expansion of the AHFA's mortgage savings program

In the News: Expansion of the AHFA’s Mortgage Savings Program

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The Alabama Housing Finance Authority has officially opened its Mortgage Credit Certificate program to more home buyers! This expansion of the AHFA’s mortgage savings program is all thanks to new and increased income and sales price limits.

About the AHFA’s Mortgage Savings Program

First and foremost, let’s review what the Alabama Housing Finance Authority (AHFA) is. According to the Alabama Housing Finance Authority website, AHFA is dedicated to serving the housing needs of low- and moderate-income Alabamians by creating housing opportunities through affordable financing.

So, what exactly is the Mortgage Credit Certificate (MCC) program? The Mortgage Credit Certificate program is a savings option for Alabama homebuyers that provides a tax credit to reduce the amount of federal taxes owed by a percentage of the annual mortgage interest paid each year. The remaining annual interest can then still be claimed as a mortgage interest deduction on the homebuyer’s federal tax return.

The catch? Qualified homeowners must meet federally-established income and sales price limits, which have recently been increased!

Expansion of the AHFA’s Mortgage Savings Program

Set by the U.S. Department of Housing and Urban Development, the new income limits increased over 2022 by 8.2 percent due to increasing median incomes and economic gains.

Now, qualifying households can earn up to $111,440 annually, depending on location and family size.

In addition, the maximum sales prices for the home purchase has risen to $588,104 in “target” areas and $481,176 in “non-target” areas.

On an individual basis, the AHFA will verify each property’s location and apply the appropriate limit. This expansion of the AHFA’s mortgage savings program is huge and benefits many of MCC program participants.

Summary

The expansion of the AHFA’s mortgage savings program will ultimately save home buyers money and free up income to qualify for nicer homes.

For more industry news and real estate updates, continue reading our blogs.

benefits of working with a REALTOR®

9 Benefits of Working with a REALTOR®

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Let’s start with honesty. Honestly, real estate may seem simple on the surface, but once you dive in, you realize it gets deep. These nine benefits of working with a REALTOR® may help you avoid getting in over your head!

Honest, ethical conduct.

REALTORS® are licensed professionals. As members of the National Association of REALTORS®, each REALTOR® must abide by a strict code of ethics. To summarize, expect transparent and fair treatment in all transaction-related dealings.

Additionally, your interests come first and foremost.

Objective information and input.

First of all, clients working with REALTORS® will receive non-biased, factual information on properties. REALTORS® can provide information on schools, zoning, utilities and more.

In fact, when it comes to the benefits of working with a REALTOR®, having access to their data as a resource is a huge! After all, you are making a life-changing decision—so having all the facts possible is a strong advantage.

A network of vendors.

Why waste time searching for and vetting an endless list of potential vendors? REALTORS® can easily provide you with a list of respected professionals. This includes contractors, repair professionals, staging companies, photographers, appraisers and so on.

Increased search power.

Along the lines of more data, working with a REALTOR® gives clients the ability to review the Multiple Listing Service (MLS). The MLS is a tool used by REALTORS® to list homes and find others on the market.

Often, there are properties available on the MLS that are not listed anywhere else.

Current know-how.

Rules and regulations change. When you work with a licensed REALTOR®, you can count on their up-to-date knowledge.

Expert local market advice.

Local REALTORS® know the local market better than anyone. They will know what is hot and what is not. To clarify, they can tell you to yay or nay when it comes to national trends versus what is selling locally.

Gain an expert negotiator.

The benefits of working with a REALTOR® keep getting better! Knowing you have a professional advocate looking at all angles centered on your best interests is worth its weight in gold.

Emotional support.

Perhaps one of the more underestimated benefits to working with a REALTOR® is the emotional support. Again, they are objective bystanders who get the gravity of what is inevitably an emotional situation.

They will provide an ear to listen as you work together through the in-depth process.

Expert guidance.

Finally, we saved the best for last. Working with REALTORS® ensures you receive expert guidance every step of the way!

Summary

If you weren’t sure about the benefits of working with a REALTOR®, hopefully this sheds some light! We are also here to answer any questions you may still have. Each and every member of LCAR is capable of handling any and all of your real estate needs. To find out more about us, our members and local real estate news, keep reading our blogs!

 

 

Lee County Association of REALTORS Blog

Welcome to the Lee County Association of REALTORS® Blog

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When it comes to selecting a real estate agent, we know you’ve got plenty of options. In Lee County, Alabama, however, our Realtors are fortunate to have a few coveted qualities on our side! At the Lee County Association of REALTORS®, our members adhere to strict standards of professionalism, boast decades of combined experience and a cultivate an unmatched sense of community. We believe this leads to exceptional real estate experiences for our clients, whether they are buying, selling or both. As an extension of our service to our members and community, we’d like to introduce you to the Lee County Association of REALTORS blog. Welcome!

About the Lee County Association of REALTORS  

The Lee County Association of REALTORS is committed to being a resource for our members, affiliates and the community as a whole. In the real estate world, Realtors are recognized as upholding the highest level of professionalism in the industry. Backed by expertise and adherence to a strict code of ethics, our Realtors proudly represent the Auburn, Opelika and Lee County, Alabama area real estate landscape.

With nearly 700 active members and affiliates, we strive to act as a professional resource for our members while also offering valuable insight into the local real estate climate and community for our clients. Our goal is to help our Realtors serve to the best of their abilities and empower their clients to be able to make informed decisions related to their real estate endeavors.

The Lee County Association of REALTORS blog 

We truly care about connecting with our members and our community, and the Lee County Association of REALTORS blog is another way to do just that! The blog will showcase information that will be beneficial for persons on all sides of a real estate transaction—from agents to homeowners and everyone in between—in an effort to provide more value to our followers.

Follow the blog for industry insights for both members and clients, from rules and regulation updates for members to interesting local trends and statistics for homeowners. We encourage you to share the blog with others who may find it useful. We also ask that if there is ever a topic you’d like to see addressed on the blog, do not hesitate to reach out and let us know!

Summary

Once again, we’d like to say welcome to the Lee County Association of REALTORS blog! Browse our website for more community resources, and be sure to follow us on Facebook, Twitter, Instagram and LinkedIn to stay up-to-date with everything we have going on.

Lee County Association of Realtors makes a donation to the Auburn Opelika Habitat for Humanity

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The Lee County Association of Realtors (LCAR) donated $5,000 to the Auburn Opelika Habitat for Humanity on November 12.

Due to the COVID-19 pandemic, the organization felt they could not safety hold their annual “Habitat Around the Heart” fundraiser, instead this year they are asking sponsors to give directly to support building Habitat homes.

These donations go directly to support the mission of building homes, community, and hope in Auburn and Opelika.

Habitat for Humanity has recently completed 4 homes in Opelika and are now planning and building 3 more homes in Auburn.

You may contact Auburn Opelika Habitat for Humanity at www.auburnopelikahabitat.org.

Follow us on social media at https://www.facebook.com/leecorealtors!

Lee County Association of Realtors makes a donation to the Food Bank of East Alabama and Mercy Medical

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The Lee County Association of Realtors (LCAR) donated $30,000 to the Food Bank of East Alabama and Mercy Medical on Friday, March 20.

Due to the COVID-19 pandemic, local charitable organizations are seeing an increase in need from citizens. Charitable organizations are also having a harder time securing resources during this time of need.

“With a national emergency now declared, local school districts closed, we are stepping up to provide the resources to help both the chronically food-insecure and those newly experiencing food insecurity,” said Martha Henk, Director of the Food Bank of East Alabama. “We are fully operational but are experiencing a decline in traditional sources of food. Support from the Lee County Association Realtors will play a major role in helping to make sure our neighbors are fed.”

Mercy Medical provides medical care for the underserved in Lee County. Mercy Medical indicated they have seen a major increase in their level of activity. They are in the process of establishing a “Teledoc” service to help Lee County citizens who are trying to practice social distancing, but need to speak to a healthcare professional.

“We appreciate the service that the Food Bank and Mercy Medical provide to this community. We hope that this donation will be helpful in this time of need. We’re all in this together,” said Lee Harris, 2020 president of LCAR.

The Lee County Association of REALTORS® promotes and enhances the success of its members through education, professionalism, and ethical conduct. For more information about LCAR visit leecorealtors.org.

Follow us on social media at https://www.facebook.com/leecorealtors/!

First-Time Homebuyer Savings Account: Helping You Save for the Perfect Home

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There’s Good News for Alabamians Looking to Purchase Their First Home

Alabama has signed into law a new savings account program supporting first-time homebuyers. Known as the First-Time Homebuyer Savings Account Program, Alabamians can create a monetary savings
account for the down payment and/or closing costs for the purchase of a single-family dwelling. What’s more, the principal deposits and earnings from the account are tax deductible.

With the First-Time Homebuyer Savings Account Program, you’re one step closer to finding your perfect home!

Here are the details on Alabama’s latest program benefiting first-time homebuyers:

Who?

Alabama first-time homebuyers and those re-entering the housing market, if they have not owned a home within 10 years.

What?

A savings account that can be used towards the down payment and/or closing costs for the purchase of a single-family dwelling.

When?

You can open a First-Time Homebuyer Savings Account starting in 2019.

Where?

The account can be opened at any financial institution authorized to do business in Alabama, and only marketable securities or cash may be contributed.

How?

Talk to a trusted advisor, such as your local REALTOR®, to help you understand all the tax benefits associated with homeownership – and to help ensure you’re getting the most out of Alabama’s new
law, the First-Time Homebuyer Savings Account Program.

Why?

When you are ready to buy a home, you will have the savings you need. Plus, the principal deposits and earnings from the account are tax deductible. Total deductions from deposit and earnings can be up to $50,000. Principal contributions can be up to $5,000 for individual filers and $10,000 for joint filers.

The First-Time Homebuyer Savings Account Program could have a positive net economic impact on Alabama that would range from $2.4 million to $26.8 million annually in economic activity due
to increased home purchases.

To learn more about how you can unlock the keys to homeownership, visit the First-Time Homebuyer section of AlabamaRealtors.com.

Habitat Around the Heart

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The Lee County Association of REALTORS® made a $5,000 contribution to the Auburn Opelika Habitat for Humanity as their Presenting Sponsor for the 2017 “Habitat Around the Heart” annual fundraiser.

Habitat Around the Heart is Friday May 19, 2017 from 6:00 – 9:00pm at the Bottling Plant Event Center in Opelika. Catered by Chef Jonathan Walker – Cash Bar – Live Jazz – Silent & Live Auction. Tickets are $35 each and are available at http://www.auburnopelikahabitat.org.

All donations and money generated by the auction go directly to support the local mission of Habitat for Humanity, to build and provide decent, affordable housing for those in need in our community.