mortgage lending: 2017 SC FHA Loan Size Limits by County
- 12/18/16 04:36 AM
SC FHA Loan Size LimitsThe Federal Housing Administration or FHA, announced the 2017 SC FHA loan size limits in all areas of each state. Most of the SC FHA loan size limits increased from $271,050 to $275,650. But there are some counties which have higher limits. So make sure that you check these limits when considering an FHA loan. Team Move frequently lends FHA loans throughout the Myrtle Beach and Horry County SC area. Horry County’s FHA limit also increased to $275,650 for 2017. FHA loans are known for flexible guidelines, affordable monthly payments, and low cash to close. Many unknown, but valuable features include: Gift, down payment assistance, … (3 comments)
mortgage lending: Are You Sure You Want to be a Cash Buyer?
- 12/18/16 04:12 AM
There are so many reasons NOT to be a Cash BuyerBecoming a cash buyer is not easy and usually takes dedication over time. So it usually doesn’t happen overnight. Therefore, don’t put on the blinders and only consider paying all of that hard earned investment on a house. There are a lot of ways to build a lump sum to buy a home free and clear. One way is to meticulously make payments for 30 years on a mortgage. Another may have been buying and selling at the right time so that there is a sizable profit to invest. Maybe there were consistent … (3 comments)
mortgage lending: First Time Buyers - Solving Credit Roadblocks to Homeownership
- 01/01/16 09:40 PM
Picture this scenario: A happy couple or individual has never purchased a home but would love to be homeowners in the future, BUT… * There is not a lot of credit report experience or there are credit issues * Has no money in reserves or for down payment * Doesn’t have a budget in order to afford a house payment * Pays cash for rent most of the time or lives with family rent free * Doesn’t really understand how a realtor can help them find the right home * Has maybe heard of an FHA loan but that is about it for mortgages * Doesn’t know how to be prepared for a mortgage … (0 comments)
mortgage lending: Is PMI Still a Tax Deduction?
- 01/01/16 01:02 AM
Is PMI Still a Tax Deduction? We continue to hear threats of axing the mortgage interest and PMI tax deduction but there has been a decision for 2015 & 2016. Low to Middle level taxpayers take their tax deductions seriously and want everything possible that will lower their tax burden or better yet, increase their REFUND. Over the years PMI on a primary residence has been an allowable deduction for many but there are limitations and rules to it. Many people have their fingers crossed hoping that the tax break is extended past it’s expiration of 12/31/2014. Do you qualify for the PMI … (2 comments)
mortgage lending: Important TRID Answers You Will NOT Believe & Realtors Should Know!
- 09/19/15 10:30 PM
For most real estate professionals, TRID is the least understood big regulation in history probably and it starts October 3, 2015!Can a lender, settlement agent, or mortgage broker provide a real estate agent a copy of a buyer’s Closing Disclosure? Believe it or not, the answer is NO! TILA/RESPA rule clearly states that the settlement agent, creditor, or broker CANNOT give a copy of the Closing Disclosure to the Real Estate agent. Only the borrower can give the agent a copy. The reason is there is non-public information on the disclosure.
Who is responsible for providing the seller’s copy of the disclosure to the sellers?As a … (1 comments)
mortgage lending: Columbus and Brunswick County Realtors Receive NC Housing Training
- 09/15/15 04:17 AM
This past week local real estate agents attended a 4 hour continuing education class to help bring awareness of the NC Housing Finance Agency’s mortgage products which help homebuyers purchase with low to no out of pocket and an income tax credit up to $2000 per year. Team Move with OVM Financial invited Jane Buchholz with NC Housing to present the class to Columbus and Brunswick County’s Realtors in order to provide useful education that will help the Realtors spread the word to their buyers. The Whiteville Chamber of Commerce & Tourism also provided their conference room & facilities as the location for the class in … (0 comments)
mortgage lending: Realtors receive 4 hour CE to help North Carolina buyers
- 09/15/15 03:23 AM
Lumberton, NC. This past week local real estate agents attended a 4 hour continuing education class to help bring awareness of the NC Housing Finance Agency’s mortgage products which help homebuyers purchase with low to no out of pocket and receive an income tax credit up to $2000 per year. Team Move members, Sylvia Nance and Russell Smith, with OVM Financial invited Jane Buchholz with NC Housing to present the class to the Lumberton Board of Realtors in order to provide useful education that will help the Realtors spread the word of helpful mortgage products to their buyers across Robeson, Cumberland, & surrounding counties. The event … (2 comments)
mortgage lending: Builders, Getting Your VA Builder I.D. is as Easy as 123
- 09/05/15 05:23 AM
Are home builders required to have a VA builder ID number to sell to Veterans? How do I get the forms and request the VA ID number? These are two popular questions we receive from builders.When a borrower uses a VA home loan and the property is appraised as either “proposed or under construction” or “new construction”, the builder must have a VA builder ID number prior to the VA notice of value (NOV) being issued. FYI, “new construction” is considered a home that is less than one year old and completed except for customer preference items. Builders, to obtain your VA builder ID, … (0 comments)
mortgage lending: Buying Your First Home? Get $15,000 Down Payment Assistance
- 09/05/15 04:13 AM
If you are a first time buyer purchasing a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties NC, you may be eligible for $15,000 in down payment assistance with 0% interest, no required payments, and it is forgiven after just 5 years!Most of the time when you hear something like this, it is too good to be true. In this case, it is True! There is a limited availability to the first 1,000 loans so see the details below and take advantage now. The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury’s Hardest Hit Fund. … (3 comments)
mortgage lending: Homebuyer Series: The Last Steps to be Ready for Closing
- 09/04/15 09:01 PM
Over the last 6 weeks, we have been providing a roadmap to get you through the roadblocks to homeownership and today we are going to finish up with the last steps to be ready for closing which you can even start working on today. Everything up to this point has been what to do very early in the purchase process: Establishing credit worthy of a great rate and approval, Saving down payment tips, following a budget to afford a home, how to pay your rent, understanding how the right realtor can help you find the right home, and knowing the mortgage loan … (0 comments)
mortgage lending: August 2015 Jobs Growth Slows
- 09/04/15 08:20 PM
The Bureau of Labor Statistics reported on Friday that U.S. employers added 173,000 new workers in August. This was below the 217,000 expected and below the 245,000 revision recorded in July. It was the lowest number of new workers since March and the second lowest in the past 19 months. Within the report it showed that the Unemployment Rate fell to 5.1%, lowest since March 2008. Now the market is waiting to see if the Fed will raise their Federal Funds rate this month. … (1 comments)
mortgage lending: You just killed your mortgage approval at the last hour!
- 08/16/15 12:36 AM
Some of these circumstances you may think are obvious and others just don’t seem right, But they can kill your mortgage loan potentially at the very last hour. When buying a home, the best advice we can tell you is to be very boring and “Steady Eddie” before and during the mortgage process. In a perfect scenario, lenders love to see long tenures on the same job and with the same employer, credit accounts opened a long time, little moving of assets between accounts, and no credit inquiries. Some of these items may not deny a loan but it could at least cause delays … (7 comments)
mortgage lending: Homebuyer Series Week 3: Creating a budget that will help you qualify!
- 08/10/15 01:21 AM
In last week’s article (step 2), we explained lots of unique tips for saving money for a down payment and an emergency fund. Today we are providing solutions to the # 3 Roadblock mentioned for first time buyers which is NOT having a budget in place to afford the mortgage payment and upkeep of a home purchase. Let’s face it, Budgeting is Tough! We want satisfaction from buying something now and not when we have saved up enough money to buy it! To solve this common issue/habit, let’s talk today about: Creating a budget that will allow for a home purchase & savings … (1 comments)
mortgage lending: Should you enroll in a bi-weekly mortgage payment program? The Truth!
- 08/02/15 05:22 AM
A popular question we receive is “Can I enroll in bi-weekly mortgage payments after closing on our mortgage?” and this is a loaded question where often the answer is “No” because of the unnecessary transaction costs and/or the stress it puts on a budget. So let us explain the ins and outs of bi-weekly mortgage payments to save mortgage interest by paying off the mortgage in a shorter term. How does a Bi-Weekly Mortgage or Equity Accelerator Program work? Usually it works like this with third party companies: There is an up-front charge of $295 – $400, maybe even more There is usually … (31 comments)
mortgage lending: First Time Buyers - Solving Credit Roadblocks to Homeownership
- 07/25/15 03:07 AM
Picture this scenario: A happy couple or individual has never purchased a home but would love to be homeowners in the future, BUT… * There is not a lot of credit report experience or there are credit issues * Has no money in reserves or for down payment * Doesn’t have a budget in order to afford a house payment * Pays cash for rent most of the time or lives with family rent free * Doesn’t really understand how a realtor can help them find the right home * Has maybe heard of an FHA loan but that is about it for mortgages * Doesn’t know how to be prepared for a mortgage … (0 comments)
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Russell Smith
Loan Officer Communication & Execution You Deserve
SC FHA Loan Size LimitsThe Federal Housing Administration or FHA, announced the 2017 SC FHA loan size limits in all areas of each state. Most of the SC FHA loan size limits increased from $271,050 to $275,650. But there are some counties which have higher limits. So make sure that you check these limits when considering an FHA loan.
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