Wednesday, April 25, 2012

105 Winding Way $214,000

This Home is the epitome of Classic Colonial Architecture w/Modern Updates while still keeping the Charm of a 
Colonial w/Frml DR & LR.This Home is made for Entertaining!Open Flr plan.Newly installed Hdwd Flrs.The 
Entire First flr including the Kit have been updated.The Beautiful updated fixtures and Travertine Tile in Kit with 
Bay window offers eat in area w/built in Seating/Bench.The Bathrooms offer Limestone tile w/modern pedestal 
sink.Extra lrg BDR's.The 4th BR is perfect for Teen Suite.The Mstr Suite is luxury w/walk in closet & newly 
installed hdwd flrs!The Scrn Porch is perfect for entertaining lrg newly landscaped backyd overlooking the Pool 
w/diving board which has a sep fence.Conv to schools & shopping.  4Bed 2.5Bath 2300sq ft.

Saturday, April 21, 2012

Open House Today 2-4 445 Indigo Ridge Dr Columbia SC

This beautiful 4 BR, 2.5 BA priced ready to sell! The home boasts: beautiful hardwood floors, the master suite is on the main floor with hardwoods, his & her closets, double vanity sink and separate shower. The kitchen looks brand new, gleaming ceramic tile floors: included in baths, laundry room. Nicely landscaped yard, fenced in back yard and deck. Summit community, 2 pools, tennis, B ball court, fishing ponds and park.  Call 803-553-3740

Lake Murray 239,000 Cottage....Reduced by 40,000

Beautiful Cottage Enter into a private fishing/relaxing oasis. Downstairs living area, breathtaking views with doors leading to large screened in porch/ living area. Gleaming Hardwood floors. A spacious master suite with 3 walk in closets & bath with whirlpool tub and separate shower. Relax with a private beach & boat ramp. The landscaping has large trees with lush plantings. This home is ideal for a primary home or week-end/ vacation retreat! 3Bed 2Bath  1800sq ft Call 803-553-3740

Wednesday, April 18, 2012

BB&T's 100% Financing, No PMI Loan... "CHIP" or Community Homeownership Incentive Program

BB&T's 100% Financing, No PMI Loan... "CHIP" or Community Homeownership Incentive Program

Just a few week ago I had an agent open house at one of  our new listing.  David Boulware (803-251-1227) attended on behalf of BB&T (also provided lunch; THANK YOU.) Although I had heard about the Chip Program I really didn't know the details.  Thanks to David I now have a fairly good understanding of the Chip Program works.

The program is called Community Homeownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance). Here are a few details of a program that BB&T is offering, it seems like a great program for qualifying buyers.
  1. Loan amounts up to $417,000.00
  2. 100% county median and 97% LTV/80% county median and 100% LTV; LTV is5% less in a declining market, and10% less in a severely declining market.  For properties located in a under served area 120% of the HUD medium income limit for LTV's < 97% or 80% of the HUD median income limit for LTVs > 97%.
  3. Home Buyer Education: Required
  4. Can use approved down payment assistance program or qualified gift
  5. Property: Single family residence, townhouse or condo
  6. Minimum buyer contribution: $500.00
  7. Reserves: 97% financing - one month PITI, 100% financing - two months PITI
  8. To determine if a property is located in a HUD designated under served area, which eliminates the income limit for this program, take the following steps: 
  •  Enter the property address here to get the census tract 
  • Then go to Freddie Mac's Under served Census Tract List (about halfway down this page)    
   9. Buyer Cred Qualifications
  • No 30 day delinquencies within the past 12 months. Derogatory credit must be explained. Collections may not have to be paid, but judgments must be paid off.
  • Student loan payments will not be counted in debt as long as payment will be deferred at least 36 months from loan closing.
  • For 100% financing, minimum credit score must be 660. No minimum for 97%.
  • Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months. Minimum number is three sources of non-traditional credit.
Of course... Loans are subject to approval & this loan program can be modified or discontinued at anytime without notice.

Tuesday, April 10, 2012

FHA To Deny Mortgage Backing For Credit Disputes Above $1,000

Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.

The rule marks a significant belt-tightening at the FHA whereas the adminstration earlier held no such requirement that disputed credit accounts needed to bepaid off. Before this rule, a direct endorsement underwriter could determine if any of the borrower's outstanding debts should impact the approval of the FHA-backed mortgage.

After April 1, the borrower must either pay off the outstanding balance on these collections accounts or document a payment arrangement that the lender mustthen submit to the FHA before closing. The payment arrangement will be counted into the debt-to-income ratio for the new home loan.

Some experts expect an signifant reduction in FHA originations this year because so many borrowers in the 650 to 680 FICO score range have a past due collections account.
The rule excludes disputed accounts from more than two years ago, along with those related to theft. But the lender must document an identity theft or police report on the fraudulent charges.

An FHA spokesman said the rule was designed as another protection for the FHA emergency fund. The fund levels slipped to 0.2% of at-risk insurance last year, well below the 2% mandated by Congress. The FHA will raise insurance premiums on April 1 as well to boost the fund by $1 billion.

When performing loan-level reviews of FHA loans, it was found that many borrowers with mortgage payment delinquencies had prior credit deficiencies including unpaid collections and unresolved disputed accounts prior to the approval of their loan. The change was made to eliminate this layer of risk to FHA-insured loans and help protect our insurance fund.
The unintentional consequences could be severe for those still originating mortgages.

Sunday, April 8, 2012

REDUCED 124 NorthCutt Pelion $155,000 Country Living At Its Finest

A hidden gem in Pelion.Great curb appeal-there is a nice fence rear of the property.Large master suite w/walk in closet, open floor plan, kitchen is immaculate with eat in. Thee family room fireplace is a perfect way to end a day. Large oversized deck, huge front porch to enjoy peace and quiet. Also 2.7 acres is available to purchase. This home is country living at its finest. Only thing missing is a family of horses and animals. Rural housing elig - 100%.  You wont be disappointed

Monday, April 2, 2012

5 Eastpine Place (Harbinson) $115,900

Charming Cape Cod with great curb appeal on cul-de-sac. A great open floorplan with wood burning FP in Family Room. The Dining Room has gleaming hardwood floors and eat in bar. The Master suite is on the main floor with a sitting area. A large deck with a privacy fence in the well maintained back yard. Walking distance to the pool, clubhouse and park. Also walking distance to restaurants and shopping. A great home with excellent Lexington/Richland 5 Schools.