Although I am conveniently located off of Pelham Road in Greenville, South Carolina, I offer unparalleled mortgage and refinance service to clients in Greenville, Simpsonville, Mauldin, Greer, Easley, Anderson and throughout the state of South Carolina.




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FHA Mortgage Insurance to Increase   
            The FHA’s reserve fund has been below congressionally mandated levels, and the recent budget proposal from the Obama Administration even noted that the fund would run out this year. HUD secretary Shaun Donovan said last week that to restore the reserve fund the banks involved in the $25 billion mortgage servicing settlement would give up to $1 billion to the FHA, and that soon FHA mortgage insurance premiums would increase.
            The increase in the already high mortgage insurance premiums means that more borrowers will either choose conventional financing, or simply qualify for lower amounts if they cannot qualify by conventional standards. Read more: FHA to Increase Mortgage Insurance
 
Recap of Available Funds from Local Assistance
            Greenville Housing – Out of Funding (new fiscal year begins in July)
            Greenville Housing “Home From Work” – Still funded
            South Carolina State Housing – Still funded
            South Carolina State Housing “Palmetto Heroes” – Out of Funding
 
Featured Property of the Month
            416 Hampton Ave – A historic home located in Greenville’s desirable downtown
                Listed by Elizabeth Barnhill – Coldwell Banker Caine
 
Want to have your property featured? Call or email me for your listing to get the following exposure,
Mortgage and Real Estate Update – viewed by thousands of local realtors every month
Mortgage Advisor Monthly – Viewed by hundreds of local consumers every month
 
 
                       
Mortgage Rates and Mortgage Programs February 16^th, 2012
30 year fixed Conforming                                 3.875%     Apr: 4.02%
15 year fixed Conforming                                 3.125%     APR: 3.445%
FHA 30 year                                                      3.75%   APR: 3.896%
Veterans Administration                                   3.75%    APR: 4.1%
Rural Development                                           3.75%    APR: 4.228%

 Equal Housing Lender. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.Estimates assume a value of $175,000 and a loan amount of $140,000. VA and RD assume $175,000 value and loan. APRs include all settlement/attorney charges, title searches, and filing fees.



Real Estate and Mortgage News
January, 2012

Today, Greenville Housing Fund announced that they will extend the $3,000 down payment assistance to only three more candidates on a first come first serve basis. Funding for the program will be renewed this June, however the Home From Work program is still fully funded and is offering $5,000 down payment assistance to eligible first time homebuyers employed by the Greenville Hospital System.
 
In addition to standard mortgage products, here’s a review of some niche products that we offer.
 
HUD $100 Down- Great for clients who don’t want to pay much at closing, available on HUD foreclosures.
FHA 203(k) “Rehab” Loan– Great for foreclosures that need a little work. This program allows for up to about $35,000 to be financed in for new repairs on an FHA loan.
Greenville Housing’s Home From Work– Eligible employees of the Greenville Hospital System can receive up to $5,000 in down payment assistance.
                       
Mortgage Rates and Mortgage Programs January 23^rd, 2012
30 year fixed Conforming  *                              3.99%    Apr: 4.135%
15 year fixed Conforming  *                              3.375%    APR: 3.695%
FHA 30 year *                                                       3.875% APR: 4.021%
Veterans Administration                                   3.75%    APR: 4.1%
Rural Development                                             3.875% APR: 4.353%



Real Estate and Mortgage News
December, 2011 

            This December Greenville Housing Fund reduced its down payment assistance to $3,000 from $5,000 due to the program’s popularity and to sustain its mission to help as many first time homebuyers as possible. To qualify, you must be an eligible first-time homebuyer purchasing a home in Greenville County and make less than 80% of median income. Greenville Housing’s Home from Work Program is still giving $5,000 down payment assistance to eligible employees of the Greenville Hospital System. Reply to this email with any questions on either of these programs.
 
            Merry Christmas!
 
Mortgage Rates and Mortgage Programs  December 16th, 2011
30 year fixed Conforming  *                              3.875%   Apr: 4.02%
15 year fixed Conforming  *                              3.375%  APR: 3.695%
FHA 30 year *                                                       3.875% APR: 4.021%
Veterans Administration                                   3.75%    APR: 4.1%
Rural Development                                             3.75%    APR: 4.514%

Equal Housing Lender. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.Estimates assume a value of $175,000 and a loan amount of $140,000. VA and RD assume $175,000 value and loan.


Real Estate and Mortgage News
November, 2011 

           After being short of funds for several weeks in October, USDA again has funds for its Guaranteed Rural Housing. This makes USDA one of several options for 100% financing. To qualify, a home-buyer cannot earn more than USDA defined income limits ($74,000 for Greenville County), and the home must be in a USDA defined rural area. The program offers a lower monthly payment than most FHA and Conventional options because of its up-front guaranty fee in place of PMI.
 
            Veteran’s Administration loans, like USDA loans, offer a low monthly payment and a 100% loan through the financing of its funding fee. You must be a Veteran or the widow of a veteran to qualify. Greenville Housing’s down payment assistance gives $5,000 for eligible home-buyers to use towards their down payment or closing costs, effectively keeping most borrowers form having to pay much if anything at all at closing. After 5 years, the $5,000 is completely forgiven.
 
            
Mortgage Rates and Mortgage Programs November 16th, 2011
30 year fixed Conforming  *                              4.125%              Apr: 4.27%
15 year fixed Conforming  *                              3.375%             APR: 3.695%
FHA 30 year *                                                       4%                   APR: 4.14%
Veterans Administration                                   3.75%               APR: 4.1%
Rural Development                                             3.875%             APR: 4.64%

Equal Housing Lender. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.Estimates assume a value of $175,000 and a loan amount of $140,000. VA and RD assume $175,000 value and loan.


Real Estate and Mortgage News
October, 2011

          There has been recent uncertainty of the availability of funds for Rural Housing home loans, even some lenders who will not close USDA loans for an indefinite time frame. We are still locking, underwriting, closing, and funding USDA Rural Housing loans.
            I should also mention the benefits of the Greenville Housing Fund. First time homebuyers who’s household makes below 80% county median income (email me for numbers) could qualify for $5,000 of down payment assistance that is forgiven after 5 years! This is a great program, similar to SC State Housing, but with more advantages.
 
Mortgage Rates and Mortgage Products October 16th, 2011
30 year fixed Conforming  *                              4.125%                  Apr: 4.27%
15 year fixed Conforming  *                              3.375%                   APR: 3.62%
FHA 30 year *                                                       4.0%                     APR: 4.14%
Veterans Administration                                   3.875%                  APR: 4.22%
Rural Development                                             3.875%                 APR: 4.639%
 
Equal Housing Lender. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.Estimates assume a value of $175,000 and a loan amount of $140,000. VA and RD assume $175,000 value and loan.


Real Estate and Mortgage News
September, 2011


           Coming in October are changes to USDA’s guaranty fee, or the fee that takes the place of mortgage insurance for the 100% rural home financing program. The new up-front fee will be 2% with an added .3% monthly charge. A $100,000 home, for example, would have an up-front fee of $2,000 and a $25 monthly charge. This replaces the previous 3% up-front charge without any monthly payment for MI.
 Interest rates have again hit record lows due to uncertainty in equities markets and Federal Reserve policy.

 

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