I just received the note below from one of the BEST Financial Planners I know! It is very generous, and valuable, as the offer comes from one of the most sincere people in the business. I highly recommend Paul Pitman - and suggest that if you, or someone you know, is facing a layoff - call him. This is not the time to go it alone!
"In light of the current economic climate and the vast number of people that are being laid-off and downsized, The Preferred Client Group, a private financial consulting firm based in Cary, NC has announced that until March 30, 2009, they will waive all planning and consulting fees to those that have been affected by the layoffs.
If you know anyone that has been laid-off or are changing jobs, and need help making sound financial decisions during this difficult time, contact
Paul Pittman CFP, Managing Director of The Preferred Client Group
at 919-459-2064 or paul.pittman@pcgnc.com ."
In the Triangle, we are lucky to have such a large area that qualifies for USDA financing on mortgage 
loans! This program offers a 100% loan for homebuyers who qualify with properties located in the more "rural" parts of the area!
Does that mean it's just for a FARM? Oh NO! This is for your home, not for income producing farms. The loans do have a guarantee fee of @ 2.14%. This means that if you purchase a home for $100,000 (I only use this example since I can do this math in my head) then you will have an additional fee of $2140 added to your loan. The total loan will be $102,140 - which means that you will owe more on the home than you paid for it when you close. Because of this, I think there are a few important things you should consider:
The qualifying incomes vary per county, and the property eligibility varies by address, however we've put together some basic information on USDA loan in the Triangle (just click the links for each county):
Wake County: We have maps for Apex, Holly Springs and Wake Forest. In general, all of Fuquay Varina, Wendell and Zebulon qualify for this financing. The maximum income for 2 people in the household is $68,900.
Johnston County: In general, all properties in Johnston County Qualify for USDA financing. Click the link to get maximum income requirements. For a USDA home loan, you need to have decent credit. The minimum credit score is generally at 620, although exceptions are granted on a regular basis.
Durham County: Probably has the least amount of real estate that qualifies for USDA Home Loans, however, there are some very desirable spots near Briar Creek and Northern Durham County that qualify. The Maximum income limits in Durham County are lower than Wake and Johnston County (of course their FHA maximum loan limit is higher!)
Orange County: I was surprised when I looked at the maps for Orange County! Most of the county qualifies! Okay - so downtown Carrboro doesn't qualify, and neither does Chapel Hill - but most of the rest of the county does! Click on the link for a map and to see the maximum income limits.
As I write this, mortgage rates for this program are VERY reasonable. A USDA loan (depending on credit scores and when you are closing) could easily have a rate of 5.25% to 5.0%! So - if you purchased this house (which has almost 2600 square feet and was built in 2006) in Holly Springs, for $230,000... your principal and interest payment could be $1260! With TOTAL monthly payments under $1500 a month - you would probably SAVE money by purchasing this home! The TAX Advantages are HUGE!
If you are considering a new home in the Triangle, and you think USDA might be a great program for you... call us. Right now many lenders are saying they will only do them:
"Subject to Congressional Allocation of Funds" The USDA program CURRENTLY has money.
You might qualify for a $8000 tax credit if you purchase a home between 1/1/2009 and 11/30/2009 - click here for more details!
We have several lenders who are not letting Congress get in the way of closing on these homes - so Call Steve and Eleanor Thorne, USDA Mortgage Loan Experts 919-649-5058
Everybody needs to Move it, Move it, Move it!!!
'Cause minimum credit scores are going UP!
I'm not talking about folks having BAD credit and having trouble buying a home... but I have a borrower right now that has a 618 score - NO LATE PAYMENTS. He has 20 years of credit history...
He owes Best Buy and Macy's and Room to Go (And Amex, and Bof A for 2 cars, and Wachovia for a mortgage or 2). NO LATES. But his middle score is 618.
Well, according to our friends at Wells Fargo
- pretty soon this borrower (who makes over 150K a year) will not QUALIFY to purchase a home! Even though he has $98,000 liquid. His ratios are 18 / 31.
SunTrust has ALREADY put this rule into play - and now Wells. PLUS, the pricing for these borrowers (at other places) is already AWFUL!
This is SIGNIFICANT. This is not just for Conventional loans. I'm talking USDA, VA, FHA -
NOBODY RIDES if their score is less than 620!
(at least not if they are getting their loan with SunTrust or Wells Fargo!)
I know it won't make any difference, but I still called my Congressmen yesterday and let them know this is a HUGE part of the homebuying market that is now EXCLUDED from purchasing a home! My concern is that we are going too far in pulling guildelines so tight, and with Suntrust, Wells Fargo (and I understand Countrywide) moving to this tighter standard... well, it is an over kill in my opinion.
If you want more information on how to raise your FICO / Credit Score, check out our site dedicated to helping you out! Steve and Eleanor Thorne, Government Loan Experts, 919-649-5058
There are TONS of statistics that point to THIS being the right time to purchase a home... but maybe you haven't looked at how LOWER mortgage rates relate to homes? 
For instance, this is a beautiful "used" home in Garner, NC... The sales price is $259,900. To keep things easy - let's assume you are putting 5% down on this property. At a 5.75% mortgage interest rate, the principal and interest payment would be @ $1441. This same lovely house, with mortgage interest rates at 4.5% would have a principal and interest payment of $1251!
A difference - just because historically low rates are even lower - of almost $200 a MONTH! If the new administration has success, we will see mortgage rates at the 4.5% or below!
The home to the left of this picture is a custom built, new home on over 2 acres with an unfinished 3rd floor! At a "normal" interest rate of 5.75% the principal and interest payment (assuming you put 5% down) is $2022. If you purchased this home, and had an interest rate of 4.5%... then the principal and interest payment is $1755!!
A difference - just because of historically low rates are even lower - of almost $300 a MONTH!
This is why it's so important for the new administration to get their Cabinet members installed, and then work to get rates down even lower!
Paul Krugman says be SKEPTICAL of the new ideas regarding Troubled Assets (mortgages)!!
I read this about house prices, and didn't get it...
until I watched the video and looked up ROFLOL (Rolling on the Floor Laughing Out Loud).
House prices, in some areas, still have quite a ways to DROP.
Have you looked at the New Housing Bills that will be debated later this week?
Here's a pretty good consolidation of the Bills... We should be watching these.
And that's what I'm reading today, besides the weather forecast!... It's suppose to S-N-O-W here tomorrow! HotDawg!
-E.
 |
|
|
I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes and factors that affect rates!
Who We Are
I am privileged to work with my husband, Steve, in an area we both love. When my family moved to Cary in1968 the population was around 7600. Today, we are the seventh largest metropolitan area in the state with a population of over 125,000! Steve and I met at Cary High School, and we remember when Kildaire Farm Road had a couple of FARMS on it and the Cary Parkway was just a good idea.
I'm second generation "mortgage." As I grew up in a home where everyone spoke about the economy and the mortgage and real estate business... I'm an Economic News Junkie and often write about events moving mortgage interest rates. It's important to me that folks understand that I'm not writing about the "gloom" and "ruin" of the mortgage industry - I'm simply looking for lower mortgage interest rates. Typically, bad news in the economy spells good news for mortgage interest rates.
Steve and I were named one of the top Origination Teams in the State (by the NC Association of Mortgage Professionals) and Mortgage Originators Magazine. As entrepreneurs, one of our companies received the coveted Triangle Fast 50 Awards by our Business Journal three years in a row.
Our Commitment
We've been involved in Mortgage Lending since the early 1980's. There is a vision that drives us to do what we do. Simply put, we want to help you create the financial strategy that allows you to live life to the fullest. That requires that together we establish goals, define priorities and determine what's most important to you.
On any given hour of a day, mortgage lending experiences subtle shifts that can create huge forces of change for our customers. We are dedicated to a life of continually educating ourselves in the broad areas of economics, politics and financial planning... and of course we stay on top of the Mortgage Industry News too!
Our Family, Our Community
As active members of the Cary Chamber of Commerce, the YMCA and our church, we have become friends and mentors to local businesses and charities. We've worked hard to raise money and awareness for the "We Build People Campaign" at the YMCA and the American Cancer Society "Relay for Life."
Our unique family dynamic includes a middle school daughter, a son who is at Western Carolina University, a small Japanese Chin (named Lucky) .
I'VE BEEN HACKED!
hi. my name is Savannah Leigh Thorne. i am Steve and Eleanor's daughter, and i feel very strongly that my mom hasn't truly explained our family. so here it is. we are a simi-normal family getting by comfortably in soccer mom territory, also known as the suburbs(not my first choice. but its ok, i still have plenty of fun). we love to do allot of things as a family. my dad and I like to go to the YMCA (conveniently located up the street from us) and play plenty of sports like tennis and swimming and on the occasion even jogging(once again, not my first choice). My older brother is one of my heros, we are 12 years apart and have way too much fun together. my mother often looks at us with a very confused face and asks us why are acting like brothers and sisters.. of course we all start laughing and say "i guess someone didn't get the memo!". speaking of my mom. something you might not know about her is that she is possibly the most creative person i have ever met. she is constantly finding new ways to make something in (or on) our house look amazing. i like to think that's where i get my creativeness from. So anyway. the last thing you should know about our happy little family is that we are very musically inclined. My dad and i will stay up all night playing guitar and piano and singing, of course my mom and brother will join in on the singing too, but its what we do. we may be embarrassing, and we do have our "un-happy" moments. but for the most part were just like ever other typically untypical family. :)
LOVE,
SAVANNAH LEIGH THORNE
Our Company
First Financial Services is a NC owned mortgage banker / broker. We are authorized to handle FHA, NC Housing, VA, USDA... and represent an array of conforming, conventional lenders. We have offices in NC, SC, Virginia and DC. Our team is built upon the same foundation we built our business relationships on. We constantly strive to build a team that embraces and adheres to the values we consider most important... as one of our clients you can be assured that everyone on our team to look out for your best interests!
In most cases we are able to allow our clients to lock into an interest rate and float down if the market improves. We educate our customers on market conditions, and the events that might change those conditions, as we help find the BEST solutions for your situtaton!
We are fortunate to have expertise in helping folks make minor changes to their credit files - as those minor changes to improve a score can make thousands of dollars worth of difference over the life of the loan.
For a more information about Cary check this out or CLICK HERE!
We are helping host RE BARCAMP for the Raleigh Area on November 6 from 10 until 4. This is an interactive meeting aimed at Raising The Bar on Social Media Marketing in the Real Estate World! Follow us #REBCRDU
If you are an agent, or a lender looking for an interesting way to get more people interacting with you, click here.
In addition to the information we post on Activerain, you might find what you are looking for at another of our websites! For instance, we have hundreds of properties (each with their own websites) at STEVE THORNE ONLINE. We also post maps, and qualifying information about ALL Government Loans at NC FHA EXPERT. We've met dozens of people this year who are struggling with ways to improve their credit - and maximize their FICO so that they can get the best rates. Because of this, we created a site dedicated to the question, 'HOW TO IMPROVE MY SCORE." We also have local housing trend information, quirky insights, and networking information about this area at this site. Triangle Area Recognition: Recent "Best Of" Awards
Men's Health
Magazine ranked Raleigh the most politically engaged city in America.
The rankings were based on percentages of active registered voters, ballots counted, percentage of income donated in the current presidential election, campaign spending, votes cast in the 2008 primary and votes cast in recent elections for governor and senate - Men's Health magazine, September 2008
Milken Institute: A Best Performing City
The Raleigh-Cary metropolitan area is ranked number two in the nation's "Top 100Best Performing Cities" in an annual economic performance index released by Milken Institute/Greenstreet Real Estate partners. The annual study ranks
metropolitan areas by how well they are creating and sustaining jobs and Economic growth. The Raleigh-Cary area rose from number 10 in 2007 - September 2008
MSNBC: America's Best City
MSNBC.com ranks Raleigh America's best city! "Raleigh, N.C., it seems, is the best place to be in the U.S. right now. It ranks No. 1 in Forbes' 2008 list and was also top in 2007 - consistent placement among these lists is truly rare. It ranks No. 2 in Kiplinger's list this year. The city is also Fortune Small Business magazine's No. 20 place to live and launch." -- June 2008
Kiplinger's: A Top Urban Area
Kiplinger's Personal Finance names the Triangle the second best urban area in the U.S. It highlighted undeniable date: population growth since 2000 of 19.9 percent; percentage of the work force in the creative class, 36.1 percent; cost of living index, 99 with 100 being the national average; median household income of $56,150; and income growth of 10.3 percent since 200. This ranking dubbed Houston the best in America and Omaha, Neb., the third best. -- July 2008
Forbes: Recession-Proof Local Economy
Forbes magazine ranks the Triangle's economy as fifth on a list of 10 recession-proof local economies. -- May 2008
Best Place For Young Adults
A study conducted by American City Business Journals ranked the Raleigh-Durham
market as the best in the nation for young adults, defined as ages 20 to 34. The
study examined 10 factors, including growth rates of employment and per capita
income, unemployment, percentage of people holding bachelor's degrees and
median rent in the nation's 67 largest metropolitan areas. Austin was ranked
second, Washington, D.C., third. Charlotte placed seventh. -- May 2008
Fortune: A Best Place To Live And Launch
Raleigh's growing tech industry, support of entrepreneurs and the $2.5 billion
renaissance downtown place the Capital City at No. 20 in Fortune's "Best Places to
Live and Launch." -- May 2008
Rachel Ray: Best CityFor Singles
Raleigh is named The Best American City for Singles" in Every Day with Rachel Ray
magazine. - - January 2008
"If we study the lives of great men and women carefully and unemotionally we find that, invariably, greatness was developed, tested and revealed through the darker periods of their lives. One of the largest tributaries of the river of greatness is always the stream of adversity."
Cavett Robert
"This day is all that is good and fair. It is too dear, with its hopes and invitations, to waste a moment on the yesterdays."
Ralph Waldo Emerson
"Any mans life will be filled with constant and unexpected encouragement if he makes up his mind to do his level best each day." Booker T. Washington
"It is impossible to get the measure of what an individual can accomplish, unless the responsibility is placed on him."
Alfred Sloan
<a href="http://technorati.com/claim/jgq34izxdg" rel="me">Technorati Profile</a>
"Of course there is no formula for success except perhaps an unconditional acceptance of life and what it brings."
Arthur Rubinstein
"I can accept failure. Everyone fails at something. But, I can't accept not trying."
Michael Jordan
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
