How much down payment do I need to buy a home???

I had this very question today from someone who is on the fringes of the real estate industry. I thought that this would be good information to share with you all. The answer to the question of "How much money do I need for a down payment in order to buy a home?" is simple yet complicated as is almost everything with regards to real estate. The answer is..."It depends." Which of course brings up the inevitable question of "It depends upon what?". Ultimately it comes down to what type of loan you are able to qualify for and how good your credit is. Below you will find some basic "rule of thumb" kind of information that you can use to determine how much money you need to have on hand.
____________________________________
[Reposted from Realtor.org the national Realtor website.]

Washington, December 31, 2008

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:
1- An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers.

2- A borrower who puts down less than 20 percent is required to obtain mortgage insurance.

3- Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.

4- FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.

PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
___________________________________

There are still programs out there if you have excellent credit that will add up to a 100% loan, but as at anytime they are riskier and more expensive. The only 100% financing program I would recommend is if you can qualify for a VA loan, which means you must have served active duty in the military or during war time as a part of the reserves. For more information regarding all of the details of qualifying for an FHA, VA, or conforming loan please contact me at mrouse@intracoastalrealty.com and will will be happy to put you in direct contact with an appropriate lender for your personal needs.

What's going on for Halloween in Wilmington???

There is so much happening in Wilmington as we approach Halloween. There is something for everyone who celebrates Halloween from the smallest to the largest of kids. :)

Here are just a few suggestions:

October Hayrides to the Pumpkin Patch

Take a ride out into the countryside to Mike’s Farm. Every Saturday in October, the farm offers hayrides to the pumpkin patch. Mike’s Farm is located in Beulaville at 1600 Haw Branch Road. For directions contact: 1-888-820-FARM or www.mikesfarm.com.

Springbrook Farms Halloween Ghost Trolley

A horse-drawn trolley will take you to the Haunted Barn. Listen to ghost stories on the way and enjoy free treats. Appropriate for young children. $12 for adults; $5 for children. Hours are October 29-31 from 6 – 9 pm. Meet the trolley at Water and Market Sts. For more information call 910-251-8889 or www.horsedrawntours.com.

NC Aquarium at Fort Fisher

Trick or Treat Under the Sea 5 – 8:30 pm, October 30. Come in costume to enjoy craft and candy stations, story telling, special programs, and more. Families with young children will only be allowed to use an umbrella stroller. $6/person. For more information call 910-458-8257 or www.ncaquariums.com.

Brunswick Little Theatre

The theatre presents “Dracula” at the BCC Odell Williamson Auditorium on October 31-November 2. Show times are Friday and Saturday at 7:30 pm, or Sunday at 3 pm. Tickets cost $15 for adults, and $6 for students. Call 910-524-4869 or see www.brunswicklittletheatre.com for a program description.

Independence Mall Halloween Trick or Treat

Merchants at the mall are prepared to pass out candy and other goodies to costumed children who trick or treat inside. Free. 4 – 6 pm October 31. For more information call 910-392-1776 or visit www.shopindependencemall.com.

Cameron Art Museum Cam After Dark: Haunt 2008

An opportunity for adults to have costumed fun. From 9 pm – 12 am on Halloween night, enjoy music, drinks, and more. www.cameronartmuseum.com has a ticket purchase link ($15 non-member) or call 910-395-5999.

Ghost Walk of Old Wilmington

Tours are nightly at 6:30 or 8:30 pm year round but special Halloween times are added. Call for a reservation. Meet at the intersection of Market and Front Streets for a walk around legendary sites of Wilmington. For more information call 910-794-1866.

Story Times Boo

11 am, October 29. Halloween-themed story time at the Hampstead Library for young children. 910-270-4603.

Halloween Story Time

3 pm, October 31. Drop in at Pomegranate Books for some spooky and non-spooky tales.
910-452-1107 or www.pombooks.net .

These are just a few examples of events I have found on the web, I hope these help you have a safe, spooky yet fun, Halloween.

Happy Halloween!!!

Ready to move? We've got your home!

305 Shackelford Drive is the epitome of stunning. Located in the wonderful community of Porter's Pointe you have access to all the amenities of urban life with all of the quiet serenity of the country. Porter's Pointe is a walking community with sidewalks, a central park , pool and clubhouse amenities are about to start and there will be a walking/biking/golf cart path to the Oak Landing shopping and restaurants.

This custom built home by Coastal life, is designed to offer great living space including 4 bedrooms, a bonus room and a study. The master suite offers a champagne bath with claw footed tub, ceramic tile shower and dual vanity. There is even a built in medicine cabinet and drawer space. The open layout is wonderful for entertaining or just relaxing by the fire on these crisp fall days. A wrap around porch entices you to stop and "set a spell" in a porch swing or rocker. The natural existing landscaping which has been utilized in conjunction with the new landscaping offer a mature feeling. You have to see it to believe all of the marvelous
features this home offers.

Come visit us today at Porter's Pointe "Where Serenity Beckons You Home."

Gorgeous New Home Waiting for you!

The gracious front porch invites you inside 8236 Brays Drive, to find spectacular hardwood floors, beautiful cherry cabinets, and gorgeous granite counter tops.

The spacious master suite offers a champagne master bath with built in cabinets, dual pedestal sinks, a claw foot tub and spacious separate shower. There are hardwood floors, dual master closets and a convenient washer and dryer location in the master suite.

Custom built by Coastal Life, it's design offers uncommon living space including 3 bedrooms, 3.5 baths, a media room, bonus room and study. The energy efficient tankless hot water heater and the cellular spray insulation are just two of the many energy star rated features of this home. With it's low country front porch, rear ally access to the 2 car garage, courtyard patio and screened decking this home's outside living is almost as exciting as the inside.

An open and delightful home, 8236 Brays Drive offers you more than words can say. Come visit us at Porter's Pointe today to see inside and experience it for yourself.

Porter's Pointe..."Where Serenity Beckons You Home".

President signs $700 Billion Rescue Bill (Posted from Realtor.org)

Daily Real Estate News October 3, 2008

President George W. Bush signed a historic economic rescue bill on Friday, which sets out to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgaged from banks and other financial institutions.

The president signed the bill shortly after the U.S. House of Representatives voted 263-171 today to pass the far-reaching legislation. "This legislation is critical to stopping the economic turmoil that millions of Americans are facing," NAR President Dick Gaylord said in a statement. "Today's action will go a long way toward ending the current economic crisis crippling the housing and financial markets."

The legislation will help restore liquidity to the mortgage market, which will stabilize the housing market and protect home owners, Gaylord said. President George Bush, along with congressional members, had lobbied throughout the week for the support of spending billions of dollars to buy bad mortgage-related securities from troubled financial institutions, as a way to ease the credit crisis.

The bill was tossed a setback earlier in the week after the House voted it down, which sent stocks plunging 777 points, the biggest single-day drop in U.S. history. The Senate revived the bill on Wednesday by making changes to the $700 billion measure, which was aimed at garnering more bipartisan support.

The revised bill extended bank deposit insurance and expired tax breaks. The Senate passed its version of the bill in a 74-25 vote on Oct. 1. (see NAR Applauds Senate Stabilization Action).

Earlier in the week, NAR had called on its members to contact Congress to support the bill. NAR also teamed up with eight other business organizations to run an ad in major newspapers across the country that urged Congress to pass the recovery plan.

Source: REALTOR Magazine Online (10/3/08)

The hottest new neighborhood in the Porters Neck Area of Wilmington

Porter's Pointe in Wilmington, North Carolina is the newest and hottest neighborhood located within the desirable area of Porters Neck. Nestled just between Oak Landing Shopping and Porters Neck Plantation, this neighborhood has it all. Whether you desire long walks down tree-lined streets, neighborhood oyster roasts, or simply relaxing on the front porch, Porter’s Pointe creates a sense of community for all residents to enjoy. The use of common green areas and gathering spaces promote social interaction, while the narrow streets and liberal use of Charleston-style architecture give Porter’s Pointe a safe, small-town low country feel.

Surrounded by championship golf courses and located just miles from Wrightsville Beach, Porter’s Pointe residents can enjoy a wide variety of outdoor recreational activities. In addition, a private pedestrian trail links Porter’s Pointe to Oak Landing Shopping Center, where residents will find shopping, fine dining, and other services. Come see us today or contact me for your own private showing of these beautiful homes.