Residential Home Selling / Buying   Educational Seminars 

PRESS RELEASE

 Free Home Buying and Selling Seminars are being offered to the public at the Lexington County Library's main branch.

Buyer Seminar Topics to include Selecting the right home, Selecting a mortgage, Information on Grants, Understanding contracts, Explain who is representing you and much more. As well as information about the $7,500 Down Payment Assistance Program, Lexington County Grant Program, and many other sources of down payment assistance.

Seller Seminar Topics to include: Free Market Analysis, Secrets to Selling, Reduce Stress when selling your home, Learn Value of Correct Pricing, Private consultation and much more

The seminar will have a host of professionals in the home buying process to offer FREE information on home ownership.

Free Home Buyer Seminar is being offered at the Lexington County Library.

Address is 5440 Augusta Road, Lexington, SC 29072  Library Phone is (803) 785-2600

Directions: Located off Hwy 1 in Lexington approximately 1.5 miles from Exit 58 on I-20

 The seminar will be available for Churches, groups, civic organizations and others on request.

 

There will be an additional seminar for learning the short Sale process for buyers and sellers by appointment,

Call 609-7653 to reserve your spot.

 

The schedules for the following seminars are as follows:

 

Seller Seminar

June 28, Lexington Library 6:00pm-7:30pm

July 26, Lexington Library 6:00pm-7:30pm

Aug 16, Lexington Library 6:00pm-7:30pm

 

Buyer Seminar

June 19, Lexington Library 6:00pm-7:30pm

Aug 23, Lexington Library 6:00pm-7:30pm

These seminars are FREE but please RSVP due to the demand.

 

Follow us on Twitter http://twitter.com/lexingtonsc

Visit http://www.edwingerace.com/sellerseminar

 

For more information 803-957-5566 or 803-609-7653

Upcoming Events Section

Apr 17: Spring Bonanza - McCormick - local music, hot air tethered balloon rides, balloon sculptor, art & crafts, food

Apr 17: Touch-A-Truck - Columbia - kids will have fun exploring big rigs and

Apr 17-25: Striped Bass Festival - Manning - fireworks, dances, parade, children's rides,"Miss Striped Bass"

Apr 22: Thursday Night ReLeaf - Greenville - food, drinks, entertainment - a tree is planted in Greenville Co. for each ticket sold

Apr 22-24: Artista Vista - Columbia - 'crawl' the galleries of the Vista, many with refreshments and performing arts

April 22-24: Rholetter's Spring Bluegrass Festival - Long Creek in Oconee County - bluegrass bands, open jams - camping too!

Apr 22-24: South Carolina BBQ-Shag Festival - Hemingway - cook-offs, fireworks, rides, pageant

Apr 23: Wine Tasting at Riverbanks Botanical Garden - Columbia - plus food from local chefs and music

Apr 23-25: Colleton County Rice Festival - Walterboro - parade, crafts, 5K Rice Run, cooking contest, fireworks, street dance

Apr 24: Congaree Arts Festival - Columbia - State Museum displays artwork by South Carolina artists

Apr 24: Hilton Head Seafood Fest - Gourmet food, live music, "Iron Chef" competition, farmers' market, crab races, kid zone

Apr 24: Soft Shell Crab Festival - Port Royal - food, crafts, community booths

Apr 24: Sparkleberry Country Fair - Columbia - petting zoo, rides, food, crafts, tractors - proceeds benefit local schools

Apr 29 - May 1: Spring Festival on the Square - Abbeville - carnival rides, antique cars, talent show, Swingin' Medallions concert

Apr 29 - May 2: Black Cowboy Man or Myth African-American Festival - Rembert - concerts, horse show, period demonstrations

Apr 29 - May 2: Piedmont Plant and Flower Festival - Greenville State Farmers' Market - click, then scroll down

Apr 29 - May 2: SC Strawberry Festival - Fort Mill - "Strawberry Jam" music, rides, pageant, recipe & eating contests, fireworks

Apr 30 - May 1: Greer Family Fest - Live music, children's parade, KidsZone, Creation Station, arts & crafts, restaurant row

Apr 30 - May 1: Taste of Beaufort - Friday night is "Shag Night", dishes from local restaurants, 5K run

Apr 30 - May 2: Orangeburg Festival of Roses - Petting zoo, arts & crafts, airplane rides, Princess & Queen of Roses

Apr 30 - May 2: Spring Fling - Spartanburg - street festival - dozens of bands, art show, kids' carnival, food court

May 1: Charleston Dog Show - Demonstrations, exhibits, competition - proceeds benefit local animal rescue organizations
Learn more about how you can save an animal and help South Carolina's animal rescue organizations

May 1: Cinco De Mayo - Charleston - Mexican cuisine, salsa band, DJ, "Dancing with the Local Stars," professional dancers - benefit

May 1: Greer Family Fest - Live music, children's parade, KidsZone, Creation Station, arts & crafts, restaurant row

May 1: Heart & Sole Women's Five Miler - Columbia - run/walk 3 or 5 miles to raise heart disease awareness, post-race expo & celebration

May 1: Lowcountry Shrimp Festival & Blessing of the Fleet - McClellanville - entertainment, art, kids' corner, food

May 1: Miles of Hope - Rock Hill - 5K run or 1-mile fun run - benefits area hospice care patients

May 1: Peach Blossom Festival - Johnston - parade, rides and games, arts & crafts, food vendors, live entertainment

May 1: Rosewood Crawfish Festival - Columbia - kids' area, Creole & Cajun cuisine, live music, 'Crawdaddy Dash', pole vaulting - benefit

May 1: Spirit of South Carolina Adult Education Sail - PDF - Charleston - learn about marine science and maritime history

May 1: Spring Festival on the Square - Abbeville - amusement rides, antique car show, local performers, Swingin' Medallions concert

May 1: St. Francis Mud Run - Greenville - 4-person teams, kids' course - benefits Goodwill Foundation & Marine Toys for Tots Foundation

May 1: Taste of Beaufort - Features dishes from 15 local restaurants, live music, 5K race in the morning

May 1: Tour de Cure - Little Mountain - bicycling with choice of 4 routes, 5 miles to 100 miles - for American Diabetes Association

May 1-2: Battle for Columbia - Sandy Run - Civil War reenactment, period demonstrations, exhibits - don't forget your lawn chair

May 1-2: Black Cowboy Man or Myth African American Festival - Rembert - concerts, horse show, period demonstrations, and food

May 1-2: Humane Society of North Myrtle Beach Adoptathon - Reduced adoption rates - see some of the animals

May 1-2: Orangeburg Festival of Roses - Kids' area with inflatables, arts & crafts, car show, airplane rides, Princess & Queen of Roses

May 1-2: Piedmont Plant and Flower Festival - Greenville State Farmers' Market - click, then scroll down

May 1-2: South Carolina Strawberry Festival - Fort Mill - "Strawberry Jam" music, rides, pageant, recipe & eating contests, fireworks

May 1-2: Spring Fling - Spartanburg - street festival - dozens of bands, art show, kids' carnival, food court, Rock Band competition

May 1-8: North Charleston Arts Festival - Over 40 performances at various venues, art exhibits, kids' activities, fireworks

May 3: Government Finance Officers Association of SC Spring Conference - Columbia - seminars, networking

May 3 - Jun 5: Allendale Paleoamerican Expedition - Near Martin - help excavate the Topper Archaeological Site

May 6-8: South Carolina Poultry Festival - Batesburg-Leesville - parade, fireworks, chicken calling and Cook-Cluck-Win-A-Buck contests

May 7: Bid for a Cure - Columbia - wine tasting, silent auction - benefits South Carolina Chapter of the Leukemia & Lymphoma Society

May 7: Relay For Life of Clarendon County - Manning - benefits American Cancer Society

May 7-8: Allendale County Spring Cooter Fest - "Carolina Cooter" turtle races, carnival rides and games, live music, parade, fireworks

May 7-8: Walterboro Rodeo - Local riders welcome

May 7-9: Artisphere - Greenville - visual arts, live performances, opening night gala, 'Kidsphere' area, local restaurants

May 7-16: Myrtle Beach Bike Week and Spring Rally - Murrells Inlet - motorcycles - view City of Myrtle Beach's rules & ordinances

May 8: Bluegrass on the Waccamaw - Conway - live music festival, plus workshops, encouraging all to bring a lawn chair

May 8: Bluffton Village Festival - live music, children's activities, art vendors, ugly dog contest, Civil War reenactment, after hours party

May 8: Dragon Boat Charleston Festival - 250-meter paddling races celebrate cancer survivors

May 8: Lancaster Area Literacy Cooperative 5K Race for Literacy - Race location is USC-Lancaster - benefits increasing literacy efforts

May 8: Mayfest on Main - North Myrtle Beach - street festival with live music, car show, community stage, children's area, crafts, food

May 8: Ride for the Rack Breast Cancer Benefit - Spartanburg - poker run, auction, music, professional bull riding and barrel racing

May 9: Mother's Day - Sunday - Hooray Moms!

May 10: Confederate Memorial Day - Monday - observed state holiday

May 11-12: InnoVenture Southeast Conference - Greenville - information to assist small and medium enterprises grow

May 13-16: BMW Charity Pro-Am - Spartanburg - golf tournament benefits 99 charities - $7.3 million raised over the last 9 years!

May 13-16: Charleston Lindy Exchange - Lindy hop, balboa, blues dancing at various venues - DJs & live music

May 13-16: Greek Festival - Greenville - live music, folk dancing, children's rides, arts & crafts, tours, and lots of food!

May 14-15: Blue Ridge Fest - Pickens - music, food, car cruise-in, motorcycle ride - benefiting 13 local charities

May 15: Angel Walk - Mount Pleasant - 5K walk, pre-event expo, post-walk festival - for MUSC medulloblastoma research

May 15: Cateechee Fest - Ninety Six - honoring Native American heritage, performers, costume & tee-pee contests, plus Model A cars

May 15: HOGS Gone Wild Rally For The Rugrats - Myrtle Beach - motorcycles - benefits Toys For Tots & Freedom Alliance Scholarship

May 15: Strawberry Festival - Slater, Greenville County - pancake breakfast, music, food, arts & crafts

May 15: Tour de Midlands - Lexington - bicycling with choice of 4 routes, 15 miles to 102 miles - benefits Lexington Greenways Alliance

May 15-16: Blue Crab Festival - Little River - live music, arts & crafts, kids' area, food, community booths, car & motorcycle show

May 15-16: Carolina Children's Home BBQ Cook-Off Festival - Columbia - music, kids' activities, "Save the Pigs Party" - benefit
Learn more about barbeque in South Carolina

May 20-24: Greenwood Music Festival - "Vive La France!" - concerts, opera, movie - at various venues

May 21-22: Chesnee Festival - Midway rides, BBQ cookoff, live entertainment - benefits Kop's Kids Organization & Boys and Girls Club

May 28-30: Gullah Festival - Beaufort - entertainment, food, local tours, forums, plays

May 28-31: Freedom Weekend Aloft - Simpsonville - hot-air balloons, concerts, fun zone, disc dog nationals, amusement rides, car show

May 28 - Jun 13: Spoleto Festival USA - Charleston - international arts festival, performing and visual arts <!-- click for <a href="http://tickets.spoletousa.org/eventperformances.asp?evt=130" mce_href="http://tickets.spoletousa.org/eventperformances.asp?evt=130">available discounts</a-->

May 29: Invitational Golf Tournament - Longs - four-man captain's choice - benefits Cedar Branch Community Empowerment Center

May 31: National Memorial Day - Monday - state and federal holidaySui

The Market: Geographically, Columbia -- the state capital -- is in the center of the state, with a two-hour drive from either the Atlantic coast or the Blue Ridge Mountains, and about halfway between New York City and Miami, with easy access to interstate highways. Not just the center of state government, Columbia also is home to the main campus of the University of South Carolina (with 27,000 students) and its developing research park, Innovista, and to Fort Jackson, the largest Army training base in the country.

Area Population: 576,557
Area Households: 223,500
Household Growth Rate: 7.45% (projected 2006-20011)
Households with Children: (Younger than age 18) 36.8%


Households Owned: 69.1%
Median Value of Owned Homes: $121,762
Average Household Income: $62,501
Median Household Income: $47,821

Education: (Columbia Metro, which includes Richland and Lexington counties)25.6% have high school degrees21.7% have some college education27.2% have associate or bachelor's degrees10.2% have advanced degrees

Ethnic Makeup: 61.9% white; 33.3% African American; 0.3% American Indian and Alaska Nat.; 1.6% Asian; 0.1% Nat. Hawaiian and other Pacific Islander; 1.3% other; 1.6% two or more races
Median Age: 35.3 years
Average Rent: $826

Climate: A temperate climate year-round, averaging 82 degrees in summer, 53 degrees in
winter; average annual rainfall 50 inches

Major Employers/Industries: Palmetto Health, 7,500 employees; Blue Cross Blue Shield of South Carolina, 5,100 employees; University of South Carolina, 1,621 employees; Richland School District #1, 5,000 employees; SCE&G, 4,000 employees; UPS, 3,528 employees; Wachovia Bank, N.A., 3,422 employees; Richland School District #2, 2,500 employees; Fort Jackson, 4,200 employees; South Carolina State Government, 30,753 employees


Culture: Koger Center for the Arts, a $15 million complex; The Columbia Museum of Art; South Carolina State Museum; Carolina Coliseum; the new Colonial Center; 11 theater groups including professional theater; professional ballet troupe and numerous other dance companies; opera; symphony; The Township, which has hosted cultural events in Columbia since 1929.

Major Community Events: First Ladies' Walk for Life: Steps Against Breast Cancer; Summer Concert Series; Central Carolina Community Foundation's International Festival of Food and Wine; South Carolina State Fair; Palmetto Health Children's Hospital's Festival of Trees; Junior League of Columbia's Clean Sweep Sale; Columbia Festival of the Arts; Home Builders Association of Greater Columbia's Home and Garden Show; Black Expo
Famous Citizens: Coach Steve Spurrier; anchor Rita Cosby; Leeza Gibbons; astronaut Charles Bolden; the late novelist and poet James Dickey; novelist William Price Fox; the late Republican National Committee Chairman Lee Atwater; Miss America Kimberly Aiken; Hootie and the Blowfish; actress Kristen Davis; Strom Thurmond; Jesse Jackson; the late James Brown; comedian Steven Colbert

Short Sales and the Economy..................... In my recent Blog post on short sales, I mentioned educating yourself on the process. The process changes everyday. Most agents see short sales as a nuisance but I see it as an opportunity to become a specialist in a growing area of real estate. I read in the October 2009 Keeping Current Matters, Quick Report a quote by Albert Einstein that made me think of my short sale learning experience. “If you can't explain it simply, you don't understand it well enough." Edwin Gerace will understand short sales well enough to explain it simply to buyers and sellers! Thanks Albert Einstein for helping me define my goal in short sale training!

Short Sale Lexington, SC.................................. Last year I had clients wanting to buy a short sale home. The contract was ratified mid July and we finally heard from the bank after my clients had given up. They had waited close to 4 months. My client selling his home in a short sale has been assured by his bank that they can give an answer back to the buyers in less than 30 days. What a difference a year makes! Completed short sales in the first half of 2009 was up over 208 % over the first half of 2008. Banks are understanding that the foreclosure process does not bring a higher price than a simpler, less costly short sale. Finally I have been working with professionals in the area from Attorneys to Loss Mitigation Specialist to other Banking Professionals. I have done allot of work to figure how to help out sellers in special financial situations, and how to help guide buyers through the short sale process.

Myths about Short Sales

1- They Move Fast

2- Buyers get a huge deal on homes

 

Truths about Short Sales

1- There are many to come in the future

2- They do take time

3- You need someone to help you sell or buy one

4- You get a home at a fair price (market price or lower)

 To learn more about Short Sales and how to sell your home when times are tough and you want to avoid Bankruptcy.

Edwin Gerace

mail@609sold.com

www.EdwinGerace.com

803-609-SOLD

Follow me on Twitter www.Twitter.com/edwingerace

PRESS RELEASE Russell and Jeffcoat Realtors,   Lexington, SC Ph. (803) 957-5566   Fax (803) 957-4759                    For Immediate Release                                                     For More Information, contact: September 22, 2009                                                          Edwin Gerace, 803-609-7653

Edwin Gerace Regional Vice President of SCR, region 3.   Edwin Gerace of Russell and Jeffcoat Realtors has been appointed as Regional Vice President, Region 3, for the South Carolina Associations of Realtors     Columbia, SC - August 22, 2009 - Edwin Gerace of Russell and Jeffcoat Realtors in the Lexington Office was appointed to Region 3, Regional Vice President for South Carolina Realtor Association.  His duties include working within his region representing and educating his fellow realtors.  "My goal is to help educate the members on the benefits to the state association, and be their voice at the state level", stated Edwin Gerace. His Region will cover Aiken Board of Realtors, Central Midlands Association of Realtors, and N. Augusta/Belvedere Association of Realtors and Southern Midlands Association of Realtors.  "I encourage all realtors to be involved in their local association and state association, we as a group can make a difference", stated Edwin Gerace. Follow Edwin on Twitter  http://twitter.com/EdwinGerace    Follow us on Facebook www.Facebooke.com/edwin.gerace   For more information contact Edwin Gerace at 803-609-7653   #####

 

Lexington County South Carolina Home Buyer Assistance Program

 

Lexington Community Development
Accepting Applications
for the Homeownership Assistance Program

Lexington County is accepting applications for its new Homebuyer Assistance Program. Funding for the program is provided through the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program. Assistance will be provided in the amount of $5,000 on a first-come/first-served basis for eligible applicants.

For More information and or to receive an information and informational brochure contact Edwin Gerace via email at mail@609sold.com

Funding for the Homeownership Assistance Program is Provided by HUD's HOME Investment Partnership Program (HOME). HOME is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. HOME provides formula grants to states and local governments. The funds are used, often in partnership with local nonprofit groups, to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income people.

For More information and or to receive an information and informational brochure contact Edwin Gerace via email at mail@609sold.com

General eligibility requirements to receive assistance for this new program are:
The home must be located within Lexington County.
The home must be occupied as the primary residence of the applicant.
The home must meet, at a minimum, Section 8 Housing Quality Standards (HQS). A Lexington County Building Inspector will assess the home to determine compliance with quality standards. If corrective work is required, all work to address HQS violations must be completed prior to the closing date. Down payment assistance funds cannot be used for minor repairs or to correct violations.
Homes purchased with assistance through this program must meet the HUD Single Family Mortgage Limits under 203 (b) of the National Housing Act (12 U.S.C. 1709(b)). The County's maximum purchase price for a home is currently $144,584 for a single-family dwelling (95% of the median area's purchase). Homes that exceed this cost are not eligible for assistance through this program.
An appraisal must be done on the subject home/property. The home must appraise for at least the value of the purchase price.
Homes selected for purchase must be built after 1978.

For More information and or to receive an information and informational brochure contact Edwin Gerace via email at mail@609sold.com


The Homeownership Assistance Program is administered through the County of Lexington's Community Development Department. The program provides funding to eligible first-time homebuyers to assist with down payment and/or closing costs. A first-time homebuyer is defined as one who does not presently own a home or land, nor has previously owned a home or land with in the last three (3) years. At the time of application to the Community Development Department, an applicant also cannot have an existing purchase contract on a home.

For More information and or to receive an information and informational brochure contact Edwin Gerace via email at mail@609sold.com

PRESS RELEASE

Jul 24, 2009 -

The secret to Home ownership & free grant money.  Edwin Gerace, Carl Corbett , and Jill Kunkle will be offering a Home Buyer Seminar on July 27th, 2009 at Lexington County Main Library starting at 6:00pm.  Please RSVP due to limited seating 803-957-5566.  This seminar will focus on awareness of the great amounts of monies that are available for homebuyers and specifically 1st time Home buyers.  In some cases, the amount of grants can equal up to $30,000.  There will be a mortgage professional, Carl Corbett from First Reliance Bank to explain the opportunities of grants that are available.  Edwin Gerace of Russell & Jeffcoat will be there to answer questions about the home buying process.  Jill Kunkle with the Law firm of Harvey Casterline and Vallini will be present to answer questions about the legal side of home buying.  

This seminar will be offered to civic and other groups by request.  To request information prior to the seminar is available as well.  

For Flyers to the Seminar Visit http://www.edwingerace.com/homebuyerseminar

 

For Flyers to the Seminar Visit http://www.edwingerace.com/homebuyerseminar

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and home ownership organization. NACA's primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable home ownership. NACA has made the dream of home ownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.

What is the first step to becoming a home owner through NACA?
You'll need to attend a NACA purchase workshop. You can go to www.naca.com or call 888-302-6222, and sign up for the next workshop nearest you. Feel free to ask questions by calling the number or Calling Edwin Gerace at 803-957-5566

Feel free to email Edwin Gerace for more information mail@609sold.com or call him at 803-957-5566 or his cell at 803-609-7653.

Is there down payment and additional closing cost when using NACA?
There is no Down Payment or Closing cost There are no cost besides what NACA helps you save for the closing of your new home.

Who is eligible for NACA?
Everyone who does not own a home. You can sell your home, and then buy a new one with the NACA program

Can I buy a new home using NACA?
Yes

How does NACA's Interest Rates compare to National Banks?
NACA's Rate is always one point below the Conventional rate. Very Competitive.

Does NACA help me work through my financial issues so that I can buy a house now and in the future?
Yes. They guide you on down payment, monthly payment, saving money, and budgeting so that you are set up for success.

What are some of the major misconceptions of NACA?
NACA takes to long. NACA will work with each individuals circumstance to pre-pare them for home ownership. Depending on the client but you can expect a time frame from 3 weeks to what it takes to get you ready for home ownership.

NACA Overview
NACA Membership
Search Homes in Columbia SC
Kids Eat Free
About Edwin Gerace

 NOTES AND CONVERSATION ABOUT MORTGAGES IN TODAY'S ENVIROMENT

NOTES AND CONVERSATION ABOUT MORTGAGES IN TODAY'S ENVIROMENT. (June 1, 2009)

What are the largest changes that face the Home Buying process?

One of the biggest changes for buyers looking for a conventional mortgage in today's market is the importance of their credit score. Just two years ago it was an all or nothing system. If you were approved for a conventional loan you got the same rate whether your credit score was 620 or 740. Now the difference in rate for these two buyers would be more than a point or cost the 620 buyer 3 discount points to get the same rate as the 740 buyer. Also, buyers with less than a 660 credit score no longer qualify for mortgage insurance, requiring them to be able to put down 20%. This is the primary reason FHA loans are becoming more popular. If a borrower qualifies, there is no minimum credit score and everyone gets the same interest rate. The FHA loan limit for most of SC, including the Columbia Metro Area, is $271,050; so buyers needing a larger loan need to do their homework upfront and make sure there are no errors on their credit report which could be impacting their score.

What are interest rates going to do in the future?

It is always dangerous to try and predict which way interest rates will go, but generally they will increase as the economy improves. Most people think the FED sets mortgage rates and expect rates to go up and down based on FED policy. This is not true. Rates are impacted by the FED's action, but are actually determined by the bond market. If the stock market is improving, investors shift money from the bond market to stocks. This requires bond sellers (Fannie Mae & Freddie Mac) to offer higher yields to sell their bonds that they must then pass on to the end consumer in the form of higher rates. So to answer your question, if the economy has really started to turn the corner, we can expect rates to rise as well.

When is a good time to refinance your home?

 Assuming that the only reason a borrower is considering refinancing is to lower their rate, there is a pretty simple calculation to determine whether it is a good time or not. The first question is always "how long do you intend to keep the property?" Once you determine this, you simply divide the cost of the new loan by the monthly payment savings to establish the break even period. If this is a shorter time frame than how much longer they intend to own the property it is probably a good financial decision. An example would be someone with a $200,000 mortgage thinking about refinancing from a 6% rate to a 5% rate. The monthly savings would be approximately $125 month and the closing costs without points would be around $2500. This borrower would break even in only 20 months, so most borrowers would benefit from this refinance. It can be a little harder to determine if the borrower wants to pay off other debts, include renovations, or drastically reduce or increase the pay off time of their current loan. Most mortgage professionals will be happy to assist someone with the decision without any charges.

Has the loan approval process over last 90 to 120 days on loans changed?

The process is definitely taking longer and more documentation is being required than at any time in the last ten years. Borrowers need to be prepared for this upfront and realize the importance of getting the process started as early as possible if they are trying to achieve a specific closing date. The reason it is taking longer is two fold. As the mortgage industry was shaken to its core over 2007 and 2008, many lenders began to lay off thousands of support personnel or failed all together. By the end of 2008 there were approximately 60% fewer lenders and workers in the mortgage industry. At this time mortgage rates fell to their all time lows, creating a rush of business. This coupled with legislation giving first time buyers tax credits and an improving economy left lenders overwhelmed with business. Still reeling from losses the last two years and leery of the duration this business surge would last, most lenders decided not to bring on more employees due to training times and costs. The new requirements in credit policy also added to delays. The more documentation that is required, the longer it takes to be reviewed in underwriting. Fewer people, more business, and more documentation requirements caused some loans to take 60 days or more to get approved. The good news is that most lenders have now increased staffing and improved efficiencies so that most purchase loans can be closed in 30 days. You should still expect 45 to 60 days on refinances, but this should improve too if rates continue to rise.

Are there any True 100% financing programs out there?

In general there are no longer any 100% loans available. A few exceptions are Rural Housing and VA loans, but these loans are only available on certain properties or for military personnel. FHA has the lowest down payment requirement of the non-income restricted loans at 3.5% and can be used by qualified borrowers up to $271,050 in most of South Carolina. Borrowers should also do their homework on any available down payment assistance programs. Most of these are available to first time borrowers at or below the median income and work well in conjunction with FHA loans. Another good option for buyers needing 100% financing is to consider buying a HUD foreclosure. These can be purchased with $100 down using a FHA loan. Credit scoring is very tricky to predict for even the most seasoned loan officer, much less the general consumer, but there are a few things buyers should know. Revolving credit balances should be below 50% of the limit and preferably below 30% of the limit. Judgments and collections do hurt a credit score, ironically though, if they are over two years old it may be better to leave them alone unless it is required for loan approval. Inquiries do not have near the impact most people think as long as they are not excessive. One thing most people don't realize is that borrowing from finance companies actually hurts your credit score even if you make your payments on time. Finally, anytime you open a new loan your score will go down until you establish a payment history. So if you are thinking about getting a mortgage it is advisable to hold off on getting any other new credit. This is some great information put together in Partnership with Kip Murphy with Bank of Amercia and Edwin Gerace of Russell and Jeffcoat.

Kip Murphy is a loan officer with Bank of America Home Loans with over 10 years of experience in the Columbia market. He has helped 100's of buyers over this time. At Bank of America he has the tools, products and support to help anyone from first time buyers to someone needing a jumbo construction loan. Give him a call or email him today if you need any information about getting a mortgage loan. He can help with purchases or refinances in 48 of the 50 states. Kip Murphy , Loan Officer, Bank Of America Home Loans, O: 803-216-7488, C: 803-920-3470, F: 866-429-1636, E: Robert.K.Murphy@Bankofamerica.com

Edwin Gerace is a realtor with Russell and Jeffcoat Realtors with over 10 years of expierence in the Columbia market. He has help buyers,sellers and builders over the years reach thier real estate desires. Feel free to call or email him about real estate. Visit him on othe web at http://www.edwingerace.com/ or visit his blog at http://www.edwingeracesrealestateblog.com/ . Contact him at 803-609-7653 cause with Ed You Win.

I have been thinking about writting this for 3 months, and so I did post my thoughts about team work and the desire to be a winner.  This post will come as a surprise to all that know me and my true college passion for University Tennessee. 

In January, NCAA basketball champion Florida Gators were defeated by USC Game Cocks with no time on the clock. The last minutes played out in a storybook ending. The players were on the foul line thinking of how to win the game as a team. Holmes whispers to Fredrick, "Go long!" The best foul shooting player was on the line with 3.3 seconds on the clock and Florida was up by 1. He had a 1 and 1 attempt. The first shot bounced off the rim and the USC player grabbed the ball with authority and hurled it down the court to his team mate that had heeded his command to "Go long". His team mate caught the ball and took one step placing the ball in the net as the clock ran out. Those spectacular few minutes showed what a team has to do to win... Remember, there is no "I" in team. That is what we as individuals and citizens of our country must do to impact the lives of others.

Click on the picture for the full video

Edwin Gerace