Greetings!
Below is our weekly newsletter outlining events and news related to the Neighborhood Stabilization Program. We hope you find this informative and helpful in you or your client's efforts to purchase a home in the Atlanta area. |
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$30,000 in Buyer Incentives from Capital Gateway until 12/31/2010!
How is this related to NSP you ask?
Well, Capital Gateway (CG) is an Atlanta Housing Authority program that provides buyers of NEW homes within a 3 mile radius of 89 Memorial Drive SE Atlanta 30315 up to $20,000 in benefits to use for their purchase. They just increased the maximum benefit to $30,000 for the next few months.
What that means to an NSP buyer....
Well, our home at 124 Ericson (left) is new contruction and is within the required geographic area. SO.... not only can a buyer receive the NSP beneft (NSP Homebuyer Incentive Guidelines) based on income, family size and home price but they can also receive another $30K from Capital Gateway.
Here is a link to the program specifics: |
Let's assume a buyer receives $20K in NSP incentive and qualifies for the $30K of CG. Then assume closing costs of $10K are paid by the programs leaving $40,000 for down payment and priciple reduction. 124 Ericson now costs this much... List Price $245,000 Downpayment (3.5%) 8,575 Remaining benefit (discount) 31,425 Loan Amount $205,000 At the current rate of 4.25%, the payment on this loan amount would be $1,008.48. Add taxes and insurance ($350/mo.) and your total payment is $1,358.48. A buyer CURRENTLY earning between $45,000 and $57,440 (with minimal debt and good credit) can qualify for this home! Our new partner, Academy Mortgage can tell you more. Call Melissa at (770) 337-8089 or email at melissa.gibson@academymortgage.com Like NSP, Capital Gateway is a zero interest deferred loan that is forgiven after a homeowner obligation period is met. After a 10 year residence period in the home, the loan is forgiven at 20% per year until year 15, when it is fully released to the homeowner. Options are availabe to homebuyers who have to relocate or move that prevent a homeowner from being obligated pay back funds not available upon a market-price the sale of the home.
Keep in mind that the NSP incentive is FLEXIBLE. A buyer/family that is close to qualifing but needs a bit more assistance, can be eligilble for more from NSP. The above scenario is an example only.
Finally, ADA has programs as well that can be used along with NSP and Capital Gateway. Some of the guidelines surrounding those programs differ from these two so I did not include them as part of this model. Certainly, we will look at all options for any interested buyers and find the right programs for them.
As always, let us know if you have any questions regarding the fantastic buyer incentives available with NSP funds.
or call (404) 810-0025 today! |
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