Jake Lee

Homes for Sale in Willbrook Plantation in Pawleys Island, SC - Market Update with solds from last 6 months!

Jake Lee — Thu, 11 Mar 2010 15:23:00 GMT

Willbrook Plantation is a historic rice plantation located along the Waccamaw River in the Litchfield Beach area of Pawleys Island, SC and is one of the more prestigous neighborhoods in Litchfield. Homes in Willbrook Plantation average in price between $500,000 - $600,000 although from time to time you will find a gem in this neighborhood in the 400's.

Just a few of the benefits to home ownership at Willbrook Plantation

Willbrook Plantation offers a renowned 18 hole course designed by, noted architect, Dan Maples. The Willbrook Plantation course has been rated 4.5 star and named #25 in the US by Golf for Women.
Private beach access and use of all of the pools and other amenities at Litchfield by the Sea.
2 Mile long nature trail with sidewalk built from Willbrook Plantation to Litchfield by the Sea. Great for walking, biking, or a golf cart ride to the beach!
Gated security

Visit www.WillbrookPlantation.info to view a list of home currently for sale in Willbrook Plantation and see the homes that have sold in the last 6 months for comp purposes. There are currently 21 homes for sale in Willbrook, 2 Pending Sales, and 4 Homes that have SOLD. Prices for Homes that are currently for sale range from $387,000 - $799,000. Land in Willbrook Plantation for sale as low as $220,000

The most recent sales in Willbrook Plantation were :

88 Summer Duck Lane PENDING (listed at $550,000) - 3bed/2ba featuring 2600sqft of living space on .77 acre lot
LOT 47 Chapman Loop - PENDING (listed at $145,000) - Over a Half Acre on the Golf Course
55 Hamby Drive - SOLD for $320,000 - 3bed/2ba featuring 2500 sqft of living space on a 70X120 Lot (patio style home)
1025 Oatland Lake Road - SOLD for $625,000 - 4bed/2.5ba featuring 2900 sqft of living space on the golf course on a 1/2 acre lot
15 Hamby Drive - SOLD for $360,000 - 3bed/2ba featuring 2550 sqft of living space on a 75X134 lot (patio stle home)
332 TIDEWATER CIRCLE - SOLD for $553,000 - 4bed/3ba featuring 2600 sqft of living space on the golf course on a 125x175 lot

Willbrook Plantation not what you're looking for? Visit www.SCRealEstatePartners.com to view more homes for sale across the Grand Strand and Low Country areas including Myrtle Beach, Pawleys Island, Georgetown, Murrells Inlet, Conway, North Myrtle Beach, Surfside Beach, Garden City, and MORE! On our website you will find a free foreclosure list, info about other great areas, search the MLS, browse our listings, make an offer ONLINE, get local news in Myrtle Beach, Pawleys Island, and Georgetown, and MORE!

Thanks,

Jake Lee, Realtor, CREN   & Ann McKinnon, Realtor, ABR, CREC
         843-240-0431                        843-907-6899
               www.SCRealEstatePartners.com

Belle Isle Villas Townhomes and Condos For Sale and Recently Sold - Belle Isle is located in Georgetown, SC and is aka Yacht Club at Belle Isle and Marina Village

Jake Lee — Wed, 10 Mar 2010 21:54:00 GMT

Belle Isle Yacht Club and Villas is one of the more desired areas in Georgetown County offering one of a kind amenities and affordable prices! The Belle Isle Yacht Club was established some 30 odd years ago situated within natures beauty and along the winyah bay. As you enter the security gate at The Bellle Isle Yacht club, in the Historic Seaport of Georgetown, you will notice the breathtaking centuries old live oaks drapped with spanish moss and features you will not find in many other neighborhoods on the east coast. Within the gates of Belle Isle you will also find historic land marks such as Battery White ( a confederate war site ca 1861 ). Belle Isle houses it's own Marina complete with Store, Wet Slips for your boat, boat storage, and restaurant. The marina is about 6 nautical miles from the ocean catering to offshore fisherman.

Amenities in Belle Isle include - Large Oceanfront Beach House in Pawleys Island, Tennis Courts, Gated Security, 2 swimming pools, Marina, and 2 clubhouse facilities.

Real Estate in Belle Isle Yacht Club and Villas

There was only one sale in the last six months in The Belle Isle Yacht Club which was a 3 bedroom 2 bath Townhouse at 73 Finch Drive featuring 1700 square feet of living space an endless views of the Winyah Bay while being situated on Belle Isle's Lake Johnston.

There are currently 20 condos and townhomes on the market for sale in Belle Isle ranging in price from $165,000 up to $675,000 for a brand new, bay front, 3bedroom 3 bath in the new Marina Village Section. Please visit www.BelleIsleVillas.com for a complete list of all condos and townhomes for sale in Belle Isle including the most recent sold listing.

Belle Isle not what you're looking for? Please visit www.SCRealEstatePartners.com for the latest and greatest listings in all of Myrtle Beach, Surfside Beach, Garden City, Murrells Inlet, Pawleys Island, Georgetown, and MORE. At www.SCRealEstatePartners.com you will also find a free list of foreclosures and short sales, search the MLS, make an offer ONLINE, search our listings, view video tours of all of our towns here in the Grand Strand and Low Country, and MORE.

Thanks,

Jake Lee ,
Your Local Myrtle Beach area Realtor - 843-240-0431

Price Reduced on 1966 Tree Circle in Ashley Meadows

Jake Lee — Mon, 08 Mar 2010 21:46:00 GMT

Ashley Meadows, Surfside Beach - Announcing a price reduction on 1966 Tree Circle, a 1,900 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $214,900 USD - CONCRETE & STEEL.

Property information

Just Listed by Jake Lee - One of a kind home for sale in Conway on an acre of land w/ no HOA - Only $149,000

Jake Lee — Mon, 08 Mar 2010 21:32:00 GMT

On 1 acre of land with NO HOA

• 900 sq. ft., 2 bath, 2 bdrm single story - MLS® $149,000 USD - Adorable "Chalet" style

South Conway, Conway - Adorable "Chalet" in the heart of it all with HUGE (1 acre) yard AND no HOA fee. This cute custom home has a gorgeous stone fireplace, granite counters, wood windows throughout,hickory cabinets,tile, and is only minutes from Conway, Coastal Carolina University, Hospital and Beach. Backs to private wooded area with plenty of space to add on later! 10 X 20 storage with two added carports/boat storage. Quaint oak lined street just off 501/544.

You can bookmark http://1047HoltRoad.ConwaySCHomesForSale.com to view this home directly in the future.

Property information

Drastic Price Reduction on this outstanding Marshfront home w/floating dock in Murrells Inlet - $799,900 - MAKE AN OFFER

Jake Lee — Thu, 04 Mar 2010 15:06:00 GMT

Jordan Landing, Murrells Inlet - Announcing a price reduction on 3632 Jordan Landing Road, a 1,900 sq. ft., 2 bath, 3 bdrm 2 story "Raised Beach Style". Now MLS® $799,900 USD - With Floating Dock !.

Property information

UPDATED LIST - Approved List of Condos in Myrtle Beach, SC that are available for FHA financing

Jake Lee — Wed, 24 Feb 2010 16:37:00 GMT

This is an updated list of APPROVED condos in the Myrtle Beach area that FHA and Fannie Mae have agreed to lend money on. Over the last several months (year) financing on condos has gotten very strict. Financing on CONDOs has gotten SO strict to the point that FHA will only loan money on condos that they deem to be a low risk to lend money on. If you aren't familiar with FHA loans I will give you a short explanation.

FHA allows buyers to put down only 3.5% of the purchase price (3,500 for a $100,000 purchase) on their new home as opposed to conventional loans which require a 5% down payment. FHA loans are very popular among first time home buyers because of the low down paymnet option (which in some casescan be lower than a security deposit if you're renting). FHA makes it possible for buyers to own a home for cheaper than they would be paying for rent. Many folks are under the impression that FHA is only for first time home buyers. That statement is not true. ANYONE CAN FINANCE THROUGH FHA AS LONG as they are purchasing their new home as a primary residence and not a second home or investment property.

FIRST TIME HOME BUYERS - The $8,000 tax credit can be yours if you indentify a property that you would like to buy before the end of April 2010. Uncle Sam is basically paying you to OWN a piece of the American Dream. With the $8,000 credit it is truly cheaper to own as opposed to renting. If you are interested, be sure to call the area's first time home buyer experts JAKE LEE 843-240-0431 and/or ANN MCKINNON 843-907-6899. Visit them on the web to browse listings www.SCRealEstatePartners.com or even make an offer online.

EVEN IF THIS IS NOT YOUR FIRST HOME OR CONDO YOU STILL QUALIFY FOR THE TAX CREDIT AS LONG AS YOU HAVEN'T OWNED A HOME OR CONDO IN THE LAST 3 YEARS. If you own a home currently and are purchasing a second home - If you have owned a home for 5 consecutive years you qualify for a $6,500 tax credit.

If you have any questions about these condos, would like a list of what's available for sale, or would like to purchase a property in the Myrtle Beach area call Jake Lee at 843-240-0431

Below is a list I have comprised for you of condo neighborhoods that are available for FHA financing. You can not get a loan on the condo if it isn't on this list. In Some neighborhoods not all of the buildings are approved. I have stipulated which buildings meet the requirements.

BAY MEADOWS CONDOMINIUMS MYRTLE BEACH, SC 29577

COURTYARD HOMES AT CASCADE MYRTLE BEACH, SC 29577 ***CONDOMINIUM BLDG 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18, 19,20,21,22&23

EGRET RUN PAWLEYS ISLAND, SC 29585 LOCATION: EGRET RUN LANE, PAWLEYS ISLAND (GEORGETOWN COUNTY)

GARDEN CREEK CONDOMINIUM MYRTLE BEACH, SC 29588 BLDGS APPROVED: 1-4,5,6,7,8,9,10,11,12 13-15

HAWTHORNE CONDOMINIUMS MYRTLE BEACH, SC 29579 ALL UNITS IN PHASES 1-4 ARE APPROVED.

HEATHERSTONE II MYRTLE BEACH, SC 29579 PHASE 1,BLDG 63;PHASE 2,BLDG 64;PHASE 3,BLDG 65;PHASE 4,BLDG 66; DEEDBOOK 3230,PAGE 2883.

SEA GARDENS CONDOMINIUM NORTH MYRTLE BEAC, SC 29582 CONDITIONS & COMMENTS: PROPERTY LOCATED AT THIRD AVENUE SOUTH; NO T APPROVED FOR TIMESHARE OR TRANSIT; MASTER FLOD INSURANCE POLICY REQUIRED FOR PROJECT

SHOREWOOD CONDOMINIUMS MYRTLE BEACH, SC 00000

VILLAS ON THE GREEN MYRTLE BEACH, SC 29575 RECERTIFIED 3/27/2011, LENDER TO ENSURE PROJECT MEETS 51% OWNER OC CUPANCY REQUIREMENT, CERTIFICATION MUST BE IN CASE BINDER.

WELLINGTON AT PALMETTO POINTE MYRTLE BEACH, SC 29588 PHASES 1-25 ONLY: 10-YR WARRANTY, C.O., OWNER OCCUPANCY AND FINAL INSPECTION REQUIRED IN EACH CASE BINDER SUBMITTED FOR MTG INSURANC E

WINDSOR GREEN CONDONINIUM MYRTLE BEACH, SC 29579 BLDGS 4904, 4913, 4919, 4920, 4923, 4924, 4925, 4929 & 4990 51% OWNER OCCUPANCY MUST BE IN EACH CASE BINDER.

WYNBROOKE CONDOMINIUM MYRTLE BEACH, SC 29577 PHASE IIA, IIB, IID, IIE THRU IIO

For updates on what condos are approved call Jake Lee at 843-240-0431

Condo Neighborhoods in the Myrtle Beach area that have been approved for financing - MOST RECENT APPROVED LIST

Jake Lee — Wed, 24 Feb 2010 16:37:00 GMT

If you have any questions about these condos, would like a list of what's available for sale, or would like to purchase a property in the Myrtle Beach area call Jake Lee at 843-240-0431

For updates on what condos are approved call Jake Lee at 843-240-0431

Just Sold by Jake Lee ~ 675 Club Circle in River Club of Litchfield Beach, SC ~ Sold for $288,000

Jake Lee — Sat, 13 Feb 2010 19:07:00 GMT

River Club, Pawleys Island - The single story at 675 Club Circle in the River Club of Litchfield, SC has been sold.

Property information

Another exceptional property sold by the area's real estate expert, Jake Lee. If you're looking to buy or sell property in the Litchfield or Pawleys Island area be sure to give us a call! 843-240-0431 and you can visit us on the web 24 hours a day at www.SCRealEstatePartners.com where you will find a free list of foreclosures in Pawleys Island and Litchfield, Short Sale list, Search MLS listings, and much more!!

Steal this NEWer 3br townhouse on the Lake with a Garage in Saint Johns Bay of Murrells Inlet for less than 140k with 1800sqft under roof! It's a foreclosure and won't last long!

Jake Lee — Wed, 10 Feb 2010 16:32:00 GMT

This is a FANTASTIC listing that I came across this morning (just put up for sale today!) that you may be interested in. Located in the prince creek section of Murrells Inlet, SC in Saint Johns Bay is this fabulous steal on a 3br/2ba town house on the lake with a private garage for only $139,900! Deals like this don't last long and don't come around often. The address is 683 Misty Hammock Drive. Click here for pictures and more info

Call me immediately if you are interested because this foreclosure in murrells inlet will NOT last long.

Call me at 843-240-0431 if you're interested.

Thanks,

Jake Lee

www.SCRealEstatePartners.com <----- go to this website to see more foreclosures in the area !!

Just Listed - Raised Beach Style Home on the Creek with Private Dock and direct ocean access!! In Murrells Inlet, SC - MAKE AN OFFER

Jake Lee — Sun, 07 Feb 2010 14:38:00 GMT

Exceptional Views!!

• 1,900 sq. ft., 2 bath, 3 bdrm 2 story "Raised Beach Style" - MLS® $849,000 USD - On the Inlet w Fltng dock

Jordan Landing, Murrells Inlet - Beautiful home located in the heart of the historic fishing village of Murrells Inlet on the water with incredible views. This raised beach has views you just dream of. Carolina room overlooks the inlet and you can sit on your screen porch and enjoy the view as well as the wonderful ocean breezes. This home features hardwood and tiled floors throughout. You can fish from your own private dock or anchor your boat. Lots of parking and a large workshop or storage underneath. New roof in 2007

Room Sizes:

Great-Family Room: 12x25 Dining Room: 12x16 Kitchen: 12x16
Master Bedroom10x15 Other Bedrooms 1: 10x15 Other Bedrooms 2: 10x15

Property information

Another one of a kind property exclusively listed by the area's Real Estate Experts, Jake Lee and Ann McKinnon. If you are in the market to sell your home or investment property be sure to give Ann 843-907-6899 or Jake 843-240-0431 a call !! You can also visit them on the web to see some of their state-of-the-art marketing techniques or just browse your favorite listings! www.SCRealEstatePartners.com

Price Reduced on 2817 belk road in Homewood

Jake Lee — Sat, 30 Jan 2010 16:22:00 GMT

Homewood, Conway - Announcing a price reduction on 2817 belk road, a 1,300 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $79,900 USD - Country Living!! No HOA.

Property information

A price that can not be beat on this secluded country property complete with work shed in Conway, SC. Bring us an offer!

for other properties and exclusive buyer representation at no cost to you, call Jake Lee 843-240-0431 ! If you are interested in having your property SOLD call Ann McKinnon 843-907-6899

Visit www.SCRealEstatePartners.com to browse more homes for sale in Conway, SC or surrounding areas including Myrtle Beach, Pawleys Island, and MORE!!

Drastic Price Reduction!! 267 Pinckney Road in EXCLUSIVE Debordieu Colony ~ $599,900

Jake Lee — Sat, 30 Jan 2010 16:10:00 GMT

Debordieu Colony, Georgetown - Announcing a price reduction on 267 Pinckney Road, a 4,500 sq. ft., 4 bath, 5 bdrm 3 story "2 storys of living space". Now MLS® $599,900 USD - Debordieu Colony -REDUCED.

Property information

WOW, IS THE ONLY WORD THAT COMES TO MIND WHEN YOU SEE A PRICE TAGE ON A HOUSE OF THIS NATURE AND SIZE IN DEBORDIEU COLONY! Make us an offer, this home is a must see and a must sell!!

Call Jake Lee at 843-240-0431 and visit our website www.SCRealEstatePartners.com to see the latest and greatest mls listings, foreclosures, short sales, and more!!

Also you can view www.Debordeiu.com for a list of what's for sale in this exclusive community and what has sold in the last 6 months!!

Thanks for taking the time to look!

Jake Lee

Condo Projects in Myrtle Beach, SC and North Myrtle Beach that are approved for financing!!

Jake Lee — Fri, 29 Jan 2010 15:33:00 GMT

Below is a list of APPROVED condominium projects that Wells Fargo Home Mortgage has recently been able to have reclassified. Lenders are now doing conventional financing up to 90% on second homes, in the following;

Shoreham Towers II

The Beach Club II

Cumberland Terrace

Gloucester Pointe

Richmond Park

St. James Park

Westhyde Park

Windemere by the Sea

Harbour Cove

Heron Bay

Malibu Pointe

Emerald Cove II

Water Pointe II

Windy Hill Dunes

Canterbury Court

Cypress Bend

Savannah Shores

North Beach Plantation

If there is a specific property you would like to know about, and don’t see on the list, please let me know and I verify with my preferred lender.

If you are interested in buying or selling a condo in Myrtle Beach, SC or surrounding areas, please give me a call at 843-240-0431 or visit me on the web at www.SCRealEstatePartners.com where you can find a free foreclosure list, short sale list, info and videos about the different towns around Myrtle Beach, SC like Pawleys Island, Murrells Inlet, and Surfside Beach!! You will also find mortgage tools that will help you see what you can afford, Submit an offer on your favorite property online, search the mls, and MUCH MUCH MORE!

Thanks!

Jake Lee

Local Realtor for Myrtle Beach and surrounding towns.

TOP STORIES - Economic Commentary: Features Short Sales, Economic News, Green Homes, TAX CREDITS, and MORE

Jake Lee — Wed, 20 Jan 2010 22:36:00 GMT

Economic Commentary

Despite warnings from everywhere that the recovery would be full of "stops and starts," the employment report from November and preliminary positive Holiday sales reports had the markets getting ahead of themselves before the December jobs report was released. We are not only talking about the stock market. Bonds had fallen significantly in December, the dollar was rallying and oil prices were marching upward.

Economic Commentary

These are all indicative of a strong recovery and many were expecting a positive employment report for December. Well, 85,000 jobs lost in December shows that we are not out of the woods yet. The Federal Reserve Board and most economists keep saying that, while things are looking better, the world will not turn rosy for some time. The case of oil prices is one exception. We have had frigid temperatures in many parts of the nation since late December and this has given energy prices a substantive reason for increases on the upside. Not only is this a temporary factor, but higher energy prices such as $3.00 per gallon at a pump can actually slow the economy down as consumers curb spending on other purchases. It is expected that increased energy consumption by buildings will actually give a boost to economic growth in the short run, but once again that is temporary. Expect the sobering but not surprising employment report to spur more stimulus activity such as the "cash for cau! lkers" program as well as more support from the Fed with regard to keeping long-term rates down through purchases on Treasuries and mortgage-backed-securities on the open market. At least until the jobs picture turns positive permanently.

U.S. Households Increase Even In Recession

Of the more than 113 million occupied homes covered in the US Census Bureaus 2008 American Community Survey, 15.6% have more than $2,000 in monthly housing costs. The survey provides a statistical snapshot of the characteristics of the US population in 2008, including the finances of housing consumers. The data collected by Census Bureau officials determines where more than $400 billion goes to state and local governments each year. The Census surveyed roughly 250,000 addresses for the foundation of the data. The total number of family households increased from 2007 by approximately 72,000 units, according to the survey. California homeowners had the highest monthly median housing costs in the country at $2,384. New Jersey narrowly trailed with $2,360. Hawaii, with $2,265, and the District of Columbia, at $2,218, followed. California led all states with 53.3% of the states home owners spending 30% of their households monthly income on housing costs. Hawaii came in second ! with 49.3% and Florida was third with 49.1%. Minnesota led the nation with 74.7% of its occupied housing units that are owner-occupied. Michigan and West Virginia rounded out the top three with 74% and 73.7%, respectively. At the bottom was the District of Columbia with 43.4%, New York with 53.3% and California with 57%. Source: HousingWire

Short Sales Becoming Easier

While obstacles to short sales remain, real estate practitioners say the process is becoming more efficient. Rather than waiting six months or more to push through a deal, agents say banks are more willing to negotiate prices up front. "My gut feeling is that short sales seem to be the preferred avenue for distressed property now," says Cindi Hagley of San Ramon, Calif.-based Windermere Welcome Home. "Its cheaper for [banks] to do a short sale than go all the way to foreclosure." The short-sale process has become more manageable now that banks are willing to pre-approve prices, reach out to underwater borrowers who have listed their homes for sale, implement Web-based systems that manage the short sale process, and add staff dedicated to short sales. Additionally, the U.S. Treasury is set to implement a streamlined short sales framework and offer incentive payments of $1,500 to home owners and $1,000 to both loan servicers and second-lien holders. Borrowers also prefer shor! t sales because Fannie Mae requires them to wait only two years to own another home or even less than that if they were not delinquent. By contrast, those who lost their homes to foreclosure have to wait five years. Source: San Francisco Chronicle

Green Homes Advance During Tough Times

Despite this being a tough year for home builders, more than 75,000 new homes were designated Energy Star green properties in 2009. These energy efficient properties accounted for nearly 17 percent of all new single-family homes, up from 12 percent in 2007. "Consumer acceptance has been outstanding," says Walter Cuculic of Pulte Homes, which has built 120,000 Energy Star homes. Owners of existing homes also are spending money on things that make their homes more energy efficient. A survey by USA Today showed that 68 percent of those surveyed spent money this year on energy renovations 68 percent to save money and 26 percent to save the environment. Source: USA Today

More growth and expansion next year, experts say

Home remodeling business is picking up all over the country. Contractors began noticing the trend at the end of what was a long, slow summer. The reason for the upturn is that home owners, unable to sell properties, are deciding to stay and fix up the deficiencies. An added incentive is the $1,500 federal tax credit for energy-related improvements. The National Association of Home Builders Remodeling Market Index, a measure of contractor confidence, rose slightly last month and its futures index also increased, indicating contractors are more confident that business is improving. Kermit Baker, chief economist for the American Institute of Architects and Senior Research Fellow at Harvard Universitys Joint Center for Housing Studies, agrees that the remodeling industry hit bottom during the summer, but he doesnt expect substantial improvement until Spring 2010. Source: CNN/Money.com

New and Existing Home Inventory Down

The inventory of completed but unsold new houses fell to 239,000 at the end of October, according to the National Association of Home Builders. Thats the fewest since May 1971, when the inventory stood at 236,000. The months supply that is, the amount of time it would take to sell the current inventory at Octobers sales rate fell to 6.7 months, which the NAHB says is "respectable." The historic high was set in January, when the supply topped out at 12.4 months. Meanwhile, the inventory of unsold existing houses fell in October to 3 million, and the months supply dipped to 6.8 months. The supply of resale houses hit its cyclical peak in June 2008, when it reached 11 months. Source: National Mortgage News With regard to existing homes, the number of homes for sale declined 2.4 percent in November in the metropolitan areas covered by ZipRealty Inc. In the last 25 years, the decline in November has averaged 1.8 percent. The data doesnt include New York, but Miller Samue! l Inc., an appraisal firm, reports that inventory was down 7.1 percent from the end of October and down 18 percent compared to November 2008. October was the first month since January to show a rise in bank-owned homes. The number of bank-owned properties declined over the summer because of efforts to prevent foreclosures. As time runs out for many families, the number of foreclosures is increasing. As of the end of October, banks and home-loan investors had 639,000 foreclosed homes for sale across the U.S., Barclays Capital estimates. Source: National Mortgage News and The Wall Street Journal

Cash For Caulkers Proposed

President Obama proposed a program that would reimburse home owners for installing energy-efficient appliances, windows, and insulation. Under what has been dubbed Cash for Caulking, home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions. Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with lots of cash. Source: CNNMoney.com

IRS Clarified Homebuyer Tax Credit Eligibility

The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property. When a home-owning parent of an adult child co-signs for a home loan and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount. The IRS says the parent doesnt qualify for any portion of the credit, but if the child hasnt owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit. When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer. Source: Washington Post Writers Group

If you are interested in buying or selling real estate in the near future in the Myrtle Beach area of South Carolina or surrounding coastal towns, please visit us online at www.SCRealEstatePartners.com for a free foreclosure list, free short sale list, search the MLS, make an offer online, and much much more! You can also contact Jake Lee 843-240-0431 or his business partner Ann McKinnon 843-907-6899 to get started today!!

Remember, as a buyer our representation is at no cost to you!

CHANGES in FHA Financing !! Changes on the way - You need to read this if you are planning on purchasing in the near future through FHA Financing !!

Jake Lee — Wed, 20 Jan 2010 18:45:00 GMT

FHA Changes – They are a comin’

After much discussion and speculation, HUD has officially announced some significant changes to the FHA program this morning in an effort to address credit risk concerns and shore up FHA’s loan loss reserves.

A summary of proposed FHA policy changes and timelines for implementation are:

· Increasing Mortgage Insurance Premiums

The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.

Update the combination of FICO scores and down payments for new borrowers.
- New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. (our investor overlays of a minimum 620 score already apply)
- This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
- This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Increase enforcement on FHA lenders
- Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
- Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
  - Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
  - This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
- Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
  - Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

If you have any questions please contact Myrtle Beach, SC's Top Real Estate Team

Jake Lee 843-240-0431 or Ann McKinnon 843-902-6899 for more details! You can also visit them on the web at www.SCRealEstatePartners.com where you can find a free foreclosure list for Myrtle Beach Real Estate, Pawleys Island Homes for Sale, Surfside Beach Short Sales, AND MORE!!

When you're sick, you choose the BEST doctor? When you need legal assistance, you choose the best attorney? When you need to buy or sell Real Estate in South Carolina, choose the best Realtor around.. Jake Lee!