Metro Atlanta, Gerogia Real Estate Market, North Georgia, REO Sales

If you are a first time buyer, you've probably discovered that you have a lot to learn in today's market. It is easy to get "burned". But don't get discouraged! By doing some research, you can avoild many first time buyer's mistakes.

Try to refrain from any large purchases.

When you are calculating how much you can afford to spend on a home, your TOTAL monthly debt should not exceed 32% of your gross monthly income. In today's market anything over that and you may find it hard to get a loan. Also; you need to have 15-20% money saved to put down on the home. The day of 100% loans are gone. You can still get some 3-5% down loans through FHA.  Also some area (zip-code) areas may have special programs for that area. Check with your mortgage company or bank. Shop around for a loan! Take your time to find a good deal, and carefully consider all your options when it comes to interest rates and all other terms.The one thing I really stress with all my First time buyers is don't let your emotions take over.Buying a home can be stressful, but the clients that I work with ...I will walk them through the steps to get to a clean and less stressful closing. Happy house hunting.

New home building has dip to the lowest level since March 1991. Homebuilders are hoping the housing rescue package approved by Congress last month will boost the "dismal" real estate sector. The law includes a temporary $7,500 tax credit for first time homebuyers that essentially works out to a 15-year, interest-free loan.Still I have read and talked with Homebuilders who reported that their last quarterly numbers show a 30-50% plunged in revenue and new orders.

Another issue is we need to keep a watch on the financial health of the mortgage giants "Fannie Mae and Freddie Mac"   Well one thing I will say if you are wanting to BUY and get the money to do so ....Get out there and make a deal happen. Take care. call me anytime.