I love stories of benevolence. 91 year old, Porter Byrum, a retired Charlotte attorney, will be donating the Park Rd Shopping Center in Charlotte to Wake Forest, Queens and Wingate Universities. Mr. Byrum has donated the largest portion to Wake Forest University where he and his three brothers were able to attend tuition free. The Park Rd Shopping Center houses 60 stores is a favorite of locals whose merchants have not been swallowed up by “Big Box” business. Located in the shopping center is the vintage Park Terrace Stadium movie theater which showcases some independent films and new releases. Another attraction is Blackhawk Hardware which offers a great variety of items not typically found at the local Home Depot or Lowes. Kudos to Mr. Byrum for giving back to the community. It’s a reminder to all that giving back is where it’s at.
The Ins and Outs of VA Loans
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I think we can agree that our service members and veterans are likely the bravest heroes we know. Do you also know the ins and outs of a VA loans? I do. In fact, when I first started lending, over 50% of my clients chose VA financing so this program is one of my favorites. Remember these no down payment loans are available to most Active, Veteran and Reserve Service Members. While there is no monthly mortgage insurance on VA loans there is a funding fee which is a 0-3.3% upfront charge that can be paid at closing but is often rolled into the loan amount.
2012 Democratic National Convention Awarded to Charlotte
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It’s official, Charlotte has been chosen to host the 2012 Democratic National Convention. The Queen City has beat out St. Louis, Cleveland and Minneapolis and came up the winner even though it was considered a long shot by many. Michelle Obama shared her sentiments about our great city, “Charlotte is a city marked by its Southern charm, warm hospitality and an ‘up by the bootstraps’ mentality that has propelled the city forward as one of the fastest growing in the South”. Mecklenburg County helped Obama carry the state of NC by narrowing the margin of victory over the Republicans in 2004. Organizers are expected to raise funds for the convention through local businesses and banks, including Bank of America and Wells Fargo. Regardless of political affiliation, this is great news for Charlotte and I am proud to be part of its history.
FHA’s ‘Kiddie Condo’ Loan
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Did you know that FHA loans allow for nonoccupant coborrowers? Lenders refer to this type loan as a ‘kiddie condo’ because it’s often used by parents and their children. Keep in mind the property can be any eligible FHA property (e.g. condo, townhome, single family residence). Let’s face it – college is often worthy but expensive. Using UNCC as an example, undergraduate tuition for two semesters will add up to just over $5000 per year. Factor in an $800/month rent for nine months and you’re easily at over $12,000 in annual expenditures. And we haven’t even got into the funding for books and midnight pizza orders.
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