Credit Update!

Do not believe everything you hear on the NEWS! You are witnessing a POLITICAL tug of war right now.

I have had several of my business partners (Agents) call and ask me if it is getting harder to lend money…here is the bottom-line, you can pass this information off to your clients & prospects if you wish.

FHA is financing 97% of the purchase price. SunTrust is STILL financing 95% second home. The Mortgage Insurance companies have put higher credit score requirements in place, but the biggest challenge would be on 2^nd home and investor properties with most of what I have been seeing for second homes credit scores being over 680…NO PROBLEM… otherwise we FHA for lower scores on primary home, and get a better rate anyway.

THE SKY IS NOT FALLING!

• USDA & VA is lending 100%. For information on Rural Development, feel free to call me. You will be surprised to know how much of our area qualifies for that product.

• Fannie & Freddie…Like I said, we still do 95% financing on both Primary & Second home

• Jumbo Money…Still available and strong.

I saw a report the other day that showed that the national sale price had only dropped 2.2% over the last couple months. (CNBC) That is great news, and shows a potential bottom.

courtesy of ed bucchino

According to Forbes magazine, second-home buyers can pick up a real deal these days. Interest rates are low, prices are affordable and there are plenty of available homes to choose from.

According to the National Association of Realtors (NAR), many consumers are taking advantage of the current buyer's market. In 2007, the combined total of vacation- and investment-home sales accounted for 33 percent of all existing- and new-homes sales. The most commonly cited reason for purchasing a second home was to use the home for vacation or as a family retreat.

Tips from Forbes to maximize your second-home investment include:

·         Consider the surroundings: Bike trails and hiking paths are a big draw for second-home buyers.

·         Look at the taxes: Income tax policies differ from state to state.

• Take distance into account: Second-homes that are within an easy drive can save money spent on gas.

• Look near resorts: Locales that are close to a popular resort area can have similar amenities at a lower price than homes considered part of the resort.

Think local: Parts of the country that are regional rather than national vacation spots can prove to be a bargain.

WASHINGTON, Sept. 16 - Builder confidence in the market for newly built single-family homes rose for the first time in seven months this September, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI gained two points to 18, rising from its record low of the previous two months.

"Builders have several reasons to be more optimistic at this time," noted NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va.  "Many are sensing that home sales are nearing a turning point with the support of the newly enacted first-time home buyer tax credit. Meanwhile, with the government's explicit backing of Fannie Mae and Freddie Mac now assured, this should help keep mortgage rates at very favorable levels going forward."

Following the Treasury Department's announcement that it was placing mortgage giants Fannie Mae and Freddie Mac into conservatorship last week, the average rate on 30-year fixed-rate conforming home mortgages declined by nearly half a percentage point, falling to below 6 percent for the first time in several months. Market responses to the Lehman Brothers bankruptcy filing and the purchase of Merrill Lynch by Bank of America have put additional downward pressure on prime conforming mortgage rates.

"Nearly half of the builders in our September survey indicated that they expect to see a positive impact from the tax credit in their market areas," said NAHB Chief Economist David Seiders. "Of those respondents, 20 percent said their market has already experienced some of this effect. Meanwhile, consumer confidence has risen and more households are saying that now is a good time to buy a home. All of these factors, along with the recent downward movements in mortgage rates, suggest that new-home sales will be stabilizing in the final quarter of the year."

Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

All three of the HMI's component indexes registered gains in September. The indexes gauging current sales conditions and traffic of prospective buyers were each up a single point, to 17 and 14, respectively. Meanwhile, the index gauging sales expectations for the next six months rose by six points, to 30 - which was four points higher than its year-ago level.

All regions also posted some degree of improvement in the September HMI, with the Midwest, South and West each up two points, to 15, 22 and 12, respectively, and the Northeast posting a six-point gain to 22.

Hunter's Ridge is conveniently located just three miles from the heart of Myrtle Beach, South Carolina.Only minutes from the beach, two college campuses, Myrtle Beach Regional Jetport, as well as Myrtle Beach and Conway hospitals, Hunter's Ridge is ideally located with convenience in mind. There are a total of 8 neighborhoods in this community each with their own distinctive style.

Here is just a few of the homes currently listed in this great neighborhood.

Property 1 of 34
	MLS Number: 808776 Listing Price: $122,900 Town: Myrtle Beach SC 29587 Section / Subdivision: Hunters Ridge Br / Ba: 3 / 2 For detailed information Click Here
Property 2 of 34
	MLS Number: 733416 Listing Price: $159,900 Town: Myrtle Beach SC 29588 Section / Subdivision: Hunters Ridge Br / Ba: 3 / 2 For detailed information Click Here
Property 3 of 34
	MLS Number: 817137 Listing Price: $159,900 Town: Myrtle Beach SC 29588 Section / Subdivision: Hunters Ridge Br / Ba: 3 / 2 For detailed information Click Here
Property 4 of 34
	MLS Number: 815699 Listing Price: $160,000 Town: Myrtle Beach SC 29588 Section / Subdivision: Hunters Ridge Br / Ba: 3 / 2 (1 Half Baths) For detailed information Click Here
Property 5 of 34
	MLS Number: 819805 Listing Price: $164,900 Town: Myrtle Beach SC 29588 Section / Subdivision: Hunters Ridge Br / Ba: 3 / 2 For detailed information Click Here
Property 6 of 34
	MLS Number: 727235 Listing Price: $169,900 Town: Myrtle Beach SC 29588 Section / Subdivision: Hunters Ridge Br / Ba: 3 / 2 For detailed information Click Here

Pawleys Plantation is a spectacular community located just 25 miles south of Myrtle Beach. This neighborhood offers great ammenities and convience to residents. Single family homes start in the $300s and are situated on nicely sized, tree lined lots.

Some feature homes currently available in Pawleys Plantation.

Property 1 of 31
	MLS Number: 801497 Listing Price: $314,900 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 2 For detailed information Click Here
Property 2 of 31
	MLS Number: 804975 Listing Price: $355,000 Town: PAWLEYS ISLAND SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 2 (1 Half Baths) For detailed information Click Here
Property 3 of 31
	MLS Number: 814264 Listing Price: $359,900 Town: Pawley Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 2 For detailed information Click Here
Property 4 of 31
	MLS Number: 817202 Listing Price: $375,000 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 2 (1 Half Baths) For detailed information Click Here
Property 5 of 31
	MLS Number: 807495 Listing Price: $419,000 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 3 For detailed information Click Here
Property 6 of 31
	MLS Number: 801304 Listing Price: $449,500 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 4 / 2 (1 Half Baths) For detailed information Click Here
Property 7 of 31
	MLS Number: 734924 Listing Price: $450,000 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 4 / 3 For detailed information Click Here
Property 8 of 31
	MLS Number: 816618 Listing Price: $457,000 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 2 (1 Half Baths) For detailed information Click Here
Property 9 of 31
	MLS Number: 813560 Listing Price: $464,900 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 3 / 2 For detailed information Click Here
Property 10 of 31
	MLS Number: 732698 Listing Price: $469,500 Town: Pawleys Island SC 29585 Section / Subdivision: Pawleys Plantation Br / Ba: 4 / 4 For detailed information Click Here

Located only two blocks from the Atlantic Ocean in North Myrtle Beach, prestigious Seaside Plantation is nestled on the former site of the legendary Gator Hole Golf Course. Residents will enjoy the convenience of being just blocks away from shopping, churches, restaurants, and entertainment. Residents here enjoy some outstanding ammenities including an elegant community clubhouse, swimming pool, heated spa, putting green, shuffleboard courts, horseshoe pits, golf cart parking.

Property 1 of 8
	MLS Number: 814254 Listing Price: $549,900 Town: North Myrtle Beach SC 29582 Section / Subdivision: Seaside Plantation Br / Ba: 4 / 3 For detailed information Click Here
Property 2 of 8
	MLS Number: 814185 Listing Price: $575,000 Town: North Myrtle Beach SC 29582 Section / Subdivision: Seaside Plantation Br / Ba: 3 / 4 For detailed information Click Here
Property 3 of 8
	MLS Number: 805841 Listing Price: $740,000 Town: N. MYRTLE BEACH SC 29582 Section / Subdivision: Seaside Plantation Br / Ba: 4 / 4 (1 Half Baths) For detailed information Click Here
Property 4 of 8
	MLS Number: 805170 Listing Price: $949,999 Town: North Myrtle Beach SC 29582 Section / Subdivision: Seaside Plantation Br / Ba: 5 / 5 (1 Half Baths) For detailed information Click Here
Property 5 of 8
	MLS Number: 810453 Listing Price: $1,000,000 Town: NORTH MYRTLE BEACH SC 29582 Section / Subdivision: Seaside Plantation Br / Ba: 4 / 4 (1 Half Baths) For detailed information Click Here

Litchfield Plantation is on one of the oldest and most historic rice plantations on the Waccamaw River. The Avenue of Live Oaks leads to the original mansion, built in the early 1740’s, and today used as a Country Inn. The Plantation is a most private location for a limited number of upscale homes, townhomes and condominiums whose owners enjoy the use of a gorgeous pool and pool house overlooking the old rice fields and marshes, a 60 slip marina accommodating up to 32 ft boats, tennis courts, and the Carriage House Club, a private dining facility.

The following homes are currently available in this truly exclusive Lowcountry community.

Property 1 of 6
	MLS Number: 727274 Listing Price: $889,000 Town: Pawleys Island SC 29585 Section / Subdivision: Litchfield Plantation Br / Ba: 4 / 3 (2 Half Baths) For detailed information Click Here
Property 2 of 6
	MLS Number: 812183 Listing Price: $889,900 Town: Pawleys Island SC 29585 Section / Subdivision: Litchfield Plantation Br / Ba: 4 / 3 (1 Half Baths) For detailed information Click Here
Property 3 of 6
	MLS Number: 800837 Listing Price: $1,095,000 Town: Pawleys Island SC 29585 Section / Subdivision: Litchfield Plantation Br / Ba: 5 / 5 (1 Half Baths) For detailed information Click Here
Property 4 of 6
	MLS Number: 818991 Listing Price: $1,149,000 Town: Pawleys Island SC 29585 Section / Subdivision: Litchfield Plantation Br / Ba: 4 / 3 (2 Half Baths) For detailed information Click Here
Property 5 of 6
	MLS Number: 818752 Listing Price: $1,200,000 Town: Pawleys Island SC 29585 Section / Subdivision: Litchfield Plantation Br / Ba: 4 / 4 (1 Half Baths) For detailed information Click Here
Property 6 of 6
	MLS Number: 818725 Listing Price: $1,295,000 Town: Pawleys Island SC 29585 Section / Subdivision: Litchfield Plantation Br / Ba: 4 / 3 (1 Half Baths) For detailed information Click Here

A fairly young community within a two minute drive of Holden Beach, Lakes of Lockwood has something for everyone! Low traffic streets invite morning and afternoon strolls to visit with neighbors. A community clubhouse and pool overlook the seven acre main lake.

Property 1 of 28
	2694 Jessica SUPPLY, NC Beds 3 / Baths 2 / 1 Half Baths / 2101-2200 sqft $249,800 More info >>

Property 2 of 28
	463 Kristen SUPPLY, NC Beds 3 / Baths 2 / 1701-1800 sqft $265,000 More info >>