Some Great Information to Know About VA Loans!

Did you know that if you qualify for a VA Loan you can borrow 100% of the contract price of a home up to $417,000 and have a 41% debt to income ratio which is higher than you can have with a conventional or FHA Loan? After $417,000, most Lenders want an additional 25% down on the amount loaned more than $417,000.  Additionally, the Seller can pay a Vets closing costs and pre-paids, there is no minimum credit score requirement, VA loans are assumable which means your home is more marketable when you go to sell it and makes it especially attractive to Investors, and it can be refinanced without an appraisal or re-qualification. These loans can be assumed by either Vets or Non-Vets, and they must just qualify for the loan and the benefit to them is to be able to purchase your home at the low interest rates that you are able to get in our current market. Additionally, a Vet may use these benefits over and over again.

So, do you qualify for a VA Loan? You must meet one of more of the qualifications below for this type of loan:

• You have spent 6 years or more with any US Reserve since 1966
• You have served at least 90 days in a war zone
• You have served 181 days or more of continuous active duty
• You were disabled before completing your 4-year obligation
• You were discharged at the convenience of the US Government such as in a reduction of force, before completing your 4-year obligation

Additionally if you use a Lender that is experienced in doing these loans, you will be able to get your loan completed faster than an FHA loan.

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Anderson County Organizes Tour de La France for Labor Day Week-end!

Anderson County , the event organizer for the Tour de La France, has given the below schedule for activities to occur on Saturday, 9/3/11: Time Activity Location/Route (all fun rides/criterium with the exception of the 14.8 mile fun ride will start and end at the Courthouse Plaza ) 7 am Registration Courthouse Plaza 8 am 14.8 mile fun ride. This ride will end at La France Elementary School. 28 mile fun ride 63 mile fun ridge 10 am Charity Pedal Race (5 laps) Courthouse Plaza 10:30 am SafeKids races Courthouse Plaza Ages 5 and under (1 lap) Ages 6-10 (3 laps) Ages 10-14 (5 laps) 11 – 12 am Open recreational riding Courthouse Plaza 12:30 pm Criterium Four corner circuit lap race – these races start every 30 to 60 minutes – last race is 75 minutes and starts at 7:30 pm Starts on Main St at the Courthouse Plaza, turns left on E. Market St, turns left on S. McDuffie St, turns left on E. Orr St turns left on N. Main St, ends a Courthouse Plaza

If you are interested in being a vendor at this event you may contact Teresa Bannister with Anderson County at tbannister@andersoncountysc.org The event will require road closures beginning at 5:45 am until approximately 10 pm on Saturday; this includes time for set up and tear down. Main St and McDuffie St will be closed from Orr St to Market St . E. Orr St and E. Market St will be closed from Main St to McDuffie St . This route encompasses 3 parking lots, the Church St lot, Belk lot and the Orr/Earle Lot. We are working on a plan to allow access to one of these parking lots so employees will have somewhere to park. As always the W. Whitner Parking Garage is free after 5pm Monday through Friday and on the weekend.

We also will have volunteers that will assist anyone who needs to utilize the crosswalks located on Main St . I  encourage you to attend or participate.

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Anderson County Applies for State Energy Grants

 Anderson County will act as a conduit for Bosch and its affiliate to seek $240,000 in state energy grants. The Anderson County Council  agreed to that during last week's meeting. Anderson County would only be “acting as a pass-through” for Bosch and Associated Fuel Pumps Systems Corporation, commonly called AFCO. That company is owned by Bosch and Denso International America.Bosch is seeking $105,000 from the South Carolina Energy Office and AFCO is seeking $135,000. Bosch said that if the companies are successful in getting the South Carolina grants, they will be used for lighting upgrades at AFCO and a heating, ventilation and air-conditioning management system at Bosch’s Anderson plant. Bosch is working with the county to apply for two grants. State-level decisions about the grant awards will be made in August and September. If the companies get the grants, the checks will be issued to Anderson County. Within 24 hours, the county will then issue checks in the companies’ names.

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Tax Savings When You Purchase a More Expensive Home

Are you thinking of trading up to a bigger home and taking advantage of the great home prices and mortgage rates in our current market? Did you know that for every $3000 increase you have in interest payments, you can increase your itemized deductions by one, and claim up to 10 withholding allowances total no matter how many people live in your household? The day after you close on your new home, you can change the withholdings on your W-2, and the new tax savings can help you pay the higher mortgage without affecting your disposable income as much. Mean while, you get to enjoy the nicer, larger home and build wealth at the same time because your home will appreciate statistically 2-6% over a 30 year period. Consult your accountant for the implications on how these tax savings will help you.

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