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first time homebuyer cary: $7500 To Pay Mom Back - 08/25/08 04:13 PM
Many first time homebuyers are looking at past generations for help coming up with a downpayment.  FHA now requires a 3.5% downpayment (effective October 1, 2008) and the downpayment assistance programs (as of today) will disappear.  Fortunately, FHA allows for gift money!  The gift needs to come with a letter from the person "gifting" and we will need to verify that they actually have the ability to give the money.
At the same time, Uncle Sam is paying First Time Homebuyers with a $7500 Tax Credit (for more info click here).  Of course, the gift has to be just that - a gift … (10 comments)

first time homebuyer cary: Has "Green" Gone Bad?? - 04/14/08 09:15 AM
The health of the world ECOLOGY and ECONOMY are unexpetedly diverging as we learn more about the global need to thoughtfully plan the use of our resources.  The unintended consequence of a global push for "Green" is a shift in farmland use.  With the rise in the demand for ethinol, farms world wide switched crops from grain and rice to corn.  According to the BBC (and others) this shift caused global rice prices to go up over over 70% in the last year triggering an alarming problem for already impoverished nations.
The increase in this most basic comodity is already affecting … (9 comments)

first time homebuyer cary: How to Write a Contract With A DAP - 03/30/08 04:38 PM
First off - A DAP is the "mortgage babble term" for DownPayment Assistance Programs.  "Home sellers can help buyers pay closing costs by giving a portion of their proceeds back to the buyer at closing. The amount of seller assistance that's allowed depends on the type of loan the buyer is getting." There are laws and rules and regulations on many levels regarding WHAT a Seller can "give" a Buyer - and Sellers are not allowed to give home buyers downpayment funds. That's where the charities saw an opportunity and the gift assistance programs stepped in, providing a "work around" of … (15 comments)

first time homebuyer cary: Earth Hour March 29th - 03/26/08 09:08 AM
I was reading the Cary News  - and some of my neighbors are excited about Earth Hour this weekend!
I had not heard about this - but I think it's something my family will participate in too! 
"On March 31 2007, for one hour, Sydney made a powerful statement about the greatest contributor to global warming - coal-fired electricity - by turning off its lights. Over 2.2 million Sydney residents and over 2,100 businesses switched off, leading to a 10.2% energy reduction across the city. What began as one city taking a stand against global warming caught the attention of the world.
In … (2 comments)

first time homebuyer cary: Jon Stewart on Recession - 03/25/08 08:36 AM
Okay  -  so you've probably already seen this (especially if you are a big Jon Stewart Fan Like WE ARE) ... I wrote to Matt Heaton today and asked him to help us out with some insight.  Figured he has one of the "bigger" brains when it comes to this stuff, unlike perhaps Mr. Bush! 
 
 
… (9 comments)

first time homebuyer cary: Countrywide Exec Finds New Job - 03/24/08 07:28 AM
This just in... " A number of former Countrywide Financial Corp. executives are forming a firm to take advantage of the massive unwinding of the mortgage-securitization business, The Wall Street Journal reported."  How interesting!  They've figured out how to create an "exit strategy that makes them smell like roses! 
"Former CFC President Stanford Kurland and colleagues are forming Private National Mortgage Acceptance Co., or PennyMac, to buy not mortgage securities but rather whole mortgage loans, the Journal reported. PennyMac plans to buy the mortgages cheaply, work with borrowers to restructure them, and then resell them at a profit as interest-earning mortgages, the … (14 comments)

first time homebuyer cary: Homebuyers: Don’t Ignore Your Emotions - 03/20/08 05:52 PM
Today, more that ever, real estate experts advise consumers to detach their emotions from one of e biggest financial moves of their  life, reminding us that there’s a difference between a “home” and a “house.” I read about one California architecture professor who urges buyers to make sure those emotions get their due.
Clare Cooper Marcus, author of “House as a Mirror of Self” (Conari Press, $24.95), counts a box of crayons among her preferred tools to draw out deep-seated feelings about homes.  Before you start looking at new house, she suggests that everyone in the family separately doodle a sketch of … (6 comments)

 
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Steve Thorne NC Mortgage Experts

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