Sunday, September 29, 2013

New Construction In Avington By Chafin Communities

The Enclave At Avington is a Chafin Communities Built Community and located in the City of Cumming, Forsyth County GA 30041. These new homes are 2 stroy traditional brick and stone homes with 4 to 5 bedrooms. Some of the homes have basements and some are on a slab.


The list price range for a home in Avington is between $342,987 to $387,952. Most homes built in 2013+. Most homes have 5 bedrooms & 4 full bathrooms.

Homes & Real Estate For Sale In The Enclave At Avington

More Real Estate Homes For Sale In 30041

The median selling price for a home, at time of post, is $336,787.00. The average total list days on market is 59, at time of post.

The Neighborhood Schools At Time Of Post

Elementary: Brookwood
Middle: South Forsyth
High: Lambert

Home Owner Association (H.O.A.) fees, at time of post, are $1,050.00 a year and include Community swimming pool and Tennis Community with Cabana, Playground, Dog Area and Soccer Field.

Streets in the community include Kissell Drive and Old Kissell Ct.

Location: From GA 400 North Exit 13 to right (South) on Peachtree Pkwy. Hwy 141- left onto Brookwood (Brookwood Market Center) go 1/4 mile and left into Avington.

Wednesday, September 11, 2013

Mortgage Broker Question-Part Time Income...Can We Use It?

Part Time Income…can we use it?

Mortgage brokers get that question a lot.

Can a borrower use part time income? There are several rules that pertain to this.

Scenario 1: You have 1 part time job.
In general banks do not like this scenario. BUT…If you have had the same part time job for 2+ years and the income is stable some banks will look at your overall credit file and may make an exception to use this income. IE if you have lots of money saved up as reserves and an excellent credit score.

Scenario 2: You have a full time job AND a part time job.
Banks will use your part time income in addition to your full time income ONLY if you have worked both jobs for 2+ years. Meaning for the past 2 years you’ve worked full time AND part time jobs at the same time. You can have switched part time and/or full time employers but the banks want to see that you can manage working 2 jobs for 2+ years.

So how is part time income calculated?

In most cases the banks will require a Verification Of Employment from your employer that details your last 2 year work history. Hours worked, pay scale, etc. Typically your total income will be averaged over 2 years. So if you made $20K part time in 2011 and $30K part time in 2012 the bank would say you average $25K a year in part time income. The exception to this rule is declining income. Meaning you made $30K part time in 2011 and $20K part time in 2012. In this scenario the bank would at most allot $20K a year for the part time income. If they see a continuing pattern of declining income via year to date pay stubs for 2013 for example…they may not allow ANY part time income or they may use the lowest number available to them (in this scenario they would average your 2013 income over 12 months).

Always talk to your mortgage professional if you are working part time before making an offer.
Feel free to contact Max Kallos at Liberty Home Mortgages with any mortgage related questions.