have to secure a loan to buy the property, get additional financing to complete the renovation and then get a permanent mortgage to pay off the interim loans.  FHA 203K loans are made based on the ‘after-repair’ value and include an escrow account, in which the money is dispersed in draws as the necessary renovations are being completed.

Governor Perdue Signs Housing Tax Credit Bill

Governor Sonny Perdue signed House Bill 261 earlier this week.  House Bill 261 provides a $1,800 tax credit for home purchases. The credit, which would be taken over three years, takes effect immediately and is meant to spur activity in the housing market.

The bill provides an income tax credit for the purchase of a single family residence during the next six months. The amount of the credit will be the lesser of $1,800 or 1.2 percent of the purchase price. A taxpayer may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts.

Questions About The $8,000 Homebuyer Tax Credit?

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.  Below are the answers to some of the most common questions regarding the tax credit:

Who is eligible to claim the tax credit?
First-time homebuyers purchasing any kind of home—new or resale—are eligible for the tax credit.

What is the definition of a first-time homebuyer?
A “first-time home buyer” is a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, neither spouse can have owned a property within a three-year period.

Roswell’s Historic District Extension Approved

Shopping in Historic Roswell is about to get a little easier!  A bid to extend Mimosa to Canton Street via Webb Street has been approved.  This extension will provide more connectivity in the Historic District and provide more parking for Canton Street shoppers as well as alleviate some of the congestion on Canton Street from Atlanta Street.  Webb Street runs between Red Salt and the Antique Market.

Roswell’s Transportation Director said that the work should start in March.  Mimosa is already aligned with the drive that will be widened into the extension, so there won’t be any construction delays at the intersection.

Next Page »