Cheryl Powell- SFR,ABR,Broker,Realtor- Remax Signature- Concord NC Real Estate

Chinese Drywall is a hot topic in the real estate business right now. Concerns about this product have been in the news and several government agencies are conducting investigations, including the CPSC (Consumer Product Safety Commission) and the EPA (Environmental Protection Agency).

Although a majority of the affected homes seem to be in Florida, the presense of drywall imported from China has been reported (but not yet confirmed) in 41 states. Many of the affected homes were built in 2006 to 2007, when an unprecedented increase in new construction occurred in part due to the hurricanes of 2004 and 2005. However, any home built or remodeled from 2001 to the present could have Chinese drywall. It is estimated to have been installed in over 100,000 homes in the United States.

Here is a list of common problems associated with Chinese Drywall and some clues for Real Estate Agents to look for:

• Discoloration or corrosion of metals
• Repeated air-conditioning failures
• Corrosion of exposed wiring
• Corrosion of plumbing components
• Blackening of jewelry, ornaments, mirrors, and other metal items
• Failure of electronic devices including smoke alarms, fire sprinklers and appliances
• Sulfur-like or vinegar-odor which resembles the smell of rotten eggs
• Health issues that may include irritated and itchy eyes and skin, difficulty in breathing, persistent cough, bloody noses, runny noses, recurrent headaches, sinus infection, and asthma attacks
• Visual identification by checking the drywall labeling which may include: China" in red or black ink, "KNAUF" in black ink, or "C36" in red or black ink.

According to a local home inspector's email I recently received, "various options are being offered by testing labs to determine the drywall makeup and potential for outgassing. These tests run from about $500 to 600 per sample, for the analysis only. Some labs are requesting at least a 4-inch by 4-inch sample of drywall, wrapped in aluminum foil, be provided for analysis." Government agencies haven't yet made recommendations for testing or remediation of Chinese drywall.

Government agencies are still investigating potential long term health effects. For more information you may wish to read articles that can be found on the following page of the Consumer Product Safety Commissions's website: http://search.cpsc.gov/query.html?col=pubweb&charset=iso-8859-1&qt=chinese+drywall&x=6&y=11

Lawsuits have also started popping up everywhere!

What do you think about this issue? Please share any information that you may have concerning Chinese drywall.

Since the mortgage crisis started in the Spring of 2008, 100% financing loan programs have become few and far between. Here are a few details of a relatively new program that BB&T is offering, it seems like a great program for qualifying buyers.

The program is called Community Homeownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance).

• Loan amounts up to $417,000.00
• Maximum income limits: 97% financing - $66,500.00, 100% financing - $53,200.00 household income. No income limits in HUD designated underserved areas. HUD designated underserved areas can be
• Ratios: 33% housing, 41% total debt. Can go up to 45% with 720 credit score and no other debt
• Term: 30 year fixed only
• Homebuyer Education: Required
• Can use approved down payment assistance program or qualified gift
• Property: Single family residence, townhouse or condo
• Minimum buyer contribution: $500.00
• Reserves: 97% financing - one month PITI, 100% financing - two months PITI

To determine if a property is located in a HUD designated underserved area, which eliminates the income limit for this program, take the following steps:

• Enter the property address here to get the census tract http://www.ffiec.gov/Geocode/default.aspx
• Then go to Freddie Mac's Underserved Census Tract List (about halfway down this page) http://ww3.freddiemac.com/ds2/sell/affgold.nsf/frmStateOpenForm&State=NORTH+CAROLINA#0420.00

Buyer Credit Qualifications:

• No 30 day delinquencies within the past 12 months. Derogatory credit must be explained. Collections may not have to be paid, but judgments must be paid off.
• Student loan payments will not be counted in debt as long as payment will be deferred at least 36 months from loan closing.
• For 100% financing, minimum credit score must be 660. No minimum for 97%.
• Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months. Minimum number is three sources of non-traditional credit.

Of course... Loans are subject to approval & this loan program can be modified or discontinued at anytime without notice.

Contact me anytime for more information about this program and for all of your real estate needs. I look forward to helping you find your new home!

If you've been looking for something different to do, check out the Old Courthouse Theatre's production of "Run For Your Wife". This is a comedy LIVE theatre production about a cabby who has two wives.

Old Courthouse is a Community Theatre that was founded in 1976... celebrating its 33rd season. It is an all volunteer organization that provides live theatre productions. The theatre is located at 49 Spring Street NW in Concord NC.

They will kick off the season with an OPENING NIGHT WINE TASTING, where patrons will have a chance to taste KST Georgian all natural wines. Doors will open at 7:00 for snacks and wine and the show starts at 8:00.

Performances will be held at 8:00pm on April 30 and May 1 ,2, 7, 8 & 9, as well as 2:30pm on May 3 & 10.

The cost is $15 for Adults, $12 for Seniors, and $10 for Students

For more information call 704-788-2405, email oldcourthousetheatre@ctc.net, or visit their website at www.oldcourthousetheatre.org.

Since News Channel 36 did a report on USDA Rural Development loans last week, it has been a HOT topic in our area. I've helped my clients utilize this program for years, so I decided to share the basics concerning USDA Rural Development loans in Rowan County North Carolina.

The USDA Rural Development agency (yes, the United States Department of Agriculture) has two different loan programs, Direct and Guaranteed. Eligibility for both types of Rural Development loans is determined based on household size, income and the buyer's credit worthiness. Both programs are 100% (NO DOWN PAYMENT) loans with NO MORTGAGE INSURANCE. FHA loans and Conventional loans with less than 20% down payment require mortgage insurance, which is based on your loan amount and added to your payment each month... so no mortgage insurance is quite a savings to buyers.

The Rural Development Guaranteed loan program is for low to median income buyers. In Rowan County (as of April 20, 2009) buyers with 1-4 member households can make up to $73,750 and buyers with 5-8 member households can make up to $97,350. Buyers apply for this loan program with an approved lender (not with the agency directly). For more details about the Guaranteed loan program, read my blog USDA Rural Development Guaranteed Loans... One of the Few 100% LTV - No PMI Loans Available or contact me directly anytime.

The Rural Development Direct loan program is for low and very low income buyers and subsidizes the mortgage payments of qualified individuals. I've personally seen buyers purchase a home with a full total payment of approximately $800 per month, but they paid below $500 per month (approximately $300/month subsidy). For more details about the Direct loan program read my blog USDA Rural Development DIRECT Loans - Subsidized Payment Loan Program or contact me directly anytime.

The biggest catch with Rural Development loans is that the home must be located in an "Eligible Area". In Rowan County that means the property can be located in "County tax ONLY" areas, China Grove, Rockwell, Granite Quarry, Cleveland and Faith. The city limits of Salisbury, Kannapolis and Landis are NOT eligible areas. To check a property address for program eligibility click the following link... Rural Development eligible area.

If you are interested in purchasing a home using a USDA Rural Development loan, I can set up a Personal Home Search Website for you, that will target homes located in areas that are eligible for a USDA Rural Development loan. I have extensive experience helping buyers purchase a home using both of the Rural Development loan programs.

So, if you are looking for a home in Rowan County or anywhere in the Charlotte area CONTACT Cheryl Powell today at 704-363-8902. Let's get started finding your new home!

News Channel 36 did a report on USDA Rural Development loans last night. It said that the program is "little known", but I've known about it and helped my clients utilize the program for years.

The USDA Rural Development agency (yes, the United States Department of Agriculture) has two different loan programs, Direct and Guaranteed. Eligibility for both types of Rural Development loans is determined based on household size, income and the buyer's credit worthiness. Both programs are 100% (NO DOWN PAYMENT) loans with NO MORTGAGE INSURANCE. FHA loans and Conventional loans with less than 20% down payment require mortgage insurance, which is based on your loan amount and added to your payment each month... so no mortgage insurance is quite a savings to buyers.

The Rural Development Guaranteed loan program is for low to median income buyers. In Iredell County (as of April 20, 2009) buyers with 1-4 member households can make up to $73,600 and buyers with 5-8 member households can make up to $97,150. Buyers apply for this loan program with an approved lender (not with the agency directly). For more details about the Guaranteed loan program, read my blog USDA Rural Development Guaranteed Loans... One of the Few 100% LTV - No PMI Loans Available or contact me directly anytime.

The Rural Development Direct loan program is for low and very low income buyers and subsidizes the mortgage payments of qualified individuals. I've personally seen buyers purchase a home with a full total payment of approximately $800 per month, but they paid below $500 per month (approximately $300/month subsidy). For more details about the Direct loan program read my blog USDA Rural Development DIRECT Loans - Subsidized Payment Loan Program or contact me directly anytime.

The biggest catch with Rural Development loans is that the home must be located in an "Eligible Area". In Iredell County, the ENTIRE county is eligible EXCEPT for the city limits of Statesville... even the city limits of Mooresville is an eligible area! To check a property address for program eligibility click the following link... Rural Development eligible area.

If you are interested in purchasing a home using a USDA Rural Development loan, I can set up a Personal Home Search Website for you, that will target homes located in areas that are eligible for a USDA Rural Development loan. I have extensive experience helping buyers purchase a home using both of the Rural Development loan programs.

So, if you are looking for a home in Iredell County or anywhere in the Charlotte area CONTACT Cheryl Powell today at 704-363-8902. Let's get started finding your new home!