Rich Cooke

Are you left wondering what exactly the recently approved government bailout of Fannie Mae and Freddie Mac means for you, the homeowner or potential homebuyer? According to Jay Brinkman with the Mortgage Bankers Association, this should signal the marketplace that there will be a floor on interest rates. This means that, while the government continues to pump capital into mortgage securities, there is more money available for home mortgage loans at much more favorable rates. However, this doesn't necessarily mean it is as easy as it used to be to get a mortgage. If you have lower than desired credit or are below the required income level for the loan you are trying to acquire, you will have difficulty getting that home loan. The upside of this is that you won't be allowed to buy outside your means, putting you in a potential cash crunch that so many families are experiencing today. Provided that the bailout package is successful and creates much needed consumer confidence, the lower home prices and modest interest rates should kick the housing market into gear again. Before the bailout plan, many financially strapped homeowners were headed straight for foreclosure. Now, the government has temporarily put a halt to foreclosures to see if there is a way to work out a deal with those homeowners to repay the loan at terms they are better able to afford. It may be months before we find out the exact details of what the government's bailout means for everyone. But, rest assured that the housing market will come back again.

North Carolina's Department of Agriculture and Consumer Services holds an annual Best Dish in North Carolina contest for all restaurants in the state based on the quality of food used by chefs in North Carolina restaurants as well as their regular use of North Carolina's own products in their menus. For casual dining, Hendersonville's own Blackwater Grille won second place for his mouthwatering Blackberry Summer Salad, Hunter's Style Mountain Rabbit and Napoleon of Mountain Berry Ice Cream. In the Fine Dining category, Chef David Sparacino with the La Riserva Ristorante & Wine Bar in Hendersonville also took home second place for his divine Zuppa D'Argosta soup, Insalata di Spinaci salad, Frutti di Mare con Polenta appetizer, Arrosto di Maiale entree and Mela Cotta dessert. Another Hendersonville culinary artist, Chef Michael Atkinson with the Inn on Church Street restaurant, took home third place honors for fine dining as well for his Carolina Seafood Chowder, Heirloom Tomato Bread Salad, Sweet Potato Griddle Cake topped with Pecan Crusted Pan Fried Ashley Farms Quail, Signature Trout Cakes and Susan's Peanut Butter Mousse Pie. Congratulations to all these great chefs for showing the rest of the state what we already knew...Hendersonville is tops in fine dining!

The kids have all recently gone back to school and we are already stunned by what they're learning. The Van Allen belt? Subjunctive clauses? Quadratic equations? Oh, how I wish we could all soak up such new knowledge so efficiently!

Most of us grownups are on a new learning curve, too. Whether we like it or not, or think we need it or not, the upheaval of our economy is giving us a crash course in credit management. And, the more you know, the more comfortable you will be that you are making the right decisions when it comes to your credit and buying a new home.

So, how well do you know your credit? As a Realtor, I can tell you that when it comes to buying a home, good credit is the most valuable asset you can own. Always keep in mind your credit determines how much you'll pay on your next loan. Those with excellent credit will, of course, get the best rates possible because they are less risky for lenders. So, how much difference can that make for someone with a lesser credit rating? Well, those with the better credit rating are paying 3 ½ percentage points lower than those with lower credit ratings. Here's an example: On a $250,000 mortgage, those with top credit will pay $588 less each month than those with low credit. That's an impressive $7,056 a year savings.

When buying a home, you will always run into the traditional questions such as how much you earn annually, how much you have in savings, and how long you've been at your current job. All will have a bearing on your ability to keep up with your payments. But, the biggest factor you will encounter is your credit score. Your score rating reflects how promptly you've paid bills, how long a track record you have as a credit user, how much you owe, what type of credit you have, and all new credit activity.

Some great ways to manage and re-establish your credit is to look for foolproof ways to pay off your debts in a timely fashion and be sure to take advantage of your once a year free credit report. Or, you can always use a credit monitoring agency. They are inexpensive and you can get online to see your credit score and anything else going on with your credit anytime.

A home is a valuable asset to anyone, but you can't get your dream home without credit. So, keep an eye on your credit score as often as you can.

Do campfires remind you of marshmallow roasts and spooky stories? If you visit the Historic Johnson Farm in Hendersonville from 7-9pm on Saturday, September 20th, you are in for a real treat. Four of the area's best storytellers will be featured in a night of unearthly fun. Virginia "Blackfeather" Thompson specializes in Native American folklore and culture and has 30 years of professional storytelling experience. Now retired, Lisa Whitfield was a music and art teacher for 31 years, during which, she loved telling her elementary students all sorts of stories. And, last but not least, Johnson Farm coordinator Ingrid McNair and her husband, Jerry McNair, will tantalize your ears with "The Spooky House", "No One Here But You" and "The Haunted House". Admission is only $4 for adults, $3 for K-12 students and preschool children will be admitted free. Marshmallows will be provided for roasting over the campfire and hot dogs and drinks will be available for sale. This is a fun way to spend a family evening. So, come out to Historic Johnson Farms in Hendersonville this Saturday and get spooked in a fun way!

Thanks to a campaign spearheaded by local citizen and businesswoman Barbara Hughes, Mayor Greg Newman officially proclaimed Hendersonville as the "friendliest city in America". Barbara Hughes even set up a Friendliest City in America website to show the smiling, happy faces of Hendersonville's friendly citizens as well as residents' stories of what makes the city such a great place to live. Barbara is hoping to get Henderson County's Chamber of Commerce to link to her site to help get the word out on a national level. US Senator Elizabeth Dole has even expressed her appreciation for the fine Hendersonville community, where she set up her western office after she was elected to the US Senate. Senator Dole commended Barbara Hughes as a shining example of what makes Hendersonville such a spectacular city to live in.