Foreclosure Info
There is no escaping the realty that bank owned properties will be a major part of our inventory for years to come. On this page are a few programs that can help you purchase one of these at a substantial savings. More than ever, using a Real estate agent to help you navigate your way to closing is a must. I am applying for that position. Give me a call and lets get started. Best of all the service is free to you. The bank has their agent, you need one too. Jeff McClintock. 912-882-5194.
The NEIGHBORHOOD STABILIZATION PROGRAM
Camden County has a Homebuyer Program to provide downpayment and closing cost
assistance for low, moderate, and medium income persons interested in becoming homeowners.
Homes purchased must be foreclosures within Camden County and meet local and state codes
adopted by the Camden County for the 2009 NSP Program.
NSP funds are provided through the GA Department of Community Affairs.
Type of Assistance Available
NSP funds are available for downpayment and closing cost for low, moderate, and medium
income households who qualify for a mortgage loan to purchase a home. Assistance will be
determined on a case by case basis.
To be eligible for assistance your gross annual household income cannot exceed the following
Area Medium Income (AMI) limits for Camden County based on family size:
To be eligible for assistance your gross annual household income cannot exceed the following Area Medium Income (AMI) limits for Camden County based on family size:
1 Person 2 Persons 3 Persons
Low Income $19,550 Low Income $22,300 Low Income $25,100
Medium Income $46,850 Medium Income $53,550 Medium Income $60,250
Low Income $27,900 Low Income $30,150 Low Income $32,350
Medium Income $66,950 Medium Income $72,300 Medium Income $77,650
7 Persons 8 Persons
Closing cost and downpayment assistance will be a 0% interest loan forgiven at the end of the affordability period (5 years). The homebuyer must occupy the home as their principal residence. In the event the property is unoccupied by the homebuyer, foreclosure or sale of the property within the five (5) year period the total amount of the NSP funds must be repaid to Camden County.
Low Income $34,600 Low Income $36,850
Medium Income $83,050 Medium Income $88,400
Used with VA or FHA
-
Purchase price up to VA and FHA maximums
-
Home buyer education (classes) required
- Down payment loan lien released after 5 years
Call me at 912-882-5194 or email at Jeff@wowzarealty.com lets talk foreclosures.
A few things to know about buying a Bank owned/Short sale
1. The price may be reduced, the repairs may be many.
2. They often take longer to close.
3. There may be more liens to contend with.
4. The banks may not contribute to your closing cost or repairs.
5. VA and bank owned sometimes clash because of costs VA won't allow a buyer to incur.
The better of these deals go fast, it pays to have your financing ready to go before you get involved in trying to make an offer on a bank owned or short sale. Check out my Lenders page to get a head start or give me a call and lets get started. Most of them are approved Ga dream lenders.
Short Sale. This is arranged between the Home Owner and the Bank before it comes to a point of foreclosure. The result is that if your lucky enough to get a bank to play along, you save money because the bank agrees to take less than is owed. The bank usually agrees to forgive part of the loan or will make the seller be liable for the part you don't pay for.
****Just because you see "Approved short sale" on the listing, doesn't mean short sale is a done deal, often it simply means the bank will consider an offer and weigh it against the cost of foreclosure. This consideration can take a long, long time****.
These are often more popular than bank owned, because the properties are usually in very good shape.
Foreclosure- These are a result of the Buyer simply not making payments. These have a process to them, but by the time they hit the MLS you know that its ready for you to buy it. These properties usually have a little more work to them than the short sales. The banks will list them "As is" however, they have been known to make some repairs, especially to have the home meet FHA and VA requirements. Don't rule these out, some very good deals are to be had.
I would love to help you buy a property, I hope to hear from you soon.
Please fill in form below to have me contact you and discuss the areas Bank owned properties.
