Shannon Sims

LHFA (the agency that handles the bond loans) met this morning and below are the notes from a lender who attended:

Shannon,

According to the meeting I attended for LHFA Bond this morning, the 2008B Bond Issue will be available the last week of November or the 1st week of December. It is anticipated to go very quickly, probably less than 48 hrs.

We must have executed purchase agreements by all parties to send in reservations to LHFA as soon as it is released. So you need go shopping for houses ahead of time!! If you wait for the money to be released to shop, YOU WILL MISS OUT!!

I will be waiting at my computer each and every morning for that email to send in reservations for our clients !!

Also, it is anticipated to be similar to the last issue of 6.625% interest rate and w/4% asstiance. or at least 3% asstiance. What this means to your buyer's is 100% financing! Also, as always the seller's can pay closing cost so your buyer's could get in WITH NO MONEY INVESTED AT ALL!

They are HOPING to have another issue before the end of the year, but, no one knows for sure.

I have blocked out the entire day next Thursday, 20th to be in your office.

As you can see from the email above, the money will not last more than a couple of days. If you or anyone you know is interested in taking advantage of this oppurtuny please call me at (225)767-1999 or email me at shannon@Judyburkett.com

Rachel, the lender, will be in my office all day next Thursday to meet with my buyers and get them qualified. Please let me know if you would like to set up an appointment.

According to RealtyTrac.com only Syracuse,NY has a lower foreclosure rate nationally then Baton Rouge:

Baton Rouge ranks near bottom for foreclosure activity
Baton Rouge was ranked 99th on a list of foreclosure increases for the nation's 100 largest housing markets. The Capital Region had foreclosure filings against .12% of all homes during the third quarter, according to RealtyTrac.com, only Syracuse, NY, had a lower rate at .10%. Baton Rouge remained low despite a nearly 175% jump in the number of foreclosures from third-quarter 2007. Foreclosures were filed against 373 homes in Baton Rouge during the quarter. Stockton, Calif., had the country's highest foreclosure rate, with 3.7% of homes facing seizure during the third quarter. New Orleans was tied for 76th, with .27% of all homes having a foreclosure filed against them. Nationwide, foreclosure filings were up 71% from third-quarter 2007. Foreclosure rates slowed in September, thanks to new laws in California and North Carolina aimed at reducing the pace at which lenders can move forward with defaults.

Wow!!! At the risk of sounding like a cheerleader; now is truly a great time to buy. The local market is strong, interest rates are great and there is inventory available. If you or anyone you know is in the market please give me a call at (225)767-1999 or drop me an email at shannon@judyburkett.com

The last issue of the year is now available. This is a State Bond Issue which means it can be used in any of the 64 parishes. The bond will allow you to buy a home at a reduced interest rate and will give you 4% of the sales price to use towards your closing cost/down payment. Most of my bond buyers chose the FHA (3% down payment) or the Rural Developement (no down payment) and the 4% assistance covers most of the closing cost and prepaid items. Typically my buyers do not bring any money to the closing table!

Below is a brief breakdown of the criteria for the State bond:

1. FIRST TIME HOMEBUYER RULE IS WAIVED!!! YOU DO NOT HAVE TO BE A FIRST TIME HOMEBUYER!

2. HOME MOST BE LOCATED IN THE STATE OF LOUISIANA

2. INCOME LIMITS: FAMILY OF 2 OR LESS: $67,400 FAMILY OF 3 OR MORE:$78,680

3. MAXIMUM SALE PRICE: $289,704

4. THE COBORROWERS DO NOT HAVE TO BE RELATED, 2 UNMARRIED BUYERS ARE ELIGABLE

5. THERE IS NO ORIGINATION FEE

6. THE INTREST RATES ARE: 6.625% FOR 30 YEARS FOR THE ASSISTANCE PROGRAM, 6% FOR 30 YEARS FOR THE LOW RATE PROGRAM

7. FHA, VA, RD AND CONVENTIONAL LOANS ARE THE LOAN TYPES

If you, your friends or family members are interested in purchasing a home and would like to explore the bond money option please contact me ASAP. You can reach me at (225)296-7723or by email at shannon@Judyburkett.com. Remember; if you call make sure to ask for Shannon Sims.

Also , the Conventional rates are GREAT!!! The Conventional 30 year rate today is 5.875%!!!! Now is the time to buy. If you or anyone you know is in the market to buy or sell please give me a call at (225)296-7723 or email me at shannon@judyburkett.com

FINALLY, the local media is starting to get it! Unlike the majority of the country, the Greater Baton Rouge real estate market is not depressed. It has been an uphill battle to try to get the word out to the public that things are not bad here; in fact they are pretty GOOD!

A small local paper that caters to the Ascension Parish area recently published an article that paints an accurate portrait of the Baton Rouge real estate market. You can read the article in its entirety here. So a great big THANK YOU to the "Gonzales Weekly Citizen" for an accurate and positive story on the Greater Baton Rouge real estate market. Keep up the good work!

When people hear the term rural development loan most think of a piece of property out in the middle of nowhere. Luckily, that is not the truth! Rural development loans are available for ALL of Ascension,Livingston,West and East Felician,West Baton Rouge and SOME of East Baton Rouge parishes.

RD loans are government back loans that have great terms and rates. Below are some of the benefits and guidelines of the program:

• 100% financing-no downpayment required
• Closing cost may be included in the loan up to the appraised value and no limits on seller contributions
• No PMI or MIP
• Gifts are accepted as downpayment
• Higher Income/Debt ratios
• Does NOT have to be a first time home buyer
• Condos are accepted
• Reduced closing cost
• Competitive rates (typically same as an FHA rate)
• There is income limits but they are very reasonable
• There is no maximum loan amount. Amount is determined by borrower's ability to pay

***DUE TO THE HURRICANES, RD HAS INCREASED THE INCOME LIMITS DRAMATICALLY AND MADE THESE LOANS VERY ATTRACTIVE. HOWEVER, THE INCREASES AND OTHER INCENTIVES EXPIRE ON SEPTEMBER 30,2008!! THE LOANS MUST BE CLOSED BY SEPTEMBER 30,2008!!!*****

If you or anyone you know is currently in the market for a home and would like to explore the option of a rural development loan please contact Shanon Sims at (225)296-7723 or shannon@judyburkett.com ASAP!!