HAVEN, Help for Abuse Victims in Emergency Need, is in need itself. The house, used to shelter girls in foster care from 6 to 18 years of age, is requiring significant repairs.
According to an article in the Log Cabin Democrat, the HAVEN house, 1701 Donaghey Ave., was built in the 1930's and began its service to Conway's young girls in 1986. They are in need of materials and manpower to bring the quality of living up for their residents. If you have skills of any kind that can be used to repair an old house, they can use your help.
If you would like to offer assistance, please send email to Jenny Morse at jmorse@caiinc.org.
Tuesday, December 22, 2009
Friday, December 18, 2009
Real Estate myth #2: The loan officer is your agent.
Here's a real estate 101 question for you: Who does the loan officer work for?
Here's a hint: it's not you.
Loan officers work for the bank. Now I know that is kind of obvious, but the real point here is how that fact affects you. Loan officers have a fiduciary responsiblity to the bank. Their goal is to maximize the profits of the bank to the best of their ability. The basic law of supply and demand kicks in here. They try to borrow money at the lowest rates and lend money at the highest rates possible. They negotiate their rates of interest on what they borrow. You should do the same.
When it comes to obtaining a loan, shop around. You can use the bank that you have always used, the one that mom and dad use, the one that has the prettiest building or advertising....but how do you know that their rates and terms are the best you can get? The answer is by taking your potential business to at least three of them. Compare apples to apples and see who gets you the best deal. The really cool thing? That comparison shopping is about to get even easier.
Beginning in 2010, all lenders will be required by federal law to use a standardized Good Faith Estimate form. This form will outline the estimates for interest rates, origination charges, escrow information, settlement charges, and more. The new GFE will tell you what charges can not change and what charges can change and by how much. Some lenders are already using this form.
Most of the loan officers I know are upstanding, honest, and friendly. You could trust them with your children, your house keys, and your money. This is not a slam on any of them. You just need to know that the loan officer is not there to represent you or to be your agent. Only you can shop loans to find the best deal for you. Don't rely on regulation to guard against ignorance. Educate yourself and be prepared.
Here's a hint: it's not you.
Loan officers work for the bank. Now I know that is kind of obvious, but the real point here is how that fact affects you. Loan officers have a fiduciary responsiblity to the bank. Their goal is to maximize the profits of the bank to the best of their ability. The basic law of supply and demand kicks in here. They try to borrow money at the lowest rates and lend money at the highest rates possible. They negotiate their rates of interest on what they borrow. You should do the same.
When it comes to obtaining a loan, shop around. You can use the bank that you have always used, the one that mom and dad use, the one that has the prettiest building or advertising....but how do you know that their rates and terms are the best you can get? The answer is by taking your potential business to at least three of them. Compare apples to apples and see who gets you the best deal. The really cool thing? That comparison shopping is about to get even easier.
Beginning in 2010, all lenders will be required by federal law to use a standardized Good Faith Estimate form. This form will outline the estimates for interest rates, origination charges, escrow information, settlement charges, and more. The new GFE will tell you what charges can not change and what charges can change and by how much. Some lenders are already using this form.
Most of the loan officers I know are upstanding, honest, and friendly. You could trust them with your children, your house keys, and your money. This is not a slam on any of them. You just need to know that the loan officer is not there to represent you or to be your agent. Only you can shop loans to find the best deal for you. Don't rely on regulation to guard against ignorance. Educate yourself and be prepared.
Sunday, December 13, 2009
Holiday Festival of Light and other illuminated joy
I don't know about you, but I seem to be finding fewer Christmas lights glowing from rooftops this year. Folks might be trying to save some money by not plugging in the electronic cheer. That makes driving the neighborhoods less rewarding for those of us who like to load up in the front-wheel-drive sleigh, listen to Christmas music, and enjoy the wonderment that comes from exterior illumination.
**Special thanks to National Lampoon's Christmas Vacation for the allusions.
What we need is a strategy for finding the best Christmas light displays in and around Conway. I have a suggestion for your first stop. The "Holiday Festival of Light" that is in its fourth year at the Centennial Bank Soccer Park located about a mile west of Walmart on Dave Ward Dr. From six until nine nightly, you will find a mile of Christmas lights, music, and food. Santa is available for pictures with the kiddos, and there is a huge model train display sponsored by the Conway Model Railroad Club. The cost is $5 per carload, but you can get a season pass for $25 and $60 makes you a member and gets you all kinds of extra goodies.
I invite you to comment below with recommendations of neighborhoods, streets, or individual houses that have decorated themselves up right for the season. Please give a description of what we will find and directions on how to get there.
**Special thanks to National Lampoon's Christmas Vacation for the allusions.
What we need is a strategy for finding the best Christmas light displays in and around Conway. I have a suggestion for your first stop. The "Holiday Festival of Light" that is in its fourth year at the Centennial Bank Soccer Park located about a mile west of Walmart on Dave Ward Dr. From six until nine nightly, you will find a mile of Christmas lights, music, and food. Santa is available for pictures with the kiddos, and there is a huge model train display sponsored by the Conway Model Railroad Club. The cost is $5 per carload, but you can get a season pass for $25 and $60 makes you a member and gets you all kinds of extra goodies.
I invite you to comment below with recommendations of neighborhoods, streets, or individual houses that have decorated themselves up right for the season. Please give a description of what we will find and directions on how to get there.
Wednesday, December 2, 2009
Rural Development to the rescue!
Been trying to figure out how to take advantage of the tax credit for new home buyers but having trouble coming up with the down payment? A Rural Development loan may be your answer. The USDA/RD describes RD loans this way,
Here are some of the details that you will need to know about RD loans (also known as Section 502 loans). First, there is no down payment required with an RD loan. However, there are income restrictions based upon the area where you wish to live. You can see those income limits for Arkansas here. You must also have a "reasonable" credit history.
Second, your lender must be approved by the USDA to process RD loans.
The following is taken from the USDA website:
Approved lenders under the Single Family Housing Guaranteed Loan program include:
For more information on RD loans or to view properties that may qualify for this type of loan, give me a call at 501.514.2319 or send email to Rodney@RodneyGetsResults.com
"Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities."
Here are some of the details that you will need to know about RD loans (also known as Section 502 loans). First, there is no down payment required with an RD loan. However, there are income restrictions based upon the area where you wish to live. You can see those income limits for Arkansas here. You must also have a "reasonable" credit history.
Second, your lender must be approved by the USDA to process RD loans.
The following is taken from the USDA website:
Approved lenders under the Single Family Housing Guaranteed Loan program include:
- Any State housing agency
- Lenders approved by:
- HUD for submission of applications for Federal Housing Mortgage Insurance or as an issuer of Ginnie Mae mortgage backed securities
- the U.S. Veterans Administration as a qualified mortgagee
- Fannie Mae for participation in family mortgage loans
- Freddie Mac for participation in family mortgage loans
- Any FCS (Farm Credit System) institution with direct lending authority
- Any lender participating in other USDA Rural Development and/or Farm Service Agency guaranteed loan programs.
"Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan."
For more information on RD loans or to view properties that may qualify for this type of loan, give me a call at 501.514.2319 or send email to Rodney@RodneyGetsResults.com
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