Comments on: You’re Just Giving Me $14,000?

By: Scott Cosby

Scott Cosby — Fri, 20 Nov 2009 01:41:36 +0000

So I have a client interested. Who is responsible for facilitating this program and when and how do they get the money? Is this for the lender to handle, me, a tax professional, or who? Thanks for your help.

By: Judy Jones

Judy Jones — Tue, 22 Sep 2009 12:17:03 +0000

These funds are totally used up or reserved waiting for buyers to close using the money they have reserved. There is also a waiting list of buyers in the event some of the buyers with reserved funds do not close.

The NSP funds phase 2 is money for Government entities to use to buy foreclosed properties in HUD designated area of “highest need” and then those homes will be made available by those Government entities to people who meet certain low to moderate income qualifications.

I am not aware of any future funding of the NSP program for 2009. Once new funding is announced for 2010, we will give those details on the blog.

By: tina

tina — Mon, 21 Sep 2009 17:37:17 +0000

is the $14000 ga dream still available?

By: Susan

Susan — Thu, 23 Jul 2009 03:28:52 +0000

I heard more funds are to be releasd to this program in July. Is this not true?

By: Kevin S.

Kevin S. — Mon, 20 Jul 2009 18:30:15 +0000

Thanks Judy, for taking the time to answer me!

By: Judy Jones

Judy Jones — Mon, 20 Jul 2009 17:55:34 +0000

Kevin,
All of the funds have been reserved. There are approxmately 120 buyers currently on a waiting list. There is a small possibility that some of these funds could become available if those buyers who have them reserved and those folks who are on the waiting list fall off.

Remember, in order to have a reservation and to be on the waiting list the buyer must have a fully accepted sales contract on an acceptable foreclosed property and have completed the total household income form.

With 120 buyers on the waiting list, I highly doubt that there will be excess funds made available as a result of fall out.

Remember, there is still time to buy and take advantage of the $8,000 Federal Tax Credit!

By: Kevin S.

Kevin S. — Mon, 20 Jul 2009 16:18:17 +0000

Anyone know if there are still funds available, or if this program is over?
Thanks!

By: Sharon

Sharon — Mon, 15 Jun 2009 17:17:33 +0000

apparently my realtor believes this caused some of her clients to not get their offers accepted. Is listing GA Dream NSP a negative dpa to list on an offer? Is GA Dream dpa the kiss of death for an offer? Not getting clear answers right now? does anyone have any clear answers?
Also, if the NSP $$$ is about to run out, why I am even bothering with this?

By: Judy Jones

Judy Jones — Wed, 10 Jun 2009 18:32:41 +0000

Free Money goes fast! As of today there is only $650,000 left in NSP funds for the entire state. At $14,000 per loan, that means there is only enough money left for 46 more loans, STATE WIDE.

Buyers who are expecting to close using these monies should have a fully executed sales contract and a confirmed reservation for the funds in their name made prior to today by their Mortgage Loan Officer.

Stay tuned for more updates. There is a very slim possibility that more funds will be released or unused funds will become availabe.

I would not wait to buy until these funds are available.

By: Sheronda

Sheronda — Wed, 10 Jun 2009 16:44:12 +0000

What are the income limits for this program?

By: Ben

Ben — Tue, 09 Jun 2009 18:12:50 +0000

This program is dead in the water. There were only 350 loans for the entire state and the money is gone. DO NOT make plans based on trying to get this! Call some brokers and they will tell you the same

By: Pete Canavan

Pete Canavan — Mon, 08 Jun 2009 13:21:08 +0000

As far as I can tell the Georgia Dream NSP program can not be used for closing costs.
The $8,000 tax credit CAN be used for closing costs (May 29,2009) follow this link for more details.

http://www.realtor.org/RMODaily.nsf/pages/News2009052901?OpenDocument

By: casimir

casimir — Sat, 06 Jun 2009 20:12:10 +0000

after repair and down payment, can the NSP money be used for closing cost too? and how long does the qualification process take ?

By: Dave Fuchs (Loan Officer)

Dave Fuchs (Loan Officer) — Tue, 02 Jun 2009 14:36:47 +0000

Randy —

Brilliant thinking! But unfortunately no free homes. DCA says you MUST have a 1st mortgage to get the $14k 2nd mortgage. The $14k lives as a 2nd mortgage and is forgiven completely after 5 1/2 years, so free homes are not available. If that changes, I’ll get myself a free house first and contact you second.

By: Judy Jones

Judy Jones — Tue, 02 Jun 2009 14:26:09 +0000

To Leslie and Susan’s comments….I totally agree, but like Linda Kennedy points out, this program will help reduce the number of foreclosures which will help get us back to a market that focuses on properties offered by normal sellers.

However, I fear that many potential buyers are geting distracted with “possible” benefits and are losing site of what they have…

This market place is a perfect example of a “bird in the hand is better than 10 in the bush”!

Buyers who have now decided to look only at foreclosures in order to capture the $14,000 NSP money need to make sure they will really qualify for the other criteria of the NSP program.

The first step is to make sure the total household income is not too high for the HUD 110% median income.

The second step is to make sure the homebuyer is truly prepared for the challenges and realities of buying a foreclosure.

I hope buyers do not miss the opportunites that are out there waiting for MORE!