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Featured Listing
Charming home on wooded corner lot
Sales Price: $260,000
MLS: 939092
Updated kitchen with tile backsplash, granite countertops and island that seats 4. Beautiful hardwood floors throughout. Fenced backyard. Great patio and screened porch for entertaining. Updated bathrooms. Large great room with fireplace. HOME WARRANTY available! -
News You Can Use
“Since you’re buying a home and have applied for a mortgage, don’t finance anything else”. How many times have buyers heard that from their Realtor and lender? Now not only is it good advice – it’s a must.As of June 1st Fannie Mae’s Loan Quality Initiative is in effect on Conventional Loans. The summary page alone is nine pages. The GSE’s aim is to shift guideline compliance from their responsibility and back to the lender. The upside is this should improve Fannie Mae’s loan pool and hopefully keep borrowing costs/rates low.
This is coming about because in the words of Fannie Mae “historically, many issues related to compliance with Fannie Mae selling policies are not detected until after loans are delinquent or through the foreclosure process.” Therefore lenders will verify the loan’s information right before closing.
The major change is that there will be a final credit pull 48 hours prior to closing, yes even after the ‘final approval’ has been issued. In this new environment, lenders want to be certain the borrower’s credit profile has not changed – possibly compromising the loan’s approval or the ability to sell the loan. If the borrower has obtained new debt or increased their existing accounts, the closing will be put on hold while the file is reunderwritten.
If this happens underwriters will verify that the credit history, credit scores and Debt to Income ratios still meet guidelines. To ensure there aren’t any last minute surprises, I’d recommend buyers using their existing credit wiselyand not open any new accounts.
If you have any questions about LQI or another mortgage topic, send me an email. I’d be happy to help.
Featured Listing
Fabulous condo in gated community.
Sales Price: $172,500
MLS: 944556
Fully updated with beautiful hardwood floors, granite countertops and stainless steel appliances. Double vanities in both bathrooms. Spacious open floor plan. Close to shopping and restaurants!Have You Heard?
Have you heard that home buyers may get a closing date extension for the tax credit? Lawmakers are trying to extend the deadline to September to ensure buyers purchasing short sales or experiencing lender delays can still get the perks of the home buyer incentive. I’ll be interested to see how and when this plays out. What have you heard about it?
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News You Can Use
Chatter about home buyer incentives has sometimes sounded like an infomercial: “Home affordability near all time highs.” “Mortgage rates near all time lows.”
“But wait…there’s more”
Even though the Federal tax credit has expired, did you know that first time home buyers may be eligible for an annual tax credit up to $2000. The Mortgage Credit Certificate allows a homeowner to claim a tax credit…not a deduction… and it can prove very profitable since it may be claimed for the life of the loan.What does that mean? That a buyer with a MCC can potentially save more than they would with any ole $8000 tax credit.If you are buying a home, a MCC can give you long term savings so it’s worth checking out. If you are a Realtor, knowing about the MCC will give you market edge. You can demonstrate the benefits to your buyers and include it in your marketing to enhance interest in your listings. Have questions? Ask me.Featured Listing
Exceptional one level home in a quiet cul-de-sac.
Sales Price: $199,000
MLS: 919499New homeowners will enjoy the open floorplan and wonderful decor. The screened porch and sunroom overlook a private, fenced yard. The 0.37 acre homesite is complete with an irrigation system. In addition to a fabulous home, the community boasts a pool overlooking the lake and awesome lakeside park.
Have You Heard?
Do you know anyone that is active military personnel? Do they know that they (along with their families) can visit over 600 museums nationwide this summer for free? In an effort to show appreciation to those serving our nation, Blue Star Museums is offering this perk between Memorial Day and Labor Day. Locally, the Levine Museum for the New South and the Mint Museum of Art are participating.
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News You Can Use
Nine years in mortgage lending has allowed me to serve many wonderful and smart people. In the last couple years a trend started emerging with my married clients. Increasingly my primary contact for families has been the wife/mother. I call these clients my ‘CFO moms’ because they are money savvy and apply business principles when managing their finances.
Today I was on WCNC’s Charlotte Today talking about the Financial Facts Smart Moms Know:
- Have a trusted board of directors. Financial solutions are not one size fits all so it’s prudent to have expert advice on areas such as investments, taxes, banking and insurance. Use their knowledge to maximize your efforts and make wise choices.
- Keep your credit in good standing. A solid credit score will not only benefit you when applying for a loan but when engaging other providers such as insurance and utility companies. They use it to evaluate your repayment behavior which may affect the cost of doing business with them. Check your credit annually at AnnualCreditReport.com and resolve any issues as soon as possible to limit their impact.
- Have cash reserves. Most families don’t plan for a major repair or other significant expense but they still happen. By having three to six months’ reserves set aside, the effects of unexpected expenses can be minimized.
- Leverage what you already have. Use a Flexible Spending Account to help get more bang for your buck on childcare or healthcare expenses. Call your mortgage company to compare your balance to your home’s value. If you have at least 20 percent equity, you may be able to remove the monthly mortgage insurance to increase your monthly savings.
- Money saved is money earned. Use online tools like Mint.com to evaluate your budget and spending habits. Finding hidden savings can allow you to spend your money more efficiently - towards long term goals or bulking up cash reserves. Find ways to save as you spend too. By being a deal hound or playing the coupon game, the savings can really add up!
My passion is for all my clients to make smart choices and feel empowered when doing so.
Featured Loan Program
Good Neighbor Next Door
This specialized FHA program allows teachers and first responders to purchase a home with a substantial incentive in the form of a discount of 50% off the list price of the home.
- Eligible borrowers are law enforcement officers, pre-K through 12th grade teachers and firefighters/EMTs
- Borrower must commit to live in the home for 36 months
- Eligible Single Family homes are located in designated revitalization areas
Have You Heard?
Have you heard that RelocateAmerica.com included Charlotte in its list of the best places to live in the U.S.? I’m biased but I can understand why they picked the Queen City as a winner. The editors based their results on interviews with local leaders and residents’ surveys. Also weighing in were economic, environmental, education, crime, employment and housing data.
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News You Can Use
On Saturday I had the pleasure of joining some fine folks from Jamison Realty and Ivey Exterminating on WBT’s Your Real Estate Today. Be sure to check out the podcast!A subject we covered was short sales – the good, the bad and the ugly. A short sale is a situation in which the seller (a) owes more money on the loan than the sale of the property will likely produce and (b) is unable or unwilling to bring money to closing.Short sales have grown in popularity because, just like foreclosures, it’s a great opportunity for a buyer to purchase a property for a discounted price. However, they can be more challenging than foreclosures and there are a few things to keep in mind from the lending perspective.Buyers, consider these short sale strategy tips:- Investigate extended locks because the contract period for short sales can exceed the normal 30-60 day closing window. We offer extended locks (up to 360 days) to help alleviate exposure to market changes. Another route worth pursuing, if you are eligible, is to use a NC Housing program because in addition to other benefits, they offer 90 day locks.- Go over the condition of the home with your Realtor and your lender to make sure your loan program doesn’t have restrictions against any damage or deferred maintenance issues your property might have. Also do you have enough cash reserves to make repairs after closing?- Ask the listing agent at what stage are they with the short sale negotiations? Has an initial package already been submitted? Has a case manager been assigned?Above all else, be patient. Buying a short sale often takes months, not weeks so you’ll want to have the time and money to make the most out of your purchase. Happy house hunting!Featured Loan Program
Jumbo ARM Program
Cunningham & Company is able to offer below market rates on Jumbo ARM loans.- Owner Occupied or Second Home
- 3/1, 5/1, 7/1 and 10/1 ARMs available – Fully amortizing or Interest Only
- Minimum credit score of 700
- 30 and 40 Terms available
Have You Heard?
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What a weekend for the restaurant industry. Back to back reservations, romantic menu pairings, worn out wait staff. A hundred dollars can easily be spent during a night on the town. Did you know that $100 can also be a down payment on a home? It most certainly can if you qualify for FHA’s HUD repo $100 down payment program.With the selection of foreclosed homes in our area, there are more and more opportunities available. Sure, there are certain guidelines that must be met but if you find an eligible home that you want, it is a sweet deal. Just think of all the surf and turf you can afford after saving that kind of money.
Pair the opportunity of purchasing a foreclosure with the latest report that Charlotte home values are increasing and you’ve really got something going. The average sales price in Charlotte is up over 6% than last January and marks the third consecutive month that numbers are positive. The true test of the market will be once the tax incentives go away but until then, let’s log all the gains we canRates are holding steady for now which means it is still an excellent time to lock in. If you’ve been lucky enough to snag a low rate and refinance, here are some tips for maintaining your property.Featured Loan Program
$100 Down FHA Repo Program
It’s possible for buyers to purchase a HUD repo for $100!- Owner Occupied only
- FHA financing is used in conjunction with this program
- Available for 1 to 4 unit properties, as well as condominiums and manufactured homes
- Max loan limit for Charlotte MSA is $303,750 for a single family home
Have You Heard?
Thinking of sprucing up a room in your home? Perhaps the bathrooms need a “pick me up?” Mirror Mate could be your answer…. Who knew a simple frame could make such a difference? Both easy and affordable, this Charlotte-born creation sounds like the right solution for a mini-makeover.Enjoy this info? Would you like to receive Monday Money Matters in your inbox? Subscribe here!
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News You Can Use
What did you think of the Super Bowl and its water cooler worthy commercials? From Betty White getting tackled to Stevie Wonder playing “punch bug,” many were savvy and direct. What if you had 30 seconds to represent you or your company on national television? How would you show prospective clients you are their solution finder and will overdeliver on your promises?Mortgage applications are up and fewer homeowners are seeing declines in value – let’s keep those trends increasing. The Federal Reserve has indicated it will exit the mortgage backed securities market soon – or will it? The Fed sure likes to keep ‘em guessing. What’s for sure is that once the MBS market is back to normal trading, rates will head north. Thinking about refinancing to take advantage of the historic lows? Now’s the time.In real estate news, home sales were up in Charlotte for the 4th quarter of 2009 – the third quarter in a row we’ve seen an increase. As the deadline for the home buyer tax credit nears, we should see a trend. As some local businesses are showing signs of strengthening, we can hope that our region continues to cultivate.Business has definitely picked up which is surely a result of the aforementioned buzz. There’s been a positive energy flowing and it is fun. Dare I say I love my job and this crazy business? I do! Let’s make it a great week and, as always, I’m here to help!Featured Loan Program
Jumbo ARM Programs
Cunningham & Company is able to offer below market rates on Jumbo ARM loans.
- Owner Occupied or Second Home
- 3/1, 5/1, 7/1 and 10/1 ARMs available – Fully amortizing or Interest Only
- Minimum credit score of 700
Have You Heard?
Ladies: Want to get an early start on Spring Cleaning? If you have any dresses/shoes/accessories hanging around your closet that you don’t need, here is your solution. Butler High School is collecting new or gently used prom dresses for its second annual Butler Boutique through the 22nd. All proceeds will go to the Emily Rose Scholarship Fund.Enjoy this info? Would you like to receive Monday Money Matters in your inbox? Subscribe here!
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News You Can Use
Tomorrow is Groundhog Day. What news will Punxsutawney Phil bring us this year? Will he see his shadow? If he doesn’t see it, Spring will come sooner…could warmer weather bring more sales contracts at higher prices, less mortgage defaults, and more jobs? No pressure Phil, but some thawing in these sectors sounds pretty good about now.
The Treasury Department announced last week that a homeowner’s attempt for loan modification will be more difficult, requiring more paperwork and verification. The goal is to make the process harder to start but easier to qualify for. HUD’s announcement last week about lifting the 90 day seasoning rule will make acquiring and reselling foreclosures simpler. The tax credit is still available for eligible buyers under contract by April 30th which is sure to help recipients’ pockets.
My point is there are resources for the changes and improvements we are sure to see in the upcoming months. Whether or not Phil predicts a shortened Winter, the groundwork is being laid for the market to turn around for many. My role at Cunningham & Company is to provide clients with trouble-free lending so let me know how I can help!
Featured Loan Program
VA
Cunningham & Company offers 100% financing through VA mortgages. These loans are available to past and present service members and require no down payment and no mortgage insurance.
- Maximum loan amount with no down payment is $417,000
- The funding fee can be financed into the loan
- VA eligibility can be used time and time again
- Fixed rates and ARMs available
- Reduced documentation available through automated underwriting
Have You Heard?
Ever wondered where to find the best pizza, a recommended veterinarian, a venue promised to tire out your kids, the most relaxing day spa, and a friendly dentist in the Charlotte area? And find your answers on the same website? Best of Charlotte is sure to point you in the right direction no matter what you are seeking. Check it out!
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For homeowners wanting something a little different but selling isn’t the answer, remodeling and ‘nesting’ is back in vogue. Nesting is fixing up the home you already own and in spite of some hurdles (tightened belts and reduced HELOCs) it is contributing to a rebound in remodeling activity. This year was a lean one for this sector but signs are pointing to a comeback. Enhancing a home’s strong points and perhaps adding features is a smart move because it positions a home to bring the greatest resale value whenever it is the right time to sell.
For homeowners deciding to stay put and with rates at historic lows, a refinance could be another smart choice. There are several top tips to considerwhen weighing the benefits of a refinance. Truly the best way to evaluate the options is to have a thorough evaluation of your refinancing goals and the short and long term benefits. If you or someone you know is considering a refi, please give me a call – I’ll make the options and their respective advantages/disadvantages clear and understandable.
A new year is just around the corner. That means there’s a whole group of new clients to serve – those wanting to sell, buy, test the waters and everything in between. We all know our existing clients are the cornerstone our business and that new clients are crucial. Finding new clients can be a challenge but each of us has something unique and valuable to offer them. You just have to define it and find the people you can serve the best!
This week is a light one for economic reports. The major ones will be released Thursday and Friday and there’s a Treasury auction on Wednesday. We’re likely to see the most rate movement in the latter part of the week.
Featured Loan Program
FHACunningham & Company offers FHA financing which allows for easier qualification, lower down payment and reduced mortgage insurance.
- Available for 1 to 4 unit properties
- Max loan limit for Charlotte MSA is $303,750 for a single family home
- Fixed rates and ARMs available
- Down payments can be as low as 3.5%
- Less stringent qualifying requirements
- Gifts for down payments and closing costs are allowed
- Will allow a home purchase two years after a bankruptcy and three years after a foreclosure
Have you heard?
Have you heard about Merry Market – Charlotte’s two-day shopping event? Today and tomorrow at 5500 Carmel Park Drive you can wrap up your holiday shopping with fantastic and unique gifts. Vendors include The Purple Martin & Co and Nanniboos - check it out!
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News You Can Use
Today is Cyber Monday when sales and deals abound. Mortgage rates seem to be joining in with rates at record lows – the lowest we’ve seen this year since April. These low rates are back because bearish traders are nervous about the strength in recent stock market gains and implications of riskier asset holdings (Dubai World anyone?), so they are favoring safer investments and Mortgage Backed Securities reap the rewards. This influx of cash into the MBS market gets passed on in the form of lower rates. Fun fact: did you know a 1% decrease in the interest rate can increase a buyer’s purchasing power by approximately $15,000?
Couple these low rates, add in a homebuyer tax credit and you’ve got a big jump in sales for October – a 24% increase in purchases, compared to last year. As if lower rates and an increase in sales weren’t good enough, it was also reported last week that national home prices rose for the second straight quarter. The American economy certainly isn’t out of the woods yet, but every little bit helps.
So with all this good news, how do we spread the word – how do we make buyers buy or sellers sell? We can’t…what we can do, and what we should do is be a resource for information and help clients weigh their options. In short – be part of the solution.
This week will have important economic reports released each day except Monday. We’ll hear the latest on November’s employment numbers and the ISM Manufacturing index. Let’s see how it all plays out.
Featured Loan Program
Mortgage Credit Certificate
Cunningham & Company along with North Carolina Housing Finance Agents offers the Mortgage Credit Certificate program to help qualified homebuyers obtain a federal tax credit.
- Must meet income requirements, sales price, and first-time home buyer guidelines
- MCC can be used with almost any type of mortgage, including adjustable rate mortgages.
- Eligible buyers can claim 20% of their mortgage interest (up to $2000)
Have you heard?
Have you heard about Charlotte’s premier mom resource - Charlotte Smarty Pants? If you have kids and want to be in the know, check out their Smarty Picks and the blog - and as they say, “get Smarty”
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