Jeff Weir for President

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Ramblin Rose 2008

Celebrating the empowerment of womenLast Sunday, August 24th, the Ramblin’ Rose Sprint Triathlon made it’s debut in Winston-Salem. Over 400 women from around the Triad entered the race. For most of them this was their first triathlon. The Ramblin’ Rose is one of a series of women-only triathlons in North Carolina that are geared to beginners. It is considered a “super sprint” triathlon with much shorter distances than a typical triathlon: only 250 yards of swimming, nine miles of bicycling and two miles of running.

The Ramblin’ Rose Sprint Triathlons, which are designed to celebrate the empowerment of women, bring together women of all ages and athletic ability, in a collective movement to inspire, support and propel each other to do even more than they thought possible. Steve Lackey, the publisher of Endurance Magazine, started the first Ramblin’ Rose in Chapel Hill in 2006.

A percentage of the registration fees from the Ramblin’ Rose Sprint Triathlons go to local Girls On The Run (GOTR) charity programs. Girls On The Run is a life-changing character development program for girls ages 8-12 that uses running to prepare young women for a lifetime of self-respect and healthy living. The goal is to encourage positive emotional, social, mental, spiritual and physical development.

Here is a short video of a special group of women from our neighborhood pool who trained together this summer. Congratulations ladies! We’re proud of your accomplishments.

Family loans: great down payment option

The Federal Housing Administration (FHA) recently altered its guidelines as a result of the Economic and Housing Recovery Act of 2008. One significant change was the elimination of the seller-funded down payment assistance program. Often used by builders through non-profit organizations such as Nehemiah and Ameridream, this program enabled the seller of a property (either an individual or a builder) to “donate” an amount equal to the funds needed by a buyer for a down payment on a home when securing FHA financing.

As of Oct. 1 of this year, the FHA will no longer allow seller assisted down payments. Not only that, but the FHA actually increased the down payment requirement from 3 percent to 3.5 percent—a setback for those who want an FHA loan and are already having problems saving enough money to close on a home.

Fortunately, there is another financing option that can bring these folks a little closer to home: family loans. This feature is unique to FHA. And while it‘s not permissible for buyers to borrow the down payment from individuals when securing any other type of mortgage, FHA’s guidelines allow buyers to borrow from family members. But to obtain a family loan, borrowers must keep some specific requirements in mind:

  • The family member making the loan can be a parent, grandparent, son, daughter, stepson or stepdaughter, or a legally adopted child or foster child.
  • The term of the loan cannot be less than five years.
  • The FHA loan and family loan combined cannot be greater than 100 percent of the value of the home.
  • The scheduled loan payments, if any,must be factored into the buyer’s debt ratios.
  • Funds cannot be directly or indirectly associated with the seller, or anyone in the transaction who has a financial interest in the sale.

Now let’s combine the family loan with another advantage afforded by the Housing and Recovery Act of 2008: the $7,500 tax credit. If Grandpa is a likely candidate to supply a family loan, then he might want to know how he would get paid back. If the buyers are first timers and qualify for the tax credit, then Grandpa could get repaid come tax time.

Remember that lenders will want to verify the source of all funds to close the transaction, so be prepared to provide a copy of the loan agreement that spells out the terms and verifies that Grandpa has sufficient funds available to make the loan.

Sometimes when a window closes, another one opens, So while the recent Housing Recovery Act of 2008 has put the squeeze on the seller-funded down payment assistance program, a family loan can provide another avenue to closing on a home.
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Written by David Reed, Texas-based mortgage banker with more than 20 years experience

and author of Mortgages 101 and Mortgage Confidential.

2nd Qtr Existing Home Sales Off 18% Compared to 2007

The number of existing homes sold in the Triad fell 18 percent in the second quarter, to 2,271, compared with the 2,769 sold the in the same quarter of 2007

According to the Triad Housing Report released Wednesday by the Greensboro Regional Realtors Association, the quality adjusted average price declined 3.8 percent, to $176,704. Inventory, however, nudged up just 0.5 percent, leaving the area with 9,408 homes on the market, which, according to the report, would take about 10.2 months to exhaust.

The average time on the market increased 4 percent from the second quarter of last year.

High Point saw similar existing home sales numbers, which dropped 18.3 percent, to 366, compared with second quarter 2007, according to the High Point Housing report, also released by the Greensboro Regional Realtors Association.

The adjusted average price declined 5.8 percent, to $154,053.

While the average time on the market was up 11.6 percent, to 108.3 days, the inventory dropped 5.3 percent, to 1,416.

In Forsyth County, existing home sales were off almost 19.8 percent, to 713, from second quarter 2007, according to the Forsyth County Housing Report. Adjusted average prices also dropped, by 3.4 percent, to $194,172.

Time on the market decreased slightly, at 1.8 percent, to 102.7 days, while inventory of homes was up almost 4 percent, to 2,905.

(source: The Business Journal of the Greater Triad Area)