Columbia SC Homes for Sale by David Patterson

On the June 7, 2009 edition of The David Patterson Show, Samantha Taylor with Russell and Jeffcoat Realtors and I discussed the May 29, 2009, The United States Department of Housing and Urban Development Mortgagee Letter 2009-15 ("Using First-Time Homebuyer Tax Credits")

In relation to The American Recovery and Reinvestment Act of 2009, first-time homebuyers WITH THE RIGHT LENDING PARTNER might have an opportunity to obtain $8000 at the closing table for down payment assistance, closing costs and/or prepaid expenses.

We also discussed MYTHunderstandings of first time home buyers. If you are a first time home buyer and want to take advantage of low interest rates, tax credits and lower home prices, TODAY IS THE DAY to start your home buying process.

Do you really understand the current real estate market? Are you truly prepared to make the best purchase? Listen to this podcast for the answer.

On May 29, 2009, The United States Department of Housing and Urban Development released Mortgagee Letter 2009-15. "Using First-Time Homebuyer Tax Credits" was the subject of this opportunistic letter. In relation to The American Recovery and Reinvestment Act of 2009, first-time homebuyers might have an opportunity to obtain $8000 at the closing table for down payment assistance, closing costs and/or prepaid expenses.

Here is a direct quote from a section of that letter ---

II. FHA Tax Credit Guidance

Secondary Financing

Consistent with existing FHA policy, FHA will permit entities covered by Section 528 of the National Housing Act to use the current authority to offer tax credit advances with second liens in a manner consistent with the requirements in 12 U.S.C. 1709(b)(9). Eligible government agencies and instrumentalities of government are described in handbook HUD-4155.1 5.C3 and 5.C4.

Conditions:

• The tax credit advance when combined with the FHA-insured first mortgage may not result in cash back to the borrower.
• The second lien may not exceed the total amount needed for the down payment, closing costs, and prepaid expenses.
• Secondary financing may be "soft" (silent) or require a monthly repayment.

• If payments are required, they must be included within the qualifying ratios and, when combined with the first mortgage, cannot exceed the borrower's reasonable ability to pay.

• Payments must be deferred for at least 36 months to not be included in the qualifying ratios.

• If the tax credit advance loan has a short term for repayment, it must also provide that if the borrower fails to repay by the designated deadline, principal and interest payments begin automatically or the loan converts to a "soft" second.
• The secondary financing may not require a balloon payment before ten years.

Are you looking to purchase your first home? Do you want $8,000 in assistance?

From Honolulu to Hoboken, I can help with your real estate purchase process.

Give me a call TODAY!

".....life is simply a matter of priorities. Your future is based on the choices you make today." - Terry Padalino

As a leading real estate professional, Terry Padalino specialized in turning clients' dreams into reality throughout the Lake Murray, Columbia and Lexington, South Carolina areas. Padalino has the knowledge, insight and sphere of influence necessary to help valued clientele succeed in this competitive marketplace.

Since January 1, 2002*, there are ONLY TWO agents that have more Consolidted MLS SOLD VOLUME than Terry Padalino.

On June 1, Terry Padalino became the new Team Leader at the Keller Williams Columbia, SC Market Center.

Who is Terry Padalino?

Why did he choose Keller Williams?

Why become a Team Leader?

Why is Terry's Big Why?

Should anyone consider the start of a real estate career during these times?

What is a real estate professional?

For answers to these and other questions, listen to this podcast of The David Patterson Show.

Does fear play a dominant role in your life? Most real estate professionals believe that fear has made a significant impact on the current economic climate and local real estate markets throughout the country.

With decreased home prices, the $8,000 tax credit and interest rates hovering at record lows, these are very "buyer friendly" times in the real estate market. Unfortunately, a climate of fear is causing first-time home buyers to become paralyzed and miss moments of great opportunity.

What role does/should fear play in your life? How can you conquer fear? What does it take for you to move from paralysis to power? Spencer Combs is a NLP Master Practitioner, licensed Life and Busincess Coach and specializes in creating massive progress in a short period of time.

Spencer shared his thoughts on these and many other questions on this The David Patterson Show podcast.

On May 14, 2009, Keller Williams Realty Associates throughout North America accepted the challenge of actively engaging in a coordinated effort to improve local communities. In recognition of her constant commitment to KW Culture, May 14 was named RED (Renew, Energize and Donate) Day in honor of our Vice Chairman, Mo Anderson.

In Columbia, South Carolina, several Keller Williams Associates partnered with Food From The Heart and stood in front of groceries stores for ten hours to collect food for Harvest Hope Food Bank in an effort to assist in their mission of sharing quality food with dignity, compassion and education.

On RED DAY 2009, Keller Williams Columbia Associates were able to collect approximately 6,600 pounds of food for those in need throughout the Metropolitan Columbia SC area.

Thanks to Kroger, Piggly Wiggly AND MOST IMPORTANTLY.....

THANKS TO COLUMBIA for donating money, rice, beans, cereals, diapers, medicine, canned goods and personal hygiene products in your lovely red bags! YOUR CONTRIBUTIONS ARE GREATLY APPRECIATED!

To volunteer for the next Food Drive, contact Food From The Heart!