Melissa Breeland

Just a quick blog to personally thank and welcome Boeing to North Charleston! The 3,000 new jobs will go a long way to helping our local economy...to say the least.

http://boeing.mediaroom.com/index.php?s=43&item=906 Read article here.

We are ready!

If this is something you are interested in...please don't call me.

You could, however, visit AnnualCreditReport.com, pull a free report and start the process of rebuilding your good credit.   

Across the country there are many state agencies that can walk you through the process of rebuilding your credit, help you to develop and live by a budget and prepare you to eventually buy your own home.

Always make sure that you are working with a HUD Approved Housing Councelor before you hand over ANY money or sign ANY contract for services. Here in South Carolina a great place to start is Family Services, Inc.

Kiplinger has a simple free budget tool to help get you started if you are new to budgeting. I also recommend checking out their "How Much Can You Spend For Housing" program.

Do you suspect your bad credit scores are the result of identity theft? If so, the FTC has wonderful resources about how to proceed if you suspect identity theft.

 If you feel you have been the victim of discrimination or unfair business practices you can contact...

SOUTH CAROLINA DEPARTMENT OF
CONSUMER AFFAIRS     (they are even on YouTube!)

I finally took a tour of Fort Sumter a few weekends ago. I highly recommend it not only for its historical and aesthetic value but for the possibility of encountering ghostly soldiers. It could happen! Happy almost Halloween!

To learn more about Fort Sumter click here. http://www.nps.gov/fosu/index.htm

I attended the SC State Housing training today and was amazed at all the changes taking place. So, I thought I would share a few of the high points here with you. I do not represent SC State Housing...I am, however, an approved participating lending partner.

All the big mortgage insurance companies were represented and gave their pitch but only one wowed the crowd...Genworth Financial (1) No declining markets! If the appraiser says it is in a declining market they will still take it! (2) Involuntary Job Loss Protection FREE from Genworth (3) 97% LTV and 103% CLTV for State Housing Loans with a 680 credit score and up to 45% DTI! (4) FREE online home buyer classes for Category 2 and 3 (5) 2 months reserves required! WE ARE ONLY TALKING ABOUT CONVENTIONAL LOANS HERE FOLKS. FHA has it's own mortgage insurance. State Housing does not do VA loans.

HOT TID BITS:

1. $4,000 in DPA for Category 1 and $5,000 for Category 2 and 3
2. The main big news is that US Bank is now the master servicer for SC State Housing loans. Lender manual available on AllRegs if you have access.
3. Maximum deductable for hazard and flood not to exceed the greater of $1,000 or 1% of the face amount of the policy
4. No work visas...must have green card if not a US citizen
5. Zero tolerance for non disclosure of APR changes over 1/8 either up or down!
6. Must provide initial and Final TILA for 2nd DPA loan on Category 1 or any that is repayable.
7. Owner of record must be in title for 90 days at least...contract may not be written until the 91st day in title. No funding for Flippers!
8. Lenders - PLEASE use the most recent forms on extranet...old forms no longer acceptable.
9. Palmetto Hero Program may be back in March!
10. New better lower rates coming in 2-3 weeks...
11. What does SC State Housing consider to be a compensating factor? For ratios higher than 45%...700 credit score or better, at least 2 months reserves int he bank, 95% LTV.
12. Street, Drive or Avenue on property address all need to match from 1003, to appraisal, to final HUD...everything must have exact correct address.
13. NO mobile homes
14. State Housing Certified Realtor Program coming January 2010 www.schousing.com
15. Complete loans must be submitted to State Housing no later than Nov 13th if buyer is hoping to meet the Nov 30th deadline for the tax credit.

Have questions? Need help? I'm just a phone call or e-mail away.

Melissa "The Mortgage Maven"Breeland

"A Walk on the Beach"

No pre-qualification necessary to walk on the beach. No credit score requirement and no assets needed. No one to not return your phone calls and no one trying to sell you homes or loan products you're not interested in.

I took this photo while exploring Myrtle Beach. Enjoy!