The Clear Facts on FHA

What is FHA?

A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.

Customer Benefits:

  • 3.5% down payment; can use non-profit down payment assistance programs or gift funds- I am a CHFA lender and use them often for buyers who are in need of down payment assistance with FHA financing.
  • No income restrictions
  • Non-traditional credit profile
  • No pre-payment penalty
  • 600 minimum score requirement

Funding Fee:

  • Up front mortgage insurance premium (UFMIP): 1.75
    • Annual MI: .55% for 30 yr

Loan Limits:

  • $406,250 for Denver- Aurora area (this is the temporary loan limit)
  • For other areas refer to HUD website or ask me: www.hud.gov

Eligible Transactions:

  • Purchase
  • Full refinance (rate/term, cash out) or FHA streamline refinance

Eligible Borrowers:

  • U.S. Citizens, Permanent Resident Aliens, and Non-permanent resident aliens
  • Non-Occupant Co-Borrowers allowed

Eligible Products:

  • 15, 20-30-year fixed rate terms, 3/1, 5/1 ARMs

Property:

  • 1-4 unit, FHA approved condos, PUDs allowed (do not need to be FHA approved), Manufactured homes (meeting FHA’s property requirements)

Credit:

  • Collections- case by case, buy may not be required to pay
  • Tax liens- must be paid unless on payment plan
  • Bankruptcy
    • Chapter 7: minimum 2 years from discharge- with exceptions
    • Chapter 13: payments made for 1 yr. & court approval for purchase
    • Foreclosure: 3 years

Wendy Richards
Keller Williams Realty
704.604.6115
http://www.NCCharlotteHomes.com

Market Statistics for Waxhaw NC in Union County (Metro Charlotte NC)

* Based on homes sold and closed.

Number
Homes Sold

Average # of
Bedrooms

Average # of
Baths

Average
Square
Feet
(SF
)
Average
List
Price
(LP)

Average
LP/SF
Average
Selling Price
(SP)

Average
SP/SF
Average
SP/LP
Average
Days
on
Market
2011
2010
(as of June 30th)
302 4 3 3,662 $402,188 $105.91 $376,525 $99.94 95% 127
2009 557 4 3 3,556 $405,254 $107.82 $381,862 $102.19 95% 117
2008 591 4 3 3,315 $411,796 $117.13 $394,746 $112.88 96% 108
2007 882 4 3 3,194 $421,534 $125.42 $413,555 $122.90 98% 94

Source: Carolina Multiple Listing Services, Inc. (CMLS). Information is deemed reliable but not guaranteed.

Visit the following web pages for more on Waxhaw NC and Charlotte NC Homes:

Waxhaw NC Real Estate

NC Charlotte Home Page

Call me for your Charlotte Real Estate needs:

Wendy Richards
Keller Williams Realty
Charlotte NC
704.604.6115
wendy@NCCharlotteHomes.com

Market Statistics for Skyecroft in Waxhaw NC (Metro Charlotte NC)

* Based on homes sold and closed.

Number
Homes Sold

Average # of
Bedrooms

Average # of
Baths

Average
Square
Feet
(SF
)
Average
List
Price
(LP)

Average
LP/SF
Average
Selling Price
(SP)

Average
SP/SF
Average
SP/LP
Average
Days
on
Market
2011
2010
(as of June 30th)
3 4 5 5,471 $772,666 $142.76 $701,116 $129.72 91% 150
2009 6 4 6 5,969 $1,051,950 $172.85 $969,416 $158.28 92% 146
2008 7 4 5 6,100 $1,325,053 $218.87 $1,240,239 $204.38 93% 128
2007 15 5 4 5,304 $1,215,637 $203.91 $1,205,824 $229.37 99% 301

Source:  Carolina Multiple Listing Services, Inc. (CMLS).  Information is deemed reliable but not guaranteed.

Visit the following web pages for more on Skyecroft in Waxhaw NC and Charlotte NC Homes:

Skyecroft in Waxhax NC Neighborhood Page

NC Charlotte Home Page

Call me for your Charlotte Real Estate needs:

Wendy Richards
Keller Williams Realty
Charlotte NC
704.604.6115
wendy@NCCharlotteHomes.com

Matthews Alive in Matthews NCMatthews Alive Parade in Matthews NC!

The Matthews NC Alive Parade is the largest Labor Day Parade in the Southeast! Each year the parade kicks off at 10 AM the Saturday morning of the Matthews Alive Festival and truly brings to life the emotions you find in a Norman Rockwell painting. This annual tradition embodies small town life, and does so in grand fashion by bringing high school bands, traditional floats, beauty queens, kids groups, our pro sport mascots, and the community together for a fun filled morning. Imagine yourself carving out your own little place on the sidewalk in beautiful Historic Downtown Matthews NC, your kids sitting on the curb at your feet, excited and waving an American flag. From giant robots to old army vehicles, huge fire trucks to a miniature wrecker, these are memories you and your family will have forever

Please make a plan to come out and enjoy our little slice of Americana. See your old friends, make some new ones, and just take in all Matthews real estate has to offer.

The  Matthews NC Alive Parade is a non-profit event, open to the public. The Parade is open to neighborhood associations, schools, alumni groups, cheerleading and drill teams, international organizations, police, fire, elected officials, commercial businesses, and anyone else who wants to participate.

Looking for a home in the Matthews NC or Charlotte NC areas?  You’ve come to the right place!  Give Wendy Richards a call at 704.604.6115 or visit my website at www.NCCharlotteHomes.com!

imagion in uptown charlotte ncImaginOn: A Creative Experience for Children of All Ages in Charlotte NC

A place for the active imaginations of children of all ages, ImaginOn: The Joe and Joan Martin Center is a very special place that adds to the already spectacular cultural scene in Charlotte NC. A joint project of the Children’s Theatre of Charlotte and the Charlotte Mecklenburg Library, ImaginOn opened in 2005 and is a learning center on more than 102,000 square feet.

Activities are targeted toward different age groups with the hands-on experience at Spangler Library focused on younger children. The center which brings stories alive is located on the first floor of the library. Older children and teenagers have a place just for them in The Loft and the Tech Center.

The Loft is created especially for teenagers and has several computers and a library packed with magazines, age-appropriate popular fiction, graphic novels, and comics. Tech central, sponsored by Time Warner Cable, hosts Studio-I which allows older children and teenagers to learn about video and audio while creating their own projects using the most up-to-date technology. It even has a blue screen and a sound booth for them to use. As the name would imply, tech central is filled with computers, both Mac and PC, and contains a multimedia and tech classroom.

The ImaginOn center is also home to two theaters and hosts several productions aimed at entertaining and educating children. Programs and events are offered every day. Highlights include Boogie Woogie Books, an interactive storytelling program, Movie Madness, and puppet shows. Wachovia playhouse can hold up to 250 people, while the McColl Family Theatre can hold up to 570 people. For more information and a current list of programs and events, please visit www.imaginon.org.

Charlotte Mecklenburg Library
ImaginOn 300 East Seventh Street
Charlotte, NC 28202
704-416-4600
www.imaginon.org

You’ve come to the best place for your Charlotte NC real estate needs!  Give Wendy Richards of  The Richards Group a call at 704.604.6115 or visit my website at www.NCCharlotteHomes.com. I look forward to hear from you!   🙂

Explore the Lush Beauty Nature Has to Offer at the Daniel Stowe Botanical Garden

The lush beauty of the Daniel Stowe Botanical Garden rests on approximately 400 acres in Belmont real estate (Metro Charlotte area). The grounds are brimming with a variety of plant life. Its natural beauty makes the Garden a popular destination for artists and photographers. It also regularly hosts events like weddings and conventions. The variety of plant species at the Garden creates a wonderful atmosphere for educational experiences.

The Botanical Garden, which became publicly accessible in 1999, has impressed the public, including the media, earning accolades from both HGTV and USA Today. HGTV named Daniel Stowe one of the top 20 Great Gardens in the whole nation. USA Today put on its top 10 list of places to welcome the fall season.

Within the Botanical Garden are several smaller gardens and a conservatory. Among these are a children’s garden, an Asian garden, and the Orchard Conservatory. The conservatory is located indoors and is open throughout the year.

The gardens and all they hold make Daniel Stowe a popular place for educational programs. Many of these programs target youth which attracts educators from schools and camps. Educational programs cover topics in conservation science and in horticulture. There are also workshops and contests regarding artwork creation in several types of media like woodworking, photography, and painting.

The land used for the Garden has a rich history. Many Native American tribes once called this land their home. The region was an attractive place for its bountiful hunting, trapping, and fishing.

The Garden is open almost every day of the year; closing only for Thanksgiving, New Year’s Day, and Christmas Day. Admission costs run from six dollars per person up through $12 per person. The six dollar price is for children between 4 and 12 years of age. Adults are charged a $12 admission fee, while seniors above the age of 60 are charged $11 per person.

Daniel Stowe Botanical Garden
6500 S. New Hope Rd.
Belmont, North Carolina 28012
Phone: 704-825-4490
www.dsbg.org

If you’re looking for a Belmont home or Charlotte real estate you’ve come to the right place!  Give Wendy Richards a call at 704.604.6115 or visit her website at www.NCCharlotteHomes.com.

Charlotte Motor Speedway: ‘The Beast of the Southeast’

Charlotte real estate is known as the capital of stock car racing, and one of the main reasons is because 90 percent of NASCAR teams have headquarters within 50 miles of the Queen City. The other reason is because of the Charlotte Motor Speedway, a 1.5-mile long oval track known as “The Beast of the Southeast.”

The track opened in 1960 and was formerly known as Lowe’s Motor Speedway from 1998 to 2009. The speedway accommodates 115,000 racing fans in the stands along with room for 50,000 additional spectators in the infield, and was the first speedway to host nighttime superspeedway racing starting in 1992.

The track has plenty of races throughout the year in the “minor league” Nationwide series, along with World Truck Series races, but the highlights of the year are the two NASCAR Sprint Cup Races held each season.

The popular “Coca-Cola 600” occurs the Sunday of Memorial Day Weekend, and the “NASCAR Banking 500 Only from Bank of America Race” is held each October — part of the series final 10 races known as the “Chase for the Sprint Cup.” The annual “Sprint All-Star Race” is also held each year the weekend before the “Coca-Cola 600” in May.

Prices for the Sprint Cup races range from $49 to $135, depending on what section of the track you will be sitting in. The infield is used for camping and RV parking, and can be reserved for the entire weekends during these races. For specific pricing on the different levels of camping, along with information about camping near the speedway, visit http://charlottemotorspeedway.com/tickets/camping/.

When not being used for camping, the infield is used for 2.25-mile road course races along with kart races. The speedway also hosts the Food Lion Auto Fair twice a year, one of the nation’s largest car shows.

Looking for a home or condo in the Concord or Charlotte area?  Give Wendy a call at 704.604.6115 or visit my website at www.NCCharlotteHomes.com!

The Bechtler Museum of Modern Art in Uptown Charlotte real estate opened in January of 2010. It is a work of art inside and out. The addition of the museum shows that Charlotte is a city with a passion for the fine and cultural arts.

Terra cotta tiles cover this building in its entirety. Mario Botta, master architect from Switzerland, brought this unique building design to fruition. Botta is well-versed in art museum design having been the architect on dozens of other museums and cultural buildings worldwide. It is quite the honor to have had Botta build the Bechtler Museum as he has only accepted one other commission in the United States.

Andreas, Hans and Bessie Bechtel’s son, chose to create the museum in order to share these collections with the world. The Bechtel family is closely tied to textile mills in the region. The younger Bechtler came to the area in the 1970s to help with the family business.

The museum makes the Bechtler family’s privately collected works available to the public. The collection includes art work by formidable and well-known mid-20th century artists like Miró, Warhol, Giacometti, and Picasso. Prior to the creation of the Bechtler Museum, these pieces and collections were primarily held in Switzerland. These pieces of artwork were gathered over more than 70 years. On occasion, exhibits will include other artwork in the Bechtler collection or pieces on loan from other institutions.

Admission to the museum will be age and employment dependent. Adults will be charged $8 each, and educators, seniors, and students will be charged $4 each. Children and teens aged 11-18 will have an admission fee of $4 and there is no charge for children under the age of 11. Yearly memberships will also be available. These memberships come with perks and are $50 for individuals and $90 for families. The perks are free admission, previews of program updates and announcements, and a 10 percent discount at the café and museum gift shop.

The 36,000 square foot museum is part of the greater Wells Fargo Campus on S. Tryon Street. True to its billing as a cultural center for Charlotte, the campus houses the Harvey B. Gannt Center, a center for African-American art. Continuing the legacy of unique architecture, the Cultural Campus is home to a 48-story building – The Duke Energy Center. The campus also features the Mint Museum and the Knight Theater.

Bechtler Museum of Modern Art
420 South Tryon Street
www.bechtler.org
704-353-9200

For all your real estate needs contact Wendy Richards at 704.604.6115 or visit my website at www.NCCharlotteHomes.com!

A Day at the NASCAR® Hall of  Fame

The NASCAR® Hall of Fame (NHOF) Charlotte NC real estate has a lot to offer its visitors. It is an attraction which provides loads of entertainment. The ultra-modern venue has something for one and all, whether or not they are race fans.

There is a wide variety of exhibits to choose from, so one who has a need for speed can do a one-day tour, but there is enough there that people may choose to race back over several trips. Exhibits cover stock car racing and its history and information about race cars and their drivers.

The exhibits at the Hall will awaken the senses. The events at the High Octane Theater rarely stay the same, so even repeat visitors will have a new experience. With all those activities to choose from, one is bound to get hungry. The NHOF Café is one place to satiate that hunger. If that doesn’t strike one’s fancy, then another option is to eat at Buffalo Wild Wings. After an exciting visit, people may want a keepsake, which they can find at the gift shop.

The NHOF Fame is located on a five-acre lot which the City of Charlotte owns. NASCAR® licenses the site and the Regional Visitors Authority in Charlotte operates it. On the grounds are a 19 story, independently owned office building, and an expansion of the Charlotte Convention Center. The expansion spans over 120,000 or so square feet and features a ballroom that is approximately 40,000 square feet.

The NHOF inducted five drivers in 2010. Those five drivers are Richard Petty, Dale Earnhardt, Bill France, Sr., Junior Johnson, and Bill France, Jr. For all those die-hard NASCAR® fans, here are a few trivia questions and their answers.

Q: When did groundbreaking begin on the NASCAR® Hall of Fame?  In January of 2007. The specific date was January 25.

Q: Which racing family was the first to have four generations competing in any sport?  The Pettys.

Q: How many years did it take Dale Earnhardt to win the Daytona 500? When did he finally do it?  He made 20 attempts, finally succeeding in 1998

Q: What was Benny Parsons’ claim to fame?  His stock car was the first to qualify at above 200 miles per hour.

Give Wendy a call for your real estate needs – 704-604-6115!

www.NCCharlotteHomes.com

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