Heads up, more tightening of the market per Mortgage Insurance companies

"The maximum allowable debt to income (DTI) ratio on all conventional loan products is being reduced to the lesser of 45% or the maximum permitted per the product. This maximum DTI ratio will be in effect regardless of what the AUS findings, including DU, LP or CDU, may allow.  CDU will be updated on 12/1/08 with the new DTI requirement and will issue a finding of “Needs Further Review” for all loans with a DTI > 45%.  All manually underwritten loans and loans approved by an AUS prior to 12/1/08 will require a review of the final DTI to ensure that it does not exceed 45%.

The maximum DTI of 45% will apply to all loan to values, however loans requiring mortgage insurance (MI) must be underwritten to the more restrictive guidelines of the MI Company’s policy.  It is critical to obtain MI coverage as early in the process as possible. Waiving MI, or the inability to obtain MI is an unacceptable exception."

In English:
If your borrower doesnt have a 20% downpayment and needs PMI and their debt to income ratio is over 45%, then, there may be trouble.

Moving with Kids

Click on title to hear Part 1 of my podcast on Moving with your Kids.

Getting Started in Real Estate

Thinking of getting into the real estate business? Listen to this podcast by clicking on the title.

Help Needed

I've gotten so busy lately that I need a buyers agent to help me handle all the business that comes my way. If you or someone you know has experience in real estate and is looking to make a change, please call me at 919-616-0219.
I've gotten involved with alot of investors and have quite a few listings. These listings generate alot of buyers. Unfortunately I can't handle everything to the level that I want so my goal is to find another competent agent to work with.
I am also looking for a Team Leader who can help with training as well. Looking forward to hearing from you. Kim

10 Most Expensive States for Closing Costs

A slowing housing market isn't stopping closing costs from rising, according to a study by Bankrate.com. The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14% increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650.
Here are the top 10 most expensive states to pay closing costs.
1. New York: $4,016
2. Texas: $3,975
3. Florida: $3,683
4. Oklahoma: $3,558
5. New Mexico: $3,465
6. New Jersey: $3,432
7. Pennsylvania: $3,411
8. Alaska: $3,409
9. Colorado: $3,358
10. California: $3,321
Source: Bankrate.com 8-7-08

Duke Ranks 8th on best hospital list

Click on this link to read full article
http://www.bizjournals.com/triangle/stories/2008/07/07/daily42.html?f=et85&ana=du_B

Waverly Point Yard Sale

Its time again for the annual Waverly Point Yard Sale. Mark your calendar for April 5th 2008. Julie isn't available to help this time. She provided those nice maps telling shoppers who was participating and what they had to sell. I've set up a website to handle this instead. Go to www.WaverlyPointYardSale.com. Email me if you want to participate and what you want to sell. I'll post on the site and spread the word.