May 10

Fannie Offers Spur to Avoid Foreclosure
Posted on May 10th, 2010 at 5:30 AM by socar

Fannie Mae will make it easier for some struggling homeowners to buy houses in the future if they avoid foreclosure in the present.

Under rules released this month that will take effect in July, some troubled borrowers who give up their homes by voluntarily transferring ownership through a “deed in lieu of foreclosure” or by completing a short sale, where a home is sold for less than the amount owed, will be eligible in two years to apply for a new mortgage backed by Fannie.

Currently, borrowers who complete a deed-in-lieu of foreclosure must wait four years before they can take out a loan that Fannie is willing to purchase.

 The new policies from Fannie, a government-backed mortgage-finance company that together with Freddie Mac backs about half of the U.S. mortgage market, don’t relax waiting periods for borrowers who go through foreclosure.

In 2008, Fannie lengthened that waiting period to five years from four.

To quality for the reduced waiting period, most borrowers will need to make a down payment of at least 20%, although borrowers with extenuating circumstances, such as a job loss, will be required to put down just 10%.

Even if waiting periods are shortened, many borrowers may be unlikely to repair their credit that quickly in order to get a loan in the first place. Foreclosures and short sales generally have the same effect on a borrower’s credit score and can stay on a credit report for up to seven years.

The new rules are designed to make foreclosure alternatives more attractive to borrowers at a time when the Obama administration is ramping up its effort to encourage banks to consider alternatives such as short sales. That program sets pre-approved terms for short sales and offers financial incentives to borrowers and lenders to complete such sales.

Freddie Mac requires borrowers to wait five years after a foreclosure and four years after a short sale or deed-in-lieu.

Those periods can fall to three years for a foreclosure or two years for a short sale when borrowers show extenuating circumstances.

Officials at the Federal Housing Administration, the government mortgage insurer, say they are considering changes to their rules, which require borrowers with a foreclosure to wait at least three years before becoming eligible for an FHA-backed loan.

“We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own … and now deserve the right to re-enter the housing-finance system,” said FHA Commissioner David Stevens.

But some worry that policies enabling defaulted borrowers to more quickly resume homeownership could encourage more people to default.

“We don’t want to say that there’s a ‘get out of jail’ card during recessions to walk away from your house,” Mr. Stevens said.

In December, the FHA unveiled rules for borrowers who completed a short sale.

Those who have missed payments prior to completing a short sale or who didn’t face a hardship and simply took advantage of declining market conditions to buy a new home must wait three years.

April 27

More Money for the USDA Loans
Posted on April 27th, 2010 at 7:37 PM by socar

USDA is on the fast track to receiving Congressional approval for more funds.  I’m shocked to say this but Congress appears to be working quickly to avoid a lapse of funds this year.  As it stands right now, the House FSC unanimously passed the bill and it’s cleared to be considered by the full House of Representatives early next week.  The way this is progressing, I would recommend to buyers to keep on applying for USDA loans.  They are not out of money yet and it appears Congress may not let them run out of money.  I’ve listed a link to the press release below and attached a copy of the bill. http://www.house.gov/apps/list/press/financialsvcs_dem/pressKanjo_04222010.shtml   

Here are a few changes to the USDA program that are inside this bill. 

Funding fee increased from 2% to 3.5%

  • Currently there is no monthly PMI, but the new bill would authorize 0.50% PMI per year

April 27

Posted on April 27th, 2010 at 7:34 PM by socar

Another Down Payment Assistance Program is coming back online April 19th and Monarch Bank is one of the Community Banks that is permitted to participate in the program. 

•  $1,000,000 available to Monarch Bank for down payment and closing cost assistance

•  5 to 1 matching funds up to $7500. 

•  Example:  Buyer puts in $1500, DPA matches $7500, $9000 total available for down payment and closing cost assistance.

•  Buyer must have $500 minimum in the transaction

•   Income limit (80% of median income)

•  No geographical boundaries

 Money went fast last year so please contact me early.  Please call for more information. 

I am available this weekend for mortgage questions or scenarios for you and your clients,

 704.607-1497 mobile. 

Ritchie Love

7900 Matthews Mint Hill Rd, Ste 115

Charlotte, NC  28227

704.573.4288 x 102

704.545.5930 Fax

rlove@monarchmtg.com  www.monarchmtg.com/rlove

April 27

Hot New Mobile Technology!! MOBILE AGENT 704.269.4121
Posted on April 27th, 2010 at 5:26 PM by socar

Just Released!! HOT NEW Mobile Technology for our area. It so easy and IT FREE. Just Dail the MOBILE AGENT Phone Number and you can enter the House Number(Address #) of any home Listed for sale or enter the MLS Number. You will then have all the Info on the property Right From Your Phone. It’s that simple…Give It  A Try…

MOBILE AGENT  #  704.269.4121

*ANY Home *ANY Phone* ANY Time*

mobile_agent

February 16

We Are Selling Homes!! Call Us if you need you home SOLD
Posted on February 16th, 2010 at 11:06 AM by socar

We have seen a huge increase in the market for Stanly County. Last month we sold 9 homes and this month we are working on 8 that are due to close. March is already shaping up to be the same. I have taken 12 listings and we have already sold a few of those and are showing buyer clients everyday. This is the best time to buy and also sell. The price points have dropped but property is moving and we are moving properties. call us if you are thinking of buying or selling and let us help you make your move with Southern Carolina Realty Inc. We are her for YOU!!

January 13

The Market is coming back!!
Posted on January 13th, 2010 at 6:30 PM by socar

Get ready Stanly County, Our Real Estate Market is coming back. Just this week we have been busy selling and listing all price points. What a great sign. We are Closing 8 properties this month and this is a good thing!! Happy New Year and lets all work together to get our market back in 2010!!

Call us if you have property to sell or if youare looking to buy in 2010!!

Angela Abbatiello

July 1

5 Ways to Expedite a Sell on Your Home
Posted on July 1st, 2009 at 7:00 PM by socar

Ways to Expedite a Sale Selling a home quickly remains a challenge in many markets across the country. Heidi Cole, an associate with the Corcoran Group in Palm Beach, Fla., offers this advice for anyone who wants to expedite a sale:

Cut the asking price to 10 percent to 15 percent below what comparable properties in the neighborhood are selling for.

Spruce up the outside. Update the landscaping.

Power-wash the exterior and paint the door.

Appeal to first-time buyers. Advertise on younger consumers’ favorite Web sites, such as Facebook and Twitter.

Hire a photographer to shoot the house with a wide-angle lens so the rooms look bigger in online photos.

Price the house in the lower end of the range. A $299,000 house is in the high end of the $250,000 to $300,000 range but a $301,000 home is in the low-end of the $300,000 to $400,000 range.

Do what you can to make the deal close quickly.
Be ready to move, offer to pay part of the closing costs, and/or throw in a year’s worth of association fees.

Source: Money Magazine, Beth Braverman (06/30/2009)