Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-23-2007, 12:23 PM
 
Location: Norcross, GA
21 posts, read 82,662 times
Reputation: 14

Advertisements

Quote:
Originally Posted by Billdemartini View Post
Can you be more specific about the payment assistance funds? What is the difference between the 80/20 and the other program you were looking at? 20% down? 5% down?

More details please.

As far as the market I agree with what most have said here. It really depends on your price range and specifically where you are looking.
One is the georgia dream mortgage first loan currently @ 6.375% 30yr fixed where you can get $5000 down pymt assistance (georgia dream mortgage second @ 0% forgiveable in 5 yrs or prorated when you refi or sell) and there is the combo of a gwinnett county loan for $7500 (same deal). Requirements are about 1% contribution from buyer.
Reply With Quote Quick reply to this message

 
Old 07-23-2007, 12:44 PM
JPD
 
12,138 posts, read 18,311,305 times
Reputation: 8004
Quote:
Originally Posted by 'thaDOME' View Post
Just took a homebuyer coarse this weekend to receive georgia down payment assistance funds. I spoke with a mortgage broker and which they recommended to skip that program and go with a 80/20 loan. Now just by running simple numbers i see absolutely no advantage to going with an 80/20 loan essentially skipping out on 'free money'. any opinions on this. if it matters fico is above 700.

My wife and I bought our first home with an "URFA" loan/grant. In order to be eligible for the grant we could only buy a house in designated areas (i.e. somewhat sketchy neighborhoods) and stay for three years. If we had moved before three years we would have had to pay it back (or pay some portion of it back).

It's possible the mortgage broker is discouraging you from using the assistance funds because they don't get any commission from that.
Reply With Quote Quick reply to this message
 
Old 07-23-2007, 12:44 PM
 
Location: Buford, GA
138 posts, read 623,704 times
Reputation: 28
Quote:
Originally Posted by 'thaDOME' View Post
One is the georgia dream mortgage first loan currently @ 6.375% 30yr fixed where you can get $5000 down pymt assistance (georgia dream mortgage second @ 0% forgiveable in 5 yrs or prorated when you refi or sell) and there is the combo of a gwinnett county loan for $7500 (same deal). Requirements are about 1% contribution from buyer.
Yeah I just looked up the website. I don't know what that lender was referring to. If you can qualify for the Dream Mortgage it sounds like a good deal.

And they have a lot of reputable lenders that can be used with the program (I saw Homebanc, Suntrust, and Wachovia on their vendors list).
Reply With Quote Quick reply to this message
 
Old 07-23-2007, 01:12 PM
 
Location: Norcross, GA
21 posts, read 82,662 times
Reputation: 14
Just what I was thinking. Thanks to all for the info given and info still to come.
Reply With Quote Quick reply to this message
 
Old 07-23-2007, 03:37 PM
 
60 posts, read 323,534 times
Reputation: 37
Quote:
Originally Posted by Go Blue 99 View Post
I agree, it really depends on the town. Places like Eastern East cobb, Sandy Springs, Dunwoody, etc are definitely not going down in price. There is always demand from people to live there. From what I hear, prices are going down in the distant suburbs where a lot of new construction has gone up in the past few years.
That's what killed Stone Mountain 20 years ago. That's why I'd never buy in the outlyng areas. Same thing could happen again. Dunwoody and Sandy Springs are "established". Suwanee is not.
Reply With Quote Quick reply to this message
 
Old 07-23-2007, 03:53 PM
 
Location: ga
985 posts, read 5,761,696 times
Reputation: 494
Suwanee/Duluth hasn't going down in value either this year. I was looking at those same communities last year. Most of them are going up in value.

By the way, there are not that many new houses in Duluth/Suwanee anymore.

Last edited by jxu66; 07-23-2007 at 04:40 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top