Daily Real Estate Deal in Myrtle Beach South Carolina

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1285 Stalvey Ave.,  Myrtle Beach, SOUTH CAROLINA 29577
Price: $69,900
Bedrooms: 3
Bathrooms: 2.00
FORECLOSURE! BANK OWNED! Handy-Man Special! This home has good bones and needs a loving family!  Big Fenced In Back Yard w/Mature Landscaping! Large Back Deck! Located in Establish View Details
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Listing courtesy of Tracy Turner of RE/MAX Ocean Forest
202 N 70th Ave 702,  Myrtle Beach, SOUTH CAROLINA 29572
Price: $58,900
Bedrooms: 1
Bathrooms: 1.00
Great location in St Clements Unit has a great oceanview. Sold AS-IS. View Details
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Listing courtesy of Timothy Gabriel of Gabriel Financial Real Estate
2315 Lodge I 2315,  Myrtle Beach, SOUTH CAROLINA 29572
Price: $67,000
Bathrooms: 1.00
Be a part of one of Myrtle Beach’s premier oceanfront communities.  Ocean Creek has 57 acres of beautiful grounds on the ocean across from Barefoot Landing.  Close to shopping, res View Details
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Listing courtesy of Jan Rusenko of Leonard Call- Ocean Creek
100 Fountain Pointe Lane 201,  Myrtle Beach, SOUTH CAROLINA 29579
Price: $57,900
Bedrooms: 3
Bathrooms: 2.00
Lovely end unit on second floor with lake view.  Close to major highways, golf courses. beach and shopping.  Located in desirable Ocean Bays school district View Details
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Listing courtesy of Barbara Worrell of Carolina Shores Real Estate
100 Fountain Point Lane 201,  Myrtle Beach, SOUTH CAROLINA 29579
Price: $57,900
Bedrooms: 3
Bathrooms: 2.00
This unit is close to golf courses, entertainment and the beach.  Relaxing lake view.  In desirable Ocean Bays schools View Details
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Listing courtesy of Barbara Worrell of Carolina Shores Real Estate

©2011 Coastal Carolinas Association of REALTORS® MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Real estate listings held by brokerage firms other than Watermark Real Estate Group are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

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FHA Mortgage Insurance Premiums UPDATE

 

The new FHA MORTGAGE INSURANCE PREMIUMS go into effect for CASE NUMBERS
assigned on or after 10/4/10

NOW is the time to contact your potential FHA buyers & clients (especially
those possible FHA streamline refinances) and get word out. If they want a
choice of options, they need to get a purchase contract and/or a loan
application in NOW. The new MIP has merits in that it will be a lesser loan
amount financed and therefore less loan to pay off when people sell their
house. However, it causes a HIGHER PITI payment that may not be appealing
to people.

Current upfront mortgage insurance premium – 2.25 bps ~ On or after
10/4/2010 – 1.00 bps ~ LOWER!

Current monthly MIP – .55 bps ~ On or after 10/4/10 – .90 on LTV’s > 95%
~ HIGHER!

Take a look at the attached analysis here: FHA_Premium_Changes_Analysis[1] to see the significant difference this
change will make on a $150,000 purchase price. You will notice the lower
UMIP will mean an $1800 lower loan amount. But, the much higher monthly MIP
would increase the monthly payment $32! This is going to have an impact on
borrowers and their financing options. Call or email me with questions! We
are closing FHA loans in 30 days!

Courtesy of Kathy Lamb Union Saving Bank

Changes to HUD homes for buyers-

HUD BUYER AND BROKER INCENTIVES DISCONTINUED
  Effective February 12,2010, any properties listed and/or sold with FHA financing as of this date are no longer eligible for the $100 down payment incentive.

The Sales Allowance of $2500 for owner occupant purchasers will also be discontinued as of February 12, 2010 for all new contracts accepted on or after this date.

The $500 broker bonus for owner occupant purchasers who took advantage of the $2500 sales allowance is also discontinued as of February 12, 2010. 

Market Update- Unenployment Rate by County MAP

Unemployment Rates
Area Dec’09 Nov’09 Dec’08
Ohio 10.9% 10.6% 7.4%
Ohio not seasonally adjusted 10.7% 10.2% 7.7%
U.S. 10.0% 10.0% 7.4%
U.S. not seasonally adjusted 9.7% 9.4% 7.1%

UnemploymentMap by county Dec 09

Market Update: OHFA Rates Lower today

Just letting you know that Ohio Housing (OHFA Bond money) lowered their
rate to 5.00% this week.  And they still offer a 3% second mortgage for a buyer’s downpayment.

Who is OHFA

OHFA's MissionThe Ohio Housing Finance Agency (OHFA) makes affordable housing opportunities available to low- to moderate-income Ohioans, including first-time homebuyers, renters, senior citizens, and other populations with special needs. Formerly a division of the Ohio Department of Development, OHFA became an independent state agency on July 1, 2005 through Amended Substitute House Bill (HB) 431. Our independent status allows us to institute cost-saving measures and achieve efficiencies to better serve Ohio’s long-term affordable housing needs

 

For more about OHFA click here

http://www.ohiohome.org/programs.aspx

Market Update-Lenders changing HUDs rehab guidelines

 

In an effort to help move foreclosed properties more quickly HUD announced on Friday the removal of 90 day waiting period to repurchase homes utilizing FHA financing!
 
This information just came out yesterday and more details to follow…however the following is a quick review;
 
–  Effective February 1st, 2010
–  All transactions must be arms-length in nature
–  Seller must hold title to the property
–  No previous flipping of the property during the last 12 months
–  Property was marketed openly and fairly
 
Key issue will be when property has increased 20% or more since title transferred;
 
–  Supporting documentation will need to verify sufficient legitimate renovation or appraiser needs to justify and explain increase in value
–  Property inspection will be required by lender
 
Again, this just was announced…please see attached from HUD and as I have more details will forward to everyone.

Published in: on January 19, 2010 at 07:00  Leave a Comment  
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