Steve and I recently met the owners of most of the shops at Stone Creek Village, and we were excited about the event they are having this weekend! (Well, I'm excited about the pre-Holiday Shopping, Steve is more into the Holiday "Cheer" and the Band!)! If you have time on Saturday night - bring your friends and support our LOCAL business owners! We think it will be a blast, and we KNOW you'll find some really great gifts for the Holidays!
For information about the company that created these FLYERS, click here!
Here's a map from USDA showing where you can have a 100% loan, and where you can't use USDA financing. The shaded area in the top right portion of the map does NOT qualify... the rest of it definately does!
This is great news for folks who are looking for homes with NO PMI, and rates that are very close to FHA! The maximum income in Wake County for a single person is $60,250 and the maximum income for a family of four is $86,100.
These are fairly straightforward loans, they allow for gifts to cover closing costs, or the seller can pay them.
The buyer can not CURRENTLY own a home that is within commuting distance of the new property. So if you owned a home in Ohio, for instance, that would not sell right now, and you rent that property, and move here - YOU CAN GET 100% FINANCING!
To find out more about qualifying for a USDA Home Loan, please click here!
If this is your first home, or you have not owned a home in the last 3 years, you might also qualify for the Government's $7500 tax credit! For more information on that program, click here!
We would love to answer any questions you might have about mortgages in Holly Springs! Mortgage rates are low, and now is the time to buy!
According to the calculations done by HUD, and released in their recent Mortgagee Letter, the maximum FHA loan limits in Wake County will be $271,050 effective January 1, 2009.
If you are considering a purchase, you need to act soon, so that you can CLOSE BEFORE THE END OF THE YEAR.
Not only will the FHA loan limits be going DOWN from the current $295,000 - the amount of money needed for downpayment is going UP!
ALSO effective January 1st - the FHA downpayment goes to 3.5%!
So Hurry Up! Call us for more qualifying information! Rates are low, downpayments are at their lowest point, and home prices are at the bottom!
Maybe you heard that Uncle Sam, who has been giving money 
out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer!
What is it? How does it work?
This is a tax credit and not tax deduction. It is a true dollar for dollar reduction on taxes owed.
The credit can result in a true tax refund! If, for example, you were to get back zero on your 2008 taxes and you qualify for the full $7,500 credit, you would then receive a tax refund for $7,500.
The tax credit is essentially an interest-free loan. You will repay the credit to the government $500 per year over 15 years or when the house is sold.
If the profit you receive when selling your home is less than the remaining amount you owe, the discrepancy will be forgiven. For example, if $5,000 was still owed and the sale of the home only generated $4,000 profit, then the remaining $1,000 shortfall would be forgiven and you would not have to repay the government.
If you take the credit in 2008, the first $500 payment would need to be made when you
file your 2010 tax return.
To find out if you qualify for this $7500 - click here.
While you won't receive this check until you file your taxes... you might want to get a gift from a family member - and use that gift money to purchase a home, or to help with closing costs! USDA and VA loans do not require downpayments - but there are costs involved with moving, and paying for homeowners insurance, and normally those costs will add up to 2 or 3% of the purchase. FHA guidelines change at the end of 2008, and the downpayment goes up to 3.5%!
There are tons of people who know that we are at or near the bottom of the real estate market, and they are ready to purchase a home. Many of the folks we are talking to are looking at foreclosed property, because they believe they can get the best deals.
There are some special points you should remember:
In NC, the mortgage lender is discouraged (with recently inacted laws) to participate in paying closing costs. If you have very little, to no money, to put into the transaction, you should ask HUD (or Freddie, or the bank - whoever is selling the property) to pay for your closing costs as part of the contract.
We do not offer any 100% financing programs that will allow you to make improvements/repairs to the property. We do offer rehab loans, for properties with a total value (meaning purchase of the property plus the cost to rehab) of less than $295,000 in Wake County. The borrower must make a 3% downpayment for this loan.
You can purchase foreclosure properties with very little to no money down. USDA offers 100% financing for properties that are located in more rural settings, and families that make less than the median area income. These 100% financing loans do not offer additional money - or escrow opportunities to fix any repairs to the property.
You can purchase a HUD foreclosure for as little as $100 down if you are a public servant, fireman, policeman, emergency medical or teacher... and you might be able to purchase the property at HALF PRICE! (click here for more details!) Please remember, that in this case, you would not be eligable for a 203K loan that would pay for repairs to the home. Those loans require a 3% investment.
As a Veteran, your benefits allow you to purchase a home with no downpayment. We have lenders who will finance doublewides for Veterans (if they are on a permanent foundation) but not single wides. It's a simple qualifying process, but again, it does not cover any repairs that might need to be made to the foreclosed property!
So be careful out there! Now is a great time to buy real estate - and there are a TON of options to consider!
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I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes and factors that affect rates!
Who We Are
I am priviledged to work with my husband, Steve, in an area we both love. When my family moved to Cary in 1968 the population was around 7600. Today, we are the seventh largest metropolitan area in the state with a population of over 125,000! Steve and I met at Cary High School, and we remember when Kildaire Farm Road had a couple of FARMS on it and the Cary Parkway was just a good idea.
I'm second generation "mortgage." As I grew up in a home where everyone spoke about the economy and the mortgage and real estate business... I'm an Economic News Junkie and often write about events moving mortgage interest rates. It's important to me that folks understand that I'm not writing about the "gloom" and "ruin" of the mortgage industry - I'm simply looking for lower mortgage interest rates. Typically, bad news in the economy spells good news for mortgage interest rates.
Steve and I were named one of the top Origination Teams in the State (by the NC Association of Mortgage Professionals) and Mortgage Originatiors Magazine. As entrepreneurs, one of our companies received the coveted Triangle Fast 50 Awards by our Business Journal three years in a row.
Our Commitment
We've been involved in Mortgage Lending since the early 1980's. There is a vision that drives us to do what we do. Simply put, we want to help you create the financial strategy that allows you to live life to the fullest. That requires that together we establish goals, define priorities and determine what's most important to you.
On any given hour of a day, mortgage lending experiences subtle shifts that can create huge forces of change for our customers. We are dedicated to a life of continually educating ourselves in the broad areas of economics, politics and financial planning... and of course we stay on top of the Mortgage Industry News too!
Our Family, Our Community
As active members of the Cary Chamber of Commerce, the YMCA and our church, we have become friends and mentors to local businesses and charities. We've worked hard to raise money and awareness for the "We Build People Campaign" at the YMCA and the American Cancer Society "Relay for Life."
Our unique family dynamic includes a middle school daughter, a son who is at Western Carolina University, a small Japanese Chin (named Lucky) and an Appendix/Quarter Horse, named Choclate Chip. Much to our daughter's disappointment (and in keeping with town code), our horse does not live on our cul-de-sac with us, and instead is boarded at a GREAT farm in Apex.
Our Company
Meridian Residential is a locally owned mortgage banker / broker. We are authorized to handle FHA, NC Housing, VA, USDA... and represent an array of conforming, conventional lenders. Our team is built upon the same foundation we built our business relationships on. We constantly strive to build a team that embraces and adheres to the values we consider most important... as one of our clients you can be assured that everyone on our team to look out for your best interests!
In most cases we are able to allow our clients to lock into an interest rate and float down if the market improves. We educate our customers on market conditions, and the events that might change those conditions, as we help find the BEST solutions for your situtaton!
We are fortunate to have expertise in helping folks make minor changes to their credit files - as those minor changes to improve a score can make thousands of dollars worth of difference over the life of the loan.
For a more information about Cary check this out!
If you are an agent, or a lender looking for an interesting way to get more people interacting with you, click here.
In addition to the information we post on Activerain, you might find what you are looking for at another of our websites! For instance, we have hundreds of properties (each with their own websites) at STEVE THORNE ONLINE. We also post maps, and qualifying information about ALL Government Loans at NC FHA EXPERT. We've met dozens of people this year who are struggling with ways to improve their credit - and maximize their FICO so that they can get the best rates. Because of this, we created a site dedicated to the question, 'HOW TO IMPROVE MY SCORE." We also have local housing trend information, quirky insights, and networking information about this area at this site. Triangle Area Recognition: Recent "Best Of" Awards
Men's Health
Magazine ranked Raleigh the most politically engaged city in America.
The rankings were based on percentages of active registered voters, ballots counted, percentage of income donated in the current presidential election, campaign spending, votes cast in the 2008 primary and votes cast in recent elections for governor and senate - Men's Health magazine, September 2008
Milken Institute: A Best Performing City
The Raleigh-Cary metropolitan area is ranked number two in the nation's "Top 100Best Performing Cities" in an annual economic performance index released by Milken Institute/Greenstreet Real Estate partners. The annual study ranks
metropolitan areas by how well they are creating and sustaining jobs and Economic growth. The Raleigh-Cary area rose from number 10 in 2007 - September 2008
MSNBC: America's Best City
MSNBC.com ranks Raleigh America's best city! "Raleigh, N.C., it seems, is the best place to be in the U.S. right now. It ranks No. 1 in Forbes' 2008 list and was also top in 2007 - consistent placement among these lists is truly rare. It ranks No. 2 in Kiplinger's list this year. The city is also Fortune Small Business magazine's No. 20 place to live and launch." -- June 2008
Kiplinger's: A Top Urban Area
Kiplinger's Personal Finance names the Triangle the second best urban area in the U.S. It highlighted undeniable date: population growth since 2000 of 19.9 percent; percentage of the work force in the creative class, 36.1 percent; cost of living index, 99 with 100 being the national average; median household income of $56,150; and income growth of 10.3 percent since 200. This ranking dubbed Houston the best in America and Omaha, Neb., the third best. -- July 2008
Forbes: Recession-Proof Local Economy
Forbes magazine ranks the Triangle's economy as fifth on a list of 10 recession-proof local economies. -- May 2008
Best Place For Young Adults
A study conducted by American City Business Journals ranked the Raleigh-Durham
market as the best in the nation for young adults, defined as ages 20 to 34. The
study examined 10 factors, including growth rates of employment and per capita
income, unemployment, percentage of people holding bachelor's degrees and
median rent in the nation's 67 largest metropolitan areas. Austin was ranked
second, Washington, D.C., third. Charlotte placed seventh. -- May 2008
Fortune: A Best Place To Live And Launch
Raleigh's growing tech industry, support of entrepreneurs and the $2.5 billion
renaissance downtown place the Capital City at No. 20 in Fortune's "Best Places to
Live and Launch." -- May 2008
Rachel Ray: Best CityFor Singles
Raleigh is named The Best American City for Singles" in Every Day with Rachel Ray
magazine. - - January 2008
"If we study the lives of great men and women carefully and unemotionally we find that, invariably, greatness was developed, tested and revealed through the darker periods of their lives. One of the largest tributaries of the river of greatness is always the stream of adversity."
Cavett Robert
"This day is all that is good and fair. It is too dear, with its hopes and invitations, to waste a moment on the yesterdays."
Ralph Waldo Emerson
"Any mans life will be filled with constant and unexpected encouragement if he makes up his mind to do his level best each day." Booker T. Washington
"It is impossible to get the measure of what an individual can accomplish, unless the responsibility is placed on him."
Alfred Sloan
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"Of course there is no formula for success except perhaps an unconditional acceptance of life and what it brings."
Arthur Rubinstein
"I can accept failure. Everyone fails at something. But, I can't accept not trying."
Michael Jordan
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