Atlanta Mortgage News

HAVE YOU FILED FOR HOMESTEAD EXEMPTION??

Madeline is asking!

Comment on this post once it is done! 

If you bought a property anytime and you still owned it on January 1, 2022, I am talking to you!  

You must apply for Property Exemption(s) before March 31, 2022 if you never have before.

Search online - "Your county" Homestead Exemption

99% of All Filings are Online Now.

If your home is owner-occupied, you automatically qualify for a Homestead exemption and assessment freeze.

This is one of the few middle class tax exemptions left.  

For example, the standard tax on a 2 bedroom home may be about $4400/yr. With the Homestead Exemption it is closer to $2400/yr. In addition, there are several other exemptions for senior citizens, disabled people, widows of police, fire and military killed in action, etc.   Go to your county website and make sure you file by March 31st. Links for several of the metro county webpages are on my webpage at https://newthresholdmortgagecorp.proiwebsites.com/NewThresholdAtlantaExpert

See the DeKalb list of all possible exemptions here: (https://dekalbtax.org/exemptions) Other than the Homestead Exemption, you have to apply in person for these others. exemptions. The process is not difficult but it must be completed before March 31.  

Photo model: Madeline Washburn circa 2009.  She now attends UGA as a freshman. Time flies!

• $647,200 for regular one-unit loans (increased from $548,250 in 2021)
• $970,800 for one-unit high-balance loans (increased from $822,375 in 2021)
• $1,243,050 for two-unit high-balance loans (increased from $1,053,000 in 2021)

VA follows FHA leads so these numbers also are accurate for VA loans.

LOAN THIS MONTH: CAN I PURCHASE WITH NO MONEY? 

Read time: 48 sec

My client thought the best program would be the USDA loan which requires no down payment, but the USDA program looks at household income, not borrower income, so they were quickly disqualified.  Instead, by working hand in hand with some awesome sellers, we were able to offer my client a FORGIVEABLE second mortgage at ZERO interest for three years with NO payment and no funds at closing. They paid for an appraisal and credit report only. Sound too good to be true?  It’s not!

Here are a few guidelines

1. The program is either FHA or Conventional for the first mortgage.
2. The down payment assistance is between 3-5% of the sales price.
3. The minimum credit score is 600.
4. The seller can contribute 3-6% of the sales price for closing costs/taxes/insurance.
5. The second mortgage is a Soft/Forgivable Second.   If your income is higher than 115% of area median income, you can get a ten year loan at no interest.

If this sounds like something that *might* work for your purchase in Georgia, let’s brainstorm as to whether you're a fit.  Send me a text or call me at 678-467-2330. Elizabeth Washburn