Hi All!

Mortgage Rates are slightly up .125% for Conventional Loans & .125% for FHA Loan Products! This means homes are basically going to “cost more” (when your rate goes up, so does your payment)!!!

Also, not only will homes begin to “cost more” when the tax credit expires and the mortgage rates creep up, but FHA Policy changes may also take a little out of your pocket at closing…(see FHA Policy Change info below).

Oh, and I’m sure you haven’t, but don’t forget that there are only 10 days left for a homebuyer to get Under Contract to meet the April 30th Deadline for the Tax Credit!!!

FHA Seller Sales Concession Policy Changes

FHA has sent the Notice soliciting public comments on lower allowable seller sales concessions (i.e. to pay for Buyer Closing Costs) from 6% of the home’s purchase price down to 3% to OMB for review. This means the Notice will probably be published for comment in 30-60 days. Accordingly, implementation will likely occur in late Summer (August or September).

TODAY’S MORTGAGE RATES:

30 Year FNMA: 4.875% with a .625% Origination Fee

15 Year FNMA: 4.250% with a .250% Origination Fee

30 Year Jumbo: 5.500% with a.875% Origination Fee

30 Year FHA: 4.750% with a .750% Origination Fee

7 Year FHA Arm: 3.750% with a .625% Origination Fee

Disclaimer: Rates are subject to change and are also based on the strength of the borrowers pre-qualification. ~source: Bank of America Home Loans

IMPORTANT DATES:

April 30, 2010: Cut-off date to be UNDER CONTRACT to qualify for the $8,000/$6,500.00 Tax Credit.

June 30th, 2010: Cut-off date to be for CLOSINGS to qualify for the $8,000/$6,500 Tax Credit.

The KellySellsAtlanta.com Team
Your 1 Stop Real Estate Shop

Market Summary: Even though rates have been super low in recent past, based on Lender calculations a 1% increase in mortgage rates could cost the consumer approx 17% more in monthly payment. In addition, there are only 2 weeks left to be under contract to take advantage of the $8000 and $6500 tax credits. If your friends, family or associates are even considering buying or selling, time is running short. We’re ready when they are, so have them call The KellySellsAtlanta.com Team asap (Aaron: 404-863-8680).

Good news is that Rates are staying somewhat flat at the start of the week, but they were trending upward last week…and the upward trend is expected to come again & continue. Who knows? It’s a moving target, but here’s what we’re seeing currently (sourced from Bank of America email):

30 Year FNMA: 4.875% with a .750% Origination Fee

15 Year FNMA: 4.250% with a .250% Origination Fee

30 Year Jumbo: 5.500% with a.875% Origination Fee

30 Year FHA: 4.750% with a .500% Origination Fee

7 Year FHA Arm: 3.750% with a .875% Origination Fee or 3.875% with a .375% Origination Fee

Disclaimer: Rates are subject to change and are also based on the strength of the borrowers pre-qualification. Please contact us at 404-863-8680 or email us and we can refer you to a lender & get you started.

…your next move is our business.
The KellySellsAtlanta.com Team of Keller Williams Realty

Morningside Elementary is one of the best Elementary Schools in the State of Georgia (ranking 56th on the Georgia Public Policy Foundation website). It is absolutely one of the best schools in Atlanta – no doubt. Some classic, cool & very desireable neighborhoods feed into Morningside Elementary…like Virginia Highland, Morningside, Ansley Park, Sherwood Forest, Johnson Estates, some of “Midtown,” etc…

Currently there are just over 200 homes for sale in the Morningside District with an average list price of $703,889. There are 35 homes under contract (this is a HOT area) and in the last 3 months, 42 homes have sold for an average sales price of $581,184.

I’ve set up this hot sheet link for you (see below) to view all homes for sale in the Morningside Elementary School District. The list of homes is always up to date, so you can put it in your favorites & feel free to revisit anytime.

Once you’re ready, you can call or email us for a FREE home valuation on your home, to set up a listing appointment or to view some of these listed homes and we can tailor a search that fits your specific criteria.

Our Team would love to help…and until then, Happy Hunting!! Oh, and the tax credits expire in 3 weeks & mortgage rates have gone slightly this week…still really good rates, but seems like they may not stay in the 4’s too much longer.

Click here for a list of homes for sale in the Morningside Elementary School District!

Click here for the Morningside Elementary School Website…

HomeTeam@KellySellsAtlanta.com | www.KellySellsAtlanta.com | 404-863-8680 cell | 404-969-1600 office

Since lending restrictions have tightened, FHA has BY FAR been the most popular loan program out there.  They have competitive rates (practically as low as you’ll find on a 30 year mortgage), the LOWEST downpayment option at 3.5% and they will loan up to $346,250 for your home purchase, so a home slightly over $350k would still qualify for an FHA loan with the 3.5% downpayment on top of the loan amount.  This loan program has had a LOT to do with the metro Atlanta Real Estate Market’s stabilization.

Coming in early April, FHA’s upfront mortgage insurance should increase from 1.75% to 2.25% of the purchase price.  This fee is paid at closing as part of your Closing Costs or “rolled” into/added to your loan amount & you basically pay it with each mortgage payment.  This will increase a payment approximately $5/month on a $150,000 loan.  Nothing drastic…

Spot approvals (for condos) will be going away, possibly by end of February, but this has been rumored for a few months so we’re not sure when they’ll finally make this official.  Spot approvals are used for Condo units when the Building, as a whole, hasn’t been fully approved by FHA.  That doesn’t mean something’s wrong w/ the building…it may only mean that the building HOA or Management hasn’t taken the time to go through the FHA approval process.

Lenders will still be able to do FHA Spot Approvals, but it will just be a little more difficult for them & it will take a little longer to close a loan.  It would probably be smart to add 15 days to the Contract to Close timeline to give the Lender a little more time.  Some lenders, like the one we use, will still get the job done in 30 days if needed…give me a call & I can put you in touch with him.  Many others you talk to will ask you to schedule a 45 day closing to make sure they can get the job done in time, but our guy is no feet dragger…his team will make sure you’re not inconvenienced by this change.

Whether you’re thinking of Buying or Selling, this is a great market to reach those goals.  Buyers want that $8000 1st Time Homebuyer Tax Credit or the $6500 Move-up Buyer Tax Credit.  And since Buyers have been so active, the home inventory has drastically reduced, making it a very opportunistic market for Seller’s with a well priced home in good condition!!

Please feel free to call/text/email us with any questions or if we can help you in any way.

The KellySellsAtlanta.com Team
#1 Team in Keller Williams Premier Atlanta/Buckhead
404-863-8680 | aaron@kellysellsatlanta.com
www.KellySellsAtlanta.com
>> click here to see what homes in your n’hood are selling for…>>

We will have more information out on this shortly, but here are the highlights from today’s edition of USA TODAY:

Washington – Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.

The Tax credit provides up to $8,000.00 to first-time but is set to expire at the end of November.  The Commerce Department said Wednesday that new home sales fell 3.6% in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing $8,000.00 tax credit for first-time home buyers while offering a reduced credit of up to $6,500.00 to repeat buyers who have owned their current homes for at least 5 years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to home buyers who sign sales agreements by the end of April.  They would have until the end of June to close on their new home, according to a summary of the legislation being circulated among lawmakers.

If there’s anything we can do to help someone you know that needs to buy, sell or wants to invest, please don’t hesitate to call us.  We’ll follow up w/ your referral today & do everything we can to make you look like a hero.

Your next move is our business…

The Kelly Sells Atlanta Team
www.KellySellsAtlanta.com > click to search all metro Atlanta Homes for Sale

See all of the homes for sale in this sought after Cobb County School District – Sope Creek Elementary, Dickerson Middle, Walton High: click here…

This is one of the most popular Elementary, Middle & High School combos in all of Metro Atlanta…and it’s so close to Sandy Springs & Buckhead, you’d never even feel like you’re waaaay out in Cobb County.  Get your kids into the best school district possible!

All the Active listings are right here & updated in Real Time! Enjoy & let us know once you’re ready to go see some homes and if you’d like a more tailored search (to your price range, minimum bed & bath combination, etc) just click here to shoot me an email & I’ll get it going…

Right now, the Median List Price in the area (for homes under $1mil & over $200k) is $$595,541.

The Median Sales price since 4/1/09 has been $473,217 and there are currently 18 under contract. 

There are 43 homes currently available but only 4 listed under the max FHA Loan Amount of $346,250 & only 7 that are listed under the $417,000 Jumbo Loan amount! (FHA requires only 3.5% down, Conventional Loans 5%, but Jumbo requires 20%)

Don’t hesitate much longer!  There are just over 80 days left to qualify for the $8000 Tax Credit for 1st Time Buyers.

www.KellySellsAtlanta.com for all your metro-Atlanta Real Estate needs.

The Kelly Sells Atlanta Team > your next move is our business…

Today, May 13, HUD Secretary Shaun Donovan decided to allow Buyers to use the $8,000 1st Time Buyer Tax Credit towards their downpayment on FHA-insured loans. Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.
FHA only requires 3.5% downpayment and sales prices up to $346,240.
This is a much needed boost as we enter Spring and Summer selling season and should guarantee an increase in sales through the end of the year. A word of caution though- you must close by 12/1/09 in order to receive this money.
Call us now at #404-606-2219 to get a free list of foreclosures in your desired Atlanta area!