USDA Mortgage Funds Depleted Six Months Early

News concerning USDA is fast circulating however this year’s exhaustion of mortgage funds may in fact be quite a bit different than the past.  USDA mortgages allow qualifed home buyers to purchase homes with zero money down in certain parts of the county. USDA and VA are the only 100% financing programs still available for home purchases. USDA is important to the Raleigh Real Estate Market and if they run out of money in April as expected it will push many home buyers out of the market and may leave sellers in a contract that is delayed for months or may never close!   time money running out

First Let Me Explain The TWO Types Of USDA Approvals:

 Approval with “GUARANTEE OF FUNDS” 

  1. This approval type states that funds are available and have been guaranteed for a specific loan.
  2. The loan can close.


  2. It is an approved loan.
  4. The loan can close however it is up to the lender.
  5. Funds are NOT available to be guaranteed – Increased risk to the lender.

 With regard to Approval #2 above:  Some lenders WILL go ahead and close the loan with a conditional commitment from USDA while others choose NOT to.  It is typical that USDA runs out of funds in September/October time frame as October is their fiscal year end.  We have all experienced in the past!

 What Is Different RIGHT NOW?  Continue reading “USDA Mortgage Funds Depleted Six Months Early”

Moving to Raleigh, Cary or the Triangle with Children?

This week my real estate office has been very busy with several out of state families who are relocating to our Greater Raleigh area.  One of the neat things about having a large real estate team is that  we all work together sharing our knowledge and experience to best meet the needs of our clients.  When families relocate to the Triangle sometimes their needs are more complexed than just which Raleigh area home or neighborhood they want to live in. They need to know where to find the best doctors, playgrounds and daycare options just to name a few.    Many of our Team members have children and have relocated themselves so they are a great resource for families. We know that Moms and Dads have so many things to take care of in a move and my Team loves to all pitch in to help relocating families in their transition . Happy couple with a kid in their new home Here are some tips you may want to know or share with someone relocating with children.

A Few Quick Moving Tips For Raleigh Area Families:  Continue reading “Moving to Raleigh, Cary or the Triangle with Children?”

Has Raleigh Real Estate Hit Bottom?

Everywhere I seem to go these day whether it is at my real estate office, a Carolina Hurricanes Game, Community Event or just around Raleigh people ask me “Have we hit bottom yet?”  Many know of friends, family or neighbors who have had their homes on the market for sale here in the Greater Raleigh area and have shuttered thinking about what they might need to go through if they needed to sell their house. 

Home prices around the country have dropped for the past 3 years straight and many people believe we have finally hit bottom. The median national home price today is about $169,000, down almost 14% from a year ago and down 30% from it’s peak. By comparison Raleigh area real estate values areiStock_000000386867XSmall only down 11% from it’s peak with a median home price of $232,000. Those of us living in the Triangle and RTP surrounding area can all be grateful we own real estate near Raleigh the North Carolina state capital instead of other parts of the United States.

Right Now I am Seeing Two Types of Home Buyers in the Raleigh Market

Continue reading “Has Raleigh Real Estate Hit Bottom?”

Quick Tip When Your Wallet is Lost or Stolen

lost-walletYesterday I called one of my clients and she was in an absolute panic. She had lost her wallet and was on the phone trying to cancel all of her credit cards. If this has ever happened to you then you know the fear, stress and dread she was feeling.

Here is a quick tip that will help ease your mind and take some of the work and panic out of the process.

Go to your nearest copy machine today. Open up your wallet and copy the front and back side of everything in it. Put the copies in a safe place such as a locked file cabinet or safety deposit box. If you lose your wallet it won’t be fun but, you will be able to protect yourself quickly and rebuild the contents without losing sleep over what you may have forgotten.

If your wallet or purse is stolen or lost for an added measure of protection you can also do the following:

1. File a police report in the jurisdiction where your credit cards, etc were lost or stolen. This prove to the credit providers you were diligent, and this is a first stip toward an investigation if there is one.

2. Call the 3 national credit reporting organizatons to place a fraud alert on your name and also call the social security fraud line. Placing this alert means all creditors will have to contact you before they can authorize new credit.

a. Equifax: 1-800-525-6285

b. Experian (formerly TRW): 1-888-397-3742

c. Tran Union: 1-800-680-7289

d. Social Security Administration fraud line: 1-800-269-0271

I hope this never happens to you but, sooner or later it probably will. I have had a car stolen with my purse in it and my car broken into on vacation and my purse was stolen out of it. I’ve learned the hard way to  never leave my purse in the car and I have a copy of my wallets content locked in a safe place just in case I drive off from a gas station pump and leave my wallet on top of the car like one of my employees did last week.


Affordable Raleigh Homes

Map of Raleigh, NCRaleigh, North Carolina is always ranked in the top 10 best places in the USA for work and play. Many people believe with such high accalades that a great home in Raleigh must come with a huge price tag. Well, I have good news for you…Raleigh real estate is very affordable.  

Check out this Raleigh Real Estate Market Data :

April 2009 T.A.R.R. Report

Average detached resale Raleigh home price $263,310

Average new construction Raleigh home price $281,935

Average Raleigh condo price $168,961

Average Raleigh town home price $179,018

To view every home for sale in Raleigh, including Raleigh new construction and surrounding cities such as; Cary, Apex, Morrisville, RTP Research Triangle Park, Chapel Hill, Durham, Wake Forest and others visit:

Raleigh real estate is affordable!

First Time Home Buyer Raleigh Real Estate News

Hi Friends,If you know of anyone still renting now is the time to buy real estate in Raleigh. Prices have dropped and so have interest rates. 5.75% is available now. There is also a $7,500 tax credit for first time home buyers. If this news is not enough to get everyone moving, look at these facts.

Statistics from NAR show that rental houses and apartments increase rents 3% per year. If your rent payment is $1,000 a month, it will cost you $1,300 per month in 10 years. The total amount of rent you would pay over 10-year period would amount to $137,567. And, you had NO tax advantage. There is even a $7,500 tax credit for first time buyers or anyone who hasn’t owned a home in the past 3 years. Wouldn’t it be great to receive a check from Uncle Sam of $7,500?

Let’s say instead of renting you buy a $200,000 home now:

You purchase a $200,000 home

Fixed rate mortgage of 6.5% for 30 year period

Mortgage: $1,264

Property Tax and Insurance: $230

Total Payment $1,494

Tax savings per month (assuming a 30% income tax bracket)

Mortgage interest tax deduction: $322

Tax deduction for property tax: $68

Total Monthly Tax Savings: $309

Total Monthly Cost of your $200,000 homes after tax savings $1,104.

With every monthly payment you are paying off your home, instead of someone else’s.


This is exciting times for first time home buyers. Give me a call so I can answer your questions and help you start living the American Dream of Home Ownership.

Have a great week-