Alpharetta Cumming Lake Lanier Real Estate Blog: February 2009

Check out this weekend's mortgage rates provided by Covenant Mortgage Corporation:

Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 5.00%
15-yr Fixed = 4.625%

Jumbo Loans: Loan amounts over $417,000*
30-yr Fixed = 5.875%
5/1 ARM = 5.375%
7/1 ARM =5.625%

FHA Loans: Loan Amounts up to $346,250*
30-yr Fixed = Range from 5.00% - 6.00%

*Based on pricing as of Friday, 2/27/09 at 1:00PM.

And, as a part of the stimulus package signed February 19th, FHA has raised the maximum loan amount in Metro Atlanta to $346,250 effective immediately!

If you would like help with your next real estate transaction, please contact our team at Vanderhoff Real Estate today. We can be your bridge to success!

Labels: 15 year fixed, 30 year fixed, covenant mortgage, FHA, mortgage rates, vanderhoff real estate

Forsyth County District 4 Commissioner Patrick Bell will hold a town hall meeting regarding Bethel Park Tuesday, March 3 at 6:30 PM. The meeting will be held at Chestatee Elementary School, located at 6945 Keith Bridge Road (Highway 306).

A map can be found by clicking here

This will not be a Q&A session, the format will follow standard Public Comments to allow attendees as much an opportunity to provide input and comments regarding Bethel Park. The time scheduled is 1 1/2 hours with 45 minutes afforded both proponents and opponents.

For those not aware of the issue, Forsyth County and the US Army Corps of Engineers are currently in litigation. Forsyth County claims the Corps did not offer Bethel Park to the county prior to offering it to the YMCA. The YMCA has proposed building a summer camp facility and Forsyth County had proposed an RV Park and Learning Center. Forsyth County filed suit against the Corps of Engineers and has a hearing pending.

As the new District 4 Representative, Commissioner Bell is soliciting input at this meeting regarding this park and the lawsuit. All Forsyth County residents and any interested persons are invited and encouraged to attend. If you cannot attend, please send comments to Commissioner Bell at PBBell@forsythco.com

Satellite Image of Bethel Park

Labels: Bethel Park, forsyth county, town hall meeting, US Army Corps of Engineers, YMCA

Monday morning breakfast was served at 7am. Zef came to pick us up and took us to a currency exchange facility where we exchanged $3000 US Dollars for 73,500 New Meticals. We then headed off to the headquarters of the Methodist Church of Mozambique where we were able to meet with the new Bishop, Joaquina Filipe Nhanala. She is the first female Bishop in Africa and a truly amazing woman. She had just recently returned from a Bishops’ training conference at the North Georgia United Methodist Church Retreat Center at Simpsonwood.

Bishop Joaquina had just been appointed and this was her first week on the job. We spent the morning talking with her and found that her priorities are very much in line with what we hope to accomplish in Mozambique. She feels that the key to helping her fellow countrymen is to introduce them to Jesus Christ. One of the best ways to attract the people is to first provide an easily accessible supply of clean drinking water, her people’s greatest need. At the well site they can then build a parsonage to house a pastor who would offer church services at the home until such a time that a church can be built and finally a school.

We learned from the Bishop that there are 90 churches in the southern conference of Mozambique and 135 in the northern conference, plus an additional 52 sites for future church planting. 90% of the people at these locations get their drinking water from rivers, streams, ponds and marshes. This means that over 200 of the churches in Mozambique could use wells to provide fresh clean drinking water along with their message of hope. We are beginning to see the scope of our task.

After our meeting with the Bishop, we returned to the guest house for lunch and to plan the balance of the week’s activities. That evening before leaving the guest house we had another great dinner.

After dinner, we were invited by Zef to the English class he teaches at the local university. We were able to participate in the class by conversing with the students in order to let them practice their English and to see if they could understand us with the different accents we each have. Not that Melody and I have accents, but it seemed to the class that Eric did have a bit of a Southern accent. They were extremely warm and friendly with lots of questions. Everyone wished there had been more time to interact. It was a great opportunity to meet these students who are soon be the new leaders of their communities, in both business and government.

After class we returned to the guest house and had the opportunity to meet Claire Cunningham. She is a missionary that was born in Zimbabwe and is now living in the Northern part of Mozambique. The guest house we stay in is used by many people affiliated with the church. It is a place of comfort where you can have a hot shower (most of the time), get a good meal, have a clean comfortable bed and wake to a great breakfast.

We finally turned in around 11pm for our night’s rest.

Labels: africa, mission trip, mozambique

The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.

Here are the basics to this specific tax credit:

• The home must be your primary residence
• The home must be purchased in 2009
• The homebuyer must not have owned another primary residence for at least 3 years
• The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
• You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
• Single filers are limited to income of $75,000 and $150,000 for joint filers.

If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low, contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Also, check out the foreclosure listings in the area through a special link on our website.

Labels: $8000, 2009, Alpharetta, cumming, foreclosure, lake lanier, tax credit

IHOP Restaurants nationwide will offer guests a free short stack of buttermilk pancakes in an effort to raise awareness and funds for Children’s Miracle Network on National Pancake Day. With a goal to raise $1 million, funds will benefit children’s hospitals and other charities throughout the U.S. For every delicious short stack of pancakes served on National Pancake Day, IHOP guests are invited to make a donation to the Children’s Miracle Network program at Children's Healthcare of Atlanta. Free pancakes will be served on Tuesday, February 24, 2009, 7 a.m. – 10 p.m. at participating IHOP restaurants in the Atlanta area. For more information, visit http://www.ihoppancakeday.com.

Labels: children's healthcare of atlanta, free, IHOP, national pancake day, pancake, short stack

The Forsyth County Tax Assessors Office would like to remind residents about the approaching deadline to file for homestead exemptions for this tax year. While you may apply for exemptions year-round, you must apply by April 1 in order to receive the exemption for 2008. Any application received after this date will not be processed until the next tax year.

All of the following required documentation must be presented to apply:

* a drivers license (if you drive)
* a copy of a recorded warranty deed
* a letter from the county where you lived prior to moving to Forsyth County stating that the homestead has been removed

Filing for homestead exemption is one way to reduce the amount of property tax you pay on your residential property. In Forsyth County, if you own the property, reside on that property and are a legal resident of the county, all as of January 1 of the tax year, you may qualify for homestead exemption. (Legal resident means that you are registered to vote and/or register your vehicles in Forsyth County.) You cannot be claiming homestead in any other location.

You must make an application for each exemption you would like to receive. Only one owner needs to meet the requirements to qualify for the full exemption. These exemptions are automatically renewed each year unless there is a change in ownership or you no longer meet the eligibility requirements. You do not need to reapply for exemptions if you refinance your home, unless ownership changes. For all exemptions, the property must be in the name of the applicant. To legally change ownership into your name, a new deed must be recorded in Forsyth County records. The amount exempted is deducted from the 40% assessed value of the property in the applicable tax categories.

If a change of ownership occurs due to death or divorce, the new owner must file the change with the Tax Assessors Office and reapply for any exemption granted in the previous owner's name.

A number of exemptions exist including certain exemptions for residents age 65 or older. Exemptions can include the regular $8,000 homestead, floating homestead, total school tax homestead exemption, state tax exemption and disabled veterans exemption. Contact the Tax Assessors Office for a complete list of and details on exemptions.

WHERE TO FILE:
Forsyth County Tax Assessors Office
110 E. Main Street, Suite 260, Cumming
770.781.2106

Office Hours:
8:30 a.m. to 5:00 p.m., Monday through Friday

Labels: disability homestead, floating homestead, forsyth county, homestead exemption, property tax

Pulte Homes announces their “Let’s Get a Move On” Event this weekend in the Atlanta area, February 20-22, 2009. America is on the move again, and if you strike while the deals are
hot, you can be too. Pulte Homes is greasing the wheels to help you get a move on with special limited-time savings and incentives. Offering superior quality, energy efficiency and unmatched warranties, Pulte Homes gives you every reason to move.

Pulte is advertising the following incentives subject to terms and conditions:

•3.999% (5.445% APR) First Year Interest Rate
•4.999% Interest Rate Years 2-30
•Up to $5,000 in Closing Costs
•Up to $30,000 Savings on Homes Available Now

Plus, first time home buyers are now eligible to receive up to an $8,000 Tax Credit.

Cumming area Pulte Homes Communities include Vickery Lake, Court at Fieldstone, Enclave at Fieldstone and Glen at Fieldstone. Communities are currently priced in the low $200,000 - $285,000 price range. If you'd like to visit one of these great new home communities and take advantage of these great deals, call us today. Pulte Homes Incentives are only being offered through Sunday!

Labels: atlanta, cumming, february, fieldstone, homes, pulte, sale, vickery

The seventh annual Forsyth Senior Expo will be held this Saturday, February 21, 2009 from 10 a.m. to 1 p.m. at the Forsyth County Central Park Recreation Center. Senior citizens, along with their families and friends, wanting to learn about products and services of interest for now and for the future are invited to attend the event.

Expo exhibitions will include health care, housing, finance, safety and security, recreation and travel, end-of-life, non-profit institutions and local, state and national agencies. Free health screenings for blood pressure and vision will be available.

Admission is free. Door prizes and refreshments will be provided at the event. Central Park Recreation Center is located at 2300 Keith Bridge Rd. (Hwy. 306) in Cumming. To receive additional information regarding the Forsyth Senior Expo, contact Forsyth County Senior Services at 770.781.2178 or smcamarillo@forsythco.com.

Labels: 2009, central park, february 21, forsyth county, senior expo

The massive foreclosure prevention program announced today is aimed at stabilizing the housing market and includes two initiatives. One is a refinancing program aimed at homeowners with less than 20 percent equity in their home or even owe more than their home is worth; the other program is aimed at homeowners at risk of losing their home and attempts to lower their monthly payments to affordable levels. To read an in-depth article outlining the program, and what it means for you, click here for a good article from the Washington Post.

Labels: foreclosure, homeowner affordability and stability plan, housing, housing plan, Prevention

Alpharetta’s 19th Annual Arbor Day celebration will be held on Saturday, February 21 at Wills Park. This nationally celebrated holiday encourages tree planting and care through educational programs. The festivities will be held off of Old Milton Parkway in the pavilion behind Mansell House starting at 10:00 AM until 2:00 PM.

As with last year, the ongoing drought has shifted the focus from planting trees to an event filled with educational activities for the entire family. Earth Friendly games, a Victorian scavenger hunt called Letterboxes and an interactive puppet show will be part of the scheduled children events. In addition, Boy Scouts and Girl Scouts will have badge earning opportunities including Brownie Try It points. Workshops will be held on tree planting, how to make a rain barrel and water conservation. Informative guided tours of the new Alpharetta Arboretum at Wills Park will also be available.

One ceremonial tree will be planted in Wills Park in keeping with Arbor Day tradition. The planting and recognition ceremonies will begin at 11 a.m. During the ceremonies the winners of the annual Arbor Day Art Contest will be announced. The contest which drew 130 entrants this year is open to children from first through eighth grade who draw their interpretation of the importance of Arbor Day. For more information, please contact Nancy Beckemeyer, City Arborist at 678-297-6000.

Labels: Alpharetta, alpharetta arboretum, arbor day, celebration, wills park

Here is a look at what items will effect the housing market in the Stimulis package AND the Treasury's package as a whole according to the National Association of Realtors' president Charles McMillan.

New Items
1) the loan limits will be raised to $727,000 in high cost areas
2) the tax credit will be raised to $8,000 with NO payback [a true credit]
3) interest rates have come down 125-150 basis points
4) the bill has over $50 billion in it for foreclosure mitigation: Geitners Treasury plan signals that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

Maintained Items
1) mortgage interest deductability
2) real estate tax deductability
3) $250,000/$500,000 cap gains exclusion

Labels: foreclosure, housing, stimulis package, TALF, TARP, tax credit, treasury's package

* In order of popularity, Valentine's Day cards are given to teachers, children, mothers, wives, sweethearts and pets.
* Parents receive 1 out of every 5 valentines.
* About 3% of pet owners will give Valentine's Day gifts to their pets.
* Approximately 110 million roses, the majority red, will be sold and delivered within a three-day time period.
* In the Middle Ages, young men and women drew names from a bowl to see who their valentines would be. They would wear these names on their sleeves for one week. To wear your heart on your sleeve now means that it is easy for other people to know how you are feeling.
* The Italian city of Verona, where Shakespeare's lovers Romeo and Juliet lived, receives about 1,000 letters addressed to Juliet every Valentine's Day.
* The oldest surviving love poem till date is written in a clay tablet from the times of the Sumerians, inventors of writing, around 3500 B.C

Labels: facts, fun, valentine's day

Fannie Mae, which controls nearly half of the mortgages in the country, will launch a new program in April to help those who are self-employed or have bad credit take advantage of the refinance craze.

The "Refi Plus Program" will waive the normal credit score requirement for a refinance; it will have reduced documentation standards for proof of income; and it will allow for computer-based appraisals, which tend to inflate the value of a home and make it easier to qualify for a refinance.

More people stand to be affected by these upcoming changes than the entire number of people who have already gotten their refis!

However, Refi Plus will ultimately lead to higher defaults and more foreclosures; it is, after all, a lessening of standards. But apparently the "experts" aren't overly concerned. They're holding out for the hope that the program will actually allow people who couldn't make their mortgage every month to do so.

Labels: fannie mae, mortgage, program, refi plus, refinance

Interest paid on home loans is deductible up to $1 million for a principal residence plus a second home. So, at least some of that mortgage payment you send in each month is deducted from your taxes. Additionally, property taxes on all real estate are fully deductible. Most state and local governments charge property taxes, which are an annual tax on the value of your property. You can deduct all of the real estate taxes that you pay. Make sure to check with your tax consultant to ensure you are taking all applicable deductions as a homeowner.

Labels: deductions, homeowner, property tax

The Gwinnett Center hosts the 12th Annual Georgia Home & Garden Show Feb. 13-15. This year's show will include expanded offerings for the home and garden, as well as workshops all weekend long.

Admission is $7 for adults, $6 for students and seniors. However, all active military get in free. Admission is also free if you bring in five cans of food for "Hosea Feed the Hungry."

Show hours are noon to 6 p.m. that Friday, 10 a.m. to 6 p.m. on Saturday and from noon to 5 p.m. Sunday.

Participants will enter the show through a greenhouse filled with colorful flowers which will be for sale during the entire event. There will be numerous garden displays, how-to clinics and exhibitors displaying the latest in home and garden supplies.

Walk-through exhibits will be presented by Allin Landscaping, Exterior by Yards, and Legacy Scapes, giving new ideas for the home gardener.

As special treat on Valentines Day, Saturday, Feb. 14, the first 100 ladies to visit the show will be given a plant compliments of No Longer Bound Greenhouse. The non-profit group will also sell plants at the event.

Other features of the show include:

• A seminar on natural gas education and energy conservation.

• Home efficiency exhibits by Jackson EMC.

• Prize giveaways, like a weekend vacation package at Amelia Island Plantation.

• Silent Auction to benefit Camp Sunshine, a camp for children battling cancer. Auction items include villas in Italy and Costa Rica, a Jacuzzi SPA, restaurant gift certificates and more.

• Free health and wellness fair in conjunction with the Home and Garden Show.

• Workshops by the University of Georgia Cooperative Extension-Gwinnett County, and by Master Gardeners.

Tickets may be purchased at the door. The Gwinnett Center is at 6400 Sugarloaf Pkwy, Duluth. Visit the Show's Web site for more information and discount tickets at: www.booksandshows.com.

A free Health and Wellness event in conjunction with the GA Home & Garden Show will be ongoing during the entire show.

Labels: 2009, georgia home and garden show, gwinnett center

Check out this weekend's mortgage rates provided by Covenant Mortgage Corporation:

Conforming Loans: Loan amounts $417,000 & under*
30-yr Fixed = 5.125%
15-yr Fixed = 5.00%

Jumbo Loans: Loan amounts over $417,000*
30-yr Fixed = 6.875%
5/1 ARM = 5.50%
7/1 ARM =5.875%

FHA Loans: Loan Amounts $320,850 and under in Metro Atlanta*
30-yr Fixed = Range 5.50% - 6.00%

*based on pricing as of 2/5/09 at 4:00PM. Prices, guidelines, and programs subject to change without notice.

If you would like help with your next real estate transaction, please contact our team at Vanderhoff Real Estate today. We can be your bridge to success!

Labels: 15 year fixed, 30 year fixed, covenant mortgage, FHA, mortgage rates, vanderhoff real estate

Forsyth County government has launched a new interactive Web page providing a variety of planning-related information in one, easy-to-navigate location. The new eStatus Web page includes project summaries, important meeting dates and links to important documents, such as applications, aerial maps, concept plans, staff reports and final decision letters. This new feature is accessible at http://estatus.forsythco.com.

The eStatus Web page includes information regarding all existing and archived rezoning, conditional use permit, home occupation permit and sketch plat applications. Plans call for the site to be expanded to include the remaining public hearing application types, as well as information on all land development permits and plats, in the coming year.

When using the eStatus Web page, the most important piece of information needed is the application number. The application number can be found on legal ad notices in the newspaper, adjacent property owner letters, meeting agendas and minutes, and on orange and yellow public notice signs. Once the appropriate application number is identified, visit the new Forsyth County eStatus Web page to find out more information.

Labels: estatus, forsyth county, georgia, planning and development, web page

This Friday night, February 6, 2009, the W Hotel Perimeter will host the Taste of Dunwoody food festival. This is a great event that benefits Children's Healthcare of Atlanta. More than 25 Dunwoody restaurants, including Wildfire, Flemings and Café Intermezzo, will offer bites. Guests can also expect a cash bar, live music and a silent auction at this tasty event. Tickets are $40 and can be purchased online through Children's Healthcare of Atlanta. Come down and support this great cause with great food and great fun!

Labels: 2009, children's healthcare of atlanta, february, taste of dunwoody

Tax time is here, and if you just purchased a home in 2008, do not forget to read up on all the tax deductions that are allowed by Homeowners. Laws are always changing, so please make sure to speak with a tax consultant to get the most deductions on your taxes.

Today's Tax Tip: Deducting Private Mortgage Insurance (PMI)

Buyers who are unable to put a 20 percent down payment on their home loan usually get stuck paying costly private mortgage insurance (PMI), which protects lenders if the buyer can't repay the loan.

But if you got a home loan after December 31, 2006, you're eligible to deduct your PMI premium from your taxes. According to the Tax Relief and Health Care Act of 2006, any PMI payments -- often $100 dollars or more per month -- can be deducted as mortgage interest when filling out Schedule A on the federal tax return.

In order to qualify for the full credit, your adjusted gross income (AGI) cannot exceed $100,000 ($50,000 dollars if married filing separately). The deduction is reduced by 10 percent for every $1,000 dollars of AGI you make over the limit, and disappears altogether at $109,000 ($54,500 if married filing separately). If you are paying a premium for mortgage insurance provided by the Veteran's Administration, Federal Housing Administration or the Rural Housing Administration, it is also deductible.

If you paid PMI premiums in a lump sum when you got your mortgage, you can deduct the portion of the sum you use each year on your tax return. You cannot deduct the entire amount in the first year of your loan.

Unless it is extended, the deduction is available for any mortgages that are originated before January 11, 2011.

So, be sure to check with your tax consultant before filing your tax returns this year and ask about your PMI.

Labels: deductions, mortgage, pmi, private mortgage insurance, taxes

Two weeks ago a bill was introduced to reinstate seller-funded downpayment assistance. With all the focus on the stimulus package, it's important to keep our eyes on some of the other bills being introduced that can also work towards stimulating the economy, especially in the key area of housing. The FHA Seller-Financed Downpayment Reform Act of 2009 (H.R. 600) is a bi-partisan bill that would reform seller-funded downpayment assistance (DPA). H.R. 600 is the 2009 version of last year's bill H.R. 6694. This bill would restore downpayment assistance programs for qualified homebuyers who need just a little bit of help to buy a home.

A report issued by the Congressional Budget Office (CBO) confirms that H.R. 600 would not cost the federal government or taxpayers any money. In fact, the Congressional Budget Office estimates that seller-financed DPA will generate $65 million over the next five years and save taxpayers $13 million next year.

Reinstating DPA could help ensure continued liquidity in the stagnating housing market by providing aid to an estimated 600,000 working-class people for home purchases next year, generating $150 billion in home sales. The latest version of DPA has toughened credit requirements, increased mortgage insurance premiums and made other improvements to safeguard against unqualified homebuyers.

Having been in real estate for many years, we have seen first-hand the benefit of seller funded downpayment assistance programs such as Nehemiah. Many credit worthy first time home buyers can afford a home, but have trouble coming up with such a large amount upfront for their downpayment. This program has helped many buy a home and succeed at homeownership. Click here to view HR 600.

Labels: downpayment assistance, DPA, hr 600, nehemiah

I received an email the other day that changed my life. It was one of those forwarded emails that I might glance at, but most often just delete. Fortunately I took the time to read it because it led me to a great discovery. A resolution to a problem that has plagued me for years. How on earth do you keep the roll of foil or saran wrap from leaping out of the box every time you use it? Here's the answer I found hidden in my emails on that wonderful morning:

I had to go into the kitchen and check th is out for myself. Whoever looks at the end of your aluminum foil box? You know when you try to pull some foil out and the roll comes out of the box. Then you have to put the roll back in the box and start over. The darn roll always comes out at the wrong time.

Well, I would like to share this with you. Yesterday I went to throw out an empty Reynolds foil box and for some reason I turned it and looked at the end of the box. And written on the end it said, Press here to lock end. Right there on the end of the box is a tab to lock the roll in place. How long has this little locking tab been there? I then looked at a generic brand of aluminum foil and it had one, too. I then looked at a box of Saran wrap and it had one too! I can't count the number of times the Saran wrap roll has jumped out when I was trying to cover something up.

Yes, this may seem trivial to many, but there is a large group of us out there that have fought this losing battle for years. And everyone I've spoken with about it had no idea either. This truly has been one of America's Best Kept Secrects...but not for long! Pass this on!

Labels: foil, locking tabs, saran wrap