Most mortgages today require a 3% to 5% down payment.
Even if you qualify for a no-down payment mortgage, saving before you buy a home is a smart financial strategy.
Having a healthy savings account demonstrates financial maturity, and makes it easier for your mortgage to be approved. In addition, there are unforeseen costs associated with owning a home. Having a savings account cushions your transition from renter to home owner.
Accumulating savings doesn't have to be a difficult process. It is possible to make the easy, small changes that lead to big savings. Here are a few ideas.
Curb impulse spending by leaving your credit (and debit) cards at home. Studies show that those with credit cards are likely to spend 18-25% more. Having to take a trip home to pick up your credit card may just give you the time you need to change your mind.
Bag your lunch.
In an era where even fast food lunches cost $7, eating out can easily add up to $200 per month. Instead of going to lunch with the group every day, try giving yourself a treat once a week instead.
Clip coupons to cut your grocery bill.
Some supermarket chains will double or even triple the face value of coupons. To receive special coupons for your family's most popular grocery items, register on the manufacturer's site. Manufacturers will often send special offers or coupons via email.
Here are some websites you can use to check grocery sales and specials in your local area. (Some of these websites require registration).
Keep the change.
How easy is this one? At the end of each day, put your spare change away and watch it accumulate to real money. What you call "spare change" depends on your income. Some people save anything less than a dollar, while others save anything that is less than 5 dollars.
Put your savings on auto-pilot.
So, now that you are saving all of this money, how do you make sure it stays in a savings account? Set up an automatic withdrawal with a federally insured savings account or aFDIC-insured money market deposit account .
Check out what you can pick up for fr-ee. The Freecycle Network™ is an online community that is fr-ee and open to the public. Members from your local area will post items they are willing to give away. You can get everything from office supplies to electronic equipment to compost from this website.
Try the envelope method.
With the envelope method, you create an envelope for each spending item (example, gas, food, etc.). Each pay period, you put the money you've allotted for an item in its envelope. Once the envelope is empty, that's it -- no more spending.
Rent a room or become a lodger.
If you decide to become a lodger as a way to save on housing expenses, make sure you have a contract, and that all payments are made with a check. Once you decide to buy a home, your mortgage company will want to see copies of cancelled checks proving your rental payments. If you decide to rent a room in your home, it is critical that you conduct background and credit checks on your boarder and have a contract.
Sell your excess stuff.
If you are like most Americans, you have accumulated a lot of stuff you are not using. Have a neighborhood yard sale. Put items you don't need on eBay or craigslist and deposit what you earn in your savings account.
Follow these simple steps and watch your savings accumulate.
For information about applying for a Georgia mortgage loan, feel free to email
(anointedmi AT aol DOT com) or call me (404-298-5500).
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
from the Clarkston Health Collaborative e-newsletter
Clarkston Business Association Kick-Off Event!!
Thursday, October 16th 6:30 p.m.
Pho Truc Vietnamese Restaurant
Thrift Town Plaza - Downtown Clarkston
926 Montreal Rd Ste
Clarkston, GA 30021
Busineses and merchants of Clarkston, Georgia are invited to attend the Clarkston Business Association Kick-off event. Please bring your business cards and information to this organizational meeting for Clarkston businesses.
The Clarkston Business Association Kick-Off is co-sponsored by Northlake Veterinary Surgery, Allstate Insurance, andThe Clarkston Health Collaborative
More Clarkston BUSINESS RESOURCE Guides Available.
A new order of Clarkston’s brand new Business Resource Guide are in and available now.
To get your copy (or copies), please e-mail your request to csholliday AT dhr DOT state DOT ga DOT us or call the Clarkston Community Center at 404-508-1050.
For information about applying for a mortgage loan in Clarkston or any part of Georgia, feel free to contact me at 404-298-5500.
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Clarkston, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: FHA Mortgages, VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
Celebrate the start of Fall by getting your home schoolers out of the house. Join in the fun during Home School Day at Stone Mountain Park in Georgia. According to weather.com, Friday should be a beautiful mild, sunny day, with temperatures in ranging from the 50s to the mid 70s.
Enjoy a day of "edutainment", and use Stone Mountain Park as an outdoor classroom.
Activities include:
The Sky Hike,
Programs on local history,
Live craft demonstrations of life in the 1870's.
For additional information about Home School Day at Stone Mountain Park, visit the site here.
Do you have questions about applying for a Georgia FHA, VA or conventional mortgage? Contact me at 404-298-5500.
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Georgia with their mortgage financing needs since 1998. Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
The HUD $100 Down program significantly reduces the cash you would have to pay out of pocket for your home. This makes it a great program for Georgia first time home buyers, provided you can find the right property.
This program, which has been open since November of 2007, allows you to buy a HUD foreclosure with $100 down (instead of the traditional 3% down). It can only be used for property you plan to occupy - investors are not eligible.
The program ends on September 30, 2008, and I have not received any information about it being renewed.
If you have any questions about this program, feel free to contact me at 404.298.5500.
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Georgia with their mortgage financing needs since 1998.
Specialties: FHA Mortgages, VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
Community announcement posted by Kay, 404-298-5500, Georgia Mortgage Consultant
The Dekalb County Transportation Division is evaluating improvement
options for the Rockbridge Road corridor from Memorial Drive to State Road 124.
Please come by the Public Information Open House to give us your input.
Date: Thursday, August 14, 2008
Time: 5:00 pm - 7:00 pm
Place: Pine Lake Baptist Church
4528 Rockbridge Road Stone Mountain, GA 30083
For information contact: Jan Price (404) 377-9147
What is your vision for Rockbridge Road?
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
If your apartment was damaged by the March 2008 tornadoes that hit Atlanta and other parts of Georgia,you may qualify for a zero down mortgage available for first-time homebuyers.
In March 2008, powerful tornadoes struck downtown Atlanta and other parts of Georgia, leaving destruction in their wake. If you were a renter in Bartow, Burke, DeKalb, Floyd, Fulton, Jefferson, or Polk Counties, and your residence was damaged, you may be eligible for a little-known zero down mortgage.
Act now; the window of opportunity will close in early 2009. If you were affected by the tornado and you have questions about this no-money down mortgage, feel free to call me at 404-298-5500.
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
Thousands of Georgia first-time homebuyers may be eligible for a $7,500 tax "credit."
There are important things you should know, in order to determine if you qualify for this "credit." Here are the answers to frequently asked questions.
How much is the first-time homebuyer tax "credit"? With the tax credit, a Georgia first-time home buyer will get a tax credit worth 10% of the purchase price, or $7,500, whichever is less. So, for example, if you bought a home for $70,000, your tax credit would be $7,000.
Are investment properties eligible? No. This tax credit is for purchase of a primary home only.
I just bought my home a couple of months ago! Is there any sort of grandfather clause? No, but you may still be in luck. The credit is open to you if you purchased your home between April 9, 2008 and June 30, 2009.
What's with the quotation marks around the word "credit?" I've put quotations around the word "credit" because you have to pay it back over 15 years. If you received the maximum credit of $7,500, for example, you'd have to pay back $500 a year.
What if I sell my home before I re-pay the credit? It looks as if the balance you owe will be subtracted from your profit from the sale of your home.
Is this first-time home buyer's tax credit only available to Georgians? No, it is available to anyone in the United States.
Is there anything else I should know? Absolutely.
The standard definition of a first-time homebuyer is someone who has not owned a primary residence in the past three years.
In order for a couple to take advantage of this credit, both must fit the definition of first-time homebuyer.
Your eligibility for the the credit also depends on your income. The credit starts to phase out at $75,000 for single taxpayers, and $150,000 for married taxpayers.
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998. Specialties: VA Mortgages, GA Relocation Mortgages.
*Not meant to be tax, financial or legal advice. Not meant to be an offer or a promise to obtain a mortgage loan. Please consult a professional for information about your specific situation.
How is a tax credit different from a tax deduction?
A tax deduction decreases your taxable income, while a tax credit decreases your overall taxes and may lead to you getting money from the IRS.
Here's an example:
Taxable Income: $60,000
Taxes Owed: $1,000
The effects of a $5,000 tax deduction:
Taxable Income: $55,000
Taxes Owed: (computed based on $55,000 taxable income).
The effects of a $5,000 tax credit
Taxable Income: $60,000
Taxed Owed: $0
Money in your pocket: $4,000
Want more up-to-date Georgia mortgage information? Click here to get Georgia Mortgage updates emailed to you.
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
Lithonia's Back to School and Family Fun Day
Saturday, August 9, 2008
2:00 pm to 7:00 pm
Lithonia Park
2501 Park Drive
Lithonia, GA 30058
Celebrate the return to school
Bring your family, lawn chairs and picnic baskets.
Activities include clowns, music, spoken word, face painting and inflatables.
Swimming at Lithonia Pool (Adults $3, Kids $2) until 6:00 pm
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
Traditionally, primary runoffs pull the least amount of voters. Hopefully, the next one in Dekalb County GA will break the rule.
Important positions are up for grabs, including the Dekalb County CEO (Burrell Ellis vs. Stan Watson) and Democratic Candidate for the US Senate (Jim Martin vs. Vernon Jones).
To find out what positions are at stake in your Dekalb County district, visit this voter guide and enter your home address.
I know this is a busy week, especially with the start of school, but don't let someone else make your decision. Please take a few minutes and vote!
Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist. 404.298.5500 25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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