Did you change you batteries in your smoke detector?

Change your batteries when you change your clock

Change your batteries when you change your clock

Cobb Fire and Emergency Services is encouraging residents to change their smoke alarm and carbon monoxide detector batteries when they change their clocks back for daylight savings time on Sunday, April 14th The Change Your Clock, Change Your Battery campaign aims to remind people of the importance of changing batteries in these life-saving devices. Prevention is key and working smoke alarms cut the risk of dying in a home fire nearly in half. Two-thirds of deaths result from fires in homes without working smoke alarms. Residents are also reminded that smoke alarms should be replaced at least every 10 years and tested once a month to ensure they are working. For more information, including simple home safety tips, visit cobbfire.org.

Updates to TAX CREDITS for HOME and CONDO BUYERS in Smyrna

Who is Eligible

• First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. 
• Existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit. 
• All U.S. citizens who file taxes are eligible to participate in the program. 

Income Limits

• Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.  
• For married couples filing a joint return, the combined income limit is $225,000. 
• Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.  
• The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000. 

Effective Dates

• The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.  

 Types of Homes that Qualify

• All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.   

 Tax Credit is Refundable

• A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference. 
• For example:  
  • A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).  
  • A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit). 
• All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return. 

Payback Provisions

• The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The Home Buyer Market... A difference a 1 year makes

ONE YEAR AGO…
It started with a trickle of failed sub prime loans and without warning, the dam broke unleashing a torrent of failed mortgages and foreclosures. Last year at this time, the mortgage markets were frozen, housing values were plummeting, the stock market was in free fall, Lehman Brothers crashed and burned, and the financial infrastructure of the United States was teetering on the brink of collapse. Foreclosures, bank failures, 401-K’s turned to 201-K’s, and the impending Great Depression was the story of the day.
What a Difference a Year Makes! “The Cavalry Arrived.”
TARP (Trouble Asset Relief Program) is a $700 Billion relief initiative that was supposed to purchase bad loans in order to keep the banks liquid. It was soon determined that this was a bad use of the funds because the banks didn’t like being told what to do. So eventually we got around to using the money to make a market of cheap money so that everybody could refinance or purchase with a very affordable house payment; we went to Main Street with Main Street’s money (the taxes we pay). Imagine that! And… it’s working. 201-K’s are back to 301-K’s, the stock market has regained some strength, the housing market is stabilizing, and Bernie Madoff and a bunch of others are in jail.
What’s Next?
The Good News- The Home Buyer Credit of $8000 will most likely be extended until June. Thus far the Credit has caused a demand for houses priced up to $250,000. Make no mistake, The Home Buyer Credit is providing the impetus for the sudden surge in sales.
The Challenge- Many people are waiting to sell, and then buy, when values go back to the peak. Tell them, “If you can wait until 2023, go ahead.”
The Reality- The window of opportunity is narrowing. The Home Buyer credit will end, mortgage rates will rise, and home selection will dwindle. People are scared to act so it is our job to provide them knowledge that will help them. Perhaps getting one of our job loss insurance policies will do the trick…

Beware of Foreclosure Rescue Scams - Help Is Free!

Beware of Foreclosure Rescue Scams - Help Is Free!

• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.     
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

A look ahead Mortgage Rates This Week : August 24, 2009

A look ahead Mortgage Rates This Week : August 24, 2009

What's Ahead For Mortgage Rates This Week : August 24, 2009

Posted: 24 Aug 2009 07:45 AM PDT

Mortgage markets finished the week unchanged last week but don't let that make you think the markets were flat. It was a bumpy five days and rates were volatile.

Friday was the worst day of the week by far.

An all-day deterioration, sparked by better-than-expected housing data, caused mortgage rates to tack on a quarter-percent by the noon hour and markets never recovered.

Rates closed out at their worst levels of the week and the unfavorable momentum figures to carry into this week's trading, too.

There are two major reasons why rates could rise higher this week:

1. Fed Chairman Bernanke said Friday that the near-term growth prospects "appear good". Comments like this draw money from bond issues to the stock market -- a move that's bad for rates.
2. Crude oil hit a 10-month high, a potentially inflationary development. Inflation often leads mortgage rates higher.

Furthermore, rate shoppers should take note that this week will feature the release of two key housing reports -- the Case-Shiller Index (Tuesday) and the New Homes Sales report (Wednesday). Both have handily beat expectations in recent months and should that trend continues, mortgage rates would likely rise because of renewed economic optimism.

What's good for the economy, lately, has tended to be bad for rates.

Whether you're shopping for a new home or looking to refinance an existing one, be wary of the ever-changing mortgage market. Rates move quickly and without warning. However, they tend to rise faster than they fall.

If you know you will need a rate lock this week or next, consider locking in at the first sign of trouble. Once rates spike, they likely won't be so quick to fall. see us ATLloans.com to

The First-Time Homebuyer Credit Form from the IRS

From The IRS : The First-Time Homebuyer Credit Form

As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 -- better known as the First-Time Homebuyer Credit Form.

True to tax code standards, the 10-field form is accompanied by 3 pages of instructions.

Form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit.

For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term "first-time home buyer".

In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:

• $8,000 for homes bought in 2009
• 10 percent of the home's purchase price

Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the "main home".

Form 5405 is a comprehensive reference. However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.

What's Ahead For Mortgage Rates This Week : August 3, 2009

What's Ahead For Mortgage Rates This Week : August 3, 2009

Posted: 03 Aug 2009 08:00 AM PDT

Mortgage markets improved last week despite a series of volatile trading sessions.

A combination of weaker-than-expected economic data and massive-sized Treasury auctions kept investors guessing and mortgage rates moving.

• Weak data nudged rates lower
• Treasury auctions pushed rates up

By Friday, however, momentum was in favor of lower rates and that's how the week finished up -- slightly more favorable overall.

It's the second consecutive week in which rates fell.

This week, markets will digest a host of new data. Rate shoppers can expect the volatility to continue.

Monday afternoon, Auto and Truck Sales data is released. We normally don't track this report, but because of the auto industry's role in the economy right now, strong numbers should lead to a mortgage bond sell-off, pushing mortgage rates higher.

Then, Tuesday, the Personal Income and Personal Spending report is released as well as the Pending Home Sales Index. Again, strength in the numbers should result in higher mortgage rates.

Thursday, Initial Jobless Claims will get the market's attention. The data has been trending lower over the past two months and, last week, the rolling, 4-week average posted its lowest mark since January. A reversal in the trend would likely boost the mortgage markets, helping rates to fall.

And, Friday, the jobs report is due.

With unemployment close to 10 percent nationwide and more than 3 million jobs lost this year, investors will respond to "less weak" data with enthusiasm -- a bad result for rate shoppers. No matter what the data says, it's sure to move markets.