FHA Mortgages for Home Buyers to Change…Even in Charleston!

As if home buyers haven’t faced enough changes and challenges over the last two years, Federal Housing Association lending rules will soon change for borrowers.  Effective October 4, 2010, FHA Mortgage Insurance programs will change in a number of ways. Monthly insurance premiums will go up but upfront costs will be reduced to from 2.25% of the loan to 1% of the loan.  If  you aren’t scratching  your head over these changes, you are missing a good opportunity to do so!  What does that mean for you if you have a ratified contract on a home or considering a purchase?  It may mean that if you plan to be in your home for less than three years, you should hold off until after the changes since the increase in the monthly fees will be less out of your pocket than the current upfront costs.  If you plan to be in your home for a longer term, you should perhaps pull the trigger and lock your loan prior to the October 4th date which means that your lender must register your loan with the FHA prior to that date.  One more wrinkle to consider…After October, FHA will be limiting financing for borrowers with credit scores below 580.Some really fantastic news…Inventories are healthy, rates are near historic lows, and prices are similar to those experience in 2003 so it is a wonderful time to buy.  It is also a good time to sell since you will make up whatever you may lose on the sale of your home when you purchase your new one.  A great time to buy your first home, to move up, or to downsize. One great example…I listed a home on August 27th in Park West in Mount Pleasant, SC, I had a ratified contract in less than 24 hours, and we will close on September 23rd.  This was not a short sale or foreclosure…it was a well-maintained home that was priced to sell.  The Charleston, SC area, including Mount Pleasant, Sullivans Island, Isle of Palms, Daniel Island, and Summerville, has some incredible opportunities for investors who are looking for positive cash flow as well as for buyers looking for a special place for them and their family.  I represent buyers and sellers who are looking for an agent who will diligently represent their best interests, who understands the Charleston market, and who has handled difficult transactions, including short sales and foreclosures.  I would love to have the opportunity to represent you and hope that you will call on me at 843-442-2219…even if you just have a question!  You can visit me on my website and search all Charleston area homes at http://www.woodsflowers.com

Mount Pleasant and Charleston SC are Busy Communities!

Mount Pleasant and Charleston, SC are very busy communities even as the days of  Summer tick away!

From 3pm to dark today, the Mount Pleasant Farmers Market is the perfect place to buy fresh, locally grown produce while enjoying the afternoon with your loved ones. The market is on the grounds of Moultrie Middle School at 645 Coleman Boulevard and is not only a great place for produce, fresh seafood, delicious pastries, and prepared foods including seafood dishes, it is also a very popular gathering spot for locals and for tourists to the Charleston SC area.  A little bonus for visitors who love to garden, there are also Clemson Extension Master Gardeners available to answer any questions that you may have about your gardens.  There is also a kids’ corner with activities.  The Mount Pleasant Farmers Market is open into October and there is also a special market during the Christmas season.    

On Wednesday in Mount Pleasant at the Mount Pleasant Waterfront Memorial Park, the Town of Mount Pleasant will be holding a free Splash Day from 10-2 p.m. There will be two giant inflatable water slides, a slip and slide and a jump castle. Everything is free except concessions. Children must have a parent/guardian/Camp counselor with them to participate according to organizers.

Also on Wednesday this week, Hootie and the Blowfish will be making their annual appearance at the Family Circle Cup stadium on Daniel Island in Charleston.  Darius Rucker and his former band members will again be asking those attending to bring school supplies to fill school busses for students in Charleston SC area schools.  I have heard that most of the music will be from the Hootie and the Blowfish list of hits but that Darius will be slipping in some of his new country hits too!  I plan to be there in section 201 seat 1.  Come see me!

Mount Pleasant and Charleston, SC…Great places to live, to work, and to raise children…Two places where you can vacation where you live!

If you are thinking of purchasing a home in the Charleston SC area, would like information, or a free relocation package, visit me at
http://www.woodsflowers.com/ .  To search for free all Charleston SC area homes visit http://www.freecharlestonhomesearch.com/ .

Giving Thanks…

In this trying time, it is important to give thanks for our friends, family, and those small things that make our lives complete.  I hope that you and your families have a fantastic Thanksgiving!

A little good news on the home mortgage front that I am thankful for…

To increase credit availability, the Federal Reserve and Federal Home Loan Banks have announced that they will purchase up to $600 billion in mortgage-backed securities.  This has sent interest rates for a 30-year fixed-rate mortgage below 6% according to a local lender.  Buyers who have been on the fence about moving forward with a purchase should think about buying now, especially since most home prices are at 2003/2004 levels. 

Cheryll Woods-Flowers, ABR

Keller Williams Realty

http://woodsflowers.com