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Lake Arrowhead – Waleska, GA

September 21, 2011

Located just over one hour North West of Atlanta GA, in the magnificent foothills of the Blue Ridge Mountains, lies the prestine Lake Arrowhead Yatch And Country Club Community. Centered around a 540-Acre Private Lake, the Lake Arrowhead Community offers an array of world-class amenities including a new 18-hole championship golf course designed by DJ DeVictor of Atlanta – The Highlands Course And Country Club At Lake Arrowhead.

Lake Arrowhead is fed by pure mountain stream water, making it the cleanest and largest private man-made lake in the state. A marina and fully fledged yatch club, complete with an ASA certified sailing school, make this the perfect setting to enjoy both wind and power boating activities.

The community consists of about 1,600 properties with about 1,000 residents that call Lake Arrowhead ‘Home’. Residents enjoy a laid-back lifestyle with close proximity to a major international city yet all the benefits and security of a gated, lake community nestled in the foothills of the Blue Ridge Mountains.

Other amentities include two great activity parks – the older but completely renovated Red Cloud Park, and the new ‘under-development’ Great Festival Park. There is also a lakeside sandy beach complete with playground for swimming, sunning, picnicking and play, as well as an impressive walking and hiking trails system which will eventually meander for more than 8 miles along the lake’s stunning shoreline, protected woodlands, scenic creek beds and over several low lying ridges.

For more information on Lake Arrowhead visit http://ping.fm/v3RbO

September 21, 2011

Please Check-Out http://GolfRealtyGA.com

New FHA Leanding Rules

January 25, 2010

The Federal Housing Administration (FHA) has announced a number of major changes to ensure its long-term financial stability.  Amongst these are the requirement that borrowers with credit scores below 580 will need to put down a deposit of at least 10%. The current 3.5% down-payment will still be available to qualified buyers with a credit score above 580.

Upfront mortgage insurance premiums are also slated to increase from 1.75% to 2.25%, while the FHA is also seeking congressional approval to raise the annual mortgage insurance premium above the current 0.55% maximum.

The third major change to affect buyers and sellers will be the FHA requirement that the maximum seller concessions to a buyer be reduced from 6% to 3% of contract price. This later requirement is likely to negatively impact many real estate transactions as rarely do closing costs in an FHA-funded sale fall below this 3% threshold. Additionally, this leaves no room for negotiation for seller concessions for repairs following a detailed home inspection of the property.  Sellers will hence be forced to effect all required and agreed repairs prior to closing.

These changes are scheduled to take effect in stages between February and July 2010. Prospective buyers should consult their respective lenders or mortgage brokers for more details regarding these changes, and home sellers should discuss the potential impact of these changes with their Realtor.

Home Buyer Tax Credit Extended and Expanded

November 29, 2009

For prospective Home Buyers this Thanksgiving heralded some exciting news. The 2009 Home Buyer Tax Credit has been extended and expanded.  The new Home Buyer’s Tax Credit will now not only apply to First Time Home Buyers, but to long standing home owners seeking to purchase a primary residence as well. As with any government incentive program, however, there are rules and regulations that apply. Here, in a nutshell, are the main features of the new program:

For Both ‘First Time Home Buyers’ and ‘Long Standing Home Owners’

  • The tax credit is for 10% of the purchase price, up to the limits specified below.
  •  The purchase price cannot exceed $800,000.
  • A contract must be written and accepted between November 7, 2009 and May 1, 2010.
  • Closing must occur before July 1, 2010.
  • The tax credit only applies to primary residences, not second homes or investment properties.
  • You must be at least 18 years old to qualify.

The following additonal  criteria and resrtrictionsalso apply:

First Time Home Buyers

  •  
    • Maximum credit is $8000.
    •  Income limits of $75,000 for singles and $125,000 for married couples filing jointly.
    • A First time Home Buyer is someone who has not owned a home within the last three years.

Long-Standing Home Owner

  •  
    • Maximum credit is $6,500.
    • Income limits of $125,000 for singles and $225,000 for married couples filing jointly.
    • A long-Standing Home Owner must have owned and lived in their previous home for five consecutive years out of the last eight years.

For Armed Services members who have been deployed on duty outside the United States, the tax credit has been extended to May 1, 2011 with a closing date before July 1, 2011. The Tax Credit is not repayable provided the buyer/s live in the home for at least 3 years.  If the property is sold during the three-year period, the credit will be recouped on the sale.

This information is NOT tax advise and should not be relied upon. It is provided for general information purposes only and clients and customers should always seek the advise of a qualified tax proffessional.