There is something weird going on and I have to share it. People mistakenly call me by the wrong name quite often, its happened for years. (okay, so what?) Well the weird part is that it's always the SAME wrong name. Why is that? Who is Josh? Do I look like a Josh? Should I just go ahead and change my name?
Personally, I like the name Zach so I think I'll keep it.
Maybe Josh can be my alter ego? That would be kind of cool.
Monday
Friday
New lending laws will affect closing dates!
We all know there have been major changes in the mortgage industry in order to provide homebuyers better information when it comes to financing a home. New regulations and investor requirements are taking effect-especially those that impact timelines.
Effective July 30, 2009 the Housing and Economic Recovery Act (HERA) amends the Truth in Lending Act (TIL), implemented through Regulation Z. It has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the TIL requirements surrounding early and final disclosures to home buyers and addresses the timing of when fees can be charged by a lender.
An increase of more than .125% in the Annual Percentage Rate (APR) from the initial TIL statement requires TIL disclosure to be revised and reissued to the homebuyer. The buyer MUST receive a revised TIL disclosure at least 3 BUSINESS DAYS before closing, providing the homebuyer with the time required to determine if they are comfortable with their loan choice.
The new rules could automatically push closing dates back 7 DAYS- so please be cautious in planning and scheduling.
If you would like to know more, give me a call!
***All the information listed here was provided by Brian Morris of Wells Fargo Home Mortgage! Thanks B!****
Effective July 30, 2009 the Housing and Economic Recovery Act (HERA) amends the Truth in Lending Act (TIL), implemented through Regulation Z. It has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the TIL requirements surrounding early and final disclosures to home buyers and addresses the timing of when fees can be charged by a lender.
An increase of more than .125% in the Annual Percentage Rate (APR) from the initial TIL statement requires TIL disclosure to be revised and reissued to the homebuyer. The buyer MUST receive a revised TIL disclosure at least 3 BUSINESS DAYS before closing, providing the homebuyer with the time required to determine if they are comfortable with their loan choice.
The new rules could automatically push closing dates back 7 DAYS- so please be cautious in planning and scheduling.
If you would like to know more, give me a call!
***All the information listed here was provided by Brian Morris of Wells Fargo Home Mortgage! Thanks B!****
Tuesday
Give it Back- Recession Style
We are trying to raise $100,000 in the next 30 days to support Habitat for Humanity of Durham! And we are doing it "Obama-style" (if you are so inclined)- $25, $50, or $100 at a time. Please give what you can and tell your friends, your network, your hair stylist, your dog walker, your rich uncle who tries to buy his way into your life...anyone who will listen. To quote Jim Garman of Garman Homes "In our own quiet way, we are going to show the Triangle how powerful a good attitude and collective belief can be. Please donate a little. Please e-mail a few people if you are inspired."
www.firstgiving.com/giveitback
Welcome to the revolution.
www.firstgiving.com/giveitback
Welcome to the revolution.
Monday
NAHB Answers How to Pay Upfront Costs With Tax Credit
From a recent article published in Nations Building News- The Official Online Weely Newspaper of NAHB. If you have questions about your individual situation contact Zach Schabot at zachschabot@garmanrealty.biz.
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NAHB is providing answers to frequently asked questions from prospective first-time home buyers who qualify for the $8,000 tax credit and are seeking information on how they can get a loan to help cover downpayment or closing costs.
The U.S. Department of Housing and Urban Development announced on May 29 that the Federal Housing Administration will allow state housing finance agencies to provide second mortgages "monetizing" the tax credit so that borrowers can use the funds for upfront costs for the purchase of homes with FHA-insured mortgage loans.
"This is great news for thousands of families who want to take advantage of today's low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a downpayment and closing costs," said NAHB Chairman Joe Robson.
HUD announced that FHA-approved lenders can purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or make a downpayment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders still need to come up with the 3.5% minimum downpayment that is required for an FHA-insured loan.
Home builders in recent weeks and months have reported that the tax credit has helped bring more prospective first-time buyers into the marketplace. To spread the word, builders and home builders associations around the country have been providing consumers with information on the availability of the credit.
The new FHA monetization program is expected to result in an additional 40,000 home sales, many of which will be made to trade-up buyers who have been able to sell their existing home to a first-timer.
For NAHB's FAQ PDF on monetization, click here. Builders can direct consumers to this information by sending them to www.federalhousingtaxcredit.com. The new PDF can be found by going to the "Frequently Asked Questions" section of this site and scrolling down to question 20.
***********************************
NAHB is providing answers to frequently asked questions from prospective first-time home buyers who qualify for the $8,000 tax credit and are seeking information on how they can get a loan to help cover downpayment or closing costs.
The U.S. Department of Housing and Urban Development announced on May 29 that the Federal Housing Administration will allow state housing finance agencies to provide second mortgages "monetizing" the tax credit so that borrowers can use the funds for upfront costs for the purchase of homes with FHA-insured mortgage loans.
"This is great news for thousands of families who want to take advantage of today's low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a downpayment and closing costs," said NAHB Chairman Joe Robson.
HUD announced that FHA-approved lenders can purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or make a downpayment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders still need to come up with the 3.5% minimum downpayment that is required for an FHA-insured loan.
Home builders in recent weeks and months have reported that the tax credit has helped bring more prospective first-time buyers into the marketplace. To spread the word, builders and home builders associations around the country have been providing consumers with information on the availability of the credit.
The new FHA monetization program is expected to result in an additional 40,000 home sales, many of which will be made to trade-up buyers who have been able to sell their existing home to a first-timer.
For NAHB's FAQ PDF on monetization, click here. Builders can direct consumers to this information by sending them to www.federalhousingtaxcredit.com. The new PDF can be found by going to the "Frequently Asked Questions" section of this site and scrolling down to question 20.
Friday
Social Media in Real Estate?
Social media is exploding! It would be tough to argue with that statement, right? How about social media being used in real estate? Over the past few months, I have had numerous builders and realtors approach me to ask "do I need to be doing this social media stuff?" And the answer is YES! Learn it now, learn it quickly and put it to good use (or pay someone to do it for you). Create a network of people. Of followers. Raving fans. They will bring referrals to you because you are someone they know and trust (even if they only know about you from your funny facebook photos and comments-probably makes them like you more because you seem "real"). It is similar to the way things have been done before at networking meetings, golf outings and fishing trips, except it happens at lighting speed and reaches exponentially more people.
HOWEVER, I would like to add one very big asterisk...facebook, blogger, twitter, active rain, etc etc are wonderful tools to promote your community or enhance the exposure of your homes online. But they are ABSOLUTELY NOT the only piece of the puzzle. These programs make it easier for people to find information about homes and communities but they cannot and will not replace good research, proper pricing, and excellent maintenance (and specifically for builders: updated floorplans and top quality workmanship).
So, befriend me on facebook, follow me on twitter, and link to me on LinkedIn...but be careful about spending too much time on one site... the latest and greatest is already being developed and will be here before you know it.
HOWEVER, I would like to add one very big asterisk...facebook, blogger, twitter, active rain, etc etc are wonderful tools to promote your community or enhance the exposure of your homes online. But they are ABSOLUTELY NOT the only piece of the puzzle. These programs make it easier for people to find information about homes and communities but they cannot and will not replace good research, proper pricing, and excellent maintenance (and specifically for builders: updated floorplans and top quality workmanship).
So, befriend me on facebook, follow me on twitter, and link to me on LinkedIn...but be careful about spending too much time on one site... the latest and greatest is already being developed and will be here before you know it.
Monday
Price Reduced!
After reviewing our research we felt the initial price of this home was premature. The Hall's have decided to make their home more affordable by lowering the price to $234,900. Check out http://www.317kinellan.com/ and call today to schedule a showing. Don't forget- this home could also be a unique opportunity for an investor or long range buyer!
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