Notes from Leigh Anne

I know I've been a little slack on the posts these last few months - my apologies! I am still here and will continue to develop this site and add more content with local interests in mind. I've been a bit slow in this market and have been taking some of my new "free time" to play mom to my now 3 year old - thus the slow down on content development. I think he has been enjoying having the extra attention. Lots of home projects to keep up busy! I heard an economist speak the other day that we are going to be in a "holding pattern" until the next big thing appears. The last big thing that really gave our economy a HUGE boost was the Internet. I'm curiously waiting to see what will be next - green energy? Hang in there. We are all in this together!!

Leigh Anne

Atlanta's new website

I was reading the AJC the other day and saw that Atlanta has a new website. Its from the city of Atlanta and supplies geographic information such as property maps, zoning maps, crime maps, annexations, and much more. I realize this website is geared toward Bartow County but you never know who is reading this or who might be moving into that area. I thought I'd pass it along so if anyone out there needed this sort of thing you'd have a link. http://gis.atlantaga.gov

A New, Old Loan. Perfect for First Time Buyers!!

I was talking with a Lender friend of mine today and leaned about an old loan that has become new again. The program has been around for some time but before all the recent banking changes there were other products that were always more attractive. Now with the end of the down payment assistance loans this one is making a come back.

Here is what I've learned...

It is an FHA loan (so you must put down 3%) but the seller can contribute money that will go toward your interest on your monthly payments. This means you put down your 3% down payment and then with the seller's contribution you only make your principal (and taxes and insurance) payments up to the first 6 months you are in the house. This loan operates on the same concept as the down payment assistance programs, the seller is giving you a contribution, but since the government has said no more assistance with down payments, this one allows you to have assistance with your first few payments. If you have every looked closely at your mortgage payments, your payments over the first several years of the loan are all interest. Example...if your payment is $800 about $700 will be interest and $100 will be principal. With the seller paying your interest, your payment will only be $100 for that month. Cool, huh?!?! Now that I have thoroughly confused you - I've linked this to my friends site. He is much better at explaining all this than I am...in fact, he can even help you run the actual numbers, instead of pulling them out of the air like I just did ;-) And when you are ready to buy using this new loan (or any other)...I'm your girl!!! Give me a call and I'll be glad to email you some houses to start your search - after all now is the time to buy!!

FOR THE SELLER'S. This is a great incentive to offer on your home that you currently have for sale. It could be the tool that would help persuade a Buyer to purchase your home over another one. Basically you would need to look at your numbers on your home you have for sale and figure out how much you can offer and still come out where you need to be. Give me a call - I'd be glad to help with that.

Leigh Anne

Lenox Park Subdivision Tour

Rural Development Loans

Looking to buy? Have bad credit and no money for a down payment? There are still options out there for you!! The rural development loans have the following criteria...

ZERO down payment

NO Monthly PMI

Rates LOWER than FHA

ONE DAY out of bankruptcy OK with a 620 mid credit score

ONE DAY out of foreclosure with a 620 mid credit score

Cosmetic repairs OK to Finance

No real limit to Seller Contributions

*certain restrictions apply

If this sounds like something you might qualify for - please give me a call and lets start working on finding your new home!!

Leigh Anne

$7500 Tax Credit for Qualified First Time Home Buyers!!

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009.

The following questions and answers provide basic information about the tax credit.


Questions: (Answers are after the questions)

1. Who is eligible to claim the $7,500 tax credit?


2. What is the definition of a first-time home buyer?


3. What types of homes will qualify for the tax credit?


4. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?


5. What is "modified adjusted gross income"?


6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?


7. Can you give me an example of how the partial tax credit is determined?


8. Does the credit amount differ based on tax filing status?


9. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?



10. I heard that the tax credit is refundable. What does that mean?


11. What is the difference between a tax credit and a tax deduction?


12. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?


13. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit?


14. I am not a U.S. citizen. Can I claim the tax credit?


15. Does the credit have to be paid back to the government? If so, what are the payback provisions?


16. Why must the money be repaid?


17. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?


18. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?


19. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?


Answers:
1. Who is eligible to claim the $7,500 tax credit? First time home buyers purchasing any kind of home new or resale are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.


2. What is the definition of a first-time home buyer? The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.


3. What types of homes will qualify for the tax credit? Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses, and condominiums.


4. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.


5. What is "modified adjusted gross income"? Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains. To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.


6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit? Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.


7. Can you give me an example of how the partial tax credit is determined? Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750. Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625. Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.


8. Does the credit amount differ based on tax filing status? No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.


9. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit? In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.


10. I heard that the tax credit is refundable. What does that mean? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit. For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).


11. What is the difference between a tax credit and a tax deduction? A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer’s tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375.


12. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program? No. The tax credit cannot be combined with the MRB home buyer program.


13. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit? No. You can claim only one.


14. I am not a U.S. citizen. Can I claim the tax credit? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.


15. Does the credit have to be paid back to the government? If so, what are the payback provisions? Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.


16. Why must the money be repaid? Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices.


17. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit? Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.


18. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.


19. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest? Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

http://www.federalhousingtaxcredit.com/

Notes from Leigh Anne

Greetings...

I hope you are all in a nice cool spot reading this!!

I'm sorry that I've been a slow on the updates lately. I've been super busy with real estate. It seems now is the time to buy and the buyers are out in droves. I've had three contracts in less than a week - so you know I'm not complaining!! I'm telling you all that to tell you this. There have been some changes in the laws that will cause some big changes in the lending industry. The down payment assistance programs that we use a lot with FHA loans are going to be a thing of the past come this fall. What does that mean for buyers? It means that if you want to buy a house with no money down you need to call me NOW because you have to be qualified by September 30th to be able to use this type of loan. Otherwise you are looking at having to put money down. In the past it was always 3% (with a 97% loan) - looks like now they will be upping that to 3.5%. So on a $100,000 home you will need $3500 for your down payment (plus all the closing costs, etc.) This is all breaking news so I will try to keep you up to date as the lenders send out information to us Realtors.
In the mean time - if you are thinking about buying a home - NOW is the perfect time...Call me!!

---Leigh Anne

Victoria Village

Check out my Slide Show!

New Listing FMLS # 3740102

River Shoals

Carter Grove Plantation

Buyer Representation

I was at a networking lunch today and a lady was talking about her friends who were buying a house but they didn't want to use a Realtor. She said they thought they would be fine on their own plus the would be saving money. I guess since I do this every day I don't always realize what people know and don't know about the real estate business. I want to tell you what I told her, just in case any of you are having the same thoughts. You don't ever want to buy a house without your own Realtor unless you are and investor or someone who has bought and sold, well, as many properties as most Realtors. If you might have a question like "what should I offer" or "what would you do about this or that" then you need someone with experience. Here is a scenario to explain. You are house hunting and you see a house that looks interesting. So you call the agent on the sign to show you the house. The appointment is set, she comes out and opens it up. You fall in love and want to buy it. She will be happy to write you an offer and she can. However, there are two things that most buyers don't realize at this point. Number one - you aren't saving any money by using having her or him as the only agent. The commission amount was set by the seller at the time of listing and it will be paid by the seller at the time of closing. The commission amount is normally set with 2 agents in mind (a listing agent and selling agent) who will split this money. But, if the listing agent is the only agent involve then the commission rate stays the same and she or he just takes both sides (which makes for a happy agent). So there are no savings to be had. And 2nd - the listing agent represents the seller. Not you. So if you want to discuss anything with the agent such as price, she is legally bound to go repeat it all to the seller. So lets say you are thinking of offering $200,000 for the house but would pay $220,000 and the listing agent (the one on the sign) is the only one involved. After you finish discussing what you want to offer vs what you will pay and you have her help you write the $200,000 offer up, she is going to race to the phone the minute you are out of earshot and tell the sellers every word you have said, especially the part about you being willing to pay $220,000. So in addition to not saving anything on the commissions, you will end up paying your top dollar instead of getting a better deal. So if you are thinking about buying give me a call so you will have representation, you'll be glad you did!

More on the Free Government Money for Buyers...

Just had this emailed to me and wanted to pass it along. Seems you can get up to $20,000 of "free money" - wow - I had only heard of up to $10,000!! See - just goes to show that I'm not the loan expert - just the house expert!!

"The most popular of the true grants available right now is provided by the Department of Community Affairs. The following are some of the highlights:

Below market interest rates
Income limits based on county and family size
Must do homebuyer education class
New homeowners only
Grants from $5,000 - $20,000"

This information came from...David B. Abrahamson
Regional Operations Manager
Colonial Bank

If you would like more information on this and other loans please give me a call!!

......THANKS DAVID FOR THE INFO!!

Check out my Slide Show!

Check out my Slide Show!

Free Government Money...Have you seen the sign on Main Street

I was driving down Main Street the other day and saw the new sign that Southern States Lending has put out. I wanted to comment on it...

Free Money from the government IS possible - believe it or not!! Here is the little bit that I know...

The program that I am most familiar with gives a $10,000 (or is it $5000) grant to first time buyers purchasing a home in the city of Cartersville. If you live in the home for 5 years the debt is forgiven and the money is yours free and clear. If you move before your 5 years are up then you pay them back the grant money. (I'm not sure of the repayment terms) There is only so much money available and it runs out quickly so you have to be first in line for it and you have to purchase a house that qualifies for the grant. I've known several buyers who have used this money and it has meant the difference in their being able to purchase a property or continuing to rent.

There are other loan programs out there similar to this that are not necessarily money from the government but are still worth checking out - Here are a couple that quickly pop into my mind...

Down payment assistance programs (Nehemiah is a popular one) help give you the money you need for a down payment so you don't have to come out of pocket with the money.

Rural development loans (that most all of Bartow County qualifies for) help in purchasing homes in less developed areas.

These programs are still out there (as far as I know) and can be used by buyers so be sure and ask your lender or Realtor about them!!

For your information and to double check my facts (as well as other loan options) - I'm forwarding this post to some of my lender friends for their comments. After all - I'm just a Realtor - I know houses not loans - I leave the money to the experts!! So stay tuned and see who all posts and what great advise comes back because in this economy FREE MONEY is always a GREAT thing!!

Leigh Anne

From Leigh Anne

I've had a request from someone to be added onto my newsletter mailing list...but after thinking about it a bit I've decided that I'm going to try something new. I'm going to create an online monthly newsletter. It will be basically the same thing that my "snail mail" newsletter contained but it will be online and easily accessed by all!! I'll post an update here when I add them so you will all be able to go and see it. For those of you who haven't seen my newsletter, it contains lots of helpful hints for homeowners. I've always had lots of compliments on them. I've even had several people tell me they put some of the articles in their calendar to help them remember certain yearly maintenance projects. Hope you enjoy them and learn a lot...be sure and let me know!!

Post in Response to my Felonspy Post

One of my post has been getting a few comments - YEA!! I can't say how excited I am that I am getting comments on my blog!! Thank you so much to every one who is reading this and a double thank you to those who have left comments - it lets me know that you are out there reading!!

There has been some comments on an earlier post - felonspy.com - as to the reliability of the site. I am posting a few more sites to take the place of the earlier post (although I'm leaving the earlier post up - fyi).

http://bartow.org/direct/direct.html - this link is for the Bartow County Sheriff's Dept - they have a sex offender's list that you can search as well as a list of Bartow County's most wanted.

http://www.cartersville-bartowcrimestoppers.com/ -Here is the CrimeStopper's homepage - it has a list of crimes that they are looking for more information on...

http://www.cityofcartersville.org/index.asp?nid=24 - City of Cartersville Police Department

http://gbi.georgia.gov/02/gbi/home/0,2615,67862954,00.html - This is the Georgia Bureau of Investigation's homepage - they also have a sex offender's search as well as crime statistics.

Please continue the posts - THANKS to ALL!!!

Leigh Anne

Price Reduced!! $85,000

Update from Leigh Anne

Happy Spring!!

I have a very bad case of spring fever. It comes around about this time every year and lasts for quite some time! I love warm weather and all the flowers and trees blooming!! I guess you could blame my "illness" on my lack of blogging lately. You could also blame a quick trip to the beach ;-) Now, I know, you think it is all fun and games at the beach but this time it was a working trip. I promise!! I pulled wallpaper in my parent's condo for THREE days!! Yes, we did take a few breaks to hit the beach for a bit of sun and to sit on the deck with an umbrella and great book but we did lots of work, too.

I'm back now and have added two new subdivision tours. I hope you like them! They are in the list and in the blog as well so be sure to check them out...

...Leigh Anne

Hickory Springs

Wingfoot Park

Maintenance Tips

I saw a postcard with maintenance tips and thought I would pass them on to you...
1. Review contents of your medicine cabinet - throw away out-dated items.
2. Celebrate spring by cleaning the garage.
3. Clean the fridge inside and out with mild detergent. Remove trays and shelves, wash, and allow to thoroughly dry before replacing them.
4. After a heavy rain, inspect basements for signs of moisture. Check to make sure sump pumps are working properly.
5. Test the pressure and temperature relief valve of your water heater by opening it and allowing some water to flow out. If little or no water flows out or it doesn't shut off, replace it. Bad valves can cause explosions!

March Greeting from Keller Williams

If you are looking to buy or sell or just have questions about real estate, please give me a call and let me know how I can help!

December 2006 statistics

January 2007 FMLS statistics

Monthly Statistics from FMLS

I've put up 2 posts with FMLS statistics on them. They are for residential housing in Bartow County. I didn't pull land or commercial, etc. But if you want to see these areas - let me know - I'd be happy to post them as well. The information all comes from FMLS so the information is only as accurate as the agents who input the listings and sales. (We all try to be accurate but there is a human error factor that play into it!) I'll add more as I have time to pull them so keep checking back so you can see how the trends for Bartow County are moving. I'll tell you now that the average prices are dropping. In fact, I'll post Dec '06 and Jan '07 now and you can compare recent stats to a numbers from a year ago.

December Statistics

January FMLS Statistics

Interest rates are climbing!!

I know they continue to talk about lowering prime but a funny thing is happening to 30 year fixed rates (and 15 year, and many other products) - are CLIMBING!! I'll tell you from personal experience just how fast they are moving! I am in the process of refinancing my home (time to take advantage of the lower rates, right?) So I called my favorite lender and said what is the rate - during a week the rates went from 5.3% on Monday to 5.5% on Thursday and by the first of the next week they were at 5.675% - can you believe it!! Rates depend on the product you choose, your equity in the house, down payments, credit scores, etc. There are some loans now advertising rates of over 6% (close to 7%)! If you are thinking of refi-ing or buying - you might want to think about sooner rather than later! The rates might come back down but with this market you just never know!!
If you want to know the latest, up to the second scoop on what the rates are doing - give me a call/email and I'll be glad to help you with that!

Notes from Leigh Anne

I've posted more houses in my other blog - Investor's Corner. I started that blog as an easy way to share houses that I see that are great deals, low prices, and something that an investor or first time buyer might want to consider. These are all listings from FMLS or For Sale By Owners - not all are my listings but they are listings that I can help you with. So, if you see something that is of interest - please let me know!!

Asa at Playland

I think this is a cool picture and just wanted to share it with you all. This is Asa playing at McDonald's playland - he is such a monkey!

Rain

Asa and I were out grocery shopping during the downpour the other day (yes, I have wonderful timing). I snapped this shot as we were leaving. Did you all know we had a waterfall on Main Street? That is a lot of water! A few more days like this and maybe Allatoona will look a little more like a lake and a little less like a river!

Leigh Anne

FelonSpy - a website worth checking out

I received this link in a forward and had to check it out. Under "who we track" this is what they say -
"We track virtually everyone with a criminal record including sex offenders, ex-cons (felony and misdemeanor), and those guilty of some of the more serious traffic infractions. You have the right to know who your neighbors are. We hope to track persons accused of crimes but acquitted in the future, but at this time we do not have sufficient funding to expand our database that far."
I ran my address and was surprised at what I found - it isn't going to cause me to move but it is nice to have a heads up about who lives around you!
Leigh Anne

Tapestry Church

I'm posting a link to Kyle ONeal's website. I saw him the other day at Tapestry Church - I've never raved about a band at Church but as they say there is a first time for everything! Check him out - Asa and I REALLY enjoyed him!!

Leigh Anne

Help for For Sale By Owners

I was looking at a new site (at least new to me) - www.alexa.com and was able to pull the top websites for for sale by owners (better know as FSBO's in the Real Estate Industry) in the US. I've not checked these out, at least not all of them - but I thought all those trying to sell their houses "by owner" might want to take a look and see if any of these might help in advertising. Let me know if you try any and how you like them!

In the mean time - give me a call and let me help you with any Real Estate questions you might have! I'm always glad to help - no purchase (or listing) necessary :-) - and if I have a Buyer that fits your property - I'll be HAPPY to bring them over!

If you have trouble with the link - here it is - you can copy and paste....
http://www.alexa.com/browse/general/?&CategoryID=84571&mode=general&Start=1&SortBy=Popularity

4 Parmenter Street

FHA loan limits will increase if this bill is signed tomorrow...

The text of the billed that will be signed tomorrow....

FHA should go to $332K or so

Fannie and Freddie should go to $729,750.

H.R.5140
Economic Stimulus Act of 2008 (Enrolled as Agreed to or Passed by Both House and Senate)
TITLE II--HOUSING GSE AND FHA LOAN LIMITS
SEC. 201. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR FANNIE MAE AND FREDDIE MAC.
(a) Increase of High Cost Areas Limits for Housing GSEs- For mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008:
(1) FANNIE MAE- With respect to the Federal National Mortgage Association, notwithstanding section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)), the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Association shall be the higher of--
(A) the limitation for 2008 determined under such section 302(b)(2) for a residence of the applicable size; or
(B) 125 percent of the area median price for a residence of the applicable size, but in no case to exceed 175 percent of the limitation for 2008 determined under such section 302(b)(2) for a residence of the applicable size.
(2) FREDDIE MAC- With respect to the Federal Home Loan Mortgage Corporation, notwithstanding section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Corporation shall be the higher of--
(A) the limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size; or
(B) 125 percent of the area median price for a residence of the applicable size, but in no case to exceed 175 percent of the limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size.
(b) Determination of Limits- The areas and area median prices used for purposes of the determinations under subsection (a) shall be the areas and area median prices used by the Secretary of Housing and Urban Development in determining the applicable limits under section 202 of this title.
(c) Rule of Construction- A mortgage originated during the period referred to in subsection (a) that is eligible for purchase by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation pursuant to this section shall be eligible for such purchase for the duration of the term of the mortgage, notwithstanding that such purchase occurs after the expiration of such period.
(d) Effect on Housing Goals- Notwithstanding any other provision of law, mortgages purchased in accordance with the increased maximum original principal obligation limitations determined pursuant to this section shall not be considered in determining performance with respect to any of the housing goals established under section 1332, 1333, or 1334 of the Housing and Community Development Act of 1992 (12 U.S.C. 4562-4), and shall not be considered in determining compliance with such goals pursuant to section 1336 of such Act (12 U.S.C. 4566) and regulations, orders, or guidelines issued thereunder.
(e) Sense of Congress- It is the sense of the Congress that the securitization of mortgages by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation plays an important role in providing liquidity to the United States housing markets. Therefore, the Congress encourages the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to securitize mortgages acquired under the increased conforming loan limits established in this section, to the extent that such securitizations can be effected in a timely and efficient manner that does not impose additional costs for mortgages originated, purchased, or securitized under the existing limits or interfere with the goal of adding liquidity to the market.
SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA.
(a) Increase of High-Cost Area Limit- For mortgages for which the mortgagee has issued credit approval for the borrower on or before December 31, 2008, subparagraph (A) of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to require that a mortgage shall involve a principal obligation in an amount that does not exceed the lesser of--
(1) in the case of a 1-family residence, 125 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined for 2008 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation determined for 2008 under such section for a 1-family residence; or
(2) 175 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size (without regard to any authority to increase such limitation with respect to properties located in Alaska, Guam, Hawaii, or the Virgin Islands);
except that the dollar amount limitation in effect under this subsection for any size residence for any area shall not be less than the greater of: (A) the dollar amount limitation in effect under such section 203(b)(2) for the area on October 21, 1998; or (B) 65 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size. Any reference in this subsection to dollar amount limitations in effect under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act means such limitations as in effect without regard to any increase in such limitation pursuant to section 201 of this title.
(b) Discretionary Authority- If the Secretary of Housing and Urban Development determines that market conditions warrant such an increase, the Secretary may, for the period that begins upon the date of the enactment of this Act and ends at the end of the date specified in subsection (a), increase the maximum dollar amount limitation determined pursuant to subsection (a) with respect to any particular size or sizes of residences, or with respect to residences located in any particular area or areas, to an amount that does not exceed the maximum dollar amount then otherwise in effect pursuant to subsection (a) for such size residence, or for such area (if applicable), by not more than $100,000.
(c) Publication of Area Median Prices and Loan Limits- The Secretary of Housing and Urban Development shall publish the median house prices and mortgage principal obligation limits, as revised pursuant to this section, for all areas as soon as practicable, but in no case more than 30 days after the date of the enactment of this Act. With respect to existing areas for which the Secretary has not established area median prices before such date of enactment, the Secretary may rely on existing commercial data in determining area median prices and calculating such revised principal obligation limits.

New Ad

I just finished a new ad on the Daily Tribune website. Be sure to check it out at http://www.daily-tribune.com/. It is a rotating ad that shows up on different pages so when you first click on the website you might not see it. I was trying to figure out a way to add a picture of the ad and website to this blog but I guess that the internet doesn't work like word when you can just copy and paste the screen. I'll keep working on it but in the mean time...you can just click on the link!!

Update from Leigh Anne

I've posted 5 new subdivision tours today. I was a bit behind. But, caught up now! I will continue to tour subdivisions and add photos and maps to my website in order to help you learn more about the subdivisions in and around Cartersville and Bartow County. Be sure to check out my subdivisions link on my website www.leighanneshepard.com for more information on each of these slide shows as well as maps to each of them. If you would like to see a particular subdivision sooner rather than later, please let me know and I'll try to get it "toured" ASAP!

Brook Ridge

Sharp's Vineyard

The Farm in Adairsville

The Reserve at Pettit Creek

Eagle Mountain

Notes from Leigh Anne

I went cruising around Cartersville yesterday with my Girlfriend and fellow Realtor Deborah Hall. We toured a lot of subdivisions and saw a lot of construction that is coming out of the ground. I took pictures for all of you to see what we covered on our tour.

As of today, I've posted slide shows on my blog and my website. My website contains a bit more information about each subdivision than the blog so if you want more info and/or directions check out the subdivision tab on my website http://www.leighanneshepard.com/.

Remember, if you have a certain subdivision you would like to see on here - please let me know!

Autumn Canyon Slide Show

Hamilton Crossing Slide Show