Mario Graydon, Realtor

10/24/2023

09/18/2023

Don't know where to start on obtaining a home loan? Read below.

Maintain a good credit score: Lenders consider your credit score when determining your eligibility for a mortgage. Pay your bills on time, keep your credit card balances low, and avoid taking on new debt during the mortgage application process. This can help improve your creditworthiness.

Save for a down payment: Saving for a down payment shows lenders that you are financially responsible and committed to homeownership. Aim to save at least 5% to 20% of the home's purchase price. There are also down payment assistance programs available in Georgia for qualified buyers.

Get pre-approved for a mortgage: Before house hunting, get pre-approved for a mortgage. This process involves providing your financial information to a lender who will assess your eligibility and determine how much you can borrow. Pre-approval strengthens your offer and makes you a more attractive buyer.

Manage your debts and income: Lenders evaluate your debt-to-income ratio (DTI), which compares your monthly debt payments to your gross monthly income. Aim for a DTI below 43% to improve your chances of mortgage approval. Minimize your debts and consider increasing your income if possible.

09/18/2023

When it comes to loan companies that cater to first-time homebuyers in Georgia, here are five options you can consider:

Georgia Dream Homeownership Program: The Georgia Dream Homeownership Program offers affordable financing options, down payment and closing cost assistance, and homebuyer education. It provides loans specifically designed for first-time homebuyers in Georgia. Source

PenFed Credit Union: PenFed Credit Union is known for offering competitive mortgage rates and providing various loan options for first-time homebuyers, including FHA and VA loans. They have a user-friendly online application process.

NBKC Bank: NBKC Bank is another lender recommended for first-time homebuyers in Georgia. They offer online applications and specialize in conventional, FHA, and VA loans, providing flexibility for different financial situations.

New American Funding: New American Funding is a national mortgage lender that operates in Georgia. They offer specialized loan programs for first-time homebuyers, including FHA, VA, USDA, and down payment assistance programs.

Movement Mortgage: Movement Mortgage is a top-rated mortgage lender with a strong presence in Georgia. They provide a variety of loan options, including those catering to first-time homebuyers. Their focus is on personalized service and supporting borrowers throughout the home-buying process.

08/04/2023

In 2023, buying a home in Georgia for the first time involves understanding the current real estate market trends and preparing financially.

Real Estate Market Trends in Georgia

According to various sources, the median home purchase price in Georgia was $356,000 as of May 20231. The housing forecast for Atlanta projects a growth of 0.5% by July 31, 2023, and further increases of 1% by September 30, 2023, and 6.9% by June 20242. The number of homes for sale in Georgia decreased by 2.8% year over year in June 20233. This suggests that the market is competitive, and prices are expected to continue rising.

Credit Score and Debt-to-Credit Ratio

While specific averages for Georgia in 2023 were not found, generally, lenders look for a credit score of at least 620 and a debt-to-income ratio under 43% for conventional loans4. Improving these numbers can involve paying bills on time, reducing overall debt, and not opening new credit accounts unnecessarily.

Proof of Income and Down Payment

Proof of income is typically required, often in the form of W-2 statements, tax returns, and recent paycheck stubs. As for down payments, many programs offer down payment assistance. While the exact amount can vary, it's common for first-time homebuyer programs to require a down payment of at least 3.5% to 5%. Based on the median home price of $356,000, this would be between $12,460 and $17,800.

Alternative Options for Down Payment

There are several programs available to assist first-time homebuyers with their down payments, such as the Georgia Dream Homeownership Program5. This program offers down payment assistance to those who have not owned a home in the past three years or are purchasing a home in certain areas of Georgia5.

In summary, to prepare for a home purchase in Georgia in 2023, individuals should understand the current market trends, work on improving their credit score and debt-to-income ratio, gather proof of income, and explore down payment assistance programs.

06/29/2023

As of June 2023, the Georgia housing market is experiencing a moderate increase in home values, with an average home value of $311,254, which has increased by 3.9% in the past year, according to real estate website Zillow. While interest rates remain relatively low, hovering around 3.5% for a 30-year fixed-rate mortgage, competition among first-time homebuyers is high. To qualify for a mortgage in Georgia, a credit score of at least 620 is typically required, although some lenders may require a higher score. Overall, the Georgia housing market remains competitive and challenging for first-time homebuyers with lower credit scores.

05/18/2023

BHGRE Metro Brokers has teamed up with Divvy to accelerate the process of getting you into your dream home. With Divvy's assistance, you can convert your monthly rent payments into a down payment and achieve homeownership with a minimum down payment of just 1%!

https://www.metrobrokers.com/divvy-homes/

Credit score of at least 550

Minimum income of $40K

Have at least $1,300 saved up and ready to go for a down payment

Applicants must be currently employed

Applicants must have been employed for the past 12 months (multiple jobs are fine)

Average monthly income of at least $2,300/month

Applicant can comfortably afford their Divvy monthly payment

If applicants have declared bankruptcy, their bankruptcy has been discharged over 12 months ago

Start building your future today with Divvy - an innovative option that helps renters transition to homeownership. Divvy offers an easy and simplified way to go from leasing to owning a home without a mortgage.

05/04/2023

Here’s a few resources for first time homebuyers in Georgia. Some even offer down-payment assistance.

1. Georgia Dream Homeownership Program - This program offers low-interest-rate mortgage loans and down payment assistance to eligible first-time homebuyers.

2. Georgia Department of Community Affairs (DCA) Homeownership Program - DCA offers a variety of programs to assist with down payment and closing costs for first-time homebuyers.

3. Federal Housing Administration (FHA) Loans - FHA loans are designed for first-time homebuyers and offer flexible credit score requirements and low down payment options.

4. United States Department of Agriculture (USDA) Rural Development Program - If you're buying a home in a rural area of Georgia, you may be eligible for a USDA loan, which offers low-interest-rate mortgages with no down payment requirements.

05/02/2023

New law passed: President Biden's budget aims to lower housing costs and expand access to affordable rent and homeownership through several key initiatives and investments.

These include:

Investing in affordable housing: The budget allocates $30.4 billion for affordable housing programs, such as the Housing Trust Fund and the HOME Investment Partnerships Program, which help build, preserve, and rehabilitate affordable rental housing.

Increasing housing vouchers: The budget proposes to provide an additional 200,000 housing vouchers, which help low-income families afford decent and safe housing in the private market.

Supporting first-time homebuyers: The budget includes a new tax credit for first-time homebuyers of up to $15,000, which could help millions of families achieve their dream of homeownership.

Eliminating racial disparities in housing: The budget sets aside $100 million to address historic inequities in housing and increase access to homeownership and affordable rental housing for communities of color.

Strengthening fair housing protections: The budget invests $900 million in fair housing initiatives and enforcement to combat discrimination and ensure that all individuals have access to equal housing opportunities.

Overall, President Biden's budget seeks to address the affordable housing crisis and increase access to homeownership for all Americans, particularly those who have been historically marginalized and underserved. By making strategic investments and implementing effective policies, the administration aims to create more equitable and sustainable communities that support economic growth and prosperity.President Biden's budget aims to lower housing costs and expand access to affordable rent and homeownership through several key initiatives and investments.

05/01/2023

Hey 👋

If you're a first-time homebuyer in Georgia, there are several steps you'll need to take to make your dream of homeownership a reality. First and foremost, it's important to determine your budget and understand your financial situation. This includes reviewing your credit score and saving for a down payment. From there, you'll need to research different neighborhoods and home styles that fit within your budget. Once you've found a home you're interested in, it's time to get pre-approved for a mortgage loan. This will give you an idea of how much you can afford to spend on a house and will make your offer more appealing to sellers. Finally, you'll need to sign a purchase agreement and close on the home. While the process may seem overwhelming, working with a knowledgeable real estate agent and mortgage lender can help streamline the process and make it more manageable.

Please email me @ Mario Graydon, Realtor
[email protected]

01/06/2023

There are three main differences between renting and buying:

Building Equity: Rent is like having a 100% interest rate. With a home, you’re creating “forced savings” in a way, since you’re lessening your mortgage amount every month and building up your equity in the home.

Appreciation: According to recent data from NAR, homeowners typically move every 7-10 years. Over the last 10 years, the median price of homes nationally have risen over 70%. Simply put, investing in a home is one of the best investments there is.

Tax benefits: You can’t write off rent, but you can write off mortgage interest, property taxes, and more.

The truth is that staying in a rental rather than owning means you have no control over your monthly payments and things are getting more expensive. Recent data shows that an average American needs to work about 63 hours to earn enough to pay the typical U.S. rent of $2,040. That is six hours more than in October 2019, before the pandemic. That’s over $24,000 a year!

In order to take advantage of the benefits of buying over renting, buyers may benefit from looking into alternatives to traditional mortgages in a period of fluctuating interest rates.

Buy Downs:

Temporary and permanent rate buy downs are options available to buyers that can make it more attainable for them to access the dream of owning a home. It lowers the initial interest rate and lessens the “shell shock” of the interest payment, making it easier to manage financially for some clients.

With temporary rate buy downs, the buyer gets a reduction on the interest rate in the first two years of the mortgage, generally 2% less the first year and 1% less the second. With a permanent buy down, the borrower is buying a lower rate for the entire length of a 30-year fixed mortgage.

Here are a few things to keep in mind.

The lower interest rate only lasts for the first few years of a mortgage with a temporary buy down. The purchase price may go up if the buyer goes with a buy down. Buy downs don’t always mean a better deal but may make purchases easier and give buyers some breathing room

01/05/2023

https://www.starlighthomes.com/atlanta/aviary-park

Community Name: Aviary Park
3381 Greenbriar Pkwy SW
Atlanta, GA 30331
This beautiful new townhome community is amazingly located in the city of Atlanta. We offer our spacious Cosmo floorplan at 1421 sq.ft, that is 3 bedrooms and 2 ½ baths with a one car garage! We are just minutes from the airport, Camp Creek Market Place, and the Famous Tyler Perry Studios! Our community is gated and will also have a pool and cabana area!

Participating Lender: https://trailblazermortgage.com/[thauser] [trailblazermortgage.com] (They will contribute up to $20,000 in closing plus up to 4% if you chose to go with their lender.)

Earnest Money: $5,000

Text me for more details (404-625-1725)

10/11/2022

searching with Celebrity Chef 👨‍🍳