May 2013 newsletter

Erawilderrealty.com Mail - May Newsletter 2013

4/29/13 11:06 AM

Becca Talley <beccat@erawilderrealty.com>

May Newsletter 2013 1 message ERA Wilder Realty <elzah@erawilderrealty.com> Reply-To: elzah@erawilderrealty.com To: beccat@erawilderrealty.com

Mon, Apr 29, 2013 at 10:51 AM

STAY CONNECTED with ERA WILDER REALTY

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Erawilderrealty.com Mail - May Newsletter 2013

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Erawilderrealty.com Mail - May Newsletter 2013

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YouTube: The Manors at White Knoll

ERA Wilder Realty Welcomes

From the Left: The Lexington office welcomes Christina Scott.

The Sumter office welcomes C.J. (Pebble) Gulledge.

The Downtown office welcomes Henrietta Gadson.

The Irmo office welcomes Martha Browne.

A Client Testimonial Phil Jenkins Northeast Columbia Office Phil was unbelievable and the consummate professional. He was my second agent after firing the first and made me glad and proved how bad the first agent was to my needs. I will refer Phil to other colleagues and family when possible and will hire him to sell my house when I decide to sell. !

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Erawilderrealty.com Mail - May Newsletter 2013

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ERA Wilder Realty Welcomes New Broker in Lexington Lexington, S.C. April 15, 2013 - ERA Wilder Realty has recently designated Christina Scott as the new broker in charge at their Lexington office. In her new leadership role, Scott will be providing knowledge and opportunities to train and serve others.

Scott grew up in Kentucky and studied English, anthropology and sociology at Transylvania University in Lexington, KY. She came to South Carolina on the first stop of her world tour and has now been here for 23 years raising her family.

She joins the ERA Wilder family with 15 years of real estate experience, and specialty in new construction, service and training. She says her passion for helping others achieve their dreams has been an excelling factor throughout her career thus far, and she is a self-proclaimed "match maker at heart".

"Whether you are looking for the perfect home or looking for support in developing your real estate career, I want to be a part of making your dreams a reality," says Scott. "I am more than thrilled to https://mail.google.com/mail/u/0/?ui=2&ik=e2807ed2a9&view=pt&search=inbox&th=13e5646caca68c9d

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Erawilderrealty.com Mail - May Newsletter 2013

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be joining the ERA Wilder family, and to be working with such a positive, skilled group of professionals."

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!!

The Three "C's" of Credit 1 * CHARACTER - This is primarily credit score. Minimum scores required are 620 for VA, Rural and State Housing, 640 for FHA and 660 for conventional. Lower scores impact pricing. Best pricing for conventional is based on 740 or higher. Other issues in the character bucket include stability factors such as employment and residential history. It is still possible for a potential borrower to have a high enough credit scores and still not have demonstrated the character or behavior required to be eligible.

2 * CAPACITY - This is primarily called Debt-to-Income or DTI. DTI generally has two components - a front end ratio for housing expense and a back ratio for all debt expense. Housing includes principal, interest, taxes, insurance, mortgage insurance and HOA, even though HOA is not technically included in payment to bank. Back ratio includes the housing expense along with other bank debt such as car payments, credit cards, student loans, other real estate or installment debt. Traditional ratio limits were 28/36 for conventional and 28/41 for FHA. Current limits vary by program and circumstance but can exceed 50%. Conventional with mortgage insurance has a 41% limit and state housing has a 45% limit. In order for income to be allowable it has to meet certain criteria. If it has not been consistent for two years it will be evaluated on a case by case basis and may not be acceptable.

3 * COLLATERAL - This primarily refers to Loan-to-Value or LTV. LTV limits vary by program and range from no money down to 20% down or more required. The traditional industry standards were 20% down.

Most programs that do not require 20% down collect an additional fee up front and or monthly fees called mortgage insurance to pool with other loans to offset the losses for high LTV loans that fail. Collateral needs to be evaluated for eligibility. Certain condos or property zooming designations may not be eligible.

PROGRAMS - Certain programs are intended to meet certain groups and have other specific requirements.

One obvious stable is VA loans. Other programs may change more frequently who they target and what the criteria like State Housing. With State Housing there are income limits, job sector requirements (such as a "Teacher"), and purchase price limits. The programs we offer include Conventional, FHA, State Housing, Rural Housing, VA and FHA 203k.

Click Here To Contact a Mortgage Expert from Movement Mortgage.

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!!!

Wishing You A Very Happy Mother's Day From All Of Us At ERA Wilder Realty.

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